Today I’m reviewing a new Forex robot that’s based on the popular high frequency trading algorithm, BSS Scalping EA. This type of scalper requires extremely low latency for it to be successful, as the system will look to open and close trades within a matter of seconds. If you do not have a top-of-the-line computer, Internet connection that corresponds perfectly with your brokerage, then you will have a very difficult time sustaining profitability.
The robot is owned and operated by Shahid Rasool, the creator of myfx2day.com. His company is located in Pakistan, and currently has 4 products on the MQL5 marketplace. These products include the ECN Trader, ECN Scalper, ECN Accelerator, and of course the BSS software that I’m analyzing today. The best way to contact support, is to join the myfx2day WhatsApp group, or fill out the contact form at the bottom of the sales page.
BSS Scalping EA Review
As I mentioned earlier, the BSS Scalping EA utilizes the high-frequency trading strategy, where the robot will look to enter and exit the market as quickly as possible. In order to be successful with a strategy of this nature, the client has to undergo a fair bit of planning and testing. In order to make sure that you have the lowest latency possible between your virtual private server, and your brokerage, you will have to run multiple tests to make sure that the speed of your connection to your brokerage is within a few milliseconds. If you do not do this, then you will not have success with the robot.
The explanation is somewhat vague, as the developer tells us that the EA opens to stop orders, which “frequently keep modifying at predefined timer in seconds at predefined distance from current price.” The developer is certainly an English speaker as a 2nd language, which is creating some issues in terms of my understanding here. Shahid should hire a native English speaker to help flush out these details, as it would serve the community well, to understand how the EA works.
The robot comes with trailing stop, money management, Max duration of trades, Max distance of trades, start hour, end hour and a few other parameters. This list of settings is quite common among the best Forex robot tests that I’ve completed, and in recent reviews of the Daily Waves EA and StoneBreaker robot.
- Type: Forex Robot
- Price: $125
- Strategy: HFT Scalper
- Timeframe: H1
- Pairs: All Forex Majors
- Minimum Deposit: $100
Priced at $125, and coming with a free demo, the BSS Scalping EA is very accessible to the marketplace. With 599 demos already downloaded, the software is starting to pick up in popularity, since its original release on September 5th, 2018. The robot was last updated on September 14th, 2018, and is on current version 1.7.
It’s clear that the vendor is taking the development of this product seriously, as it’s only been out a few weeks, and it’s already been updated on multiple occasions. This is a good sign, as you always want the vendor of the product you are investing in, to be investing in it as much as you are.
On the sales page, there is a single strategy test, which shows that the BSS Scalping EA was profitable on the GBPUSD pair for the year of 2017. This information really does nothing for me, because it’s a small sample size, on a single pair, and the mere fact that it’s a back test, which is an antiquated procedure that rarely dictates future performance.
In doing additional research, I did happen to come across a Myfxbook account being run by the vendor. This account was started one week ago, and is showing a gain of just over 13%, with a 5% drawdown. During this one week period, the robot has made 23 trades, with the average trade length coming to 14 seconds.
At this point in time, we want to watch this account closely, and wait until it provides us with much more data from a longer sample size.
There are currently 6 reviews for the BSS Scalping EA, and they are all 5 star ratings. While this is impressive, I do feel that it’s much too early for these clients to be making judgments about the software considering it’s only been on the market for a few weeks. These clients should wait at least 2 to 3 months, to ensure that the software is performing over a much longer sample size, before they influence the market with their opinions.
With that being said, here are some of the most recent reviews:
While the BSS Scalping EA has some exciting elements, and the community of people that are starting to get behind it, I don’t believe that this robot is ready to be purchased today. I believe that we need to see a much longer sample size of trading results, and potentially a better explanation of the trading strategy. It is also imperative that we see a live trading account running the software at some point in time as well, as high frequency trading strategies have a history of performing well on demo accounts, and then crashing live accounts.
If you have anything you would like to contribute to the review, please leave your questions and remarks below the article now.