Gold Way EA is a fully automated and open system that delves into the world of gold trading. With its strategy and features, this Forex expert advisor aims to exploit vulnerabilities in the gold market that manifest themselves in the evening. In the vast expanse of the trading world, it’s crucial to separate the genuine gems from the glittering illusions. Sadly, Gold Way EA falls into the latter category. Behind its enticing promises and grand claims, this trading system conceals glaring deficiencies and resorts to pressure tactics for sales.
Gold Way EA falls short in the area of customer support. Despite claims of personalized recommendations and assistance, the support provided by the developer is often subpar. Many users report difficulties in reaching out for guidance, and when they do manage to make contact, the responses are often vague and unhelpful.
Gold Way EA Review
Gold Way EA is a trading system that claims to stand out from the crowd. Unlike other trading solutions, it shuns the conventional grid, Martingale, AI, and neural network paths. With default settings tailored for the XAUUSD H1 chart, this EA supports 1OHLC mode for weak PCs, ensuring compatibility with a wide range of trading setups.
Gold Way EA falls short in several critical aspects, casting doubt on its reliability. Its deficient backtesting report and lack of transparency raise concerns about the system’s effectiveness and risk management. Furthermore, the pressure tactics employed to drive sales, such as limited copies and urgent pricing, suggest focusing on profit rather than providing a genuinely valuable trading solution.
Gold Way EA Strategy
Gold Way EA uses a strategy that capitalizes on the evening quiet time after 20:00. By meticulously exploiting vulnerabilities in the gold market, this algorithm uncovers opportunities that others might miss. With its GMT determination feature and robust news filter, it navigates the complexities of the market with precision and grace.
The Market Volatility filter further enhances its accuracy, enabling it to identify optimal entry points. With fixed stop loss and virtual profit tracking, you can rest assured that a well-defined risk management approach backs each trade.
- Type: Forex Robot
- Strategy: Night scalping
- Currency Pairs: XAUUSD, XAUEUR, XAUCHF, XAUAUD, XAUGBP.
- Time frame: H1
- Price: $515.
Gold Way EA is currently available at a price of $515. The concerning aspect of Gold Way EA is the employment of pressure tactics to drive sales. The urgency created by the limited number of copies available at a discounted price is a classic manipulative technique used to coerce potential buyers into making hasty decisions.
This high-pressure sales approach raises questions about the system’s actual value and whether the developer is more interested in making quick profits than providing a genuinely beneficial trading solution.
One of the key red flags with Gold Way EA is its deficient backtesting report. Backtesting is an essential aspect of any reliable trading system, as it provides insights into historical performance and the system’s ability to adapt to various market conditions. However, Gold Way EA fails to provide a comprehensive and transparent backtesting report, leaving users in the dark regarding its effectiveness and reliability.
This absence of crucial information raises serious doubts about the system’s performance and casts a shadow over its credibility.
Trading Result Analysis
The performance of Gold Way EA on the MQL5 signals account at ICMarkets brokerage raises some noteworthy observations. Over a period of 9 weeks, the EA managed to generate a total gain of 6% on the initial deposit of $400, resulting in a profit of $22.64. The maximum drawdown of 2.5% indicates a relatively moderate risk level during trading.
However, despite the overall positive gain, the monthly growth of -0.09% is a concern. A negative monthly growth suggests that the EA has encountered some challenges in consistently maintaining profitable trades, potentially leading to stagnation or a gradual decline in the account balance.
The EA has completed a total of 54 trades. The average holding time of 2 hours implies that the EA executes trades within relatively short timeframes, likely aiming for quick profits.
Looking at individual trade results, the best trade of 2.84 USD and the worst trade of -3.15 USD showcase a narrow profit margin. This suggests that the EA might struggle with effectively capitalizing on profitable opportunities while being vulnerable to losses that can quickly erode gains.
Low trading activity
In addition to its existing flaws, another significant drawback of Gold Way EA is its low trading activity. Reports indicate that the EA has failed to execute any trades on live trading accounts for over 13 days. This prolonged period of inactivity raises serious concerns about the system’s ability to identify and capitalize on market opportunities.
Traders rely on active trading to generate returns, and the lack of trading activity further erodes confidence in the effectiveness of Gold Way EA as a profitable trading solution.
While the initial gain and low drawdown are positive aspects, the negative monthly growth, narrow profit margins, and lack of recent trading activity indicate that Gold Way EA may not be performing optimally.
Gold Way EA’s enticing promises of gold trading success quickly lose their luster upon closer examination. With its deficient backtesting report, employment of pressure tactics to drive sales, low trading, and unreliable support, this trading system reveals its true nature as a golden illusion designed to entice and exploit traders.
Proceed with caution and prioritize thorough research and due diligence when considering the best Forex EA for your trades. Don’t let the glitter blind you to the inherent flaws and questionable practices of Gold Way EA.