In this post, we review the Scalp Trader Pro forex robot developed by Doug Price. Doug claims that this EA is perfect for forex trade beginners.
Our review will concentrate on performance statistics, user reviews, and strategy. Finally, we give you our verdict on this robot.
What is Scalp Trader Pro?
It is a forex robot that is 100% automated. The website claims that the creator made a $35,275 Profit in a few months with this EA.
This forex robot uses the scalping methodology. It enters trade for short periods and acts by taking profits fast, even with a small price movement.
The robot can also monitor, detect, and trade based on specific patterns to scalp for easy and quick profits with low risk. It studies trends on charts based on moving averages, price action, and other powerful tools. It ignores weak trend patterns.
The site admits that there are issues with some scalping EAs which it has managed to avoid. Some of these issues include:
- Lack of no stop loss or too-high stop loss.
- Trading rapidly leading to a loss of control that can drain an account within hours, if not minutes (a scalper shouldn’t have to trade frequently).
- Very tight stop loss and take profit. Many brokers will slip the trades or have extremely high spreads causing you to lose many trades that should have been profitable, rendering this type of scalper useless.
Moreso, the website states that this forex robot works by avoiding:
- High-risk trades that wipe out your account.
- Grid trading.
- Martingale trading.
- Extraordinarily high stops.
- Long periods of exposed trades.
Scalp Trader Pro Notable Features
The robot has some inbuilt features that make it different from other scalpers. What sets it apart include:
- Automated trading (removes emotion from your trading, which can easily get in the way of winning).
- Trades that last for less than a day on average.
- Using a dynamic stop loss to cut losses quickly.
- Getting into only a high probability of success trades (filter out bad opportunities).
- Avoiding trades during certain periods of time.
Claims to check:
- Made $35,275 in a few months.
- Low risk and low drawdown
- Secures profit
- High-profit rates
We have listed what makes this scalper tick and the results the creators claim to achieve. Moreso, we have seen what strategies it uses and those it avoids. Now let’s examine if these strategies work, see the performance, and check what traders say.
Scalp Trader Pro: Performance Statistics
The developer did not provide any backtests results for this EA. The website states that they only used real money to test their EA.
We get performance statistics from Myfxbook, a reputable source. Note that the real account was last updated in May 2017. However, the results shown are really interesting. Total gain over a span of 2-years stands at +858% while absolute gain stood at +851%. This indicates a net gain of only 7% over the entire period this account was live. Monthly growth averaged at 3%. The initial deposit was $5,000 and profits stand at $42,592, a mind-blogging increase. The drawdown is also below 20% which is moderate.
Further analysis shows that this scalping EA made only 144 trades. It won 136 of them, representing a win rate of 94%. Out of the resultant 896 pips, the EA’s average win was 7.83 pips / $396.86. The average loss was -21.09 pips / -$1422.56. Please note that the average loss is three times the average win. This is why the overall gain for this EA is not much.
We searched for customer reviews from reputable sources but we could not find any.
The question is why this EA has not gained enough traction after being in the market for a significant period.
Considering that this EA is developed by Doug Price, who has built some following when it comes to forex robots, it begs the question why there are no customer reviews.
This is an EA by Doug Price. A quick google search shows users claiming Doug runs scams.
On the website, Doug claims to have made millions for his clients. For his journey into forex trading, he states that he started just like any other novice. He progressed with lots of studying and practicing until he was a guru. He took the next step and created an automated forex robot.
At least we know the identity of the person behind the EA. we know that he has other EAs and indicators. As to the credibility that he made clients millions in the forex market, we have not found any verifiable evidence.
- Made $35,275 in a few months: Not verifiable. Doug does not provide any evidence of how he made $35,275.
- Low risk and low drawdown: The drawdown stands at 17%, which we consider moderate, although the average loss is 21 pips worth $1,422.
- Secures profit: Scalping strategies, if not used properly, are extremely risky. In this case, the EA makes an effort to retain profits.
- High-profit rates: False. Although the overall gain is outstanding, the net gain is relatively low.
We were disappointed that the developers provided no backtests statistics. On the other hand, they provided results from real money accounts, which are key. According to these results, the robot did a not so bad job. Another positive for this EA is the fact that the drawdown has been kept low at 17%.
The only issue we have is that the real account is no longer being updated. Therefore, we are not aware of how this robot is fairing with the current market conditions. Normally, scalping EAs get to a point and blow out, with a risk of wiping a whole account. We believe this might be the case with the real account.
Based on our analysis, this robot is not the ultimate scalper. However, it performs moderately.
However, the developers need to reinstate the real account to boost traders’ confidence. At least there is a 60-day money-back guarantee.
Finally, since we did not find any customer reviews from reputable sources, we recommend that you only invest what you can afford to lose.
If you have any experience with Scalp Trader Pro, please leave a comment below.