Best Scalper Bot Review
Are the claims made in on the website valid and is this a profitable bot ? I purchased ( with my own money) this bot and put it independently to the test to see if the claims they are making hold up to scrutiny.
WHAT IS AN MT4 FOREX BOT?
I have written a guide to MT4 bots for beginners here that goes into much more depth about what an MT4 Forex Bot is ( or EA, Expert Advisor).
A forex robot or an Expert Advisor is a piece of computer software that automatically makes trading decisions on behalf of the trader. Forex robots are designed with inbuilt trading rules, which enable them to enter and exit trades without requiring the physical presence of a trader.
The main piece of software that forex traders who trade from home use is called MT4 and although it looks a bit dated and clunky its been used for years and is well trusted.
MT4 has lots of useful features, but the one of most useful here is the ability to download custom made programs that can trade automatically for you. These custom made programs are known as ‘Expert Advisors’ or EAs and also known as ‘bots’. They are rather like apps you download for your smartphone.
Best Scalper Bot
Best Scalper Bot is an algorithm designed to make automatically trading the Forex market as easy and profitable as possible. The Forex system continuously analyses the FX market, looking for potentially high probability price movements. Once identified the software will notify you visually, audibly, and via email.
Their Bot is built for the Metatrader 4 platform only ( the MT4 software I mentioned) and they say they have an aim to provide a low risk system that provides long and short term gains with an easy to install and up and running bot.
DOES THe Best Scalper Bot COME WITH A FREE DEMO VERSION ?
Having a free demo version is useful because you can test it yourself on a demo account with a broker and see how the bot performs. This bot does comes with one license for live trading and one license for a demo account too.
EASE OF PURCHASE
The Bot was easy to purchase from their website and I quickly got an email confirmation on the purchase and what to do next . You get a unique link that you can click on that will take you to create your membership account on their site and then you can access the members area to access all the software and materials.
I have already installed MT4 on my own computer to let this run but if you haven’t used MT4 ( Metatrader 4) before you can download from here.
Best Scalper Bot – DOWNLOAD AND INSTALLATION
Download was easy but remember to adjust a few of the settings if you don’t see any trades after 1 or 2 days. I got the instructions through email and there was also a setup and installation video to help me set up the bot on my MT4 software on my computer.
You have to allow autotrading on your MT4 platform which is the giant autotrading button at the top of the menu on MT4.
Your computer needs to be running all the time for this bot to work so I strongly suggest using a VPN to run this bot.
A VPN is having access to a computer via a secure password that exists elsewhere by a hosting company with lots of failsafes for power or crashing. Better still you can run multiple MT4 bots off of this server too. This means you can look at and check this special computer remotely using your phone or computer at any time, but you don’t have to worry about keeping your computer on or a power cut.
These often cost less than £20 per month. I recommend the guys at 4xSolutions here .
HOW MANY LICENSES DO YOU GET FOR The
BEST SCALPER BOT SYSTEM?
I only got one license for one use for this product. You can pay extra for multiple licenses.
WHAT CURRENCY PAIRS DOES
BEST SCALPER BOT TRADE?
This system trades almost any currency pair it can get its hands on….which to be honest is a bit of a worry. The website claims it only trades a few currency pairs but the results I can see from them on MyFxBook tell a very different story.
With most Forex systems the particular method or concept that they use to signal a potential trade needs to be fairly specific. A lot of forex pairs ‘behave’ in different ways, so for example while the exchange rate between the Euro and the US Dollar is the largest market and most stable and predictable you will find that a currency pair like the Euro paired to the Yen is very volatile and can move 60 pips in a matter of seconds. Over the years I have found that the best systems only work on a few pairs at best and usually the higher the timeframe they work on ( 15min, 1hr or 4hr) the better. When I see a ot that trades a large list of currency pairs I’m often cautious.
EUR USD – The exchange rate price between the US Dollar and the Euro. This is the largest trading currency pair in the Forex Market and makes up about a quarter of all Forex Transactions. Its nickname with traders is ‘Fibre’.
USD CAD – The exchange rate price between the US Dollar and the Canadian Dollar.
AUD USD – The exchange rate between the Australian Dollar and the US Dollar
EUR JPY – The Exchange rate between the Euro and the Japanese Yen . EUR JPY is nicknamed ‘The Beast’ because of its volatility so I’m surprised that this pair is included.
USD CHF The exchange rate between the Swiss Frank and the US Dollar
USD JPY The Exchange rate between the US Dollar and the Japanese Yen
CLAIMED WIN RATE
The Live MyfxBook account shows an impressive overall 75% win rate. The Myfxbook link shows a steady performance until a year ago at which point this bot literally fell off a cliff and hasn’t seemed to have produced any decent results since.
RISK REWARD RATIO
Looking at the results you can see that it is one of the most worrying risk reward systems I’ve seen in a while. The profits tend to be anywhere between 1 and 5 pips but losses are also around 1 to 5 pips….but there are also some HUGE losses in the range of 30 and even 40 pips in these trades. In its extreme you could argue this sometimes has a 40 to 1 Risk reward ratio against you.
WHAT TIMEFRAME DOES
BEST SCALPER BOT TRADE?
Most of the trades I have seen have been completed within a few hours but some have gone on for as long as 2 or 3 days.
There are some reasonable profit claims on the site but when you look at their own MyFxBook link you see a bot that totally fell over about a year ago and never recovered. Its failed to do anything consistent since May 2018.
A pip, short for point in percentage, is a very small measure of change in a currency pair in the forex market. It can be measured in terms of the quote or in terms of the underlying currency. A pip is a standardized unit and is the smallest amount by which a currency quote can change. It is usually $0.0001 for U.S.-dollar related currency pairs, which is more commonly referred to as 1/100th of 1%, or one basis point.
With spread betting platforms like MT4 you can choose how little or how much you trade ‘per pip’.
HOW OFTEN DOES WALL
BEST SCALPER BOT TRADE ?
Based on the results I would expect an average of about one trade per day, but some days it may not trade at all and others it might be quite busy. Remember the Forex market is closed at the weekends too.
BEST SCALPER BOT -ADVANCED FEATURES
Once there is a signal, an alarm sounds on your MT$ platform on your computer and there is a message on your screen detailing all the aspects of the trade from entry point, take profit area and stop loss.
There is also an email alert system so you can get an alert to your phone to let you know when a potential trade set up has occurred. This means you don’t have to spend all day sat at your computer.
BEWARE BAD BROKERS
Its not just the logos or where they are based. All brokers ARE NOT the same. Be wary of brokers that are betting against you and instead ask any broker if they are placing your trade actually ‘in the market’. A broker betting against you will want you to lose. They will do anything to make sure you lose in a sneaky way.
A broker that puts your trade in the real market actually doesn’t mind if you win or lose. In fact if you think about it the more you win the bigger your account gets and the more your trade size increases and the more they make so in many ways they are actually cheering you along.
Another key component to your Forex robot is the Forex dealer, an IB that you use for your trading. Choosing the appropriate dealer and taking advantage of the various perks and services offered by Forex IB’s can be the difference between success and failure with your Forex robot in some cases.
A great way to work with reputable broker while experiencing favorable trading conditions is to trade your robot with a Forex IB. Among other perks, they can reduce your transaction costs by providing you with cash bonuses for every Forex trade you make. For example, if your robot trades 30 lots per month and you are receiving a rebate of $5/lot, you will get $150 for free every month. This adds up to over $1500/yr just for trading. This will both enhance your trading success and help pay for various Forex robots and products that you may want to purchase in the future.
I work with Infinox in the UK as they make it clear that they place your trade in the market and don’t bet against you .
MY INDEPENDENT ANALYSIS OF BEST SCALPER BOT SYSTEM PROFITS
After buying the bot I set this up on an account on my own and let it start trading. You will be able to see the ‘forward testing’ of this bot from this site now as it trades but I also used the Metatrader 4 backtesting facility to see how this bot would have done in the last year as well.
I will post results here once I’ve let the bot run for a while.
So that we can easily compare all bots I test I run the accounts with the same starting amount in each and the same risk percentage per trade where that is possible.
BACKTESTING RESULTS FOR BEST SCALPER BOT
I am currently in backtesting with this bot which can take up to a week to get results for. I will see what the forward testing looks like on this Bot.
Its just too early to tell. Ill update once I’ve seen it trade for a few months but at the moment I have the suspicion that the makers of this bot simply stopped servicing or reviewing it about a year ago.
Its early days here but for now so I will return here in about a month to post some provisional live results here. Make sure you subscribe so you can get an email update.
Is it worth the £225 price tag? Time will tell.