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Smart Scalper by MQLHome - SCAM

Discussion in 'Scam Alerts' started by Robosceptic, Mar 6, 2011.

  1. Robosceptic

    Robosceptic Recruit

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    In July 2010 I searched the web to find reliable programming company which offers EA capable of bringing constant profits.
    I did not want to get anything promising millions in a month but a robot able to produce small but constant gains with low risk.
    I did not believe in any cheap Clickbank or other affiliate networks miracles.
    Now I do not believe in any forex robots but had to experience adventure with Smart Scalper first.

    Finally I found website of MQLHome Group with offer of Smart Scalper 1.1.

    No affiliates, price ($349) higher than an average and especially very good performance confirmed by Myfxbook since May 2010,
    sold by Paypal.

    Smart Scalper was astonishingly good for me.
    Frequent gains for about 10-20 pips and no one Stop Loss for two months in forward test and no one on backtests.
    Drawdown got in backtests was also relatively small. About 10% for $5000 acc.

    I decided to test it on various broker MT4 platforms.
    At the beginning I had problems with setup but MQLHome support resolved all of them.
    Response was pretty quick.

    I gained best results on Alpari UK but they were different from MQLHome ones.

    I enquired why they differ and they answered that it is the problem with spread
    and data feed because Smart Scalper is very sensitive to them.

    I tried various VPS'es to get similar latency to MQLHome one and finally got the same results.
    But only for a couple of days.
    Then they became different again.
    Some trades were the same but some were missing.

    I asked them several times does EA work at all times and they always answered yes Smart Sclaper works 24 hrs because it if fully automatic robot.

    I did not believed them and carried on demo tests.
    Eventually my Smart Scalper failed.
    Then I realised that only one mistake of the EA costs 480 pips.
    SL in EA is set to 150 pips but it works with martingale system whilst MGLHome assures this EA does not use any martingale.

    If one position goes against then at 30 pips another position is open.
    If market still goes in wrong direction then at 80 pips third position is open but about tripled size.

    This system usually worked well but if first position gets 150 pips SL then the whole loss equals 480 pips!!!!!!!

    Because Take Profit is set for 10 pips Risk/ Reward ratio is 48:1 what guarantees a defeat sooner or later and it is always bigger than possible profit.

    Then I understood that MGLHome turn it on and off in particular period of times.
    They clearly avoided news what means the EA is not hand free like they assure.

    To sell EA MQLHome tampered with results shown on Myfxbook and presents only good fragments of backtests.
    When they eventually loose control over forward test of the EA and it got SL they removed link to Myfxbook performance from their page.

    They also stopped test of Smart Scalper on Forex Peace Army but results are still available here:
    Smart Scalper Expert Advisor Demo Test by ForexPeaceArmy.com.
    You can see that only one SL removed all profits gained for half a year.

    Why do they sell this EA hiding its real performance?

    Why I did not do backtests first and wasted so much time for forward ones?
    Because this particular EA does not allow to carry out them properly in reasonable period of time.
    When you start backtests then tester stalls for ages and you must rely only on forward test until MQLHome fail
    what took about half a year (since their started forward test on Myfxbook) what was long enough to sell lots of their robots.
    I have never had any such problems with other EA's.

    What is interesting when I was buying the EA in their Terms & Conditions there was subsection about Money Back Guarantee.
    It said if you prove within a month of purchase Smart Scalper does not make money they will give you refund.
    Unfortunately within first month I struggled with setup and VPS'es mentioned above and I could not do any backtests.
    About month later they removed this point from their T&C!!!

    However we can still read on their Myfxbok bio page http://www.myfxbook.com/members/MQLHome:
    "Our team of skilled programmers with vast experience and knowledge of the foreign exchange market always try to provide our clients with high quality services and that's why all of the our products have Money Back Guarantee. Visit our website for more details http://www.mqlhome.com ." Where it has been removed from.

    I spent a lot of money and time to prove Smart Scalper is not able to bring any profits instead of getting money what MQLHome promising on their webpage
    "Now with our new Scalper Expert Advisor you can have an secure & continuous profit on Forex market".
    Disclaimer does not make them free from responsibility for their promises and activity.
    If they said truth about how really Smart Scalper works and how tricky it is I would never spent any one red cent on it.
     

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