Promax Gold Robot is a new expert advisor that claims to be the first fully automatic gold trading robot. Promax Gold EA is even promising to achieve a 20% to 48% expected monthly gain.
Promax Gold EA Review
Promax Gold EA is designed with a smart news filter. It only works for the XAUUSD on MetaTrader 4. It comes with auto management and lot size selection.
It costs about $198 and it allows for 1 demo and 1 live account. Like the Golden Pickaxe EA, the best settings are configured inside.
Promax Gold EA opens and closes trades in profit automatically, but is it true?
Promax Gold EA Strategy
The service provides a short overview of the robot’s strategy.
The Promax Gold EA uses inner settings which are programmed to analyze the market’s fundamental news and collect all the market information to place the trade. The programming allows the EA to trade only above 88% accuracy.
We feel that this information is shallow in nature. Most vendors who want to be taken seriously strive to provide as many strategy insights as possible.
- Promax Gold EA is a Forex robot that works on MT4 platforms
- It trades only the XAUUSD pair
- Recommended timeframe is M5
- For ECN and standard accounts
- Price is $198 for 1 demo and 1 live account license
the vendor provided a video and claimed that the robot has made a +29% profit just in 45 days of backtesting.
We keep repeating ourselves in almost every EA review – often backtesting results are not a reliable means of ascertaining a robot’s performance. Because there is no real trading involved in backtesting analysis, robot developers can manipulate the process to appear profitable result.
EA developers can cherry-pick only profitable trades to give it a high win rate and long winning streak. So when you see a backtesting result with a high win rate, you have to know that it’s something fishy that you have to be very cautious with.
Promax Gold EA Result
The vendor has provided a myfxbook.com account which we found to be a real account hosted on the OpoForex MetaTrader 4 platform.
This account has been running since April 2021 and according to the stats, a gain of +60.49% has been achieved. The monthly gain is just 7.37%. This is far from the expected monthly gain of 20% to 48% which they promise.
All in all, we’re not pleased with the results since the drawdown is at 53.02% which is considered unacceptable by all standards.
The Promax Gold EA is poor in terms of trading performance. Such a huge drawdown will take them a long time to get right because it’s already clear that their strategy is not safe.
For that reason, I find myself steering clear of the Promax Gold EA.