The Sodobe Scalper is introduced as a lucrative and very low risk EA. For some reason, the vendor feels that it is necessary to make us aware that the system is not a scam. He even swears to us that his product is the real deal. This is ironic since our assessment has revealed that Sodobe Scalper is an unprofitable and dangerous trading tool.
Sodobe Scalper: to trust or not to trust?
This EA cannot be trusted. We came up with this trust score after discovering several disturbing things about the robot. We have listed them below:
- It has a high losing streak.
- It generates a high drawdown.
- It increases an account’s risk of ruin.
According to the vendor, the system is defined by the following features;
- It trades only the XAUUSD currency pair.
- The EA prefers to work on the 1 minute time frame.
- Sodobe Scalper applies take profit (TP) and stop loss (SL).
- The minimum recommended deposit is $100.
- The suggested leverage is 1:100.
- It uses low spreads: less than 20.
- Some of the recommended brokers include IC markets, Exness, and LiteForex.
Sodobe Scalper is priced at $490. However, you can choose to rent it at $90 and use it for 3 consecutive months before renewing it. Alternatively, you can pay $270 and use it for a whole year before your next subscription.
As the name indicates, the Sodobe Scalper EA applies the scalping strategy. In essence, this trading idea is grounded on real-time analysis. The goal is to make profits by buying and selling the XAUUSD currency pair and holding the position for a very short period before closing it for a small profit.
As per this data, the robot used the XAUUSD pair to trade on the 1-minute timeframe. Between January 2010 and September 2021, 794 trades were completed using a deposit of $100. Subsequently, a total net profit of $369.43 was achieved. This profit value was discouraging given that the system operated for more than a decade. It means that, on average, it only made about $33 yearly.
The success rates for short —69% and long positions —67% were nothing to write home about. Lucky enough, the EA managed to keep the drawdown level low (11.50%).
Verified trading results
The poor performance of this EA in the real market is clearly visible. Since the account was launched on August 25, 2021, the system has reduced its value by 29.15% after making a loss of -$291.66. So, the balance currently stands at $708.84. Daily and monthly losses are -0.47% and -13.43% respectively.
With an average trade length of 1 hour and 8 minutes, the system has conducted 16 trades. The profit factor of 0.54 indicates that the account receives lesser returns on money invested. Furthermore, most of the long positions are not lucrative as only 41% of them have been successful. The win rates for short positions (50%) are not good either. We can see that the lots traded (4.40) are big in size, and this increases the EA’s trading risks.
This account will be wiped out any time from now. One unsuccessful trade is enough to ruin 10% of the account.
We could not help but notice that the account made a series of huge losses. They likely eroded the small profits made within the short time frames. Clearly, the large stop losses were unable to minimize the account’s exposure to risks. Likewise, the take-profits failed to optimize gains.
The algorithm used by the Sodobe Scalper EA generates a drawdown rate of 37.78%, which is very bad. This implies that the robot trades with high risks to the account. A closer look at the trading history in the Myfxbook.com shows that the system tries to make profits using large lot sizes. Unfortunately, the strategy has not worked to its advantage, resulting in immense losses.
Sodobe Scalper is the work of one, Nguyen Van Cho from Vietnam. He is a manager at a technological company known as Sodobe. But as far as his qualifications and achievements are concerned, we have nothing to say. This data is missing.
There are a handful of positive customer reviews for this system on the mql5 website. One of the traders says that he has only seen stable profit and low drawdown while using the EA. He is obviously lying. The trading results above have shown us otherwise.