Elite Forex Scalper Review

Nov 26, 2020 10:48 AM ET
Elite Forex Scalper Review

Advertised as a system that does all the work for traders, Elite Forex Scalper assures maximum profits. This expert advisor offers an automated trading system to help struggling and beginner traders gain better knowledge and understanding of the foreign exchange market. Are the claims of profit by this Forex robot true? Is it a reliable system? Read this detailed review to find about this automated system and our recommendation.

Elite Forex Scalper

Type

Fully-automated EA

Price

$249.99

Strategy

Scalping, hedging, grid, Martingale

Compatible Platforms

MT4

Currency Pairs

EUR/USD, USDCAD, USDCHF, GBPUSD, NZDUSD

Timeframe

Not disclosed

Recommended Min. Deposit

$300 -$500

Recommended Deposit

$1000-$3000

Leverage

from 1:500

Trading Strategy Explanation

Elite Forex Scalper Trading Strategy Explanation

This automated Forex trading system works by executing trades using preset settings and trading methods. A combination of trading methods, such as hedging, grid, scalping, and Martingale, is used. This EA uses risk protection to protect traders from huge drawdowns.

Important features include automated trading, passive income, lifetime offer of updates, access, and support, compatibility with a majority of brokers, easy installation, 24/5 trading, and risk management.

Although the vendor claims to have several years of experience, there is no mention of the team members or their location. This makes it difficult to verify their claims of success and reliability. And, regarding the strategy used, all the methods mentioned by the vendor are high-risk methods that most professional traders avoid.

Particularly the Martingale system can just wipe out entire accounts. Despite the vendor’s assurance that it is a conservative form of Martingale used and the use of risk management, we are skeptical about the minimal risk assured.

Backtest Data Analysis

We could not find any backtests displayed on the official site although the vendor provides verified trading results. Backtests provide historical data that help traders evaluate the system’s efficacy. Without backtests, it is difficult to analyze the high-risk strategy combination used by this expert advisor.

Live Trading Data Analysis

Trading Results

Myfxbook Account

Real (USD), FBS

Started

Dec 01, 2019

Deposit

Not disclosed

Balance

Not disclosed

Gain

112.62%

Daily

0.21%

Monthly

6.61%

Drawdown

14.09%

Profitability

2.41

Elite Forex Scalper Myfxbook

Many real account results verified on FXStats and Myfxbook are provided by the vendor. In the screenshot of a real account result on Myfxbook traded using a leverage of 1:500 on the Metatrader 4 platform we could see a gain of 112.62% and an absolute gain of 22.31%. The huge discrepancy in the absolute gain and gain percentage is suspicious.

Further, many of the details regarding the account are hidden such as the balance amount, equity, profit, interest, and more. Of the 5911 trades executed in this account that began trading in December 2019, a profit factor of 2.41 is present. We could see the huge lot sizes which confirm the high-risk strategy used. 

Elite Forex Scalper trading results

Elite Forex Scalper trading results

In the FXStats results taken from the official site, we could see a very low drawdown of 9%, a daily gain of 0.58%, and a monthly gain of 12.65%. Here too, details such as the deposit, withdrawal, equity, balance, etc. are hidden by the developer. This shows that the developer does not want to reveal details to hide the bad performance of the Forex robot.

User Feedback

We could not find user feedback for this expert advisor except for the testimonials found on the official page which cannot be taken into account as they can be manipulated. It is our opinion that the high-risk strategies used in this system can deter traders from using it. Most often traders stay away from systems that involve grid and Martingale, which may be true for this system too.

Review Summary

Pros

  • Verified results

  • Lifetime updates

Cons

  • Uses high-risk strategies

  • No vendor transparency

  • No money-back guarantee

Conclusion

Wrapping up our Elite Forex Scalper review, we do not recommend this expert advisor due to several compelling reasons. Despite the vendor exhibiting verified results from the Myfxbook and FxStat sites, the hidden details of the results make the results look suspicious and we doubt the authenticity of the performance.

Other shortcomings we noticed include the use of high-risk strategies such as Martingale, which is not what any trader with basic knowledge about Forex trading would prefer. Another downside is the lack of vendor transparency. In short, there are too many things that work against this system’s efficacy.

Rating: 2.6/5

  • Features: 3/5
  • Performance: 2/5
  • Strategy: 2/5
  • User feedback: 3/5
  • Price: 3/5

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