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Expert Advisors Reviews

The Most Aggressive Forex Scalper: Review of Fast Scalping EA

Read the scam alert about this robot.
We haven't reviewed an Indian Forex robot so far and that is why when I came upon the Fast Scalping expert advisor (EA), developed by Jagannath Behera, I didn't hesitate a bit that this would be my next target for detailed examination. Moreover, this advisor turned out to be remarkable (and unfortunately, disappointing) in several respects, amid which is its aggressive, impulse scalping strategy.
For starters, the Fast Scalping EA costs the whooping sum of $1,099.99, and there are no money refunds whatsoever. I need to be frank with you and to admit that the whole payment procedure is the least to say dubious – first you send the money, then you contact the vendor and wait for the files... Am I the only one who smells something foul?

Only Demo

In order to explore the robot in detail, we'll need the help of a demo account with Admiral Markets, active since June 15, 2012 – this gives us a year of data. You're perhaps disappointed like me that there are no real accounts to count on, especially when we're dealing with a scalper and the performance of this type of robots is highly sensitive to slippage, latency and, of course, spreads. You may recall that we've already underlined the differences between the demo and real performance of a scalper, when we reviewed the Million Dollar Pips EA.  Hence, we should be very cautious when drawing any conclusions from the demo data and approach all of the statistics with a grain of salt. 

Strategy: How Fast Can a Scalper Be?

The FAQ section of the designated website says that we're dealing with a scalper that uses the five-minute (M5) time frame and trades the EURUSD pair. Mr Behera offers to program the robot for other currency pairs, but that would cost you extra money, on top of the $1,100 basic price. 
The title states that the robot is the most aggressive scalper out there, and you may be asking yourselves how fast it actually is. We've already mentioned the MDP EA and it was the fastest so far with average trade length of 49 seconds. Well, we have a new leader in that respect – the Fast Scalping EA, as the average trade length for this robot is 20 seconds. And that would be good, but I doubt that this trade duration will not be eaten by slippage in live trading. 
And while we're talking about aggressiveness, it's worth mentioning that the robot is an impulse trader, opening numerous trades. The number of trades per day may be quite massive – most often it exceeds 100, though over the last week the count was more “moderate” at 70 trades a day. 
The EA trades throughout the day but is mostly active between 5:00 and 22:00 (GMT).  
The history of trades shows that the robot trades often around major news releases – it opens several trades (sometimes in opposite directions) and seems to be aiming to benefit from the volatility associated with these market situations. Keep in mind that the difference in price quotes by brokers in such conditions is large, hence the EA may be seeking to gain from this. That is, the EA may be based on arbitrage methods. Another option is that the EA trades off-market: this strategy is also illicit and we've informed you of Myfxbook expelling a trader from a competition due to the use of such a trading method. What happens is that the EA requests an order at an off-market price: usually the server should reject the request but if the software is malicious or there is a glitch in the system, the order may be executed and the gains start piling up. 
Both strategies may be performing miraculously well on demo, but have no chance for survival in live trading: consider the effects of slippage and that should brighten things up for you. 

Gains: Massive and Gone in 60 seconds

Ok, I cannot say that the Fast Scalping EA does not generate profits: the demo account shows an annual gain of (wow!) 2.3 million percents. Given that the initial deposit is $5,000 (I suspect a cent account is involved), the annual profit is unbelievable at $115,787,596. 
And the growth chart is simply gorgeous, depicting the steady rise of equity:
Photo credit: Myfxbook.
The drawdown is at an acceptable level of 18%, which means that the return-to-drawdown ratio is at...127,778. Basically, the robot can make a millionaire out of a slumdog – and the rags-to-riches stories are so lucrative, only if the money was real and not demo!
On the gloomier side, the trading strategy is risky, especially given the money management which has resulted in the trade contract size increased from 1 lot (in the beginning of trade) to as much as 1,053 lots. What we have are numerous trades, trading around news, short trade duration times, and huge contract size. Let's take a look at what happened on July 6, 2012 at 12:30 (GMT), the robot opened a raft of trades after the release of major news including the US employment data– there was a series of four losses, lasting a total of a minute. The losses amounted to 18 pips, equal to $173,573 or 13% of the equity: this is how money gets gone in 60 seconds!

Frugal System

We've stated numerous times that the average pips per trade, which indicate whether a trading system is stable or sensitive to sudden developments in market environment, are traditionally low for scalpers. And given the impulse trading of the Fast Scalping EA, one can hardly be surprised that the average pips per trade stand at 1.1 – well, that's a poor reading, which shows not only high sensitivity to market changes but also broker-dependence. To help you in the choice of a broker, the EA developer recommends opening an account with: Exness, Alpari, Pepperstone, Dukascopy, Admiral Markets, and FinFx.

Demo Gasoline Rainbows

The sole big problem of the Fast Scalping EA is that the aggressive trading strategy may simply fail to work in live trading conditions, so all of the robust results recorded by the demo account may be a mirage. And when the car with the gains is gone, all we'll be left with will be demo gasoline rainbows. Let's hope that the robot will be tested live and we can see some real results.
TAGS: fast scalping  expert advisor  ea  forex robots  forex trading  million dollar pips  slippage  spreads  demo account  live trading  arbitrage  contest  off-market  eurusd  pips  lots  gain  drawdown 
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