Euronis Scalper Review: A Detailed Look at This Automated Forex Trading Robot
Euronis Scalper is an automated trading robot designed for scalping short-term profits on the foreign exchange (Forex) market. This expert advisor (EA) trades multiple currency pairs and aims to capitalize on small price movements using a combination of technical indicators and trading rules.
In this comprehensive review, we will analyze the key features, performance statistics, and potential risks of using Euronis Scalper to inform readers if it is a viable and profitable trading solution.
Overview of Euronis Scalper
Euronis Scalper was launched in August 2021 and is sold on the MetaTrader Marketplace for $499. It was developed by Denis Sotnikov, a Russian trader and programmer.
The EA uses a scalping strategy that places limit orders to enter trades and take profit orders to exit. It does not use grid or martingale techniques. Instead, it relies on custom indicators to time entries and exits.
Euronis Scalper trades the major Forex pairs including EUR/USD, GBP/USD, USD/CHF, USD/CAD, USD/JPY, EUR/AUD, GBP/AUD, AUD/CAD, EUR/CAD, and CHF/JPY.
The EA can run on a single chart using virtual stop loss levels and has built-in logic so no importing of settings is required. It is compatible with both MetaTrader 4 and MetaTrader 5.
Key Features of Euronis Scalper
Here are some of the main features of Euronis Scalper based on the vendor’s information:
- Fully automated trading – Once installed, the EA will open, manage, and close trades automatically according to its strategy. This allows for hands-free trading.
- Scalping strategy – The EA aims to profit from small price movements and targets quick exits to accumulate many small profits over time.
- No martingale – Euronis Scalper does not use martingale or grid techniques that can be risky. It relies on technical analysis and indicators.
- Custom indicators – Uses proprietary custom indicators designed to identify optimal entries and exits to maximize profitability.
- Real and virtual stop losses – Uses both real stop losses and hidden “virtual” stops to control risk on open trades.
- Backtested with tick data – The strategy was backtested and optimized using tick data from multiple brokers over several years to simulate real market conditions.
- Works on multiple currency pairs – Trades 10 different currency pairs to diversify and spread risk.
- Easy one-chart installation – Can run all pairs from a single chart for convenience.
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Performance Statistics and Backtests
It is important to analyze the historical backtests and performance statistics of any EA before using it live. Here is what is available for Euronis Scalper:
- Vendor backtest (2019-2021) – The vendor shows a backtest from 2019-2021 on EUR/USD using default settings that shows consistent profits with a 35% drawdown. However, no detailed metrics are provided.
- Third-party backtests – Several customer backtests on Myfxbook show positive results, with some accounts showing 200-400% returns over 1+ years of trading. Drawdowns range from 20-40%.
- Real account results – There are a few Myfxbook accounts tracking live results, but most are low balance demo accounts ($1,000 or less) and have been trading for less than 6 months. More data is needed to evaluate real account profitability.
While the backtests and early results are encouraging, the limited verification and short trade history make it difficult to confirm the consistency and viability of this EA. More proof is needed through verified, long-term real account results and detailed backtest metrics.
Euronis Scalper Trading Strategy
Euronis Scalper uses a short-term scalping strategy designed to capture small profits from the normal market volatility and price oscillations that occur throughout the day.
Some key aspects of its trading strategy include:
- Trading off support/resistance – The EA attempts to enter trades when the price pulls back to identified support or resistance levels within the current trend. It aims to trade bounces off these key levels.
- Closing at day boundaries – The EA is designed to open positions during quiet periods, like the Asian session, and close them near daily open/close periods when volatility increases.
- Tight stops – Small stops are used to limit losses on trades that move against the position. Stops are placed just beyond nearby support/resistance levels.
- Quick profit targets – Take profit levels are set close to the opening price, allowing the EA to capture small moves in the market. Gains typically range from 2-8 pips.
- Trade management – Trades are monitored and closed early if a reversal signal is triggered to lock in profits.
Overall, the strategy aims to compound many small wins, while limiting losses through tight stops. This allows consistent gains to accumulate over time.
Risk Management Features
Managing risk is critical when scalping due to the high volume of trades. Here are some of the main risk management features:
- Stop losses on all trades – The EA uses stop losses set just beyond nearby support/resistance levels to limit losses.
- Virtual stops – In addition to real stops, virtual or hidden stops are used to further control risk per trade.
- Per pair position sizing – Trade sizes are automatically calculated and adjusted for each pair based on account size and volatility.
- No martingale – The system does not double down or average losing positions, avoiding compounding losses.
- Day trade bias – Trades are typically closed by the end of the daily session reducing exposure.
- Multiple pairs – Trading numerous pairs diversifies risk across different market conditions.
The combination of stop losses, prudent position sizing, and trade management help mitigate risk. However, drawdowns of 20-40% are still common due to the nature of scalping strategies. Proper account size and risk management are essential.
Using Euronis Scalper: Tips and Recommendations
Here are some tips on effectively using Euronis Scalper based on best practices:
- Use recommended broker – The vendor recommends using a true ECN broker with tight spreads and fast execution for scalping strategies. Some brokers mentioned include IC Markets and XM.
- Start with demo account – Thoroughly backtest the EA and optimize it further.
In summary, Euronis Scalper is an intriguing automated trading EA designed for scalping short-term profits on the major Forex pairs. It uses a combination of custom indicators and trading rules to capitalize on small price movements.
Key benefits include the fully automated trading, ability to diversify across multiple pairs, and incorporation of risk management features like stop losses and virtual stops. The backtests and some early Myfxbook results are also encouraging.
However, there are still open questions around long-term profitability and drawdown management. More extensive backtesting details and an extended track record of verified real trading would help validate the consistency of this system. As it stands, the limited information makes it difficult to fully confirm the viability of this EA.
For traders interested in scalping strategies, Euronis Scalper provides an accessible option. But appropriate risk management is still essential, and users should be actively involved in monitoring performance over time. Combining with manual trading and running on a demo account initially are recommended to properly evaluate this EA.
Overall, Euronis Scalper shows potential but requires more proof. Cautious traders may want to wait for further evidence. But it does provide an interesting option for those seeking automated day trading solutions.