Smart Scalper Pro from FX Automater claims to show effective performance with its simple and improved trading approach. This scalping robot uses the strong market movement after the detection of reasonable correction as its trading approach. With advanced settings for money and time management, this ATS assures traders of high profits and low drawdown.
Is Investing in Smart Scalper Pro a Good Decision?
We have assessed the various features of this MT4 tool including its trading results, backtests, settings, and recommendations for this review. Our initial impression of this FX robot is that it lacks several important criteria that are needed for a reliable system. While the vendor provides verified results and backtests to prove that this FX EA is an effective system, our analysis reveals several downsides that prevent this FX Robot from being trustworthy.
As with other FX trading products from FX Automater, this EA also does not provide much info related to the developer or the team behind the ATS. There are no details furnished concerning the location of the company. Further, customer support options are also lacking with just an online contact form available. This lack of vendor transparency makes us suspect this system is not reliable.
Some of the main features focused on by this EA include the use of a strong and simple trading approach that uses reasonable SL and TP levels and an algorithm based on ATR. This EA supports multiple currency pairs and uses advanced time and News filters. Protection from high spread and slippage is present and broker protection is also part of the features highlighted. Alerts are sent via push notifications and email and a Friday exit method is used by this FX EA.
Recommendations of the vendor regarding the use of this FX Robot include the use of M1 or the M15 timeframe and a lot size of 0.05 for a balance of $1000 and 0.5 lot size for a balance of 10000. The vendor claims this EA uses a low-risk approach and other settings that ensure low drawdown and a high profit factor.
For trading with this FX Robot, you need to pay $137. This is the discounted rate with the original price being $197. Features included with the package are a single real account, three demo accounts, and 24/7 support. The vendor offers a money-back guarantee of 60 days. Compared to the rates of the competitor products, the price of this system looks affordable.
The vendor provides backtests and verified trading results. Here is a screenshot of the strategy tester report done for the GBPUSD pair in the 15-minute timeframe.
For an initial deposit of $1000, a total net profit of 13706719 is shown for the backtesting done from 1999 up to 2018. The total number of trades was 8260 and the maximal drawdown was 8.41%. While the profitability percentage was 78.71% and the drawdown was low, we are not satisfied with the 90% modeling quality. We prefer a modeling quality of 99.9% as it gives more info on the spreads, slippage, and other related details. The profit factor was 1.47.
Here is a screenshot of the trading results verified by the myfxbook site.
From the trading stats, we could see that the total profit is 16.52% and the absolute gain percentage is similar at 16.55%. The drawdown value is 4.43% for a deposit of $300 and a balance of $348. For the trading period that started in September 2020 up until now, a total of 347 trades have been completed with a 72% profitability and a profit factor of 1.27. The trading history reveals a single lot size of 0.01 used for all the trades.
Comparing the backtests with the real account trading we can see that the values are similar. But the profit shown is not very high. Despite the low drawdown level, the profit percentage does not look impressive.
We could not find customer reviews for this FX robot on reputed sites like Forexpeacearmy, Trustpilot, etc. While the vendor claims verified results and backtests for this EA the lack of user reviews is puzzling. The absence of feedback indicates the system is not as popular as the vendor claims.
Smart Scalper Pro claims to boost the growth of your account without any effort on your part. However, our analysis reveals several downsides in this MT4 tool. The lack of vendor transparency and inadequate explanation of the trading approach shows that this is not a reliable system. Further, the trading results, although verified, do not show the high performance that the vendor claims. In short, this is not an FX robot we would recommend.
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