Today I’m reviewing a Forex expert advisor that was first released in October 2017, Hamster Scalping. The robot is built with a no martingale approach that trades exclusively at night while taking advantage of the RSI indicator and an ATR based filter for picking out sharp entry points. With over 200 reviews, and 6600 comments, it’s clear that this low-priced expert advisor is gaining in popularity, so let’s find out if that’s for a good reason or not, today.
The software is developed by a sole proprietor, Ramil Minniakhmetov, located in Russa, and owner of the OrangeForex.ru. Ramil has been providing products in the marketplace since early 2016, almost exclusively on the MQL5 marketplace. He currently has 10 products available to the community, 2 of which I have reviewed not too long ago in CCI Scalper and EA Black Star. Although, it does look like the CCI Scalper has been discontinued, and maybe that’s why there is more focus on the scalper that I’m reviewing today.
Hamster Scalping Review
Like many other EA’s released in the MQL5 marketplace, the Hamster Scalping robot provides us with very little information on their product. They do give us access to every single input parameter that their strategy relies upon, that they don’t give us an in-depth analysis of their trading approach. Some of the notable parameters include a news filter, as well as multiple take profit and stoploss elements that look to give traders a lot of flexibility when deciding the PIP point at which to exit the trade.
Ramil also gives us general recommendations, which are that the software requires a minimum deposit of $100, to be used exclusively with the M1 timeframe. As is often the case with the scalper, traders are recommended to make sure they have good execution and a spread of 2 to 5 points. The last recommendation, is that traders utilize a very fast VPS, “preferably with a latency of no more than 3.” This is a very difficult requirements to fulfill, or even ask of the general trading public. Finding a latency that is this low would require a lot of research and testing, because traders would have to find a virtual private server that is essentially located on the doorstep of your current Forex brokerage.
Making sure that you have a low spread and a low server latency isn’t something new when it comes to scalping. Due to the low take profit numbers, and the goal of entering and exiting trades as quickly as possible, these elements are extremely important. This is common with all scalpers, as you can see in my other reviews of Forex Fury, Forex Steam, and Algo Scalper.
- Type: Forex Robot
- Price: $45
- Strategy: Scalping
- Timeframe: M1
- Pairs: EURUSD
One thing I won’t be complaining about today, is the price of the Hamster Scalping EA. At $45, this robot is one of the cheapest options in the marketplace, which is substantially lowers the amount of risk traders absorb right out of the gate. There is also a free demo available, that has been downloaded nearly 8500 times.
It’s also worth noting, that the EA comes with free updates, and the most recent update to version 7.0 was on July 6, 2018.
In the reviews page, there are currently over 200 Hamster Scalping reviews, and it’s very difficult to find one that isn’t a 5 star rating. One of the most recent comments this from a trader named Min Richard, who claims that “this is the best EA I have ever used.” There are quite a few reviews of this ilk.
In looking for negative reviews, I have found a few, and the majority of them contend that Ramil is fabricating positive reviews, and that these reviews shouldn’t be trusted. One of the reviews claims that there have been 12 5 star reviews within the first hour of the EA being published. This is certainly not a positive sign.
As is frequently the case technique and to all 5 marketplace, there are no real in-depth results for the Hamster Scalping robot. Ramil provides us with a single back test, but this certainly isn’t enough to win me over in 2018. With the majority of Forex robot developers all using statement sharing services to prove their worth and verify their trading statements, it’s difficult to get excited about a vendor that isn’t following suit.
It is my main recommendation, that Ramil rectifies this as soon as possible.
Update: in doing a search for the EA on Myfxbook, I’ve been able to find a couple of trading accounts provided by the vendor. While these accounts are impressive at first, with one showing a gain of over 300%, and the other showing a gain of over 4400%, there is more to the story. If you look closer, you will see that one has a drawdown of almost 90%, and both accounts ran for very little sample size. One account ran for 10 days, and the other account ran for a single month. Neither of the accounts are active now, which leads me to believe that the accounts would likely bust if they were to continue.
While the risk level in signing up for system priced $45 isn’t very high, I’m not sure if you’re going to get your money’s worth out of the Hamster Scalping robot. While I’m impressed by the hundreds of client reviews, and the frequent updates provided by the vendor, the trading results are concerning.
If you have anything you would like to add to this review, please leave your comments and questions below the article now.