Promax Gold EA Review
The Promax Gold EA is a gold trading robot for the MT4 platform that trades the XAU/USD pair and uses a grid trading system with a smart news filter.
The Promax Gold EA (expert advisor) is a trading robot that can automatically trade gold. It scans the XAU/USD chart in the MetaTrader 4 platform for entry and exit signals based on the robots underlying trading algorithm. When it finds a valid trading signal according to the implemented strategy, it can place and manage a position on behalf of the user. Alternatively, if you prefer to maintain full control over your trading, then it can be set to semi-automated. In this instance, the software will send you a signal alert and you can then decide whether or not to enter the market. In this Promax Gold EA Review we will take a closer look at the robot features, trading strategy and results.
As the name rightly suggests, this automated trading software uses a gold trading strategy. It has implemented settings which are programmed to analyse the market, fundamental news and collect all the market information to place the trade. The software uses a grid trading system so it can open trades when there is a loss to try and recover.
In a grid trading strategy, buy stop entry orders are placed above the current market price. These orders will automatically enter you into a long position if a bullish breakout occurs. Sell stop entry orders are then placed below the current market price to trigger a short position in the event of a bearish breakout. Grid strategies can be used in both trending and choppy markets, but they are usually considered to be more effective in the former.
There is a big problem with grid trading systems. If price continues to move in one direction and there are multiple positions opened against it, things can get messy. This can cause huge drawdowns and even a margin call or blown trading account. It is therefore extremely important that anyone considering this expert advisor has a clear understanding of how grid trading works and the significant risks involved.
You will need MT4 up and running on your laptop or computer in order for the strategy to analyse the XAU/USD chart. If you cannot always have the MT4 terminal open on your machine, you may consider a virtual private server (VPS) which can remotely run MT4 24/7 around the clock without you needing your computer switched on.
The Promax Gold EA has some unique features including the following:
Smart News Filter
The Promax Gold expert advisor has a built-in smart news filter which enables the robot to analyse both technical and fundamental news releases. It is important to be aware of economic news releases regardless if you are trading manually or with an automated robot. The reason being is that news releases can have an impact on market volatility.
Auto Capital Management
The EA uses an automatic money management feature where you can set it to trade using fixed lots or a fixed risk percentage. If you opt for the risk option, the software can automatically calculate the lot size according to the risk percentage that you choose. When using fixed risk, the lot size will decrease if the account goes lower and increase if it increases in value, commonly known as compounding.
Optimised Settings
The Promax Gold EA developers provide default settings based on the optimisations they have done on the software. You will need to adjust the lot and risk size to a level that you feel comfortable with and as with any trading robot, you are free to experiment with the input settings if you wish. Just make sure that you do on a demo trading account to begin with.
When it comes to choosing a trading robot, one of the first things we would look for are any real verified results and long-term backtests. Whilst historical results are by no means any guarantee of future performance, they can give us a rough idea of how an automated system works. That being said, lets take a look at the Promax Gold EA results.
Promax Gold EA Myfxbook
The developers have published a couple of real verified Promax Gold EA Myfxbook account which show how the software has been performing recently. You can see the charts below and click them for more detailed statistics. One thing we noticed is that the gold trading system used has a poor risk to reward ratio where a losing trade is around five times the size of a winning trade. Although an automated trading strategy can have a high win rate, it can be frustrating when it takes just one losing trade to wipe out a run of winners.
Promax Gold EA Backtesting
A backtest shows how a particular trading robot may have performed over historical data. The Promax Gold EA website has a video showing a backtest running in the MT4 platform but we cannot take anything from these results as it is unclear if they are using tick data, variable spreads and including commissions. We would prefer the developer to share a detailed Promax Gold EA backtest statement with 99% modelling quality over a number of years. You can see the backtest video below.
The Promax Gold EA is a unique automated gold trading strategy that implements some innovative features and has published some verified Myfxbook accounts. It comes ready to use out of the box with default settings whilst it is also fully customisable according to your own trading style.
However, we are not huge fans of the potentially risky grid system that it uses. This can lead to large drawdowns as we can see from the Myfxbook accounts. Backtest statements are not provided so we cannot see how it may have performed over different market conditions. Furthermore, the 14-day refund period is quite limited. We would only run this gold robot on a demo account to begin with. Alternatively, you may want to look at another trading software such as the Forex Flex EA.
What is the Promax Gold EA price?
The Promax Gold EA costs $198 which includes 1 Demo and 1 Live account license. This is a one-off payment with free updates.
Where can I download the Promax Gold EA?
The Promax Gold EA download link will be sent to you directly by email after your purchase.
What kind of customer support does Promax Gold EA offer?
They provide clients with support daily from 9 am to 5pm (GMT+3) via several platforms such as email, live chat and various social media channels.
What are the best brokers to use with the Promax Gold EA?
The Promax Gold EA can be used on any MT4 broker account. We would always check to make sure the broker has tight spreads, low trading costs and reliable execution speeds.
What’s the minimum amount required to trade with the Promax Gold EA?
The developer states that the minimum required to use the EA is $1,000. However, we would only trade with what we feel comfortable with and never ever risk more than you can afford to lose.
What is the Promax Gold EA refund policy?
The software comes with a limited 14-day refund policy.
Is the Promax Gold EA a scam?
We cannot say the Promax Gold EA is a scam as there are verified Myfxbook accounts. However, this does not mean to say that it will produce good results as anything can happen in trading.
Can I get the Promax Gold EA for free?
You probably could spend countless hours looking for a free version of the software being shared but it is likely to be out of date and will not be supported by the developers.
What currency pairs does the Promax Gold EA trade?
The software trades the XAU/USD pair. XAU/USD stands for Gold/USD Dollar. In the Forex market, gold is a form of currency. The internationally accepted code for gold is XAU which is a symbol used under the ISO 4217 currency standard to denote one troy ounce of gold.
What are the best Promax Gold EA settings?
The developer states that the best Promax Gold EA settings are those that they provide. However, you should check the lot and risk size is at a level you feel comfortable with as every trader is different.
Can I change the Promax Gold EA settings?
Yes, although you take full accountability for overriding the preoptimized strategic settings that the developers have provided to users by default.
What do I need to run the Promax Gold EA?
You will need the MetaTrader 4 platform for desktop and an account with a forex broker. Most forex brokers will let you open an account with a small deposit and download the MetaTrader 4 platform free of charge.
How much money can I make with the Promax Gold EA?
There is no guarantee on how good or bad any trading system will perform. Due to the unpredictable nature of the markets, nobody can predict what will happen in the future. You should have a clear understanding of the risks involved using any automated trading robot such as the Promax Gold EA.
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.
