Gold M Stops requires a hedging account for trading and places trades with a stop loss and take profit. The developer lists multiple options for the expert advisor that can be tweaked according to the trader’s liking. There is a cent account recommendation for the EA, which points out the requirement of a big deposit to mitigate the risk. We will cover the essential factors of the algorithm in our review and see if it is a profitable trading tool to invest money.
The product is available on the MQL 5 website, where the developer lists all the vital points about the system. There is information present on the input settings and the currency pairs. There are also links present that point out the live monitoring options.
The robot is available for an asking price of $600, and there is no money-back guarantee. Traders have the option of renting for one month at $75 and 3 months at $320. One-year subscription comes at $450.
How it works
The robot can be purchased from the MQL 5 website and then placed in the experts’ directory of MT5. Traders can then attach it to the charts and enable auto trading.
The developer states that the system uses a stop loss and take profit for each position. It trades on XAUUSD, AUDUSD, USDCAD, EURUSD, GBPUSD, and AUDCAD and can also be optimized for other currency pairs. There is high spread protection in place and needs a hedging account for trading. From the history of live records, we can see that it uses a grid methodology for trading. The averaging holding time of 2 days refers to a swing trading approach.
Backtesting results are not available for the trading robot, which raises many questions about its profitability. It might have failed during the procedure due to the implementation of grid and martingale strategies. Failure to provide us with the necessary information is a poor approach from the author.
We have trading performance available for the algorithm from August 29, 2021, till the current date. Traders can witness them on MQL 5 marketplace. The system made an average monthly gain of around 6% during the period, with a drawdown of 11.9%. The stated drawdown is adequate here but can increase in the future. The winning rate stood at 86.2%, with a profit factor of 3.26. The best trade was $11.02, while the worst was -$21.18 in a total of 94 trades.
There are $1000 in deposits and $0 in withdrawals by the author of the EA.
There are multiple reviews present on MQL 5 marketplace. A trader says that he blew his $4000 account by using the auto lot function on XAUUSD.
Another trader says that he cannot trust that the system is doing a poor backtest, which the author hides through regular updating. He mentions testing the robot for some more time.
Noorullah Aimaq is the author of the product who resides in Afghanistan. He has a total rating of 3.7 for eight reviews. The developer has 13 products published on the MQL 5 marketplace and has 5 subscribers for his services. He has no trading experience, according to the website.