FrankoScalp is a Forex robot that was published on MQL5. The robot is one of longlifers because it was released on May 22, 2019. The system hasn’t received updates for a long time. So, in this review we will check whether this Forex EA is valid in 2021.
We have some details, settings, and other information explained.
- The advisor can open orders automatically. We may just relax and do nothing.
- The system can be used on the MT5 terminal.
- The system was well-tested and checked.
- We may enjoy the best possible settings in the comments.
- We can trade the following pairs: USDCHF, EURCHF, CADCHF, USDCAD, EURUSD, EURGBP, EURAUD, EURCAD, GBPUSD, GBPAUD, GBPCAD, NZDCAD, NZDUSD, AUDUSD, AUDCAD, AUDJPY, CHFJPY, USDJPY, EURJPY, and USDSGD.
- We can purchase the MT5 version of the system.
- The GMT Offset is an important part of using this robot.
- The robot can set GMT Offset automatically.
- It works with all charts from a single one.
- The backtest should be executed in the M1 time frame.
- The system includes many settings that we can customize.
The system is available for $238 for a digital copy for a lifetime. We can use two subscription options. The one-month subscription costs $30 when a three-month one costs $60. We can use a demo copy for checking the robot on the terminal.
FrankoScalp trading approach
- The system scalps during the night hours.
- It works with 20 pairs.
- The time frame can be M1.
The robot has executed a backtest on the M1 time frame on USDCHF with 1:500 leverage. An initial deposit of $1000 has become $10,846 of the total net profit. The maximum drawdown was 9.62%. The profit factor was 7.97. The recovery factor was 11.11. It closed 243 orders. The win rate was 98% only for the long direction.
FrankoScalp live trading results
The system worked on a real account on IC Markets automatically with 1:500 leverage. The account has a verified track record and verified trading privileges. It was created on May 03, 2020, and deposited at $250. Since then, the absolute gain amounted to 84.8%. An average monthly gain was 4.22%. The maximum drawdown was 12.82%.
The system traded 406 deals with 1179 pips. An average win was 5.05 pips when an average loss was -26.06 pips. The win rate was 93% for longs and 92% for shorts. An average trade length was almost seven hours. The profit factor is 2.67.
GBPUSD was the only traded symbol.
The robot opened orders two hours before midnight.
The advisor traded during a week equally.
It ran the account with medium risks to the balance.
We can see hidden Stop Loss and Take Profit levels from a broker not to be hunted.
The system traded with various profitability.
What are the risks with FrankoScalp?
The system doesn’t have present trading results. So, the risks can be high because the advisor stopped fitting the current market conditions.
The developer is from Russia. He has an 18,297 rate from 18 products. People rated products 455 times.
Some clients couldn’t be profitable with this solution and it seems to us that the developer didn’t know how to solve this issue.
What are the pros & cons of investing in FrankoScalp?
|Backtest reports provided||No risk advice given|
|Trading results shared||The robot was stopped from running a real account even not looking at the last 20 winning orders|
|We don’t have a refund policy to protect our deal|
|The robot has many negative testimonials|
FrankoScalp had some good results several weeks ago, but the owner decided to stop making money. It looks weird and suspicious. We’d like to keep waiting for actual trading results because advisors like scalpers need to be consistently updated, like once a month or two months, to be sharp and not to fail.