Euro Scalper Pro EA Review – A Detailed Look at This Automated Trading Software

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Euro Scalper Pro EA is an automated trading software designed for the MetaTrader 4 (MT4) platform. It utilizes a scalping strategy on the EUR/USD currency pair to generate profits through frequent small trades. In this comprehensive review, we will take an in-depth look at how Euro Scalper Pro EA works, its features, pros and cons, and ultimately determine if it is worth using for trading the EUR/USD pair.

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Overview of Euro Scalper Pro EA

Euro Scalper Pro EA was created by Doug Price, a professional forex trader and author of several other expert advisors (EAs). It is marketed as an easy-to-use automated trading system that can generate consistent profits for traders through scalping the EUR/USD currency pair.

The EA opens and closes multiple small trades throughout the day, aiming to profit from small price movements in the EUR/USD pair. It utilizes pending orders placed at potential breakout levels and also incorporates a martingale money management strategy.

Key features of Euro Scalper Pro EA include:

Fully automated trading system for MT4
Specialized for scalping EUR/USD
Uses pending orders at breakout levels
Incorporates martingale money management
High claimed win rate of 95%+
Requires $1000 minimum account balance

How Does Euro Scalper Pro EA Work?

Euro Scalper Pro EA is programmed to automatically place, manage, and close trades on the EUR/USD currency pair. It uses an algorithm that identifies potential breakout levels and enters trades accordingly.

The EA places pending buy and sell limit and stop orders around these levels. It then aims to profit from small price movements once the orders are triggered. Additional positions can also be opened in the same direction to compound profits using a martingale mechanism.

The trades are closed either when a preset profit target is reached or with a trailing stop loss once the trade moves favorably. The EA is optimized to work on the 1 minute (M1) and 5 minute (M5) timeframes for best results.

The combination of breakout trading, martingale, and trailing stops allows Euro Scalper Pro EA to potentially generate steady profits from the small movements and volatility in the EUR/USD pair. It is designed to capture profits quickly before adverse moves occur.

Performance Metrics and Trading Results

According to the vendor, Euro Scalper Pro EA has achieved a win rate of over 95% during backtesting and live trading. However, past results do not guarantee future performance.

The EA is claimed to be able to produce between 15-60% in monthly returns when used properly, although users’ results may vary significantly. It takes an average of 5-25 trades per day. The website shows screenshots of accounts growing from $2000 to over $9000 in one month.

However, there is limited verifiable evidence of long-term real account results available. The vendor only provides a short myfxbook account history and some comments from users. More proof of consistent profitability would be needed to evaluate the EA’s performance fully.

Pros of Using Euro Scalper Pro EA

There are some potential benefits to using Euro Scalper Pro EA for trading:

Automated Trading: The EA handles all market analysis, trade entries, exits, and management for you automatically. This saves time compared to manual trading.
Specialized Strategy: The EA is honed in on scalping the EUR/USD pair, allowing it to capitalize on small movements other traders may miss.
Efficiency: Automated scalping can potentially lead to a high trade frequency and compounding of smaller profits.
Customizable: Users can adjust inputs like trade size and stop loss to match their account size and risk tolerance.

Cons of Using Euro Scalper Pro EA

However, there are also some drawbacks to consider:

Overoptimization: The EA may be overfitted to past EUR/USD market conditions and could fail going forward.
Drawdowns: The martingale aspect can lead to large drawdowns if a series of trades move against the position. Strict risk management is essential.
Monitoring Needed: Users still need to monitor the EA and markets closely in case intervention is needed during major events or volatility.
Costs: The costs of trading from spreads, swaps, and commissions eat into profits from scalping strategies.
Unverified Results: There is not enough third-party evidence of the EA’s long-term profitability yet. Past performance is not always indicative of future results.

Using Euro Scalper Pro EA Effectively

To use Euro Scalper Pro EA successfully, traders should keep these tips in mind:

Start with a demo account to test the EA’s performance before going live.
Choose a reputable EUR/USD broker with tight spreads, fast execution, and a MetaTrader 4 platform.
Use a virtual private server (VPS) to ensure your EA stays connected 24/7.
Start with small position sizes of 0.01 lots or less per $1000 capital.
Adjust stop loss and take profit levels conservatively to match your risk tolerance.
Avoid overleveraging and only risk 1-2% of capital per trade.
Monitor account drawdowns closely and intervene if equity drops more than 20-30%.
Close all trades and stop the EA during major news events and announcements.

Following solid risk and money management practices is vital for any automated trading systems like Euro Scalper Pro EA. Traders should also consider combining it with other strategies instead of relying on it completely.

Is Euro Scalper Pro EA Worth Trying?

Euro Scalper Pro EA offers traders an interesting opportunity to capitalize on scalping the EUR/USD currency pair automatically. For traders already skilled with scalping strategies, it can potentially enhance results through automation.

However, overreliance on any EA can be risky. Euro Scalper Pro costs $197 for a license which is reasonable compared to many EAs but still a significant amount for an unproven system. Traders are better off using a combination of strategies rather than just this EA alone.

Overall, Euro Scalper Pro EA may be worth trying with caution. Traders should start small to evaluate it across different market conditions before considering using it with real capital. Although the marketing material is promising, its long-term profitability has not been independently verified yet.

The best practice is to learn the principles behind scalping first, use tight risk management, and scale into the EA slowly. Euro Scalper Pro can be a helpful addition but should not replace having trading skills and experience. Like with any EA, proceed with realistic expectations and use proper precautions.

Conclusion

Euro Scalper Pro EA provides an intriguing option for traders interested in scalping the EUR/USD currency pair automatically. It offers the potential benefits of automation, a specialized strategy, efficiency, and customization. However, overoptimization, potential drawdowns, and lack of transparency around long-term results are issues to consider.

With the right risk management, monitoring, and expectations, Euro Scalper Pro EA may be a useful tool for some EUR/USD traders. But relying solely on it without trading knowledge or other strategies is not advisable. Use demo testing, start small, and combine it as part of a diversified approach for the best chance of success.

Overall, Euro Scalper Pro EA shows promise but needs more historical proof. Proceed with caution, manage risks, and have realistic expectations. While it can be a helpful aid, the EA alone is unlikely to be a “set and forget” solution to profitable EUR/USD trading for most users.