With the lofty claim of being the solitary Forex Scalper with an established history of more than a decade, The Wave Scalper robot assures profits ranging from 100% to 700%.
This Forex robot ensures traders are exposed to low risk by keeping the exit and entry of trades as short as conceivable. As an MT4 compatible system, this robot uses a scalping structure to deliver huge profits with minimal investment. Let’s read more about The Wave Scalper review below.
The Wave Scalper: To Trust or Not to Trust?
Ideally, a trading robot should be capable of delivering the results it assures. Here, we look at the features the Forex robot provides and analyze the various aspects of the software to determine whether it is to be trusted or not.
Created on the Elliott Wave theory, The Wave Scalper robot is designed to work on several trading pairs although the developers state that they prefer working on the GBP USD and USD JPY pairs.
Wave Scalper uses a time frame of 15 minutes and is fully automated to operate and control the trades. Installation of this software is easy to do even for newbie traders with very little technological knowledge.
It is designed using a complicated neural network that can adapt adeptly to market changes. But, unlike the usual scalping strategies used by Forex robots, this robot does not trade that frequently.
Once you set the parameters for the transactions, trades, and other settings, the robot handles all trades effortlessly. It operates 24/5 so you do not miss out on any opportunity during the market trading hours.
The developer offers two packages namely a one-year license pack that costs $297 and a lifetime license pack that costs $497. A money-back guarantee of 30 days is offered, if you find that the Forex robot is not suitable for you.
This Forex robot can work on accounts of any size and ensures that only a single trade is open at any given time with stop loss being placed always. The lowest account size recommended is $200. And, the risk is fixed at 20%. This is by default but for safe trading, a maximum risk of 3% is recommended.
Now that we have the features covered, we come to the question of whether the Wave Scalper is a software you can trust or not. After analyzing the various aspects of the software, we would not recommend this as the best scalping robot to use but would suggest to use it with caution. Here, are the reasons why we have arrived at this decision:
Lack of Transparency
The creators specialize in scalping systems and have experience in working on large scale scalping projects and claim that this Forex robot is their advanced and effective system. Other than this information there is no other data related to the developers on the site.
The developer displays three live accounts verified by Myfxbook. However, when we looked into the live accounts, we found only one to be active.
Verified But below Par Trading Results
The official page of the Forex robot shows two backtests completed over a 10-year span. They use a modeling quality of 99.9%, which is just right, and tick data for the analysis. However, the information about slippage, commission, and spreads is not available. Further, since it is a scalping robot, there is no information about the use of swaps, which is important for such systems.
And, the only active live account shown below is on mixed pair and shows a drawdown of 7.18% and an overall gain of 110.18%. With the total trades of 287, a 68% win is shown with the average win coming in at 12.88 pips and the average loss at -16.18 pips.
While the account looks impressive it does not align with the assurance of the developer of providing profits of over $100,000 from a minimum deposit of $200.
Average Performance In 2020
The monthly analytic chart for 2020 shows a dwindling gain percentage beginning from 8.95% in January to 1.99% in August. We found the reward risk ratio to be 1.64 for the GBPUSD pair, which is not anywhere near what the software promises.
We could not find any The Wave Scalper review provided by users. The lack of reviews indicates the performance and trading strategy used are not what an average trader would prefer. We also suspect that the expensive price package may be a reason for the absence of The Wave Scalper robot review.