The Wave Scalper is an automated trading bot for Forex and its vendor claims that this is the only robot that has been proven to work in the last 10 years. This is quite an aggressive claim and if the developer can’t provide some third party verified trading statement for us to see just how reliable their scalper is, we cannot believe them. They are also telling us that the Wave Scalper is able to safely deliver 100%, 400%, even up to 700% profit with safe risk.” These aggressive claims continue throughout the sales page, as the vendor tells traders that they can easily grow their accounts to $100,000 and beyond, even starting with an investment as small as $200 to $300. It’s really difficult to believe these numbers, but we will analyze the results they show us, and see if the system truly performs as well as they claim it does.
The product is produced by the LeapFX team, a development group that sonciders themselves “the automated trading experts.” This team is also behind a few other recent projects, including the LeapFX Trading Academy, Star Trader EA, and LeapFX’s Power Trader. They’ve been developing Forex systems since 2012, and can be contacted via email for support, [email protected]
We want to find out whether the Wave Scalper expert advisor is the real deal or just a scam. By the way, Leap FX is a popular developer. We have reviewed a number of their products here and today we are thinking it is a wise idea to get down to this expert advisor which they claim has shown its reliability for the last 10 years. In the meantime, we are recommending these products because the community has consistently maintained that those Forex and Crypto trading solutions are very reliable.
The first thing we notice about the The Wave Scalper robot, is that the vendors utilize very aggressive sales tactics. Yet, this doesn’t mean that the product isn’t a viable, it just means that we have to be a little more cautious in our approach, especially when sending our expectations. There are 3 main aspects that the vendor wants the community to be aware of, because the field these aspects of the main reasons why their system drive. It’s built on a complex neural network, it does not use dangerous grid or martingale methods and never trades actively against the trend.
In terms of the trading methodology, The Wave Scalper bases their scalping approach with the main principles of the Elliott wave theory. They believe that focusing on the current fractal wave patterns is a great way to automate price action in an expert advisor. The robot is built to scalp “impulse waves that trade into the trend direction, giving a much higher probability of success.”
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It’s good to see that the vendor is providing some specific details about their trading strategy, as most developers in this market tend to avoid it altogether. So, even though the methodology isn’t very in depth, it is still much better than we see from the majority of developers in this marketplace.
The price of a license is $497. The Wave Scalper is looking to trade the 15 minute time frame. The specific pairs that are being traded are GBPUSD and USDJPY. So keep in mind that this expert advisor cannot trade other pairs very well.
In order to get access to The Wave Scalper, traders have two different options. They can purchase a yearly license which costs $297 per year, or a lifetime license for $497. This is priced quite exorbitantly, and the yearly license really is important even considering, because after 2 years of using it, you will have already paid more than the cost of the lifetime license.
We would like to see the price lowered for the lifetime license, to somewhere around the $200 range. This is the average price point for the best Forex robots available.
At the top of the sales page, The Wave Scalper team include a bunch of screenshots of their Myfxbook accounts. Normally, this is a really bad sign, and it means that we are going to actually get access to their Myfxbook accounts, but they do provide those as well.
There are 3 live Myfxbook accounts, and 2 backtests. Although, further analysis shows that only one of the Myfxbook accounts is still active. We are unsure why, but 2 out of the 3 accounts stopped trading in February. Which means the only account left is the “mixed pairs” account, that has been running for approximately 4 months. During this time, the trading account is showing a gain of just over 35%, with a low draw down of just over 6%.The robot has traded 137 times, with the win rate around 76%. The risk reward ratio is also effective, with the average win coming in at 12 pips, and the average loss coming in at -17 pips.
So far, this trading account is pretty impressive, but we still have questions about the other 2 accounts. Why did both of these accounts stopped trading over 6 months ago, and why are they still being used in the marketing materials that they are no longer active? Getting answers to these questions will be very important in terms of our final decision.
It is also worth noting that the accounts provided do not line up with their marketing promises of taking $200-$300 accounts and turning them into $100,000+ accounts.
From the information provided, the The Wave Scalper looks to be an effective trading system. Yet, we would like to see some real client trading accounts, and potentially have the price come down to a much more reasonable rate, before we consider signing up. We also have questions about some of their expired trading accounts that we would like answered as well. So in the meantime, we can sign up with these Forex trading resources because they are very reliable and have been proven to work for the longest period of time.
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