Forex PFx Scalper EA MT4 Review – An In-Depth Analysis
Forex PFx Scalper EA MT4 is an automated trading software designed for the MetaTrader 4 (MT4) platform to trade foreign exchange (forex). This expert advisor (EA) aims to generate profits through scalping, which involves making many small trades throughout the day to capture small price movements in the market.
In this comprehensive review, we will analyze the features, performance, pros and cons of Forex PFx Scalper to determine if it is a worthwhile investment for forex traders.
Overview of Forex PFx Scalper EA MT4
Forex PFx Scalper was developed by professional traders with over 10 years of experience in forex algorithmic trading. It is optimized for the EUR/USD currency pair on the 5 minute timeframe, but can also be used on other major currency pairs like GBP/USD and USD/JPY.
Some key features of this expert advisor include:
- Fully automated trading – once settings are configured, the EA will open and manage trades automatically based on its strategy. Requires no manual intervention.
- Uses a scalping strategy – aims to profit from small price movements by opening and closing many trades throughout the day.
- Customizable settings – options to tweak trading parameters like lot size, stop loss, take profit, etc. according to your preferences.
- Works with any MT4 broker – compatible with all brokers offering the MetaTrader 4 platform.
- Includes risk management features – incorporates stop loss and take profit levels on every trade to control risk.
- Sends push notifications – alerts you whenever a new trade is opened or closed via MT4 or email.
Performance Metrics and Backtests
Extensive backtesting results are provided for Forex PFx Scalper showing consistent profitability across multiple time periods.
Some key metrics from the backtests on EUR/USD include:
- Total net profit of $20,937 from 2017 to 2020.
- Profit factor of 1.75 – meaning the EA has generated 1.75 times more profit than loss.
- Max drawdown of 18% – largest loss from peak to trough.
- 69% winning trades – majority of trades closed in profit.
- Average trade holding period around 10 hours – quick scalping strategy.
These backtest results appear very promising at first glance. The developers have optimized the EA’s parameters and settings to produce excellent backtest results on historical data.
However, it is important to note that past performance does not guarantee future results. The market conditions keep changing dynamically, so these backtest results may not necessarily translate to live trading.
Live Performance Results
While the backtest results showcase the potential of Forex PFx Scalper, it is the live trading results that reveal the true performance of an EA.
From various user reviews, the real-world results seem to be mixed:
- Some users report consistent profits of 20-50% per month. But many see smaller gains of 5-15% per month, or breakeven results.
- The EA seems sensitive to broker and market conditions. It tends to perform better with low spread ECN brokers during active volatile markets.
- Most users recommend running it on a $2000 account or higher for meaningful gains. Smaller accounts see very small profits, if any.
- The basic version relies on default settings. For improved results, the advanced version with customization options is recommended.
- Requires periodic resetting or re-optimization for changing markets. Fails to adapt automatically in some cases.
So while this EA can be profitable if used correctly, the results vary across different users, brokers and market conditions. The default settings do not seem to work well for everyone out of the box.
Pros of Using Forex PFx Scalper
Some of the main benefits of this expert advisor include:
- Fully automated trading saves you time and effort.
- Scalping strategy allows capturing small gains consistently.
- Backtests show great historical results on EUR/USD.
- Customizable settings in advanced version to optimize performance.
- Suitable for new traders as it is easy to set up and use.
- Affordable pricing starts from around $200 for basic version.
- Active customer support via email.
PFx Scalper EA MT4 Cons and Risks Involved
However, there are also some downsides to consider:
- Live results vary significantly, not consistently profitable for all.
- Requires periodic resetting and optimization of settings.
- Only optimized for EUR/USD, not effective across all currency pairs.
- Needs a large account balance of $2000+ for decent gains.
- Not compatible with brokers having high spreads or commission.
- Does not automatically adapt to changing market conditions.
- Inadequate information disclosed about the algorithm logic.
- Refund policy only valid for 60 days, with conditions applied.
- Possibility of over-optimization on historical data without out-of-sample testing.
So while Forex PFx Scalper shows potential, traders should be aware of the risks involved before purchasing this EA. Proper money management rules are essential to use it safely.
PFx Scalper EA MT4 Costs and Pricing Options
Forex PFx Scalper is sold via the Signal2Forex website. There are a few pricing options available:
- Basic version – $220 for 1 live account license
- Advanced version – $320 for 1 live account license
- Reseller options – Available for bulk orders
The basic version includes default settings and parameters. The advanced version allows full customization of the settings for potentially better performance.
While the price is reasonable compared to many other EAs, there are no free trials available. So it involves some risk, unless you opt for the 60-day refund policy by paying via PayPal.
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Verdict – Should You Get It?
Forex PFx Scalper EA MT4 shows promising results in backtests, but has mixed live trading results according to user reviews. It seems to require optimization and periodic resetting to adapt to changing market conditions.
Here are some tips if you do decide to try this expert advisor:
- Use the advanced customizable version for better control.
- Optimize the settings for your specific broker and account size.
- Start with small position sizes and reasonable risk per trade.
- Monitor it closely in the beginning and be ready to intervene.
- Expect periodic resets and tweaks, not a fully set-and-forget EA.
- Use it as one part of a diversified trading approach, not the only strategy.
Overall, Forex PFx Scalper EA MT4 has potential but also some risks involved. Do your own extensive research, backtesting, and preferably a demo trial before considering the purchase. With the right broker, optimization, and money management, it may be a profitable addition for experienced traders. But newer traders should be cautious with automated trading systems making bold claims of easy profits.