GOLD Scalper PRO Review
Gold Scalper PRO is a gold trading robot that automatically trades XAU/USD in the MT4/5 platforms. The EA settings are fully customisable whilst Myfxbook accounts are available but limited to demo trading.
The GOLD Scalper PRO is a fully automated gold trading robot for the XAU/USD pair in the MetaTrader platforms. It can run on both the MT4 and MT5 desktop terminals. You will need the platform up and running in order for it to trade. If this is not feasible, you could consider a virtual private server which will allow you to remotely run the expert advisor on the MetaTrader platform 24/7 without needing your computer or laptop switched on. GOLD Scalper PRO has been created by the Fxautomater development team who have a range of commercial trading robots available. In this GOLD Scalper PRO Review, we will take a closer look at the robot strategy, features and results.
The GOLD Scalper PRO is one of the only expert advisors (EA) designed specifically for automatically trading on GOLD (XAU/USD). Gold is measured in troy ounces for the purposes of trading, which is quoted against the USD. Much like currency pairs in forex trading, gold trading gives traders the freedom to buy or sell based on expectations of the gold price rising or falling. Gold is also regarded by some investors as a safe haven asset – so can be popular with those who may be looking to try and limit losses during times of economic volatility. As a safe-haven asset, gold trading can provide greater security to some investors. However, it remains a liquid market and is far from being immune to volatility.
The trading strategy implemented within the EA has been around for a long time. The software will look to enter a position in the direction of a distinctive market impulse and a following correction. The trading algorithm does not require a ton of parameters due to its simplicity. It does not use any potentially dangerous grid or martingale strategies. The stop levels are reasonable whilst there is a dynamic entry and exit trading logic that aims to adapt to the current gold market conditions.
As mentioned previously, this is another automated trading system from the Fxautomater team of professional forex traders and developers. They have more than 50 years of combined experience in trading, researching and software development. We have reviewed other Fxautomater robots including BF Scalper Pro, Grid Master PRO, Smart Scalper PRO, Omega Trend EA, Volatility Factor 2.0 Pro, Forex Diamond EA, Forex GOLD Investor EA, Forex Trend Detector and Forex Combo System.
Some of the key features of the GOLD Scalper PRO EA include the following:
ATR Filter
The purpose of the ATR filter if to try and prevent this gold trading robot from taking a trade when the gold market volatility is not suitable. The Average True Range (ATR) is a tool used in technical analysis to measure volatility. Unlike many of today’s popular indicators, the ATR is not used to indicate the direction of price. Rather, it is a metric used solely to measure volatility, especially volatility caused by price gaps or limit moves. It analyses a range of asset prices within a given timeframe, taking into account any gaps in price action. Typically, it is set to a 14-day moving average. To measure more recent market volatility, you can set a shorter average of up to 10 periods, and for analysis of long-term volatility, you can set the average to over 20 periods. The general rule is that a high ATR value indicates a higher level of volatility, whereas a low ATR value indicates a lower level of market volatility.
Time Management System
With the time management system, traders can precisely configure the robot to trade only during specific hours and trading sessions. You can also configure the robot to trade or not on individual week days. This is a very useful option which will can be used to avoid the certain market conditions.
Money Management
The GOLD Scalper PRO software comes with a customisable money management system. You can either use fixed lot sizes or set your desired risk percentage per trade and the EA will automatically calculate the lot size for you. The money management system includes an optional martingale style loss recovery mode.
The Martingale strategy requires that you increase your bet amount even if you lose. That is, if you lose on a trade, the amount you invest on the next trade would be a multiple of what you lost. If you lose again, you would your investment until you finally get a winning trade. If and when you get a winning trade, you would start all over again with the initial small investment. As you can probably tell, this is a very risky strategy that isn’t for everyone.
When the recovery mode is activated, the GOLD Scalper PRO system checks the account history to look for any previous losses. If there haven’t been any losses then it will wait, if there has been a loss then it will start the recovery process.
The recovery process involves increasing the lot size of every new trade with small amounts until the last loss or previous losses are compensated completely. This is a very dangerous strategy because if the initial loss is never recovered then the lot sizes can get very high which can create large drawdowns and even blown accounts. It is therefore extremely important that you are aware of how this works and the significant risks involved.
News Filter
The GOLD Scalper PRO Robot is equipped with an important advanced news filter. Thanks to this useful news filter, users can avoid trading during most important news and events. Many traders prefer to avoid trading around major news releases as the market and broker conditions can be unsuitable. This includes higher volatility, larger spreads and increased slippage. The news filter is disabled by default. If you want to use it you have to enable it and configure it accordingly.
Notification System
The software has an SMS and email notification system that will keep you up to date with the trading activity of the robot. It easy to set-up the trading platforms so that you can receive these notifications and it is explained in the instructions.
Manual Trading
GOLD Scalper PRO comes with a manual gold trading system which enables users to open manual trades which can then be managed by the robot automatically. The robot will print two buttons on the chart to place a buy or sell order in one click. When the colour of the button is dark grey, then it means that the manual trading is not enabled due to potentially unsuitable market conditions or trades that are already opened.
Weekend Trading
The software has a Friday exit system which can be set to make sure that there are no trades left open over the weekend. This is useful because there can be large weekend gaps from when the market closes on Friday and then reopens on Sunday/Monday. If the price gap is large, it can cause unnecessary losses, sometimes even greater than a stop loss.
Broker Protection
There is a maximum spread and maximum slippage filter where you can set the levels for this gold EA to avoid taking a trade position on gold if the spread or slippage is too high. We would always look to use a reliable broker with tight spreads, low commission fees and quick execution speeds.
When choosing a trading robot, one of the most important things to do is to check the latest results and see how it has been performing historically. Whilst this is no guarantee of future performance, it can help to give us a rough idea of the trading system being used.
GOLD Scalper PRO Myfxbook
Fxautomater have shared and published a couple of GOLD Scalper PRO accounts on Myfxbook. However, there are currently only 2 demo accounts which you can see below. You can click the graphs for more detailed statistics on how the EA has been performing.
GOLD Scalper PRO Backtesting
The developers have shared some GOLD Scalper PRO backtests that show historical performance over a number of years based on running the EA in the MT4 strategy tester. There are 90% modelling quality and 99% modelling quality backtests using tick data. It is not clear if commissions have been included in the backtests which could have an impact on the robot results. We would only pay attention to the 99% quality tests, but you can see them all below.
The GOLD Scalper PRO is unique automated gold trading robot which includes some important features such as money management, broker protection, spread protection, exit logic, dynamic stop loss, advanced time management, news filter, email and push notification system, Friday exit system and more. There are some verified GOLD Scalper accounts and tick data backtests to get an idea of how it trades whilst the developers offer 24/7 support and a 60-day money back guarantee. We would personally try the software on a demo trading account to begin with to see how things go before thinking about using it on a real account. However, there are better trading robots such as the Flex EA.
What is the GOLD Scalper PRO price?
The price of the robot is $159. This includes 1 real account license and 3 demo account licenses.
Where can I download the GOLD Scalper PRO?
You can download the GOLD Scalper PRO from the official website here.
What kind of customer support does GOLD Scalper PRO offer?
You can contact Fxautomater support via email whenever you need, regardless of the type of question or problem you wish to report. They will aim to get back to you as soon as possible.
What are the best brokers to use with the GOLD Scalper PRO?
You can use any MetaTrader broker that has the XAU/USD trading instrument to run the GOLD Scalper PRO EA.
What’s the minimum amount required to trade with the GOLD Scalper PRO?
There is no specified minimum amount required to start using this gold trading software. You should only use what you feel comfortable with and can afford to lose.
What is the GOLD Scalper PRO refund policy?
You have 60 days to try the GOLD Scalper PRO robot. If it does not work for you then you can request a refund.
Is the GOLD Scalper PRO a scam?
Although we do not believe that the GOLD Scalper PRO is a scam, there is no guarantee on how good or bad it will perform in the future as nobody can predict the markets.
Can I get the GOLD Scalper PRO for free?
You probably could spend countless hours looking for a free version of the GOLD Scalper PRO being shared but it is likely to be out of date, unsupported and potentially dangerous.
What currency pairs does the GOLD Scalper PRO trade?
It trades on the XAU/USD pair.
What are the best GOLD Scalper PRO settings?
The developer has spent a lot of time optimising the settings so that you don’t have to. However, you should check all settings and adjust them according to your own trading style as everyone is different.
Can I change the GOLD Scalper PRO settings?
If you have the knowledge and experience, you are free to experiment with your own settings, this includes the lot size, stop loss, take profit, and more. You may wish to test your settings on a demo account to begin with. You could also backtest the robot in the MetaTrader strategy tester with your own combination of settings to get a rough idea of historical performance.
What do I need to run the GOLD Scalper PRO?
Gold Scalper PRO is compatible with the popular MetaTrader platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). You will need the desktop version of the platform to use an expert advisor such as this one.
How much money can I make with the GOLD Scalper PRO?
There are absolutely no guarantees on how good or bad any trading robot will perform. Due to the unpredictable nature of the markets, nobody can predict what will happen in the future. You should make sure that you understand all of the risks involved using any automated gold trading system such as the GOLD Scalper PRO.
Results are based on historical data. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. There is no guarantee of future performance. You should understand the risks involved with trading. Your capital is at risk.
