Advanced Scalper is an EA that has been developed by Wim Schrynemakers, who has been producing robots since 2005. The algorithm uses advanced exit and utilizes a personal spread-filter and slippage-control mechanism. It is 100% fully automated and requires a minimum account balance of 150 USD to be eligible for trading.
The developer states that the robot works on many currency pairs, but they recommend trading on EURUSD, USDJPY, and GBPUSD for better results. Updates provided for the robot have been listed as a timeline on the MQL5 website, where the latest version (V 1.58) involves an info panel showing wrong risk stats.
What is behind the Advanced Scalper robot?
This algorithm has been coded by Wim Schrynemakers, a Malta-based seller on MQL5 with a rating of 3.8. They have about 20 products for sale on the marketplace. His profile shows that he has +8 years of experience in forex trading, but he doesn’t offer any certifications to prove that. Also, according to Wim’s profile, he has held zero jobs, making it impossible to trace if his record is clean. No contact information like emails, addresses, or phone numbers has been provided, pointing towards a lack of transparency.
How it works
The robot works on the MT4 platform. According to the seller, we have to follow these steps to start trading with this EA:
- Make a payment on the MQL5 website
- Download the EA files onto your PC
- Run MT4 platform
- Drag the EA files onto the charts and enable auto-trading
The algorithm will scan the markets based on the coded information and open and close trades accordingly.
The robot has the following key features:
- It trades on various currency pairs.
- The robot is 100% fully automated.
- It works fine with ECN brokers.
- The system uses an advanced SL management system.
According to the developer, the algorithm uses a high/low break-out system to enter the market. It trades on three currency pairs, i.e., EURUSD, USDJPY, and GBPUSD. From the live history present on the MQL 5 records, we observe that it uses grid methodology with an average trade duration of 51 minutes.
Screenshots of backtesting results from 2014 to 2017 have been provided for the H1 timeframe with a fixed lot size of 0.01. The results show that the initial deposit of 1000 was converted into a net profit of 211.32. It should be noted that no information on the currency pairs has been provided over here, which points to poor practice. Maximal drawdown was observed at 14.23 points. Also, the numbers show that the largest loss trade of -5.09 exceeds the largest profit trade of 3.96. It’s not specified how wide the spread is since it is only classified as a variable.
The robot is sold as follows: 149 USD for 1 month, 199 USD for 3 months, 249 USD for 6 months, and 299 USD for 1 year. Payments are accepted through MasterCard, Visa, PayPal, and UnionPay, etc., but the transaction system seems insecure and feeble. No information is provided about the money-back guarantee. This product has been priced relatively high compared to other products providing the same value for money.
Trading performance of Advanced Scalper
Live trading results are present on the MQL5 website, where we have a performance track from 2018.04.04. These stats show that the account has a growth rate of 251 772.74% until this point. The initial deposits stand at 500 USD. The maximum drawdown value is shockingly high, which is 32.4%. This raises serious concerns about the robot’s performance.
Gross profits stand at 3 581 994.41 USD, whereas gross loss stands at -2323130.71 USD. The average loss of -2 822.76 USD is way more than the average profit of 1 513.95 USD. This means that the robot tends to lose more money than it gains. The average holding time of this bot is 51 minutes.
Customers can only send their queries through the chatbox on the MQL5 site. No emails or other contact information is provided, which points to substandard customer service.
The company has a total rating of 3.542 for five reviews on the Forex Peace Army. One trader states they had bought the robot, but it blew up their account after trading. The algorithm does not trade with a stop loss and causes a high risk on the account.
It’s weird that even though the product has a 4.14 rating on the website, it hosts many negative customer reviews. One furious customer points towards the lack of professional attitude and the robot’s lousy performance, which made them blow their account.