The robot is coded to trade on gold and is amongst the rare EAs in the market that puts a proper stop loss and profit with every position. The expert advisor is not free of the traditional grid systems that are used with almost every other automated software.
Promax Gold EA Features
The robot has the following features:
- Analysis of both fundamental and technical analysis to its benefit
- It is capable of generating 20% to 48% of profits a month
- Uses auto money management to calculate lot size
- Works only with XAUUSD for the MT4 platform
- Closes and opens trade on full automated mode
The website boasts of using brokers with a high-speed server, low swap, fees, and leverage of 1:500. They recommend using oppo forex and have an affiliate link on the web page that is ready to take you to the brokers’ website.
The robot is available for a price of $198 for a single demo and live account. It does not have sufficient history of live trading results, which makes this price point extremely high.
How it works
The robot is installed and ready to go in a few minutes. After funding your account and receiving the expert file, place it in the expert directory of your MT 4. Enable auto trading and drag the algorithm to the gold chart to make it work.
The developer does not state which type of trading strategy the algorithm utilizes. All we know is that it works on the 5-minute chart on standard accounts at XAUUSD. You cannot use mini or cent portfolios. The robot has to be online 24 hours, and it is advised not to run any other robots, indicators, and manual trading as it will interfere with the Promax Gold EA. It uses the smart grid to close orders in breakeven in case the position runs into negative territory.
Using the trading history on the live results, we can draw some conclusions. As the average trade duration is 46 minutes, it is possible to say that the EA uses both scalping and day trading approaches. In some instances, the robot can increase the lot size, which is referred to as martingale. This proves that the developer lied about using only the grid system for trading.
Their live trading record on Myfxbook started trading recently from April 25, 2021. Such a short duration is insufficient to conclude anything, especially from a system that uses both grid and martingale.
The results provide us with the following information:
- Profit factor and winning ratio. The system had an 83% win rate with a profit factor of 3.65, which seems impressive. However, remember the good results are only due to risky strategies that can be detrimental anytime soon.
- Pips and lots. For a total of 124 trades, the algorithm traded 144 lots. The average win was $214.75, and the loss was $-288.50. The drawdown stood at 4.11%, with a monthly gain of 14.72%. The total gain is 16.06%.
Results are also available for an account value of $1000, which shows a similar win rate, but the profit factor is reduced to 2.24. It also has a high drawdown of 28.14%. In a bid to deliver better results, the developer stressed the account to show better gains, i.e., 58.15%.
There are no backtesting results that show us the performance of the system under various stressful conditions. We, therefore, can not contrast live and backtest results.
No customer reviews are currently present on noted review platforms such as Forex Peace Army and TrustPilot. This shows that the system is relatively new and is not to be trusted. Response from other traders can help determine if the system works.