5 Best Scalping Forex Robots for MT4

5 Best Scalping Forex Robots for MT4

FOREX ROBOTDESCRIPTIONPRICINGRATINGGET STARTED
FOREX DIAMONDSelf-optimizing robot known for speedy order execution, signal, counter-trend, and scalping strategy.$237
10% Off – CODE: 10AP2020

VOLATILITY FACTOR PRO 2.0
High pip performance robot with excellent slippage and spread protection. Powerful Broker Spy Module.$187
10% Off – CODE: 10AP2020

FOREX TREND DETECTOR
Forex Trend Detector minimizes rapid drawdown, detects profitable currency trends, and market volatility.$167
10% Off – CODE: 10AP2020

FOREX TESTER 4
Forex Tester - Trading Simulator is one of the best backtesting software. Factors in the broker’s commission in every trade and perfectly calculates risk.$149
50% Off automatically applies at Checkout.

WALL STREET ROBOT 2.0Excellent profit protection improved, trading logic, perfect stop, and limit order execution.$237
10% Off – CODE: 10AP2020

What is scalping in forex trading?

5 Best Scalping Forex Robots for MT4

Scalping in forex trading is a day trading strategy of buying currencies and holding for a very short period with the intention of selling at few price gains.

A forex scalper initiates and completes a lot of trades like this in a single day. The trader makes little profits/losses which cumulates to give a total traded position for the day.  

Summarily, forex scalping is taking advantage of little price movements known as pips in the market.

Is scalping in forex profitable?

A day trader opens multiple positions throughout the day, ensuring that no trade exceeds or crosses over to the next trading session/day. Scalping is a bit different, instead of targeting hourly charts, a scalper targets one-minute charts and tick charts.

In fact, scalpers lookout for major market events and news that could trigger huge leaps in price of currencies and leverage on them.

Some events like the periodic release of monetary policy interest rates, GDP figures, employment data, and more, trigger the scalper’s action along these lines.

The use of these indicators also depends on what the trader places high priority on.

Profitability on scalping depends on how the trader manages his risks. Little profits made over a period can sometimes be wiped out by a colossal loss returning the trader to point zero. So, profits per trade in scalping or losses can be magnified in the long term.

Scalping is also tasking and time consuming as the trader should dutifully analyze the trends round the trading session to spot available opportunities. This can be tiring and mentally tasking.

Forex robots can however do the backtesting and analyzing tasks with better accuracy as algorithms runs through the charts automatically and signals trade entry and exit points.

Setting scalping parameters for your forex robot

To see how forex robots work and how to install one, see the guide here.

Forex robots and ECN brokers are like peas in the pod. You must use an ECN broker because, you’ll need executing your orders without delays. Since you’d be keying in smaller orders every now and then, speed and accuracy is critical to the success of your trades.

Your broker must provide an MT4 platform that supports fast trade execution to scalp efficiently. Some brokers might not guarantee instant order execution when markets are very volatile.

Check with your broker on trading terms, confirm also execution speed with a demo account.

Once you’ve successfully downloaded and installed your EA forex robot on your MT4 platform, set trading parameters to suit your trading style and the level of risk you want to assume.

Some of these parameters include options to check or uncheck the automated trading box, allow live trading, enable alerts, choosing long or short positions, allow modifications for signal settings, and more. See the developer’s step-up guide for more information. The set-up guides are usually the same for most MT4 robots but with a few tweaks.

The trader must set the parameters based on one or more technical indicators and exchange rate levels that are attainable in the forex market.

What these parameters should do is to quickly recognize entry and exit points across major, exotic, or minor currency pairs. The parameters set on the forex robot should signal the trader on available opportunities to scalp. If the system is set on auto-trading, the robot would initiate trades automatically on behalf of the trader.

A well-funded account and strong internet connection is advised to keep the robot optimal and efficient.

This is not to say that forex robots are foolproof and void of errors. Instead, forex robots should be used as tools to scalp the market and not to be allowed to take over your trades completely.

Why some brokers don’t allow scalping in forex trading

Scalping teaches a trader how to quickly enter and exit the market, it’s like a “hit” or “miss” game in quick successions. Brokers invest a lot in the promotion of these forex products and expect returns on their investment.

Scalping the market for quick gains upsets the broker’s long-term goal of making gains because scalper more often than not gains at the expense of the broker.

While scalping is 100% legal, brokers somehow discourage it. Excessive scalping puts the broker on the losing side, they tactically do this by limiting their execution guarantees, some don’t even offer any guarantees at all.

Even if your broker is an ECN broker, don’t always take their words for it. Practice first with a demo account until you’re comfortable with their MetaTrader platform before you commit money to a live account.

SEE ALSO: Best ECN Forex Brokers

SEE ALSO: 5 Tips for Choosing a Reputable Forex Broker

5 Best Scalping Forex Robots

We feel confident referring you to the under listed after performing series of live tests which turned out amazing results.

See the list:

Forex Diamond

5 Best Scalping Forex Robots for MT4

About Forex Diamond

Forex Diamond EA is a rare combination of trend & countertrend strategies, smart money-management, dynamic trading parameter configurations, and rapid trade execution.

Forex Diamond EA is a complete trading system for currency traders who want speed, precision and reliable performance… This makes it one of the most powerful expert advisors in the forex robot market.

At a random live performance testing, this robot made a total profit of +2080.2 pips position, it is a high-performance forex trading robot that you’ll need to take on the volatile market.

Its 3 proven trading strategies are:

  • Signal strategy.
  • Counter trend strategy.
  • Scalping strategy.

What we like about Forex Diamond is that it was built to self-optimize itself to any of the 3 strategies without having to manually adjust it to suit any market condition.

With the market dynamics, we believe every trader needs a comprehensive trading system that can automatically track market movement, efficiently adjust trading parameters and deliver quickly on profits.

Forex Diamond is fast, smart and easy to use. We believe FXAutomater perfected the art of automated forex trading in Forex Diamond at the price that it’s worth.

How to use

Forex Diamond comes with a click through installation wizard that installs package from start to finish.

Download package, Install (about 2 minutes duration) and start using in minutes.

Click on the “Plus” sign on your MT4 navigation panel, Forex Diamond should appear on the dropdown menu.

Drag Forex Diamond into your MT4 platform and commence trading.

Pros

  • Amazing 40+ Recovery Factor means that the EA earns 40X more money than it loses. 
  • High Spread and slippage protection.
  • Self-calculating take profits and stop loss.
  • Self-updating algorithm as market condition changes.
  • 1 real account, multiple demos.
  • MT4 and MT5 compatible.
  • Comprehensive software development for effective trading.
  • 60 days money back guarantee.

Cons

  • We couldn’t identify any major flaw of this software. We however look forward to future developments.

Pricing

$237 (One-Off payment)

Discount

10% Off – CODE: 10AP2020

SEE ALSO: 13 Common MetaTrader 4 Errors and How to Fix Them

SEE ALSO: How Much Does an MT4 Server License Cost?

Volatility Factor Pro 2.0

About Volatility Factor Pro 2.0

Volatility have become the bedrock of profitable trading. We checked the Volatility Factor Pro 2.0 and affirm that it passed these 3 tests.

  • Order execution speed
  • Spread and Slippage protection
  • High pip performance

The recently released Volatility Factor Pro 2.0 is an improved version of the first version of the Volatility Factor.

We’ve simulated the performance of the two forex robots at the same time frame and market condition, the outcome was:

  • Volatility Factor: +62000 pips
  • Volatility Factor Pro 2.0: +107,000 pips.

We feel that FXAutomater equipped the Volatility Factor Pro 2.0 with a unique Broker Spy Module that summarily delivers long-term profits to traders in volatile market situations.

The Volatility Factor Pro 2.0 averages 1000 trades per year because it thrives on all market conditions.

FXAutomater further improved Volatility Factor Pro 2.0 with:

  • An intelligent and dynamic trading logic.
  • High news filter that is up-to-date and reliable.
  • Advanced time management.
  • Efficient money management system.
  • Slippage and spread protection.
  • Long-term delivery of profits.

How to use

Volatility Factor 2.0 comes with a click through installation wizard that installs package from start to finish.

Download package, Install (about 2 minutes duration) and start using in minutes.

How it works

  • The software watches the market for volatility.
  • It reacts and leverages market direction.
  • When it spots a movement in one direction, it signals trade in the medium-term market impulse.
  • It also takes advantage of pricing oscillation around a prevailing price point thereby increasing a traders profit points.
  • With a lightning fast trading logic, it delivers 3-4 excellent trades per session.

Pros

  • Powerful Broker Spy Module that prevents cheating from unscrupulous brokers.
  • Closes out each trade at its optimal level.
  • 1 Live and unlimited demo accounts.
  • No perfect trend needed. It works in volatile and stagnant market trends.
  • Trades all accounts (Standard, mini, micro lots)
  • Compatible with any MT4 and ECN brokers.
  • 3 Intelligent built-in protection system.

Cons

  • Only four currency pairs are available for trading (EUR/USD, GBP/USD, USD/JPY, and USD/CHF).
  • Customer reviews are not displayed on website.

Pricing

$187 (One-off payment)

Discount

10% Off – CODE: 10AP2020

Forex Trend Detector

About Forex Trend Detector

We strongly recommend this product by FXAutomate on the premise of a tested, reviewed, and refined algorithm compared to its counterparts in the market.

Forex Trend Detector was designed with the guidance of industry’s most respected experts with over 15 years currency trading experience.

The developers added a smart drawdown compensating algorithm to protect your account by minimizing rapid drawdown, allowing you exit your trades with minimal loss.

The volatility breakout strategy combined with its conservative drawdown algorithm, results in the most powerful trading tool you’ll ever use.

That’s why we concluded that this forex robot is unique owing to a set of mirrored strategies that successful managers use.

How to use

  • Recognize that a volatile market trend/session is about to end.
  • Identify the volatility borders bracketing the dominant market trend.
  • Pay special attention to situations where the volatility borders occur near important market levels.
  • Set your trades to execute based on predicted price levels that capitalize on market readjustments when the volatility breakout occurs.

You’re probably thinking – “How do I know when a volatility breakout will happen?”

That’s where Forex Trend Detector comes in…

Pros

  • Very high risk to reward ratio and tight stop loss.
  • Extremely precise market entry.
  • Works with any MT4/MT5 ECN broker, Mac OS and Windows OS.
  • Integrated Visual risk indicator system.
  • Dynamic trading logic and a powerful profit detection system.
  • High possibility of long-term profits.
  • 60 days money back guarantee.

Cons

  • Customer review not visible on website.
  • No trial versions.

Pricing

$167 (One-off payment)

Discount

10% Off – CODE: 10AP2020

Forex Tester 4 – Trading Simulator

About Forex Tester 4

Forex Tester 4 – Trading Simulator is one of the best backtesting software out there with over 14 years market dominance.

Over 50,000 traders use this software giving comfort to new traders that may want to try it out. Evolving through four different stages from Forex tester 1 – Forex tester 4 which is a recent release, there maybe just a few backtesting rivals to Forex tester 4.

Meanwhile, backtesting means analysing historical data for informed decision making. The Forex Tester 4 is a backtesting software that does a brilliant historical analysis of charts and currency pairs

Key features

  • Factors in broker’s commission in every trade.
  • Risk calculations.
  • Crosshair upgrade, learns to analyse more data.

How to use

  1. Once installed, go to any point in high-quality forex trading history.
  2. Analyse market conditions.
  3. Find a trading setup and open a trade.
  4.  Rewind and fast-forward instantly.
  5. Discover results and repeat with other orders.
  6. Analyse detailed statistics of your entire strategy.

Pros

  • Long service history since 2006.
  • 19 years of free data with 10 simple strategies, U.S. major news and whitepapers.
  • Complete guide up to top 20 indicators.
  • Visual strategy builder and fundamental analysis included.
  • Risk calculation methods and money management.
  • Free online demonstration of software before purchase.
  • Real-time personal assistance via TeamViewer.
  • 30 days money back guarantee.

Cons

  • Pricing is a bit on the high side for standard plan, although the quality is worth it.

Pricing

Basic plan costs $149 (1 license).

Standard plan cost $321.00

VIP plan cost $328.99

Discount

50% Off automatically applies at Checkout.

Wall Street Forex Robot 2.0

About Wall Street Forex Robot 2.0

We’ve decided to close the review with the Wall Street Forex Robot 2.0 Evolution owing to its outstanding industry performance. The Wall Street forex robot has the longest MyFxbook verified performance on real accounts with amazing results.

We believe strongly that this software is defence proof and ready for the 2021 market. The deal-breaker is that you’re getting additional 3 forex robots for the price of one which in our opinion is massive.

  • Wall Street Asia 2.0 Pro.
  • Wall Street Recovery Pro.
  • Wall Street Gold Trader.

These robots are rock-solid, accurate and reliable when used to trade in diverse market conditions. It delivered consistently in profits with minimal human intervention.

We rank the Wall Street forex robot well above its competitors in terms of high ROI owing to several factors which includes but are not limited to:

  • New and improved exit trading logic.
  • Improved profit protection system.
  • Self-updating trading algorithm.
  • Possibility of using pending stop and limit orders.

Just to compare the performance of Wallstreet 2.0 Evolution with the Wallstreet Forex Robot, let’s look at the simulated performance of both for the same period of time:

Wallstreet Forex Robot: +16,000 pips

Wallstreet Forex Robot 2.0 Evolution: +26,000 pips.

Our take on Wall Street Recovery 2.0 Pro is that it’s a properly built software accommodating any class of trader in diverse market conditions.

How to use

Wall Street Forex 2.0 Pro comes with a click through installation wizard that installs package from start to finish.

Download package, Install (about 2 minutes duration) and start using in minutes.

Click on the “Plus” sign on your MT4 navigation panel, Forex Diamond should appear on the dropdown menu.

Drag the EA into your MT4 platform and commence trading.

Pros

  • Low risk scalping following short and medium term.
  • In-built automatic risk calculating algorithm.
  • Real-time updating system
  • Broker Spy Module.
  • Supports all currencies.
  • Improved profit protection system.
  • 1 real account and multiple demos.

Cons

  • Robots ignores emotion and rely on programmed logic.

Pricing

$237 (One-off payment)

Discount

10% Off – CODE: 10AP2020

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