To start the week I’m reviewing another scalping expert advisor that’s built with the intent of working effectively on real accounts, Setslav Scalper S1. The system was released to the public in late December 2016, and is going for an exorbitant fee of $850 on the MQL5 marketplace.
The creator of the software is Stanislau Siatsko of Forex-Expert-Advisors. The development team offices are located in Minsk, Belarus. The best way to contact support, is to direct message through MQL4, or leave a comment. This is the most common way traders get in touch with Stanislau, as there are currently 436 comments.
Setslav Scalper S1 Review
The main aspect that the creators of the software want to get across to the public, is that it’s not a typical scalper. The Setslav Scalper S1 is more accessible than the average scalping system. We are told that it works on any broker, with any spread value, and doesn’t require a high-speed VPS to provide positive results. The EA also sets a low stoploss level to ensure that losses do not run on.
As for the strategy, the developers claim that each “operation is based on for strategies for each instrument independent of each other.” Each separate strategy uses different indicators and mathematical calculations along with technical analysis on separate time frames. It certainly sounds complicated, but they don’t really get into much detail or emphasize exactly what they are discussing. I would prefer unexpanded discussion on the strategies, because it sounds like the development team spent a lot of time in creating the system.
While the main purpose of the robot is to be a scalper, settings changes can make the system a trend follower, a martingale-based system, an averaging the system and trade multiple different levels of aggression.
- Type: Forex Robot
- Price: $850
- Strategy: Scalper
- Timeframe: M15
- Pairs: EURUSD, EURGBP, GBPUSD
As is often the case lately, the Setslav Scalper S1 EA is being sold for a very large price tag. I’m not sure why developers on the MQL5 website are charging such exorbitant prices, but it certainly scaring me away from most of these products. When there are effective trading robots going for between $100-$200 like Forex Steam, and Forex Fury, I find it very difficult to pony up an extra $600 for something with limited trading results.
The creators of the Setslav Scalper S1 provide us with 3 different back tests that show the software’s performance from 2010 the 2017. While like many others I appreciate a good back test, it’s a bit of an antiquated process if you ask me. Considering most Forex robots are utilizing live data that can’t be reproduced in back tests, this makes the concept of back testing much less accurate. In some cases, you can’t trust the back test it all.
If this EA isn’t using any live data during trading at all, then it is certainly behind the times. So, while the back test shows promise, the fact that they aren’t using the most updated tactics in the trading markets is a bit of an issue in itself.
I did find a few Myfxbook accounts, but none of them were showing profit at this point in time.
Currently, the Setslav Scalper S1 is showing a 4 out of 5 star rating with 11 reviews. One of the comments refers to the EA as “way too expensive for a grid system,” another claiming that the developers shouldn’t be selling the EA until it is proven to be profitable.
Outside of those negative comments, the rest of the feedback is pretty positive referring to low drawdown and low stoploss levels.
All in all, I can see that there is potential in the Setslav Scalper S1 robot, but that doesn’t mean I’ll be signing up today. The price point is too high for me to get involved at this juncture, and the trading results aren’t very impressive. While the back tests show incredible trading results, the collection of my FX book accounts are proving that the software is not yet profitable. This is another EA to keep an eye on it moving forward, but not something to sign up with immediately.
Thank you for reading the review, and please leave your comments if you have any.