Forex-Auto-Scalper.com Review

After a few days of trying different settings turning into a week of trying to get it to make even one trade still nothing... This is a dud I think.

I have used Google and e-mailed the owner looking for help and neither could help me. I did not even get a response from the creator at all.

Sorry gang, anyone else get diff results?
I am rating it:

Terrible - Terrible, extremely bad performance. Possible unethical behavior.

HOWEVER I would like to say the unethical part is not applicable as far as I know.

2012-08-21 No Rating
Review: Well mine has been running as per Aug 20 at 6 pm EST and its now 5:48 PM Aug 21.

I have yet to make even one trade.

I have set the EA according to the PDF and all seems well no error messages in top left of chart.

I did notice a lot of uninit reason 5 however I Googled this and the page says its because I made changes and it must re-initialise.

docs.mql4.com/constants/uninit
Uninitialize reason codes - MQL4 Documentation

The only choice I made was to set my risk to 2 as per 2 percent risk.

Any ideas on help? If so, please post them in the forums thread linked to this review page.

Update: The Auto-scalper made 3 trades on the first day and never worked again (here we are weeks later). Say what?!! I'll try downloading a new copy and try it again.

2009-07-13 No rating For a free EA, I'm impressed (well it was free when I got it). I can't give it a rating yet as I haven't tried it live.

I've had it running for only 12 hours and its had 2 winning trades and no losers. Obviously it's only early stages. But I did want to point out one thing and that is I think it's too greedy. I've watched it gain 67 pips on a trade (up $2k in equity) and not close the trade. Subsequently, it gave back most of the gains to the market and is still in the trade. Thank goodness it's a demo account as I couldn't handle watching $2k dry up within the minutes when I had the chance to get out.

It's set to take profit at 70 pips. Therefore, despite the name, it is not a scalper.

The problem with scalpers is they aim for just a few pips profit but risk up to 50 pips to make it. They really are trading dollars to make cents, as the saying goes.

This one is different. It lets profits run and cuts losses short. It's important to use the EUR/USD 1Hr chart.

I do think 70 pips may be too ambitious. When I go live I will close a trade long before 70 pips if I'm at the computer while it's trading. Although this does defeat the purpose of using an EA i.e taking out human subjectivity.

I will update the demo testing as I go and if all is well after a week of testing, I will go live with it (I'm very impatient!).

3 cheers for the moderators of this site - they're helping protect us in the cut throat world of Forex.

Is no-one concerned that this EA has to have dll calls activated? This gives it full access to everything on your PC, and a quick check of the downloaded ex4 shows that it contains calls to kernel.dll and wininet.dll. At worst it could mine for personal information and send it out to some collection site. At best the internet access is just some sort of user registration utility.

MT4 users need to realise that allowing dll calls in EAs leaves the PC wide open to malware, so they need to have absolute confidence in the developer, or access to the mq4 source code.

This EA is a freebie and at the time of downloading it,when i asked its seller that why are u selling it free then he replied that he wants to make a good reputation of his name as well as his product,then he will start selling it.
After using it about 1 month on my VPS,i reached at one conclusion that this EA is not to trade live a all..Those who don't know,should know very well that to develop an EA is not very difficult at present times.Most of the EAs which we r seeing each and every day,coming out of Clickbank, are just a part of a scam..Many of them,have been developed with the basics of some free EAs which r/were available on Forex forums/websites..These guys just copy the system and present the product with a new name and a price tag of $99 or $149 etc.
Just imagine,in this age,when money has become everything for most of us,why few persons are offering their products/EAs/systems without charging a single penny? why this social service? why?
No,no way that they r so kind hearted that they only want to help us by giving their systems free which they have made by spending years of hard work(as they claim)..The fact behind this all,is 'MARKETING'...Yes,infact these all people are just marketers,nothing more....They just need our(traders) email IDs to send each and every new Forex system's offer with their own Clickbank Affiliate ID..This way,even if u just click the link to check that new product,and in future,u decide to buy it(by getting impressed by his follow-up emails) by going to that product's website directly,HOWEVER,That 'marketer' will get paid for that bcoz u visited that website the very 1st time by using the affiliate link of that marketer..This all is the magic of Clickbank and its cookies.
The summary is that such kind of free (and many others which cost $99 and so on) EAs r just a good medium to trap the traders and then make money from them by selling forex products.
Infact,in this sphere,i would say that Felix is one of the very few guys who don't use their database of members to send other companies offers with their Affiliate IDs..Actually,he easilly can do this bcoz afterall he is providing this great platform(Forex Peace Army) free of charge,so in some extent,he has the right to do so but he never does.And i m happy for this and wish him(and all others of his team) to make more and more money in coming years by 'Trading',not by 'marketing.

I have used this EA for a week on my demo account and from Monday to Friday it placed 16 trades of which only 2 were loosers and 14 winners
Made 741 pips (win)
128 pips (lose)

Make sure you setting is right GMToffset, most especially the risk level, cos that's what determines the trade setting.

Martins this is a good work
thanks

Here are my results after 21 days. This was done on ForexMeta's MT4 with a $3000 demo account and a risk level of 5%.

Day 1
Trade #1: +70 pips
Trade #2: +70 pips

Day 2
Trade #3: -96 pips

Day 3
Trade #4: +70 pips

Day 4
Trade #5: +55 pips

Day 5
Trade #6: +70 pips
Trade #7: +21 pips
Trade #8: +70 pips
Trade #9: +14 pips

Day 8
Trade #10: +70 pips
Trade #11: +70 pips

Day 9
Trade #12: -96 pips

Day 12
Trade #13: +70 pips
Trade #14: +70 pips
Trade #15: +70 pips

Day 14
Trade #16: -96 pips

Day 15
Trade #17: +43 pips

Day 18
Trade #18: +26 pips
Trade #19: +70 pips
Trade #20: -47 pips

Day 19
Trade #21: +70 pips
Trade #22: +70 pips
Trade #23: +31 pips

Day 20
Trade #24: +70 pips
Trade #25: +70 pips
Trade #26: +31 pips

Day 21
Trade #27: -96 pips
Trade #28: -96 pips
Trade #29: +70 pips
Trade #30: +9 pips

Win / Loss Ratio: 80%

Total Account Gain: 27.43%

Review Moderation Team Note: 5 star rating removed. Due to differences between demo and live trading, strongly positive ratings can only be left for live trading.

I have been letting this robot trade on a MT4 Demo account for 6 weeks now and keeping a log of every trade. After three weeks, I saw that the robot was about 70% profitable. Since that was a better average than I was getting on my own, I started taking the same trades the robot was taking for real on my Oanda account. So far, doing this, I am up 224 pips, and only one losing trade that was my fault because I accidentally put in too short of a stop loss. I haven't taken ALL the trades the robot takes, because they are often in the middle of the night. If I had done so, I would be up a lot more. But I just wanted to share that I am having good results doing this. I don't know if Martin is charging for this system now--when I got the robot is was offered for free. I'd like to send him something for it, though, because it has helped me a lot as a trader. Following the robot helps keep my emotions out of it. BTW, my risk level on the robot is set at 4.
Hope this is helpful.

I spent the last 4 days backtesting the Forex-Auto-Robot with data from1 Jan 2008 to 22 Jan 2009.

Results - $10k demo account crept up to $32k in Nov 2008 then slid back to $20k at the end. An OKish return.

I noticed 2 issues however.

1. The trade size kept on increasing as the account increased, but failed to reduce when losses appeared. This is contrary to most risk reduction models. The instructions say set the parameters ReduceLots = False as it increases profits by up to 50%. I am running the test again to see if this reduces the trade size as losses are incurred.

2. I had noticed that the size of the stop losses were quite large, therefore when the account took a loss, it really hurt. This is also another magical way of making an account disappear. Perhaps this requires another parameter adjustment.

We'll see how it goes.

In my last post I noted how poorly this EA performed and that I was taking the advice of the supplier, and "erasing" it. A couple of days ago I was astonished to receive an email from Martin Alexander, saying that he had been invited by a big company to design/develop an EA for them. Thankfully, for the entire forex trading community, he turned them down. Amazingly, however, his email then invited people like me and you, to send in "ideas", and that there could be financial rewards for those that did so. Who is this guy, and what's he all about?

I have been using Auto-Scalper for 3 weeks now and unfortunately it has done nothing more than become a computerized - - - - - - - - - - -
"Forex Screen Saver"!

In terms of performance, it has been break-even at best.

Why advertise a back test for a solid performance of $300.00 daily for months or years if it doesn't perform as stated and it was a free give away?

Its not like any money was received by the vendor and as far as Martin making a name for himself . . . ?

Was it the email address that was wanted?

Just wondering.

In terms of trading performance why set a robot up to have equidistant spacing between the profit limit and the stop loss?

Wouldn't it have been prudent to have made it with a stop set at an average of 5-7 pips than equi-distance to the profit, and especially more so since it is completely automated?

Personally, this one isn't worth the time.