For traders who want to capitalize on the lucrative gold market, using automated Forex trading software will be a big advantage. You can avoid the hassles of intensive technical and fundamental analysis with such automated systems. Lucky Gold Scalper is an automated trading system that targets the Gold market. It is exclusively developed to trade the XAUUSD pair. Created by Nguyen Hang Hai Ha, this system was first published in March 2021.
From the developer’s profile on the MQL5 site, we could see that he is a designer, stock and bitcoin trader, and Forex products developer since 2012. Hailing from Vietnam, he also has three signals to his credit. For a Forex robot to be effective the system has to excel in all the key aspects such as strategy, performance, price, etc. Without this knowledge, you will find that your investment is in vain. Fortunately, we have the solution you need. To know more about how to pick the best Forex robot, look at our best Forex robots list.
Lucky Gold Scalper Overview
As a system dedicated to trading the XAUUSD pair, Lucky Gold Scalper focuses on traders interested in trading the Gold market. The developer provides a short description of the Forex robot and the strategy. He also gives recommendations on using the system including the timeframe and use of a broker. But the info provided is not sufficient to know about the important aspects of the system like the strategy used, performance, and more. When compared to other similar systems, the developer provides only limited details which makes it difficult to assess the system.
The price of this Forex robot is $399. You can find rental options for the system on the MQL5 site. For 3 months rental, the charge is $197 and it is $257 for 6 months rental. An annual rental is also present at $297. We could also find a free demo offer and a discounted price of $357 that is available only for 7 buyers.
Compared to the price of other scalping Forex robots especially those focused on the XAUUSD pair, the price is expensive. The rental charges are also very expensive. For a system that is just a few weeks old, the price is on the higher side and would deter most of the traders looking to profit from the gold market.
How It Works
As we mentioned earlier, the developer does not reveal how the system works. As per the developer for traders who are new to using an expert advisor, the default settings are ideal. He recommends using any time frame and the use of VPS with low latency.
An ECN or Raw spread is best as per the developer info and the minimum balance needed is $2000. The developer recommends not to use this system with another Forex robot on the same account and to not make withdrawals or deposits while the EA has open positions.
As the name implies, this system uses a scalping strategy. As per the developer’s info, the smart trading strategy is based on price action volatility to identify trading signals that have a high winning probability. If the system identifies floating loss positions, it will close the positions with the least loss. While it is true that scalping strategy is dependent on the right exit, we are not sure how it applies to this system as the explanation provided is ambiguous.
A backtesting report is displayed on the site. Here is a screenshot of the result:
From the result, a profit factor of 1.99 and a maximum drawdown of 0.96% are revealed for an initial deposit of $1000. However, due to the modeling quality being just 90%, we could not find details on the slippage, commission, etc.
We could not find verified trading results. However, the developer has posted a demo account trading result on the MQL5 site. A screenshot of the result is shown below:
From the info provided, we could see the system has sustained a growth of 155.79% on an initial deposit of $3017.14. Trading began for this account on 26th January 2021 and up to April 2021, the system has done 7157 trades with a profit factor of 1.29. However, we could not find any other details on the system such as the drawdown, lot sizes, etc. With reputed third-party sites such as myfxbook, FXBlue, etc. all the pertinent details are revealed enabling us to know more about the system. We would prefer the developer to post verified trading results from such sites. This will give us better insight into the performance of the system and the strategy.
We could not find user reviews for this system on trusted sites like Forexpeacearmy, Trustpilot, Quora, Myfxbook, etc. User reviews play a vital role in assessing a system’s performance and features like its support, price, etc.