The vendor advises traders to purchase News Scope EA Pro because it is fully automated, easy to use and capable of growing their account balance. The system is also said to be one of the most successful Forex products as it is effective and highly profitable. However, we have found these statements to be untrue.
News Scope EA Pro was authored by FXautomater, a company that boldly says that it has been creating Forex robots for 10 years. The team, which is characterized by programmers, investors, and active Forex traders, has over 15 years trading experience. Even though this description sounds assuring, you should not be quick to trust the vendor. We need more than a bunch of statements as proof of the team’s capabilities. Detailed profiles of the said professionals should suffice to convince us.
News Scope EA Pro: characteristics
This robot comes with the following features:
- Semi-automated and fully automated modes.
- Exit by a trailing stop, or back-tick detection.
- Advanced news filter.
- Precise time and news detecting filters.
- NFP and FOMC trading modes.
- High spread detection filter.
- Email and push notification system.
- Friday exit system.
- Single or multiple-cascade orders mode.
- Money management system.
Currency pairs, strategy, time frame
News Scope EA Pro is a multiple currency robot as it supports a variety of symbols such as AUDUSD, EURUSD, USDJPY, USDCAD and GBPUSD. The devs point out that the robot works best on the 1-minute time frame.
As the name suggests, this system mainly conducts trades during high impact news. It attempts to identify and take advantage of short-term scalping opportunities that are created by major news events. It is at this period that the price spikes in one or both directions creating room for scalping.
This trading tactic is not for the timid. News releases are usually surrounded with excessive volatility which could lead to spread increase, execution delay and spreads.
News Scope EA Pro trading performance
According to this strategy tester report, the robot started working in May 2003, and by February 2020, it had executed 690 trades. However, it did not perform well in these deals as it only managed to win 68.78% of the short trades and 67.38% of the long ones.
The average profit trade was $102.81 whilst the average loss trade was -$34.24. The profit factor was 6.42. The maximum drawdown (6.49%) was not bad. The EA managed to get a total net profit of $40,787 from an initial deposit of $2,000.
The gains made (18.57%) as well as the monthly profits (2.32%) generated since January 28, 2021 to date are very low. The approach on board is obviously not as highly profitable as purported. Over this period the balance has only increased by $557. The drawdown is 4.48%.
From the 92 trades completed, the win rates for short trading positions are poor as they currently stand at 60%. The performance of long positions is even worse (54%). It seems that the real market conditions are harsher to the robot’s trading activities. The lots traded are large and they expose the account to more risks. The average win is 12.43 pips when the average loss is -7.15 pips. The profit factor is 2.17.
The short timeframes used and small wins were synonymous with the scalping approach. The EA also made several losses, which were large enough to consume the profits. Trailing stop losses were used.
How much does it cost?
You can buy this product at $97. This is after the vendor reduced its price from $147. The main features integrated into this package include 1 real account, 3 demo accounts, 24/7 customer support and a 60-day money-back guarantee.
Even though the pricing of this robot is cheap, it is not worth this money because contrary to the vendor’s opinion, it is unprofitable. Anyone who buys it will have to wait for a long time to breakeven and get returns on their investment.
Reviews from customers
Third-party review sites like Quora, FPA and Trustpilot have not reported any customer feedback for this EA. We found only 1 review on mql5 marketplace. The client just says that the system does not earn. This feedback is consistent with our findings.
Should you use News Scope EA Pro?
|Verified trading results are there||Earnings are low|
|Risky trading strategy|
|Vendor transparency is lacking|
We cannot bring ourselves to recommend this robot. In addition to operating in secrecy, the vendor also lies about the real profitability rate of the system. We have established that it makes small gains. And with a risky approach on board, we can only expect the product to harm your investment.