This is the Elite Forex Scalper review. This EA was created by a team of forex traders and entrepreneurs who possess years of experience in financial markets. With this solution, they aim to help people struggling in forex trading.
In this post, we review details about this EA. Being a scalping robot, it will be interesting how it deals with risks associated with a scalping strategy. Therefore, we will analyze the results and user feedback. At the tail end, we give you our verdict.
What is Elite Forex Scalper?
This is a fully automated forex robot that executes trades based on programmed strategies and preset conditions. With this robot, the developers aim to eliminate emotional trading and the stress in finding success in forex trading. The developers also claim that it is suitable for beginners.
The website lists several features that this robot offers:
- Hands free trading
- Offers passive income
- No profit sharing
- Lifetime access and updates
- Lifetime guaranteed support
- work with most brokers
- Beginner friendly
- Easy setup
- Uses scalping strategy
- Risk management
- Economic news release proof
- Daily profits
In terms of strategy, this EA uses a combination of scalping, hedging, grid, and a conservative martingale. It also possesses a feature that protects your account from the risk of large drawdowns or account wipe-out.
The developers offer two account types, and one is free. The free account is extremely limited although you get a license. The price for the paid account is $499 which we consider a bit pricey considering you will still need to fund your account with a minimum deposit.
Elite Forex Scalper: Performance Review
There are no backtest results provided by the team behind this EA. However, we have several sets of real, live verified trading results hosted on Myfxbook and FXstat.
The overall gain for this EA stands at 45%, while the absolute gain is 46%. The average monthly growth is 2.5%. On the other hand, drawdown is also kept low at 10%.
In 2021, this EA averages positive growth in the first 4 months. However, results in May have seen a 6% dip into the negative territory. Is it a blow out of the account? Nonetheless, at the time of publishing this review, it is still early days in May. Consequently, we will come back and check this dip at the end of the month.
Looking closely at the stats, this EA won 22,187 trades representing 70% of total trades. The profit factor stands at 1.49. However, note that the average win is 16.78 pips ($12) while the average loss is -43.34 pips(-$20), almost three times the average wins. This account runs on FBS broker.
Other real account results hosted on Myfxbook but with a different broker. The good thing is that it shows similar results. The drawdown is under 10%, and the monthly growth is just above 2%. We give this EA props for its consistency. The only issue that remains alive is the chance of an account blow out. This will likely wipe out your account!
There are no user feedback from reputable 3rd party websites. However, there are screenshots of testimonials on the website. Of course, we are skeptical about those because we cannot verify them.
More so, we found the Facebook page for this EA. The page is abuzz with comments praising this EA. However, there is no single comment showing results. Again we cannot verify these opinions.
The EA uses a cocktail of scalping, grid, hedging and martingale strategies. We consider this extremely risky. Moreover, the results, especially the gains, are not enough to compensate for the constant overbearing risk of a blowout.
Is Elite Forex scalper a good choice? The answer to this question is complicated. It will depend on your risk appetite. If you are an individual who can stand an account wipeout, then you may try this EA. Otherwise, we advise you to stay away from this EA.