News Scope EA is a Forex expert advisor that promises to generate several pips on profit within a few seconds. The vendor also claims that this is one of the most successful expert advisors available on the market right now. However, we need to conduct our own research before we can consider this a profitable system.
The presentation on the official website is not very professional. We have a brief description of each of the features. The vendor has also shared the links to a live trading account and several backtesting results. There is a list of EA parameters, pricing details, and set files.
This is a product from the FXAutoamater team, which is based in Seychelles. There is very little information available on this company and its history. It is unknown who the key members are, and the vendor has not shared any official address. Other robots launched by this company include BF News Trader EA, BF Scalper EA, Smart Scalper Pro, Gold Scalper Pro, and Omega Trend EA. Since there is no official contact information, the only way to get in touch with the company is through the contact form provided on their website.
You can purchase News Scope EA Pro for the price of $97. This gives you access to 1 real and 3 demo accounts. You also get 24/7 support and a 60-day money-back guarantee. The vendor claims that the true price of the robot is $147. However, to us, this seems like a cheap ploy to lure in buyers.
News Scope EA Pro supports currency pairs like USD/JPY, USD/CAD, AUD/USD, GBP/USD, and EUR/USD. You can use it with M1 charts. Although the minimum deposit has not been mentioned explicitly, for the backtests and forward tests, the vendor has used a balance between $2000 and $5000.
This Forex EA has a money management system. This allows you to set the risk in terms of percentage and let the robot automatically calculate the lot size. It also has a news filter that lets you place and delete orders on the basis of Forex-related news updates.
News Scope EA Pro has back-tick detection and trailing stop detection systems. However, we don’t exactly know how these systems work. You can place pending orders during certain times of the day using the advanced time management system. The robot sends you emails and push notifications regarding the orders placed. You need to manually enable this feature from the EA settings.
News Scope EA Pro trading approach
When there is a major news announcement, it creates scalping opportunities in the Forex market. News Scape EA Pro tries to take advantage of these opportunities. As we know, scalping is a highly stressful strategy due to the sheer number of trades being placed every day. It is not for inexperienced traders and the profit generated from each trade is quite low.
For this backtest, the EA placed 1093 trades, generating a total profit of $31331. It had a win rate of 57%, which isn’t very impressive. There were 11 maximum consecutive wins and 9 maximum consecutive losses during the testing period.
News Scope EA Pro live trading results
This trading account was launched on January 28, 2021. The EA has placed only 133 trades through this account and has a low win rate of 56%. Currently, the daily and monthly gains are 0.05% and 1.58% respectively, while the drawdown is 8.22%. The win rate and the drawdown for the live results are not much different from the backtest.
What are the risks with News Scope EA Pro?
News Scope EA Pro is not a reliable system due to the following reasons:
- Low win rate
- Lack of vendor transparency
- High starting balance.
There are no user reviews for this Forex EA. Thus, we can tell that it does not have much of a reputation in the trading community.
What are the pros and cons of investing in News Scope EA Pro?
|Verified trading results||Low-profit strategy|
|Short trading history|
|Lack of user reviews|
News Scope EA Pro uses a scalping scheme that has a very low win rate. It is not possible to make substantial gains with this robot.
News Scope EA Pro Conclusion
News Scope EA Pro is a system you should stay away from. Firstly, we don’t know too much about the parent company. Also, this is a scalping bot that fails to perform well in the live market. You should go for a robot that uses a more profitable strategy.