The Prime Scalping EA – A Comprehensive Review

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The Prime Scalping EA is a forex trading robot that utilizes a price action-based strategy to scalp the markets. In this comprehensive review, we will analyze the features, performance, pros and cons of this trading system to determine if it is worth the investment for forex traders.

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Overview of The Prime Scalping EA

The Prime Scalping EA is an automated trading system designed specifically for the MetaTrader 4 (MT4) platform. It was created to trade multiple currency pairs using a mean reversion scalping strategy during the London/New York overlap trading sessions.

Some key features of the Prime Scalping EA include:

Based on price action analysis and indicators
Can use compounding or fixed lot sizes
Uses pending orders for spread protection
No martingale or grid trading system
Small 2-5 pip stop losses on trades
Trails stop losses to lock in profits
Works on 1 minute (M1) timeframe
Multi-currency capable for trading various forex pairs

The developers claim that this EA can deliver consistent profits month after month with proper risk management. However, does the performance live up to expectations? Let’s analyze further.

How The Prime Scalping EA Works

The Prime Scalping EA is designed to capitalize on short-term price fluctuations using a mean reversion approach. It utilizes RSI and Awesome Oscillator indicators to identify oversold and overbought market conditions.

The EA then enters pending buy and sell stop orders a few pips away from significant support and resistance levels. Once price reverses as expected, the orders are triggered for a quick 2-5 pip scalp.

Stop losses are placed a few pips away to limit downside, and take profits target 2-3x the stop loss size. Trailing stops are used to lock in profits as the market moves in the favor of each trade.

This style of trading requires sufficient volatility and liquidity, which is ideal during the London/NY sessions for major currency pairs like EUR/USD and GBP/USD.

The EA is easy to set up with default settings optimized for these pairs. However, parameters can be adjusted as needed for other assets or market conditions.

Live Performance Results

It’s important to analyze the live performance of any EA before purchasing. According to the vendor’s MyFXBook account, the Prime Scalping EA has achieved:

5.98% gain over 6 months
29.79% max drawdown
1:500 leverage used
Average trade length of 2 hours
Profit factor of 1.11

These results are over a relatively short time period, but exhibit the general expectations of a scalping strategy. Short term gains with minor drawdowns and quick trade exits.

The risk metrics indicate a solid equity curve, although maximum drawdown is on the higher side short term. This can likely be attributed to the volatility of scalping on small timeframes.

Overall, the Prime Scalping EA has demonstrated consistent profitability in live trading. However, as with any EA, prolonged backtesting and demo testing is advised to determine if the system fits your trading style.

Pros

Profitability

The live results indicate consistent profits are achievable with discipline. Scalping strategies can generate steady gains over time.

Risk Management

The use of small stop losses and a proprietary reversal protection system helps limit losses per trade.

Simplicity

With default settings optimized, the Prime Scalping EA is easy to install and use for beginners. No coding skills required.

Price

At a one-time fee of $97, the Prime Scalping EA is reasonably priced compared to many other EAs and signals.

Support

The developers provide prompt support and lifetime updates to the software for customers.

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Cons

Potential Overoptimization

Backtests can be curve fit, so live results varying from demo testing is a risk. Optimization on a single pair increases this risk.

Timeframes Limited

Scalping focuses on short timeframes. Performance may suffer during other trading sessions or with wider stop losses.

Not for Passive Income

Scalping systems require active monitoring and intervention. Not ideal for traders seeking an automated “set and forget” passive income solution.

Drawdown

With any EA, drawdown periods can exceed expectations. The Prime Scalping EA max drawdown is approaching 30% in just 6 months of live trading.

Lack of Long Term Track Record

More data is needed to determine the reliability of this new EA over years of changing market conditions.

Verdict: Should You Get The Prime Scalping EA?

The Prime Scalping EA is a relatively new automated trading system with a live performance record of just several months. However, initial results are promising for the intended purpose of scalping small profits consistently.

For traders already experienced with scalping strategies, the EA provides an optimized automated solution to simplify the trading process. The default settings are easy to use out of the box, although customization options allow advanced traders to adapt as needed.

The EA logic makes sense technically, and strikes a balance between profitability, drawdown, and risk management based on live performance metrics. However, as with any EA, traders should always backtest and demo trade before going live.

At a reasonable one-time cost of $97, the Prime Scalping EA is competitively priced and affordable for most traders. Expect steady monthly gains, not exaggerated claims of untenable profits. Used correctly as part of a diversified trading plan, the EA can be a profitable addition for scalpers.

However, it may not be suitable for all trader personalities and schedules. Those seeking a truly passive income solution or longer term trades may be better served by other EAs or trading strategies. As always, know your own goals and risk tolerance before investing.

The Bottom Line

The Prime Scalping EA has shown promising results in its short time trading live, but more data is needed to determine long term reliability. For experienced scalpers already comfortable with short term trading strategies, it is worth testing as an automated solution. But expectations must be realistic, with discipline and risk management required to achieve consistent profits.