FX SCALPER X is a desktop forex trading robot compatible with the MetaTrader 4 platform. Trading on the user’s behalf, this forex robot may monitor the foreign exchange market with the help of an internal algorithm. The FX SCALPER X EA will then handle these transactions based on the money management parameters you choose. This FX SCALPER X review is to inform you further about it so that you can determine whether it is something you would want to attempt on your currency trading journey after reading the developer’s lofty claims.
Table of Contents
Trading using the FX SCALPER X System
Fully automated, the FX SCALPER X technique constantly monitors the charts it’s installed on to determine potential trading opportunities. It may enter and exit transactions according to predetermined parameters or computations.
Although forex robots can analyze the markets and place/cancel orders considerably quicker and more effectively than a person, they do have their limits.
A trading robot, for instance, has trouble taking into consideration all market circumstances. They can be unaware of major news announcements that might affect trading performance and generate widespread market volatility.
This indicates they may be overly set in their ways and unable to respond quickly enough to changes in the marketplace. Whenever I’m considering using an automatic trading system like FX SCALPER X, I want to have a look at how well it has performed in the past. Proof of this may come from historical simulations or actual, vetted trading records.
Historical performance is not indicative of future outcomes, but it may provide useful information about a certain EA’s algorithm, drawdowns, win/loss rate, profit factor, time in business, currency pairings traded, etc.
The key pairings of currencies that the FX SCALPER X robot trades in are the Australian Dollar/United States Dollar, the Euro/British Pound, the British Pound/United States Dollar, and the US Dollar/Canadian Dollar. My view is that these currency pairings are excellent. Why? Spreads tend to be tighter on these pairings because of the high volume of trading that occurs in such popular currency combinations. For a high-frequency trading strategy like that of the FX SCALPER X, a reduction in spreads might mean a significant improvement in pricing.
A potential conflict of interest between such a broker and trader is reduced or eliminated when using an ECN forex broker like the one I would choose. Fast-executing trades are another possible meaning. When determining the optimum buy and sell prices, most ECN brokers will draw from a pool of their liquidity providers (LPs). This, too, is useful when employing a forex scalping robot since it reduces trading expenses over time.
Backtesting the FX SCALPER X
Unfortunately, there are no back tests of FX SCALPER X available on the official site. To convince me to use a forex robot, its backtests must consistently score at least 99% in terms of their resemblance to the model.
For insight into the FX SCALPER X EA’s track record in a variety of market circumstances and currency pairs, a look at its historical performance is invaluable. Even though the MT4 strategy tester has several serious drawbacks, it nonetheless provides us with statistical data that we can use to examine forex robots.
You may enhance the reliability of your backtests by incorporating third-party software into the MT4 method tester. Birts Tick Data Suite is one of my favorite back-testing programs. This allows us to simulate historical market conditions by simulating tick data, varying spreads, commission, slippage, and more.
However, we could always do our own FX SCALPER X historical analyses if we wanted to. As a result, we are free to choose our preferred trading instruments and chart period for optimization. Be wary of over-optimizing, however, since doing so might lead to inappropriate curve fitting of the parameters to the test data. To prevent this, it is recommended to double-check the settings on many different currency pairings.
Results Proven by FX SCALPER X
You may access the FX SCALPER X developer’s Myfxbook account via a link in the site’s footer. The Myfxbook profile has only been up for a few months, but it has already shown a consistent equity increase as of the time this FX SCALPER X Review was written. Yet, I can see that the cost of a lost trade is about double that of a successful transaction, therefore the EA would need to maintain a high win rate% if it is to be reliable.
It also seems that the EA is keeping open losing positions in the hopes that they will eventually rebound. If one of these deals didn’t finally go in the user’s favor, I’d be worried about the effect on the outcomes. The account value may take a serious hit as a result. While this kind of trading may be acceptable to some, traders should be aware of the many dangers inherent in online forex trading regardless of whether they choose a manual or automatic approach.