A lot of people ask me what is the best scalping EA in the world. For the sake of people who do not know, EA stands for Expert Advisor, which is essentially a robot that trades for you on the popular MetaTrader 4 (MT4) platform. Scalping, as it is defined, is the art of getting in and out of a trade really quickly, in a matter of seconds and sometimes minutes. This can be an extremely profitable method of trading, but the environment you trade in has to be absolutely perfect to execute this right.
So, let’s go through the problems most people face when trying to pick the best forex scalping expert advisor to trade for themselves.
Problem 1 : Too few time frames utilized
Well, in forex scalping, the one thing that separates you from being a profitable trader and a losing trader is your accuracy. Most forex scalping EAs only use the 1 minute time frame when they are doing their analysis. They run a lot of indicators and analysis on the 1 minute time frame but fail to recognize that equally importantly, you have to factor in the 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day, 1 week and 1 month time frames. The more time frames you combine, the stronger and more accurate your signals get.
The TFA Sniper we have developed solves this by combining not 1, nor 2, but 9 different time frames of information at every millisecond to determine where are the strong levels to taking scalping trades off.
Problem 2 : Lagging indicators
In most Forex Scalping EA that are developed, lagging indicators are used throughout for the analysis. This means that the trading signals are taken from simple indicators like moving averages, stochastic indicators, RSI and Bollinger Bands to name a few. While this is good on one front, it is bad on every other front as you are always one step behind the market. A forex scalper needs to always be one step ahead of the rest because of how fast you hope to be in getting in and out of the market before anyone notices the trading opportunity. If your forex scalping EA utilizes lagging indicators, this will most certainly put you at a huge disadvantage.
What is possibly worse than a forex scalping EA that utilizes lagging indicators is one that is a black box. A black box basically means that you have absolutely no idea what goes into creating that expert advisor. You have no idea how the logic is derived, how the buy and sell signals are generated and how it operates. It is just a robot that you plug in and let it run. This is absolutely the WORST type of forex scalping EA. You have a better chance of going to a casino and gambling than trusting such a system. Never ever trust a robot which hides its algorithms. Are you willing to trust your entire financial independence on a system you have no idea how it runs?
Here at The Forex Army, we combine the best of the types of indicators utilizing lagging and leading indicators. Our main focus is on Fibonacci which is one of the strongest leading indicators especially when combined across multiple time frames. We also teach our traders exactly how the TFA Sniper works and really go in-depth in teaching everyone how technical analysis works – from the basics to the advanced versions. Even when the TFA Sniper is auto trading for you, you are able to see exactly how it trades through its one-of-a-kind graphic user interface. All of this whilst running on the trusty MetaTrader 4 platform.
Problem 3 : Tick-by-tick backtested results
Whilst MetaTrader 4 is overall a good trading platform, it doesn’t provide the best tick-by-tick backtesting results which usually leads to backtested results looking good but actual results looking bad. This is crucially important because we need to see how well our strategy would run over a long period of time. I mean, we have all seen those advertisements boasting about being the top expert advisors for MT4. There’s the ridiculous zero to hero scalper, the goldfinch EA and the 1 minute scalping EA. Honestly, I have did my fair amount of testing on these EAs and they are absolutely garbage. Save yourself the time and trouble from testing them.