Fantastic Scalper EA: A Comprehensive Review
The Fantastic Scalper EA is a fully automated forex trading robot that utilizes a price breakout strategy to identify and enter trades. In this comprehensive review, we will analyze its features, performance, strengths and weaknesses to determine if it is a worthwhile investment for forex traders.
Overview of the Fantastic Scalper EA
The Fantastic Scalper EA was developed by expert coder Seda Terekyan and is sold on the MQL5 marketplace. It runs on the popular MetaTrader 4 trading platform and is compatible with all brokers that support MT4.
Some key features of the Fantastic Scalper EA include:
- Fully automated trading – Once configured, the EA will automatically scan the markets, identify trading opportunities, enter and manage trades without any manual intervention. This allows for effortless passive income generation.
- Price breakout strategy – The underlying logic of the EA is to monitor price action on the charts and enter trades when key support or resistance levels are broken. This is a simple yet effective trading approach.
- No indicators used – The EA does not rely on any technical indicators for analysis or trade entries. This avoids issues with lagging indicators providing false signals.
- Tight stop loss on all trades – A key risk management feature is that all trades have a tight stop loss set. This prevents runaway losses on any single trade while allowing profits to run.
- Dynamic take profit levels – Instead of using a fixed target profit, the EA trails prices and aims to exit with the maximum possible gain as trends unfold.
Now let’s analyze the all-important metrics of performance and returns.
Performance and Returns
The best way to evaluate any EA is to review its verified trading performance. In the case of the Fantastic Scalper EA, we have access to a 2-year MyFXBook verified account statement.
Key metrics from the live performance report:
- Total net profit of $20,933 – Excellent profits generated over 2 years of completely automated trading.
- Max drawdown of 18.8% – Such a low drawdown highlights effective capital preservation through disciplined risk management.
- Win rate of 64% – A win rate of over 60% is considered very good for any forex trading system.
- Stable monthly returns – No wild swings in monthly P/L, highlighting consistency in performance.
The live account statement shows the EA has performed well across different market conditions, displaying robustness and reliability. With over $20K profits earned, it has clearly demonstrated a capability to generate passive income streams for traders.
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Using the Fantastic Scalper EA
The Fantastic Scalper EA comes with a detailed user manual that provides guidance on installing, configuring and using the expert advisor. Some key aspects to keep in mind:
- Compatible brokers – For best results, use an ECN/STP broker with fast execution speeds and low spreads. The EA is not optimized for use with market maker brokers. Popular choices include IC Markets, Pepperstone, XM and FXTM.
- Minimum capital of $500 – While you can start with a lower capital, $500 is recommended to properly balance trade sizes and account growth.
- Use a VPS service – Running the EA on a Virtual Private Server ensures your MT4 terminal stays connected 24/5 for uninterrupted automated trading.
- Start with default settings – The developer has spent effort optimizing the EA’s settings. So begin by testing it first on a demo account with the default parameters.
- One trade at a time – An important fact is that the EA will only have one open trade at any instance, avoiding the complications of managing multiple positions.
Follow the set-up guidelines carefully and allow sufficient time to evaluate performance before risking real capital.
Strengths of the Fantastic Scalper EA
Now that we have reviewed its features and verified trading statistics, we can summarize the main strengths of the Fantastic Scalper EA:
- Proven long term profitability – The 2-year live results speak for themselves, clearly demonstrating the EA’s capability to generate consistent profits.
- Low drawdowns – With max historical drawdown below 20%, capital risk is nicely controlled. This increases chances of account growth.
- Requires little user input – Fully automated nature and one open trade at a time approach reduces need for ongoing management.
- Reasonable price – At a one-time cost of $199, the EA is affordably priced considering the profits it can produce.
- Active customer support – The developer provides prompt support responses to buyer queries and issues.
For traders looking to benefit from algorithmic trading without complexity, the Fantastic Scalper EA checks all the boxes.
Weaknesses of the Fantastic Scalper EA
In the interest of an unbiased review, we must also highlight some potential weaknesses to factor:
- Limited customization options – Unlike some EAs, there are few adjustable input parameters to tweak strategies or settings.
- Price breakout logic can underperform – If markets trend less and consolidate more, price breakouts may have lower success rates.
- Requires fast VPS and ECN account – These add to ongoing trading costs, increasing breakeven point to attain profitability.
- Not optimized for exotic currency pairs – Stick to trading the major or minor FX pairs for best performance results.
However, none of these limitations are serious deal breakers for most traders. The EA has shown itself to be robust across varying market conditions historically.
Fantastic Scalper EA Review Conclusions
In summary, the Fantastic Scalper EA is a well-coded expert advisor that has demonstrated consistent profitability in automated trading. For traders willing to invest $199 upfront in exchange for hands-free trading technology that can potentially grow accounts steadily, it warrants serious consideration.
Of course, past performance does not guarantee future results. So while the long term backtest and live verification reports inspire confidence in the EA’s viability, as with any trading system, you must accept the risk of losses. Therefore, use proper risk management rules and avoid overleveraging your account.
Provided you manage trading capital prudently, the Fantastic Scalper EA can be a valuable addition to a diversified forex trading portfolio. Its simple set and forget approach helps participate in financial markets without needing to watch charts or place manual orders. Over time, it can compound capital into substantial sums and provide exciting passive income potential.
The Fantastic Scalper EA provides traders looking to profit from algorithmic trading with an easy way to generate automated income streams. While losses are still possible, its long term live track record inspires confidence in its profit generating ability. For $199, traders gain access to sophisticated trading technology that would otherwise cost substantially more to develop independently. Follow all usage guidelines carefully, allocate trading capital wisely and the Fantastic Scalper EA could elevate your forex trading success to a whole new level!