ForexScalpingEA.com Review

2 REVIEWS
Updated: Jul 16, 2021 · Visit site  · Is this your company?

The ForexScalpingEA MT4 EA is a forex expert advisor. The Forex Scalping EA automated forex trading software for the MetaTrader platform places trades for you. The ForexScalpingEA.com forex robot operates works with any brokers.

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2 REVIEWS
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Bangkok, Thailand,
Jul 14, 2021,
Registered user

Broker and Spread on GMT21 time is vital for this EA

Service use: Demo

Length of use: 3-6 Months

Hello, I would like to share my own experience too and probably to add up more information to what is really about this product.

I have bought this EA since February 2021 and use it on ICMarket broker using ECN Raw Spread account. The result was as described in the prior review. Most pairs have around 50-70% win rates (I ran it for around 4 months) unlike what's supposed to be 80-91% win rates in their own MyFXBook result. I have my own MyFXBook too on that account but sadly I have been using different EA and do manual trade on that account and it's been dead for quite a few days now.

I decided to come back to this EA and do trial and errors with different brokers to see who have the best spread to trade. I start using EasyMarket broker as stated in their MyFXBook and run this EA including doing backtest on every pair possible and I found that the win rate is actually quite high so far and it actually "catch more pips" than what is in their MyFXBook result (I still have to run it for several weeks since most pair is still in 100% win rates)

So what is really going on with this EA ?

First of all, this product is not exactly the same as the one that they use in their own MyFXBook. Second, you shouldn't use the default setting in any case. And third, this EA trade should only be traded on GMT 21.00 - 22.00 DST, or GMT 22.00 - 23.00 (the time when the market close and open for only 1 hour). Last, this EA is very sensitive to spread and news (it cannot handle news and will miss A LOT of orders if the spread is high).

So why does EasyForex works for this EA and not with other brokers if you may ask ? (I'm not trying to promote their broker but well ... here we go)

As most forex trader knows, GMT 21.00 DST and GMT 22.00 is the time when the market is closed and reopened and most broker will put a very high spread on that time including high slippage and fake candle and we can see a lot of hammer candle bars or a really strong but short price movement and retracement in 5 mins timeframe. This EA seems to exploits that strong price movement on that hour. EasyForex has a fixed spread and possibly the lowest of any broker I have been trying to do research so far, meaning that it provides the best environment for this EA to "exploits" that movement on market reopening time.

I have ran both Demo (VIP Spread) and Real (Standard Spread) account and have found that you certainly need to have a VIP Account Spread for this EA to work since Standard Account Spread prevent this EA to open order (as I said it is very sensitive to spread) and miss several of good trades. EasyForex only provide VIP Spread with account with minimum deposit of $10000 so ... you can say that this EA need a minimum deposit of that amount.

If you're curious about the result. I run my Demo account on VPS and I put it up on MyFXBook.

https://www.myfxbook.com/portfolio/zenesta-demo-scalping-fix-spread/8591776

Note : On July 5th, we can see a huge drawdown since I trade beyond 21.00 GM DST and we have a high volatile New Zealand news right after, causing this EA to open order on any New Zealand pair when the price drop for so much. We can see that all trades that opened withing 21.00 GM DST are closed in profit while trades beyond that is very risky. Most trades are closed withing 1 - 2 hours and the trade that last beyond that should be closed manually or let another EA to close it automatically when it last too long (you can keep the orders running if you want). Since July 5th, I trade only one hour on every pair and it's seem to make a HUGE profit with very little drawdown and the most profitable pair is any pair that involve AUD, NZD or a smaller profit with JPY (SGD pair may make profit later, need to keep watching more)

Note 2 : I did tampered with it and did several manual trade including closing some of their order to test it on these pair, EURNZD, GBPNZD, NZDUSD, GBPAUD, EURUSD. and please ignore EURCHN result. The EA result by itself on those pair is good if you ignore any order that open after GMT22.00 DST

Conslusion, This EA certainly can make A HUGE profit as of right now and it seems to have similar result to backtesting but we still have to "wait and see" if it can stay that way since this EA is very sensitive to news and note that I run my demo account on 2 times the risk to stress test this EA and maximize possible profit from it. I give it a 3 stars since the seller wasn't transparent about their own product (even though the product seems to performs better than their own results, comparing day to day) and it cannot just run on any broker. Default Trading time doesn't work and you need to trade only market reopening time for 1 hour.

If you want to try this EA then please try to follow what I have said above and I hope that this review will clarify everything that you need to know about this product
 
Singapore, Singapore,
Dec 1, 2020,
Registered user

Effectiveness of EA (67 trades over 2 weeks)

Service use: Live

Length of use: 0-3 Months

I would like to share my experience using the ForexScalping EA robot which I purchased at a discount price of US$100. Apparently the original price was much highe. as I wanted to test it, and seller refused to allow us to demo test, since the cost was bearable, I decided to pay $100 and test it on a real live account.
First of all, for anyone who is buying and using the EA, you must be prepared for “minimal support” from the seller. Answers are short (and not that timely). You really must some experience before buying and using this EA.
As for the result, I started using from 16/11/20 till 30/11/20 (2 weeks). Default setting was used. Although Seller mentioned prior to purchase, help would be given to modify/optimize the settings, when asked (after purchase), I was advised to use the default settings. Also trading hours were limited to GMT 2000-2200. Preferred currency pairs (about 5-6) were also mentioned.
I used default settings, 5 currency pairs (EURAUD, EURGBP, EURUSD, USDCHF, GBPUSD) on live account of $730 initially but $200 was withdrawn. The MT4 account with AVA Trade was connected to VPS hosted in France.
Altogether 67 trades were made and closed; with 29 Win (43%) and 38 Loss (57%). Original deposit was $731 (midway $200 was withdraw), so amount was $531 for trading. Todate, $51.52 losses (about 10%). Position size was set to 0.01 lots (although the first few 6 trades had 0.06 lots, when EA used its own risk management to determine 0.06 lots. System was set manually to 0.01 lot size to minimise risk).

While some EAs/systems can have less than 50% win rate and still profitable, it is a big challenge for this ForexScalping EA to be profitable. Total profits from Win trades was $15.65 ($0.53 per win trade) and Total Losses from Loss trades was $62.44 ($1.64 loss per loss trade). Therefore mathematically this system can not generate profits in the long run even if you may make a small profit here and there.

There may be many good reasons to explain why the losses and the situation. For one, the settings might not have been optimized. An account with a more appropriate broker might also turn around losses into profits. The actual program could also be modified and tweaked etc. However these are topics for longer term R&D, and for traders who have the passion and time to improve the EA purchased.

Some (other) traders may well generate profits with this ForexScalping EA as it is. (If so, we will like to hear their experience and read their review). This post is therefore to share with first time buyer/user of this EA, (and potential user/buyer of course) to prepare them so that even if they lost money especially during the initial phases, they will not be overly surprised. We must consider losses as cost/expense for trying out the EA and add knowledge to the Forex Trading Community. If every trader can contribute and share, these efforts will motivate EA sellers and providers to offer better and cheaper products in the future.
  1 trader has found this review helpful
Western Cape, South Africa,
Dec 18, 2019,
Registered user

ForexscalpingEA.com-299$ version EURUSD only

Service use: Live

Length of use: 0-3 Months

I purchased the forex scalping EA through the Forex Geeks website on the 17/12/2019. On the website you see it is sold as a 5min scalper. The forex geek gave it a 9,5 star rating. You see that it takes a 5000$ account to $549,078,465 Net Profit. The Vendor clearly states that there is no refunds of this EA, although I dont believe in no refunds(it could kill a product for 1 purchase on the internet). After the purchase they give you a code to put in on the EA. After I received it I back tested the EA and receive a return of less than 10% over a 6 months period. I send an email to the vendor to ask him about that. I am waiting for a response. The Vendor also claims that they are the owners of Robotron and Cyborg, EA's that I am interested in testing in future. These EA's also make bald claims. I would like the vendor to come forward and respond on this review. It makes me think, what the forex geeks connection is to these expert advisers. Is he maybe the guy sitting behind this products. Well let us see what happens. I would like the Geek also to respond to this forum. This review is not bad not good, but a reflection of how the advertising differs with the actual product. Although I have the EA for one day and still need to receive a trade, I can not see that this EA can make that big profits over a short period of time. I hope that this vendor proofs me wrong.