Number 6 Scalper EA Forex Trading Software Review
The Number 6 Scalper EA is an automated forex trading software that uses scalping strategies to make small but consistent profits on the foreign exchange (forex) market. This review will provide an in-depth look at the features, performance, pros and cons of using this expert advisor (EA) for scalping the EUR/USD currency pair.
Overview of the Number 6 Scalper EA
The Number 6 Scalper EA was developed by a team of professional traders and software developers from Tradingstrategyguides.com. It is designed to automatically execute trades using short-term scalping strategies on the popular EUR/USD currency pair on the 5 minute timeframe.
Some key features of the Number 6 Scalper EA include:
- Fully automated trading system that places buy and sell orders without any manual intervention
- Uses multiple scalping strategies including breakouts, reversals, momentum, etc.
- Trades around the clock 5 days a week
- Suitable for ECN/STP brokers with low spreads and fast execution
- Works with deposit as low as $500
- Comes with detailed user guide and support
How the Scalping Strategies Work
The Number 6 Scalper EA uses a combination of several scalping strategies to identify trading opportunities with a high probability of producing small profits per trade. Here are some of the main strategies:
This strategy looks for price breakouts beyond key support and resistance levels to enter trades. When the price breaks out, the EA immediately enters a trade in the breakout direction. The theory is that breakouts often lead to continued moves in the breakout direction.
The reversal strategy identifies overbought and oversold conditions using indicators like RSI and stochastic. When these indicators reach extreme levels, it signals a potential reversal, so the EA enters a trade in the opposite direction, anticipating the price to reverse.
The momentum strategy looks for accelerating price movements and enters trades in the direction of the momentum. For example, if the price is moving up strongly, the EA will buy. If the price starts moving down rapidly, the EA will sell.
Optimization for Current Market Conditions
The EA is optimized for current market conditions by continually monitoring performance and adjusting settings as needed. This adaptation helps maintain profitability in changing market conditions.
Extensive backtesting from January 2015 to September 2022 shows that the Number 6 Scalper EA is able to generate consistent profits over long periods of time. Here are some key backtest results:
- Total net profit of $9,567
- Max drawdown of $372
- 76% winning trades
- 1:1.5 risk/reward ratio
- Works well across different market conditions
The backtests were conducted using variable spreads and a $500 account balance. The results demonstrate the EA’s ability to profit in both trending and ranging markets while keeping drawdowns very small.
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Live Performance Results
The developers of the Number 6 Scalper EA have published detailed live performance reports on their website to provide transparency on real results.
From January to December 2021, the EA achieved:
- $1,168 profit
- 76% winning trades
- 1:1.5 risk/reward ratio
- $124 max drawdown
The live results match the backtests very closely, confirming that the EA can replicate its backtest performance in live trading. The combination of long-term backtests and proven live results gives confidence in the EA’s profitability.
Pros of the Number 6 Scalper EA
- Requires little time – the EA trades automatically without manual intervention
- Multiple strategies improve consistency of profits
- Optimization adapts to changing market conditions
- Very low drawdowns due to tight stop losses
- Detailed backtests and live results verify performance
- Small account sizes can be used
Cons of the Number 6 Scalper EA
- Scalping produces small profits per trade requiring high trade frequency
- Needs a broker with tight spreads and fast execution for scalping
- Not suitable for large accounts due to the high number of trades
- Gains could be limited during low volatility periods
Using the EA Effectively
To get the best results from the Number 6 Scalper EA, there are some guidelines users should follow:
- Use an ECN/STP broker with spreads under 1 pip like XM Broker or Pepperstone
- Deposit at least $500, more capital improves returns
- Use a VPS service for uninterrupted trading 24/5
- Start with default settings and optimize only if needed
- Monitor trades occasionally to ensure stable performance
Avoid over-optimizing the EA which could lead to curve-fitting. The default settings work well in most conditions. Use a VPS service to prevent any disruptions to trading and internet outages.
The developers of the Number 6 Scalper EA provide responsive customer support via email and the members area. Some of the key support services include:
- Detailed user guide explaining installation and settings
- Video tutorials on using and optimizing the EA
- Members forum for discussing issues and best practices
- Regular EA updates and monitoring for improved performance
- Helpdesk for technical or trading questions
The customer support team is knowledgeable and provides prompt assistance. This helps users fully utilize the EA’s capabilities.
Number 6 Scalper EA Price and Availability
The Number 6 Scalper EA is sold exclusively on the TradingStrategyGuides website for a one-time fee with no recurring charges.
At the time of writing, the prices are:
- Basic license: $297
- Silver license: $497
- Gold license: $797
The basic license allows use on one live account, while the silver and gold licenses enable installing on 2 and unlimited accounts respectively.
Discounts are sometimes offered on the website lowering the price further. The EA can be purchased securely on the website and downloads are provided instantly after purchase.
Number 6 Scalper EA Verdict
The Number 6 Scalper EA is an impressive automated trading system for scalping the EUR/USD currency pair. Extensive backtesting and live performance results validate the profitability of the multiple in-built scalping strategies.
The combination of automation, optimization for current conditions, tight risk management, and solid customer support make this an excellent choice for traders looking for a hands-off scalping solution. The affordable price is reasonable considering the profit potential.
Overall, the Number 6 Scalper EA scores highly in terms of performance, features, and support. For traders comfortable with an aggressive scalping approach, this EA provides a tested and effective solution. It earns our recommendation as one of the top EAs for scalping the EUR/USD pair.