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Table of Contents
What is Gold EA?
Gold Expert Advisor is a unique and automatic gold trading method. It is a programme that automatically applies trading rules and performs transactions. The Expert Advisor is a code that contains the trading strategy’s entry and exit requirements. The Expert Advisor will execute the transaction once the market fulfils the criteria.
Every asset that a broker offers on MetaTrader may be traded using an Expert Advisor. You may use Expert Advisor for Gold if your broker has Gold and permits algorithmic trading. MetaTrader is the most often used platform. It is a free platform that is used by the majority of licenced brokers. Trading with Gold Expert Advisors becomes a lot easier as a result of this.
Which is the Best Gold EA?
The Promax Gold EA is an automatic trading system designed particularly for gold (XAU/USD) trading. It operates on the MetaTrader 4 desktop platform, which you can get for free from most online brokers.
My EA Academy, commonly known as SinryAdvice, is the company behind the Promax Gold EA. I’ve looked at some of the company’s other forex products, such as the Forex MG Pro EA. They are headquartered in Malaysia and provide a variety of products such as forex indicators and forex robots.
On MetaTrader 4, the Promax Gold EA only works with the XAU/USD pair. If you have the necessary expertise and knowledge, you might theoretically explore different trading instruments. Otherwise, it is ready to use “right out of the box.” Simply make sure you pick a risk level that you are comfortable with, as each trader is unique.
With so many forex robots on the market these days, it may be difficult to tell which ones are good and which are harmful. The smart news filter, which allows the Promax Gold EA to analyse both technical and fundamental news, is one of the major features that set it apart from its competitors.
Many forex EAs ignore the news, which is surprising given the influence that news releases may have on the market. I’ve seen trading robots go on winning streaks for months at a time, only to be wiped out by a single major news event. You may always utilise an economic calendar to stay on top of market news and avoid trading around high-impact news releases that could create market volatility.
It’s crucial to remember that if the Promax Gold EA trades go into a loss, it’ll start forming a smart grid to try to get them back to breakeven without losing money. The issue is that if transactions do not return to breakeven, things may quickly become ugly. I’m not a huge fan of grid trading methods because I’ve seen them frequently result in margin calls and stop-outs. Before you choose any grid trading method, be sure you understand how it works and the substantial dangers it entails.
Take a look at some of the major features of the Promax Gold EA:
- Fully Automatic – Hands-Free Trading
- Auto money management and lot selecting
- Only for XAU/USD (GOLD) pair
- 5-minute chart timeframe
- Comes with default settings out of the box (you can adjust risk accordingly)
- Full set up instruction guide included
- 1 Demo 1 Live account licence
- Complete Assistance
- There is only One-time Payment
There are no backtests on the Promax Gold EA website, as there are with other SinryAdvice items I’ve previously evaluated. While the developer has provided Myfxbook accounts, I’d want to see backtesting over a long time to get a sense of how the Promax Gold EA has done in the past.
Using tick data, variable spreads, fees, and slippage, I anticipate backtesting to have 99 per cent modelling quality. The Birts Tick Data Suite is a fantastic tool for improving back-testing circumstances in the MT4 strategy tester.
On the developer’s website, there are several confirmed Promax Gold EA Myfxbook accounts. However, I believe they have not been operating for long enough to provide a fair assessment of Promax Gold EA’s performance. Any trading method can have a winning streak of a few months; thus, I’d like to see outcomes over a much longer time. Regardless, the developer deserves credit for making them available.
The Sinry Advice team, which is recognised for creating systems like Red Fox EA and MT Forex Indicator, among others, produced Promax Gold EA. The headquarters of this firm is in Selangor, Malaysia. However, we have no information on the team members, which is unsatisfactory from the standpoint of vendor openness.
On prominent review websites, there are no user reviews for Promax Gold EA. This is unsurprising, given that most traders are hesitant to put their money on a method with such a limited track record. It may take several months of real-time trading before the public notices this robot.
The system is now available for $192 off, and those interested in the EA may get it for $198 instead of $390. One Real and one Demo account are included in the bundle. A two-week money-back guarantee is also provided. Most FX EAs start at $350 and go up from there, thus the cost is fairly competitive.
- Real-time trading outcomes
- Money-back guarantee
- Grid and Martingale combination
- No backtesting results
- Vendor openness is lacking
- Fake testimonials