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.
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settings, 5 currency pairs (EURAUD, EURGBP, EURUSD, USDCHF, GBPUSD) on live account of $730 initially but $200 was withdrawn.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 ($1.64 loss per loss trade). Therefore mathematically this system can not generate profits in the long run even if you may make a small profit here and there.
There may be many good reasons to explain why the losses and the situation. For one, the settings might not have been optimized. An account with a more appropriate broker might also turn around losses into profits. The actual program could also be modified and tweaked etc. However these are topics for longer term R&D, and for traders who have the passion and time to improve the EA purchased.
Some (other) traders may well generate profits with this ForexScalping EA as it is. (If so, we will like to hear their experience and read their review). This post is therefore to share with first time buyer/user of this EA, (and potential user/buyer of course) to prepare them so that even if they lost money especially during the initial phases, they will not be overly surprised. We must consider losses as cost/expense for trying out the EA and add knowledge to the Forex Trading Community. If every trader can contribute and share, these efforts will motivate EA sellers and providers to offer better and cheaper products in the future.
I purchased the forex scalping EA through the Forex Geeks website on the 17/12/2019. On the website you see it is sold as a 5min scalper. The forex geek gave it a 9,5 star rating. You see that it takes a 5000$ 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.