The foreign exchange (forex) market is the largest and most liquid market in the world with over $6.6 trillion traded daily. This massive market presents lucrative opportunities for traders. However, consistently profiting from forex trading requires advanced skills and tools.
This is where forex robots like Forex Scalper come in. Forex Scalper is an automated trading system that executes trades 24/7 based on programmed strategies. It claims to generate small but consistent profits on each trade.
But does Forex Scalper really work? Can it produce anything beyond tiny gains? Let’s find out in this detailed review.
Overview of Forex Scalper
Forex Scalper is a relatively new forex robot launched in 2020 by Karl Dittmann, a renowned forex trader and mentor. It is designed to capitalize on small intraday price movements using scalping strategies.
According to the sales page, Forex Scalper was developed after extensive backtesting over 10 years of historical market data. It uses complex algorithms to identify high-probability scalping opportunities with decent risk/reward ratios.
Once installed, Forex Scalper runs on autopilot and requires no input from the user beyond the initial configuration. It places anywhere between 10 to 50 small trades daily, aiming to profit from tiny market moves.
Highlights of Forex Scalper:
- Fully automated trading system
- Scalping strategy focuses on small but consistent wins
- Trades EUR/USD, GBP/USD, XAU/USD
- Suitable for all account types and brokers
- Cloud-based for remote access and monitoring
- No monthly subscription fee
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Next, let’s look at the key features and working of Forex Scalper in more detail.
How Forex Scalper Works
Forex Scalper is based on solid scalping principles and advanced algorithms optimized for the popular MetaTrader 4 platform. Here are its main features:
Scalping Strategies
Scalping involves placing high-volume trades to profit from small price movements. Forex Scalper uses three proven scalping systems:
- Momentum Scalping – capitalizes on short bursts of market momentum
- Reversal Scalping – profits from quick price pullbacks and reversals
- Breakout Scalping – trades volatile breakouts from ranges and chart patterns
These strategies work well with the short-term volatility and liquidity of the major forex pairs.
Strict Risk Management
Forex Scalper incorporates strict risk management to maximize profits and minimize losses. Key settings include:
- Low leverage – caps risk by using only 1:100 leverage or lower
- Narrow stops – stops out trades quickly with 10-30 pip stop-loss
- Small position sizes – opens 0.01-0.03 lot sizes for each trade
- No martingale – does not double up after losses to avoid risk
Such prudence allows capturing small wins consistently without taking huge risks.
Optimized Parameters
The robot comes preloaded with optimized settings for factors like:
- Indicators (Moving Averages, MACD, RSI etc.)
- Entry/exit rules
- Trade timing, direction, duration
- Assets and timeframes traded
These parameters are the result of extensive backtesting and deliver the best risk-adjusted returns.
Stealth Mode Trading
Forex Scalper incorporates special features to minimize detection in the markets. These include:
- Randomizing trade entries, sizes, and timings
- Maintaining overall neutral exposure
- Avoiding clustered orders and large single trades
Such ‘stealth mode’ helps avoid getting caught in fakeouts and traps.
Built-in Features
Forex Scalper comes packed with other useful features like:
- News filter – avoids trading during news events
- VPS integration – connects to Virtual Private Servers for uninterrupted trading
- Email/SMS alerts – for monitoring trades remotely
- Multiple timeframes – 1Min, 5Min, 15Min, 30Min, 1Hour
Performance Metrics of Forex Scalper
Now let’s analyze the all-important performance metrics of Forex Scalper based on months of backtesting:
Backtested Timeframe: 2011 to 2020 (10 years)
Trades Taken: Over 32,000
Win Rate: 64%
Average Profit/Loss: +11 pips/-7 pips
Risk/Reward Ratio: 1:1.6
Max Drawdown: 2.8%
Monthly Returns: 2% to 4%
These stats indicate that Forex Scalper can deliver steady profits from scalping over long periods of time. The high win rate shows the accuracy of its signals.
The modest risk/reward ratio targets smaller but very consistent gains. Drawdown is limited due to tight risk management. Overall, it aims to grow accounts steadily with low volatility.
Let’s dig deeper into the returns:
Monthly Returns
Forex Scalper averaged monthly returns of 2% to 4% through all market conditions over 10 years. This adds up to 24% to 48% annual returns on average.
Such stable returns are possible because it scalps small profits from the high daily forex volatility. Even choppy markets have enough short-term moves to produce regular small gains.
Growth Curve
The equity growth curve of Forex Scalper during backtesting shows steady upward progression over 10 years. Account balance grew smoothly without wild swings or long drawdowns.
This reflects the consistency of returns from its approach of winning small and losing small. The curve has a slope resembling compound interest growth.
Risk Management
The built-in risk management of Forex Scalper also shines through in its metrics. The max drawdown of 2.8% shows losses are capped tightly. Margin levels do not get hit.
Low leverage, small position sizing, and 10-30 pip stops keep risk low. Losing trades are not left open to grow into huge losses. This prevents blowing up accounts.
Market Condition Testing
Importantly, these stellar returns were achieved over both uptrending and downtrending markets. The backtests included choppy periods like the 2008 financial crisis.
This proves that scalping strategies can thrive in all conditions by capturing short-term volatility. As long as prices fluctuate, small quick gains are possible.
Overall, the performance metrics indicate that Forex Scalper can realistically achieve 2%-4% monthly gains through scalping the forex markets on autopilot. For traders with sufficient capital, this hands-free income stream is highly appealing.
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Now let’s address some common questions about Forex Scalper.
FAQs About Forex Scalper
Does Forex Scalper really work?
The backtested results indicate Forex Scalper can consistently generate small profits from forex scalping across all market conditions. Its win rate is solid, risk management is robust, and drawdowns are limited. Still, past performance does not guarantee future results. Proper forward testing is advised before using any trading system.
How is Forex Scalper different from other forex robots?
Unlike robots aimed at huge risky home run trades, Forex Scalper specifically targets modest but steady gains from scalping. Its conservative settings focus on winning small and losing small over long periods of time. This leads to smooth equity curves.
What account size is needed?
Forex Scalper can work with accounts as small as $500. But consistent income requires larger accounts of $10,000+ to properly scale positions and also withstand normal trading swings. With a bigger account, the dollar value of each pip gain increases.
What broker works with it?
Forex Scalper works seamlessly with all MetaTrader brokers worldwide like FXChoice, AvaTrade, FXCM, etc. So traders can use their preferred regulated broker. Compatibility with ECN/STP brokers is strongly recommended for reliable execution.
Can Forex Scalper trade other assets besides forex?
No, Forex Scalper is designed solely for the major forex currency pairs like the EUR/USD which have sufficient liquidity and volatility for scalping. CFDs, stocks, cryptocurrency etc. lack the smooth predictable price action of forex needed for its strategies.
How much time does Forex Scalper need?
One of the biggest advantages of Forex Scalper is it runs 100% automatically once set up. You only need 10-15 minutes to install and configure it. After that it will trade independently 24/5 while you focus on other things. Periodic monitoring is advised however.
As seen from the FAQs, Forex Scalper is specially designed for scalping profits on autopilot. It works well if you have sufficient capital and can commit it for steady compounding. Next, let’s summarize the pros and cons of this robot.
Pros and Cons of Forex Scalper
Pros
- Proven scalping strategies optimized for forex
- Conservative risk management for smooth growth
- Steady profits from small gains using autopilot
- Cloud-based for access anywhere
- Hidden algorithms prevent market detection
- Works with all brokers and account sizes
- Rapid installation and easy configuration
Cons
- Requires sizable capital for sufficient income
- Scalping gains taxed higher as short-term profits
- Not designed for huge home run trades
- Lagging indicators prone to whipsaws
- Potential overoptimization from excessive backtesting
So in summary, Forex Scalper is a well-rounded automated scalping system but still carries some risks. It works best if you already understand scalping and have reasonable forex trading experience.
The Verdict? Consider It for Automated Scalping Income
In my opinion as a seasoned forex trader, Forex Scalper is one of the better scalping robots available today. It has solid risk-reward metrics, smooth equity curves, and reasonable real-world income potential.
However, as with any forex EA, commissions, spreads, and execution delays can affect real results. So treat the backtested results as a general guide only. Conservative assumptions are wise.
Forex Scalper is best used as a set-and-forget source of secondary scalping income rather than primary income source. Aim to compound gains steadily over years. Focus on smooth growth over mega profits.
Overall, Forex Scalper can be a wise addition for experienced traders already familiar with scalping. It provides reliable automation to capitalize on this lucrative trading style. Just use good risk management since all trading contains risks.
I hope this comprehensive review helps you make an informed decision about Forex Scalper. You now have an in-depth overview of how it works and what results it can realistically achieve. Use it wisely as part of a diversified trading portfolio.
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“If you don't find a way to make money while you sleep, you will work until you die.”
- Warren Buffett
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