Mforex Smart Scalper EA Review – A Powerful Scalping Robot for MetaTrader 4

The Mforex Smart Scalper EA is an expert advisor for MetaTrader 4 that utilizes a scalping strategy to trade the XAUUSD (Gold vs US Dollar) currency pair. In this comprehensive review, we will analyze the key features, performance statistics, pros and cons to determine if this EA is worth purchasing.

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Mforex Smart Scalper EA Overview and Key Features

The Mforex Smart Scalper was developed by the MFOREXpro team and trades based on price impulses or gaps inside the bar. It aims to capture small but consistent profits on every trade.

Some of the main features include:

• Specialized strategy optimized for scalping XAUUSD
• Runs on MetaTrader 4 platform
• Easy to install and configure
• Multiple customization options
• Risk management features to limit losses
• Can be demo tested before live trading

Trading Logic

The core trading logic relies on entering trades in the direction of strong short-term price moves. It then aims to exit with a small profit as soon as possible before the impulse ends. This allows taking advantage of momentum while aiming to avoid being caught in consolidation or pullbacks.

The EA is very sensitive to spreads, execution speeds, and volatility. Market gaps and clean impulses are needed for the strategy to work effectively. It may struggle during choppy or ranging markets with less momentum.

Performance and Backtests

According to the developer Myfxbook account, the Mforex Smart Scalper has achieved exceptional backtest results from January 2021 to July 2021.

Some of the key statistics include:

• Total net profit of +5,492.32%
• Maximum drawdown of 2.61%
• Over 900 trades with a 64-71% win rate
• Profit factor of 4.02 and expectancy of +49.9 pips per trade

However, many critics argue these results may be over-optimized and not fully realistic once live trading commences. Backtests do not account for real execution speeds, spreads, commissions, swaps, and slippage. Caution is warranted until additional verified live results are provided.

Using the Mforex Smart Scalper EA

Installation

Installing the Mforex Smart Scalper is straightforward on MetaTrader 4. You simply copy the ex4 file provided by the developer into the Experts folder and set the inputs. Be sure to enable auto trading and allow live trading if demo testing.

Configuration and Settings

The EA offers multiple customization options to tweak performance or risk management:

• Language – Interface language
• StopLossPercent – Max stop loss in percentage of account balance
• Slippage – Allowed price slippage on entries and exits
• TicksTrade – Minimum profit in ticks to close trades

Be sure to demo test to find the optimal inputs for your broker and account size. Conservative stop loss and risk management is highly recommended when going live.

Timeframes and Pairs

The Mforex Smart Scalper is limited to trading the XAUUSD pair on the M1 or M5 timeframes. While this may reduce diversification, it also allows specializing in the chosen pair and conditions.

Brokers and Execution

This EA depends heavily on fast execution and tight spreads to succeed. ECN/STP brokers with direct market access are strongly recommended over B-book or high spread brokers. Requotes and slippage can easily cause losses.

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Mforex Smart Scalper EA Pros and Cons

Pros

• Powerful backtest results on XAUUSD
• Customizable settings and risk management
• Can run unattended 24/5
• Small account suitable for scalping strategies

Cons

• Only works on XAUUSD limiting diversification
• Sensitive to spreads, volatility, execution speed
• Potential for overoptimization and curve-fitting
• High risk of losses from slippage or requotes

So while the backtest statistics appear exceptionally promising, the limitations around brokers, pairs, and real-world conditions give reason for caution. Adequate position sizing, stop losses, and risk management are essential.

Final Thoughts – A High-Risk Scalping EA

The Mforex Smart Scalper EA undoubtedly has potential for scalping profits in the right market conditions. However, its reliance on flawless execution makes it vulnerable to slippage, spreads, and volatility. Caution is advised until further verified live results are provided.

For traders comfortable with the risks of scalping strategies, the Mforex Smart Scalper may be worth testing with a small account size. Be sure to apply robust risk management rules and choose a suitable broker. Demo testing is highly recommended before putting real capital at risk.

As with any EA, past performance is not a guarantee future results. Yet for seasoned traders able to mitigate the risks, the Mforex Smart Scalper can be a powerful addition to a diversified automated trading portfolio.