Elite Forex Scalper is a new expert advisor that claims to “automate your Forex trading in just one click with ease.” They tell us that 98% of retail Forex traders fail in the first 3 months, but their system takes care of everything to ensure that doesn’t happen to their clients. Today we will be providing a review, and letting you know if this is a viable trading product that can grow accounts or not.
Launched in early 2020, this project is still relatively new in the Forex robot marketplace. The developers claim to have more than 6 years of experience trading, but do not provide any information about who they are or where they are located. So, there is really no way to verify their trading experience, because we can’t do any research on their identities. We really expect much more transparency when it comes to identity, because if we don’t know who’s behind the system, we are reluctant to invest real money. Hopefully they see our critique and provide some actual detail about who they are and where their head offices are.
To get in touch with support, there is a telegram group and a contact form at the bottom of the sales page.
Elite Forex Scalper Review
The Elite Forex Scalper team want traders to modernize Forex trading while maximizing their profits. They believe this is possible much in thanks to their MT4 expert advisor. Now, to find out who the system is created for, you can go through this list:
- Individuals that are struggling with Forex
- Long term investors
- Beginners that want to profit while learning
- Traders who want to diversify their investments
- Anyone interested in passive income
- Traders who want to avoid analyzing charts
They do not make their software out to be a holy grail but they do believe that with their years of experience that they put everything they know into the robot. That’s a nice gesture, but we really don’t know if this is a best Forex robot or not, because there is no proof of the experience they are leaning on. Yes, they do have trading results, which we will get to in that section, but the trading experience needs to be proven too with some sort of identity.
The Elite Forex Scalper EA uses “a combination of scalping, hedging, grid and a conservative Martingale.” We hate to say it, but the phrase conservative martingale is an oxymoron. The martingale strategy is the riskiest in the entire Forex market, and traders generally do everything they can to avoid systems that utilize it. The problem with martingale trading is that it eventually blows up your account, so you are forced to take withdrawals often before it does. All that being said, this team claims to have a unique risk protection system that protects traders from large drawdowns or blown accounts in bad market conditions.
We’ve seen promises like these before with martingale systems, and in the end they never pan out. That doesn’t mean that this group hasn’t figured it out, but it’s highly unlikely. Until we see a martingale strategy working for years on end, we will be avoiding this approach.
- Type: Forex Robot
- Price: $249.99
- Strategy: Scalping/Hedging/Martingale
- Timeframe: Undisclosed
- Pairs: EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF
For traders interested in purchasing the Elite Forex Scalper, it’s currently going for $249.99. At this price traders get access to the support channel, lifetime access to the software, dedicated support, free installation assistance, broker compatibility 1 live license and 2 demo licenses.
There is also a free version, that offers support, a single live license but no access to the actual software. We aren’t exactly sure how this works as it isn’t explained in any real detail and simply doesn’t make sense. Maybe they have a free copy trading platform? We are unsure. Either way, if you want to go the free route, you still have to deposit $3000 with either FBS or XM, their recommended brokers.
We are impressed that the Elite Forex Scalper team provide multiple Myfxbook accounts, as this is the best way to monitor trading results. The accounts are a bit disjointed as 5/8 of them are not trading actively, so we assume they are expired demos. Then there are accounts running V1 and other accounts running V2. Our focus will be on V2, and the corresponding accounts.
The V2 Myfxbook account is currently showing a 150% gain and 18.85% drawdown since it launched August 29th, 2018. During this time, the software traded furiously, with over 45,000 transactions, with an average trade length of 1 day. This robot is constantly trading, while boasting a risk reward ratio of about 1:2.25 with the average win at 16.53 pips, and average loss at -39.26 pips.
The results are pretty solid, but we aren’t big fans of the hyper-active trading approach. We also would like to see less hidden elements, as the balance, equity, profit, interest, deposits withdrawal and more are all hidden.
The Elite Forex Scalper is an interesting trading robot. We would like to know more about the developers and eventually see some client trading results, but the first impression is good. We will be monitoring this moving forward and coming to a final determination in the coming days.
If you have anything you would like to add to the review, please do so now.