Sharpshooter EA Review – A Comprehensive Look at This Automated Forex Trading Robot
The Sharpshooter EA is an automated forex trading robot that aims to generate consistent profits for users with minimal effort required. In this comprehensive review, we will take an in-depth look at the features, performance, pros and cons of using this expert advisor for forex trading.
Overview of Sharpshooter EA
The Sharpshooter EA was developed by the team at Responsible Forex Trading and works on the popular MetaTrader 4 and MetaTrader 5 forex trading platforms. It is an automated trading system that uses algorithms to scan the markets, identify trading opportunities, and automatically execute trades.
Some key features of the Sharpshooter EA include:
- Uses a scalping strategy to target small profits of 5-15 pips per trade
- Trades the EUR/USD and GBP/USD currency pairs
- Implements a stop loss on every trade to control risk
- Trades with the larger timeframe trend for higher probability setups
- Uses a flexible grid money management system to adapt to different market conditions
- Comes with preset files for high, medium and low risk appetite
- Suitable for forex traders looking for an automated hands-off trading solution
How Does the Sharpshooter EA Work?
The Sharpshooter EA is programmed with a trading strategy that aims to capitalize on short-term price movements in the forex market. It uses a mean reversion approach combined with trend following to identify high-probability setups.
The robot monitors price action and key indicators like the RSI and ADX to determine the current market trend. It then looks for pullbacks and corrections against the dominant trend. During these retracements, the EA enters buy trades if the main trend is up or sell trades if the main trend is down.
A grid system is implemented to scale into additional positions as the trend extends. Hard stop losses are used on every trade to control downside risk. Profit targets are small, usually between 5 to 15 pips. This allows the EA to capture many small winning trades to accumulate profits over time.
The Sharpshooter EA is quite active, executing an average of 25-50 trades per week. But each trade is held for a short duration of around 1.5 hours. This falls into the category of short-term forex scalping strategies.
Backtesting Performance Results
Extensive backtesting has been done on the Sharpshooter EA across over 20 years of historical market data. Backtests were conducted using accurate tick data for realism.
The developers used high quality 99.9% modeling to ensure the backtests account for real-world market conditions like variable spreads, slippage and commissions. This provides greater confidence in the backtest results.
According to the backtests, the Sharpshooter EA was able to generate an average monthly return of 3-5% on the EUR/USD and GBP/USD pairs when using the default settings. The maximum drawdown observed was 35% over the 20 year period.
These results were achieved using a starting balance of $3,000 and leverage of 1:100 based on the high risk preset file. Of course, past performance does not guarantee future results but the long-term backtests do provide some validity to the EA’s trading strategy.
Live Performance Results
We always recommend checking the live trading results of any forex EA before committing real capital. The Sharpshooter EA has been running on multiple live accounts tracked on third-party monitoring services like MyFXBook.
The live results generally align closely with the backtested metrics. For example, one MyFXBook account shows the Sharpshooter EA automated trading strategy having generated over 68% in net profit over the past 2 years. The maximum drawdown was less than 17% which is well within expectations.
The live verified accounts provide investors more transparency into the EA’s real-world profitability and risk metrics. Seeing consistent long-term gains on real accounts builds more trust in the validity of this automated trading system.
Pros of Using the Sharpshooter EA
Based on our analysis, here are some of the main advantages of using the Sharpshooter EA:
- Requires little time or effort to run once set up
- Trades automatically without needing manual intervention
- Can generate steady profits from forex trading without experience
- Comes with detailed user guides and preset files for easy setup
- Uses a logical trading strategy based on technical analysis
- Has a risk management system built-in to limit losses
- Affordable pricing compared to many other forex robots
- Frequent updates and support provided by the developers
The biggest benefit is the EA trades automatically on complete autopilot. This frees up time for the user to focus on other endeavors rather than actively trading themselves. For beginner traders, the Sharpshooter EA can leverage the experience of seasoned professionals that developed the system.
Cons of Using the Sharpshooter EA
However, there are also some potential downsides to consider with the Sharpshooter EA:
- Requires monitoring periodically like any automated system
- More short-term trades can mean more transaction costs
- Users have less control compared to manual trading
- Automated trading results can differ between live accounts
- Requires an ECN/STP broker for best performance
- Traders still need basic knowledge to manage trades
- Drawdown can still be sizeable in choppy market conditions
The main risk is over-relying on automation without human supervision. Users should still monitor the EA periodically and be prepared to intervene if needed. The default settings may also need adjustments based on the account and changing market dynamics.
Finding a compatible broker is key for any forex EA to realize its full potential. Overall, the pros seem to outweigh the cons for the Sharpshooter EA but individual trader requirements and risk tolerance should be assessed.
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Costs Involved in Using the Sharpshooter EA
The developers at Responsible Forex Trading offer the Sharpshooter EA at a one-time fee of $497. There are no added monthly costs or commissions from using this expert advisor.
The $497 payment gives you a lifetime license for the Sharpshooter EA that can be used on one live trading account. Additional licenses can be purchased for running the EA on more accounts.
Overall, the cost is reasonable given the profit potential from this automated trading system. When compared to the monthly fees of other forex EAs or the costs of forex trading courses, the Sharpshooter EA provides good value for money.
Is the Sharpshooter EA Worth It?
Determining if an automated trading EA is “worth it” depends greatly on your individual needs and goals as a forex trader. Based on our detailed review, here is our assessment of whether the Sharpshooter EA is worth the investment:
- For complete beginners, the Sharpshooter EA provides an easy way to profit from forex trading without needing much skill or experience. The automated system does the heavy lifting which makes this EA worth considering for newbies.
- For experienced traders, having an EA like Sharpshooter trade separately can diversify returns and provide another income stream. Running it on a separate account makes sense for advanced traders.
- For part-time traders, the biggest benefit of the Sharpshooter EA is the hands-off approach requiring little time commitment. The automated trading facilitates a more passive income.
- For scalping strategies, the Sharpshooter EA implements a solid system to capitalize on small intraday moves in the EUR/USD and GBP/USD pairs. The rules-based trading aligns well with scalping.
Overall, the Sharpshooter EA is worth considering for traders looking for an automated trading solution, especially beginners. Discretionary traders can also benefit from diversifying returns. As with any EA, performing due diligence before purchase is advised.
Sharpshooter EA Settings & Optimization
EA comes with a detailed user manual that provides guidance on installing the expert advisor and configuring the settings. There are several key settings that can be adjusted to fine tune performance:
Trade management settings – Take profit, stop loss, trade size, maximum spread, trading times etc.
Money management settings – These control elements like maximum drawdown, account protection, compounding etc.
EA control settings – Lot size calculation method, maximum trades, magic number etc.
The developers recommend starting with the default settings which are optimized for EUR/USD and GBP/USD trading. Conservative users can tweak settings like the trade size and stop loss to reduce risk. Aggressive traders can up the position sizes or relax the trade entry rules.
The EA settings can also be optimized for other currency pairs or timeframes beyond the default pairs. This involves changing values, testing on historical data, assessing performance metrics, and repeating the process. Overall, the extensive settings provide flexibility.
Using the Sharpshooter EA on a Live Account
Once you have purchased the Sharpshooter EA, follow these steps to get it running on a live trading account:
- Download and install the MetaTrader 4 or 5 platform on your computer or VPS
- Open a live account with a compatible forex broker that allows EAs
- Download the Sharpshooter EA files and preset configs from your member area
- Drag the Sharpshooter EA (ex4 file) onto your currency chart in MetaTrader
- Configure the settings and load the preferred preset file based on your risk appetite
- Enable automated trading and disable any other EAs on the chart
- Start with small position sizes to assess performance before increasing
- Monitor the trades periodically and track results on your account
- Fine tune any settings and optimize if needed to improve results
- Withdraw profits regularly and reinvest a portion to scale positions
Always start small to evaluate real performance rather than relying solely on backtests before committing more trading capital. Also ensure your broker, platform, computer etc are compatible for the EA to function smoothly.
Customer Support & Developer Updates
The team at Responsible Forex Trading provides active customer support for users of the Sharpshooter EA and their other trading products.
Support is available via email and Discord. They have a public Discord community where members can chat about the EAs and trading in general. Email queries typically get answered within 24 hours based on user reviews.
The developers also periodically release updated versions of their EAs to implement new features, enhance performance, and fix bugs. Existing users get access to these updates for free as part of their license. Frequent improvements add value for buyers.
Overall, the customer service and development efforts contribute to a positive experience using the Sharpshooter EA. Active support and updates are important for sustainability of results with any automated trading system.
Final Verdict – Who is the Sharpshooter EA For?
In summary, the Sharpshooter EA is best suited for:
- Beginner traders looking for an automated forex trading solution
- Investors seeking passive income from the markets with minimal time commitment
- Scalpers who want to automate a short-term mean reversion strategy
- Traders wanting to diversify returns and implement multiple strategies
The Sharpshooter EA allows even complete beginners to potentially profit from forex trading without needing much skill or active involvement. The EA handles entries, exits, risk management automatically.
For experienced traders, the EA can provide a hands-off source of additional income separate from their own strategies. Running multiple systems can spread risk and enhance returns.
Overall, our review finds the EA to be a solid automated trading system for both new and experienced forex traders. The long backtest history, live verified results, and positive user reviews give credibility to its performance claims.
However, we always recommend caution when evaluating any forex EA. While results can differ, the Sharpshooter EA implements a rational trading approach that has generated consistent profits historically. Conduct your own due diligence and start small to determine if this EA suits your trading style and account requirements.