Golden Million is a Forex robot being sold on mql5. The vendor expresses the desire to share his experiences in the field of algorithmic trading in Forex through this robot. So, he guarantees that the system will earn you money in this market.
Golden Million is the invention of a Russian called Aleksei Bordak. He is a self-proclaimed millionaire, thanks to using his robots to trade. He has 15 years of programming experience and develops trading algorithms professionally for the financial, crypto, and Forex markets. Unfortunately, we can neither confirm nor deny these claims since no tangible proof is provided.
Golden Million overview
The features of the robot are listed here:
- It works on the H1 timeframe
- The recommended leverage is 1:100 and higher
- The main working instrument is XAUUSD
- Prefers to work with hedging accounts
- It is user-friendly, and all needless parameters are hidden to facilitate easy setup
- Runs on both the MT4 and MT5 accounts
Golden Million has three trading plans. A one-time license costs $999. To rent the system for 6 months or a year, the asking price is $499 or $699, respectively. All of these packages are costly. But we will see in the next sections if the system is worth any of these prices or not.
How it works
Golden Million is an automated trading system. So, it uses a set of rules and conditions created by the developer to automatically generate buy and sell orders on behalf of the trader.
Info on the trading strategy is not divulged. This is disappointing. We believe traders would want to know under what conditions the EA sells and buys gold. This way, they can gauge if the strategy fits their trading preferences and determine whether it is efficient or not. So, the lack of strategy insight may cause some of the traders to shy away from the trading tool.
As per this report, the EA conducted 1252 trades during the backtesting period. After the robot won 92.61% of the short trades and 91.99% of the long ones, a total net profit of $80720861.13 was realized. The profit factor was 12.25, while the maximum drawdown was 1.08%. This tells us that the robot traded with low risks and generated higher returns. That’s why the average loss trade (-$73960.84) was lower than the average profit trade ($76099.62).
Golden Millions’ live trading results are not showcased. There is no doubt that the outcomes generated during the simulation period are desirable. We would like to see if the EA can produce such results in the live market. This will create more confidence in the system’s efficacy and make the vendor’s promises more convincing.
Golden Million has received mixed reviews on MQL5. There are claims that the EA is successful and produces good trading results. Those of a contrary opinion say that the system is a loser. In fact, one unsatisfied trader purports that he lost 9 positions in a row while using the tool.