The Euro Scalper Pro software is a copy trade robot which basically takes short scalps and copies the same trade entry and exit parameters onto accounts of subscribers. The software does not set a stop loss on any trades. It therefore presupposes that the asset will always move in the direction of the robot’s chosen trade direction. Is this a risky proposition or not? Is the Euro Scalper Pro a software to trust or not to trust? We answer these questions in the review below.
Euro Scalper Pro: To Trust or Not to Trust?
Can the Euro Scalper Pro robot be trusted? To answer this question, we review the trade results, performance charts, profit charts, drawdown levels and the trading method of this software. We believe that the Euro Scalper Pro cannot be trusted for the following reasons:
- No stop loss: the riskiest thing a forex robot can ever do.
- Poor performance data.
- Increasing drawdowns
Let’s look at the metrics one after the other.
a) No Stop Loss
The Euro Scalper Pro copy trading robot does not apply a stop loss. A look at the most recent trading results prove that this is the case.
Notice that all trades except one did not employ a stop loss. The only one that did ended up as a loss which wiped out profits made from the previous 3 trades. There are questions as to how the robot was able to select one trade to apply a stop loss: did the robot have some knowledge that the trade would go south? The team behind Euro Scalper Pro did not explain this. More likely, this was a manually placed stop loss. But it goes to show that if the software fails to apply a stop loss to a trade that eventually suffers colossal losses, trading performance will be radically impacted in a negative manner.
This situation is untenable from our standpoint.
b) Poor Performance Data
A study of the Myfxbook performance data for Euro Scalper Pro shows that the growth of the account used in the tests of this software was basically flat. Indeed, there was a period of negative growth, followed by recovery. This has ensured that growth in positive terms has really been quite underwhelming.
A look at the profit chart also shows a weak performance. This is also not surprising. The fact that the software does not use a stop loss means that trades are not allowed to last for very long, leading to a situation where profits are cut short and losses are being left to run.
Look at the trade results posted above. A proper risk-reward setting should allow for 3 pips to be targeted as profit for every pip risked as a stop loss. The results show that a single losing position was allowed to continue running until it had wiped off profits of 3 previous winning trades. This is completely against acceptable risk management.
The figures may look small, but imagine a situation where a Standard Lot were to be used in executing these trades; it would be disastrous indeed.
c) Increasing Drawdowns
The drawdown percentage on the software has been steadily increasing. Drawdowns increase the risk of ruin of an account, and considering the performance data that has been analysed previously in this article, it is not exactly a surprise to see this happening.
Conclusion: To Trust or Not to Trust?
Euro Scalper Pro is a forex robot which cannot be trusted. Our findings have been based on the assessment of the software, which have exposed problems with risk management and trade performance. So Euro Scalper Pro is a software not to trust.