Sodobe Scalper Review

Oct 20, 2021 08:38 AM ET
Sodobe Scalper Review

Sodobe Scalper has been activated 10 times since its introduction to the market on August 4, 2021. The vendor has updated it several times to improve its functionality. So, it can supposedly attain the highest win rate and lowest drawdown. However, we have proved in this review that these claims are total fabrications. 

This system was created by Nguyen Van Cho, a developer based in Vietnam. He has not created other products, and the Sodobe Scalper appears to be his first invention. The lack of a detailed profile makes it harder for us to gauge his proficiency in the area of Forex trading and programming. So, we don’t know if we are dealing with a professional or another amateur who is just out to earn quick money from selling Forex robots.

Sodobe Scalper

Type 

Fully-automated EA

Price

$490

Strategy

Scalping

Compatible platforms

MT4

Currency pairs

XAUUSD

Timeframe

M1

Recommended Min. Deposit

$100

Recommended Deposit

N/A

Leverage

1:100

Trading strategy explanation

The robot uses the scalping method. This is an intraday strategy where the EA opens and closes positions spanning a few minutes to an hour. The main goal is to capitalize on as many trading opportunities as possible. The focus of these trades is to make a few pips in profit each time. Although scalping can generate profits, they can be very small. This makes it hard to meet the financial goals of the trader. Furthermore, if the market moves in an unfavorable direction, then significant losses can be made. 

Backtest data analysis

Backtest results.

The EA was tested from January 2020 to September 2021 using the XAUUSD currency pair on the 1 minute time frame. A small deposit of $100 was placed, and it grew to $124.94 after 142 trades were executed. The win rates for short and long positions were 69.57% and 70.59%, respectively. These outcomes were average and not impressive. The profit factor of 1.96 also highlighted the system’s low profitability rate. Fortunately, the drawdown rate was not high — 8.49%.

Live trading data analysis

Trading results

Myfxbook Account

Real (USD), LiteForex

Started

July 10, 2021

Deposit

$429.03

Balance

$278.71

Gain

16.88%

Daily

0.16%

Monthly

5.02%

Drawdown

37.74%

Profitability

$85.43

Live trading statistics.

The EA is currently running a real USD account that was deposited at $429.03. The trading activities began on July 10, 2021, and since then, we can see that the system has been earning peanuts. It only manages to make 5.02% monthly, and to date, the cumulative gain is 16.88%. The $85.43 profit is so small. When you factor in broker fees and additional charges, the account will end up with even lower profits. Worse still, the drawdown is very high — 37.74%. Obviously, the strategy on board is not safe. 

Trading performance.

The robot has executed 34 trades with 1116 pips. It is likely to lose more trades than win them. This fact is illustrated by the average loss of -257.08 pips, which is way higher than the average win of 190.95 pips. A majority of the short positions taken were not successful — 33%. The long positions performed better — 71%. The profit factor is 1.28. 

History of trading.

This data depicts the risky nature of the trading strategy used. The EA traded with large lot sizes while applying huge SL and TP levels. As a consequence, it made many massive losses, which completely eroded the profits made previously.  

Customer feedback

Sodobe Scalper doesn’t have many customer reviews on the mql5 website. A few clients say that the EA is good and generates stable profit and a low drawdown. However, these comments do not sit well with us. These traders could be lying. The dismal performance of the system is very evident in the ‘trading results’ section. 

User reviews.

Review summary

Pros

  • Fully automated EA

  • Verified trading results are provided

Cons

  • Profits generated are very small

  • High drawdown

  • Inadequate vendor transparency 

From the trading data, it is clear that the Sodobe Scalper cannot help traders to earn decent money from Forex. Its strategy is not only unproductive but also dangerous. On the one hand, you will be making money, but on the other, the cash will be consumed by the resulting losses. This cycle is not healthy for any account as it will take forever to make any significant strides. So, the best decision is to stay away from this EA. 

Rating: 3/10


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