Ichi Scalper EA (Version 2.0) is presented to the trading community by an anonymous developer. However, the official website of the Forex robot (ichiscalper.com) has made an attempt to discuss the mode of function and the supposed advantages of using a Forex robot like Ichi Scalper.
This EA is optimized for the pair AUDUSD only. The developer wants traders to know that it will not generate stable returns with other currency pairs.
Besides, they are stating that their FX robot trades in a sideways market which simply means a ranging market. It cannot trade on a trend with success.
They want us to know that this Forex robot is a commercial grade EA written by traders for traders.
They boast of exceptional performance history since its inception in 2014. However, the domain ichiscalper.com was registered in 2015 and so it is possible that development started earlier.
Now that we have no idea who the developer is or even their trading experience for that matter, we will go ahead and do a quick review of a Forex robot designed to scalp only a specific market.
But if you’re in need of a good Forex robot that swing trades the market with greater level of success, I recommend looking for such a Forex robot here.
Update: The developer is known as Synergy and they claim to have teamed up with international renowned mathematicians and financial engineers to create a black box trading system that scalps the AUDUSD market.
We’d like to know whether ICHI Scalper 2.0 Forex robot is any different because no black box trading system has ever made money for anyone.
Ichi Scalper 2.0 Review
The developer is keen on giving us an explanation of how their robot works. They also want to prove that this FX robot is profitable but for one to lay their hands on this proof of performance, they must submit their name and email where the performance report will be delivered to.
They claim that Ichi Scalper EA is currently performing so well on the AUDUSD because this market has been moving sideways for a couple of years now.
However, an important point to note is that this EA cannot work well with other currency pairs or market. This means that it will lose money on a trend.
They also want traders to know that Ichi cannot take into account fundamental analysis or things like global events affecting this specific currency pair.
That means traders should be watching for news events and when they happen, I guess that trading must stop.
For those who want fully automated trading without indulging with a Forex robot, managed Forex accounts are the way to go.
Trading strategy of the Ichi Scalper Forex robot
It trades on the 5 minute time frame and the market must be moving sideways in order for it to pick the bottoms and the highs correctly and accurately.
If the market moves against the trade, the developer says Ichi Scalper EA will continue in that direction until their is a retracement.
The exact entry and exit strategies have not been disclosed by this developer.
Minimum recommended deposit is $5000 but the developer is insisting that traders should get started with at least $1,000.
There’s also a hint that this is a semi-automated expert advisor for trading Forex meaning that some aspects will have to be monitored by the trader himself.
The aspect that I am talking about here is the fundamental analysis where the software cannot account for news events.
In that case, the developer wants you to close down the software and cancel all the trades. That would mean taking a loss assuming the trades were in the negative.
In terms of managing risks, the developer says that they’ve equipped their Forex robot with 5 levels of risk which range from conservative to aggressive.
Individual traders can therefore define their level of risk using this feature.
Ichi Scalper EA Review – trading performance
The creator of this trading software keeps mentioning performance and so we want to know how well this robot can perform in the long run.
Unfortunately, for traders to see the results of this Forex robot, they must submit their name, email and telephone number.
Some traders may feel that this is quite intrusive as there are simple ways that people can prove results and not by exchanging contact information in order to get what other developers are offering freely and readily.
In this context, I mean using myfxbook.com or FXblue for us to see the results without having to contact the vendor.
This has not happened unfortunately and we are thinking that the developer of Ichi Scalper 2.0 EA is trying to hide something that is totally wrong about this expert advisor.
Since they’ve stated that the AUDUSD market has been ranging sideways for a long time, it means that this is the time to use the EA.
If markets change, the EA will be rendered hopeless.
I managed to find a discussion on the donnaforex forum where some newbie traders were talking about the EA.
After going through the discussion, I didn’t see anyone claiming they’ve made money with this EA. Most of the people writing in the forum seem to have very little knowledge about trading or the EA in general.
Therefore, I can comfortably make a conclusion that nobody who has used this review has come out to make an affirmation of their trading experience with this Forex robot.
Ichi Scalper EA lacks trading performance. The quality of feedback is poor meaning that nobody is using this EA at all.
There’s no upfront disclosure of pricing. Upon looking closely, I realize that one must open an account with Synergy FX broker, deposit a minimum of $5000 before they can use this EA for free.
This kind of arrangement does not work well with some traders. We need to see documented results for the trading performance in the last 6 months.
The EA must also have a price tag so that those who feel uncomfortable with the current arrangement can find a chance to use it.
All in all, we will not recommend Ichi Scalper 2.0 at this time. If you need a good Forex robot, just visit this page to find out.