ForexDrawEA.Com Review Is Forex Draw EA A Scam or Legit

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Forex Scalping EA Review

In this post I will be reviewing the superb Forex Scalping EA. This fantastic automated forex trading system trades multiple currency pairs on the 5 minute timeframe with universal settings and a very high win rate around 80%. The pairs the Forex Scalping EA trades are the EURUSD, GBPUSD, EURGBP, EURCHF, EURCAD, GBPCAD, GBPCHF, USDCAD and USDCHF. The fact it trades 9 pairs with the EXACT same universal settings shows just how amazing this forex robot is. It is very consistent and powerful taking multiple trades each day which can grow accounts very fast! MyFxBook verified tests on the Forex Scalping EA website show $1,000 turned into literally $BILLIONS! I have tested it myself and the results matched up, in fact even all the way back into the 90’s on some pairs where the data was available. There has been excellent consistency over many years and different market conditions. It runs on the MetaTrader 4 trading platform and after an instant download can be setup and running in just 5 minutes trading for you on auto pilot. This is without doubt one of the best (if not the best) forex robots I have reviewed and tested to date. It has great diversity, high win rate, low risk and excellent support. You may choose to trade a selection or all of the 9 currency pairs depending on your preferences thus making it very flexible according to your needs.

Forex Scalping EA Trading Strategy

The Forex Scalping EA strategy is to trade on the 5 minute timeframe during times of low volatility which gives it an extremely accurate entry from its combined technical and price action analysis. The average loss trade does not wipe out all the winning trades and it can go on runs of many consecutive wins growing accounts to very high amount fully automated – I have seen a consecutive run of almost 100 trades without a loss with the Forex Scalping EA. The thing I like most about the Forex Scalping EA is that not only is it safe and reliable, the testing was done with real tick data from Dukascopy using real spreads, commissions and slippage. What this means is that the results are as realistic as possible and NOT spread or broker dependent. Some forex scalping strategies trade on currency pairs with high spreads which means they look good in back tests but do not perform on live accounts – the Forex Scalping EA is different. Again, you can choose to trade certain currency pairs or all, there are built in maximum spread and slippage filters to ensure that you will only get the highest probability trades and that the broker will not stop you from being successful. As always, I would say go with a true ECN forex broker for the best possible trading conditions as you should with any forex trading system.

Forex Scalping EA Back Testing

The Forex Scalping EA accurate tick data & real variable spread back tests show AMAZING results with $1,000 growing to BILLIONS in Net Profit with low risk. You can choose to be even more conservative or more aggressive, either way the results are very impressive. There is an impressive 9back tests showing results from 9different currency pairs and guess what? They all use the EXACT same settings! This really does show the strength of a forex system when it has the same settings regardless of the currency pair traded. Unlike other forex robots it has not been optimized for each individual pair, not only does this make it a very reliable forex robot but also even easier to setup. The Forex Scalping EA has plenty of room to make pips on every trade, most trades it banks between 5-20 pips and sometimes more thus not even making it a true scalper which is a good thing. Combine this with the ridiculously high win rate and you have an excellent reliable and accurate fully automated forex trading system. Draw down is very low and win rate very high. All the stats are perfect.

Forex Scalping EA Live Results

To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.

Forex Scalping EA Summary

I am very impressed by the Forex Scalping EA. I mean it has low draw downs, is low risk, has a very high win rate, decent risk to reward ratio, many consecutive winners, has been tested over nearly 20 years in multiple different market conditions and importantly it trades on multiple currency pairs and has built in spread/slippage filters so is not strictly broker or spread dependent. Of course for best results you should be using an ECN forex broker for the lowest possible spreads and fastest execution. The Forex Scalping EA can grow the smallest of deposits into huge amounts fully automated as proven by the results on the official website. If you are looking for an automated forex scalping system that is reliable then look no further than this one. It includes detailed instructions for a quick and easy setup, full excellent support, free lifetime updates and unlimited licenses. It is well worth it’s price tag!

How to identify Forex scams

Just like any other financial market, the Forex market has been a target of Forex scammers for a very long time. Unethical behaviour, promises of unusually large profits without any risk, and the advertisement of “holy grails” are all signs of a Forex scammer who wants to make a profit from naïve traders. Fortunately, there are easy ways you can identify a Forex scammer and protect yourself from their misleading promises. In this article, we’ll cover exactly that, and show you how Forex scammers operate.

How to identify a Forex scammer

Forex scammers may come in different forms, but they all share one thing in common: they’re non-transparent, unregulated, and promise trading results which sound too good to be true. Beginners may have a hard time identifying these characteristics due to their inexperience, which is the main reason why beginners are often targeted by Forex scammers. As you gain trading experience along the way, it will become significantly easier for you to spot these unethical practices and protect yourself from Forex frauds.

If a trader promises hundreds of pips per day without any risk, or tries to sell a trading robot which makes thousands of pips with the click of a mouse, you should be very cautious about that offer. If a trader really had an extremely profitable trading strategy or trading robot, they wouldn’t have to sell that system to other traders, right? They could simply make hundreds of pips with their system and wouldn’t waste their time advertising their product to other traders.

Regulation, or rather lack of it, is also a very important sign of a Forex fraud. Check whether the company which promises unusually high profits is regulated by scrolling through its website. Regulated companies always showcase their licence or regulatory authority on their website, and if you’re unable to find this information, you’re probably dealing with a fraud.

Here we’ve prepared a short checklist of the main points you need to look for to identify potential scammers:

  • Does the trader or company promise extremely high profits and doesn’t mention any risks associated with the strategy? If so, it’s probably a fraud.
  • Can you find information about the company’s regulation on its website? If not, be cautious when dealing with the company.
  • Can you find any additional background information about the trader or the company?
  • Does the trader have their trading results verified by a third party?

These signs, and more, will be discussed in more detail in the following lines.

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Additional signs of Forex scams

There are many more ways of identifying Forex trading scams, such as trading results which are not verified, emails that ask for personal information, or the unavailability of background information.

  • Unverified trading results – This scam is very popular with Forex signal providers. A trader will claim that they are constantly profitable on the market, and post screenshots of their trading performance on social media. The trading results often show extreme profit, sometimes even without a single losing trade. Beginners without trading experience are especially attracted to these types of scams as they don’t know how much profit to expect when trading. Needless to say, you should be very cautious when someone makes their trading results publicly available. Ask the trader if the results are verified by a third-party provider, such as myfxbook. If the trader refuses to provide you with a link to their verified results, simply forget about that trader and choose another, as it is highly likely that they are a fraud.
  • Unprofessional emails – Unprofessional emails are another obvious sign of an online Forex trading scam. Email marketing is very common these days, but if the tone of the email sounds unprofessional or if the person asks for any personal information, it’s probably a scam. Forex scammers often use email lists bought on the dark web to send hundreds, or even thousands of emails to traders, offering various trading products. Again, make sure there is background information about the person sending the emails – or if it’s a company, check that it is regulated by browsing its website. If you are unable to find any of the above, and the emails ask for personal information to send you a “free e-book” or something similar, it’s probably a scam.
  • No background information – We’ve already mentioned the importance of checking for background information about a trader or company that promises extremely high profits or asks for your personal information. Scammers often change their identity and act under an imaginary name, so that their victims can’t track them on the Internet. It’s also common for scammers to use pictures of traders found on the internet, claiming that the person in the picture is them.

A simple Google search can help you out a lot. Search for the name of the trader or the company and see whether you can find any background information that proves the scammer’s claims. If you’re dealing with a serious company or trader, you may also be able to find reviews from other customers who have used their services. Always do your research to avoid falling for this type of scam.

Protect yourself against Forex scams

Now that we have covered the most important signs that identify a Forex scammer, it’s time to take a look at ways you can protect yourself. Being cautious about any offer is usually the best solution, but there are also some additional ways.

  • If it’s too good to be true, it’s probably a scam

Common sense helps a lot in these situations. If someone claims to make hundreds of pips per day without a single losing trade with their strategy, it’s probably too good to be true. Even professional traders have losing trades from time to time. If the results are not verified by an independent third-party service, you’re most likely dealing with a scam.

Nothing is more powerful than knowledge. Scammers usually target beginners who don’t have enough trading experience to identify what returns are realistic on the market. Education doesn’t come overnight, but with time you’ll find it way easier to spot Forex frauds even from a distance. Invest in your trading education and gain experience, and you won’t become an easy target for Forex scams.

Never give out your personal information! Scammers may use it to steal your identity and to attract new victims under your name. Always ask yourself – why do they need my personal information? If there is no obvious answer to this question, don’t send any personal data and stop wasting your time with the company. It’s very important to know how to protect your personal information. Regulated companies have to store all of their clients’ personal information, such as ID cards and passport copies, in a safe place and can only use the data for their internal procedures.

Finally, if you’re unsure whether a company is regulated or not, your best bet would be to directly contact the regulatory body of the company’s jurisdiction. You’ll first need to find out the location of the company in order to reach out to the regulatory body of that country. Many regulatory authorities feature a database of regulated companies on their website, where you search and find additional information about the company’s license. Popular regulatory bodies in the Forex industry include the FCA in the United Kingdom, CySEC for Cyprus-based companies which offer their services in the European Union, and the CFTC and NFA in the United States.

Conclusion

There are scammers and unethical persons operating across all markets, and the Forex market is no exception. There are many signs of Forex trading investment scams that can be used to identify and uncover a scammer, such as promises of extremely high profits without verification, the absence of any industry regulation, unprofessional emails which ask for personal data, or the unavailability of background information. Always perform detailed research on these points before you buy a trading product. In addition, make sure to educate yourself about trading, since scammers usually target beginners who aren’t experienced enough to identify unrealistic trading results. If an email asks for personal info, never provide the information right away, but first check why the person or company needs your personal data. You should send copies of your ID cards or passports only if you’re sure that the company is legit. Performing a check on the regulatory body’s website to see whether the company is listed in the database is also a wise decision. To perform the check, first find out where the company is located and go to the website of the regulatory body which governs that jurisdiction. If the company is not listed in the database of regulated companies, it’s probably a scam.

draw arrows in EA

I want to try to count wave patterns in my EA and see the wave counts on the chart. Do I need to create a custom indicator and attach that indicator to the template file and access the custom indicator in the EA or can I call a function to draw an object on the charts directly from the EA?

I have just started researching how to use PlotIndexSet. functions work but all the code samples I have seen use the OnCalculate function . Which as far as I can tell, OnCalculate is only for custom indicators and not for EAs.

I want to try to count wave patterns in my EA and see the wave counts on the chart. Do I need to create a custom indicator and attach that indicator to the template file and access the custom indicator in the EA or can I call a function to draw an object on the charts directly from the EA?

I have just started researching how to use PlotIndexSet. functions work but all the code samples I have seen use the OnCalculate function . Which as far as I can tell, OnCalculate is only for custom indicators and not for EAs.

These functions can’t be used when writing Expert Advisors and Scripts.

So you have either to create Objects directly in your EA or use a Custom indicator.

ForexDrawEA.Com Review: Is Forex Draw EA A Scam or Legit?

A site dedicated to reviewing the best forex robots and exposing the worst forex ea scams of 2020.

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