In this post I will be reviewing the Forex Scouts Gold V9 Robot. This is an automated forex trading strategy developed to run in the MT4 trading platform. You will need the desktop version of the platform to run the Forex Scouts Gold V9 Robot. It will constantly analyse the charts that you attach it to for trading signals. When the robot finds what it determines to be a valid trade setup, it can enter the market for you and manage the position. Whilst this does make it a hands-off solution, there are some important pros and cons to be aware of which I will be looking at in this Forex Scouts Gold V9 Robot Review.
Forex Scouts Gold V9 Robot Strategy
The Forex Scouts Gold V9 EA is developed based on gold market research that the developer claims to have been conducting for many years. It trades on the XAU/USD (gold) pair on the 1-minute chart timeframe.
The problem I find with the 1-minute charts is that they can often be quite noisy which makes it more difficult to filter the good from the bad trades as you could with say the daily charts. However, it does mean there are going to be more trades which does not necessarily mean these will be good trades.
Then you need to consider the spreads which can be high at the best of times on the XAU/USD pair. When you combine high spreads with the choppiness of the 1-minute charts, I think these are not the best trading conditions for any forex expert advisor to trade.
The Forex Scouts Gold V9 Robot can trade 24/7 on any broker that has the XAU/USD pair and the MetaTrader 4 (MT4) platform. You can use it with any account balance that you feel comfortable with. As with all forex robots, I would start on a demo account to begin with just to get a feel for how it works before making any commitment.
The developer has provided default settings which you can customise according to your own trading style. You may also use the default settings which they have already optimised but you will at the very least want to check the money management settings such as the position size and stop loss to make sure that you feel comfortable with them.
To use the Forex Scouts Gold V9 Robot, you will need an account with a forex broker. With so many forex brokers to choose from nowadays, it can be had to decide which is the best forex broker for you. From my many years of experience in the forex industry, IC Markets are one of the best forex brokers when it comes to manual and automated trading. This is because they have tight spreads, low commission fees, reliable execution speeds, multiple funding options and excellent 24/7 customer support.
Forex Scouts Gold V9 Robot Features
- Automated gold trading robot
- Can be used on any MT4 broker with XAU/USD
- Comes with optimised settings that can be customised
- No minimum account balance required
- Runs on the 1-minute chart timeframe
- Full support, free updates and user guide
Forex Scouts Gold V9 Robot Back Testing
I am disappointed to see that the developer has not shared any Forex Scouts Gold V9 expert advisor back tests. This means that we cannot see how it may have performed on historical data over a sustained period of time. This would have given us a better idea of how the automated strategy works and what we might expect from it. Without them, I think it leaves too many questions in terms of profit factor, win/loss rate, drawdown, trade duration and more. If you would prefer a forex robot that does have top quality back tests, then you may wish to consider looking at the Forex Robotron EA instead.
Forex Scouts Gold V9 Robot Results
If the lack of Forex Scouts Gold V9 back tests were slightly disappointing, we don’t even have any verified accounts that show the latest Forex Scouts Gold V9 results. I had a good look around but was unable to find any demo or real accounts that have been verified.
I mean if a forex robot does not have any back tests or real results, then it really is a shot in the dark in my humble opinion. If you are looking for a forex EA with real verified results, then the Forex Flex EA could be another option.
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Scouts Gold V9 Robot Summary
Overall, I would personally pass on the Forex Scouts Gold V9 EA myself. This is simply because there are no back tests or real verified results for us to see how good or bad the expert advisor has been performing in recent market conditions. It could be the best forex EA ever, but without any verified statistics to back this up, we have no way to determine if this is the case.
On the plus side, it will probably trade quite frequently due to the fact that it has been specifically developed for the 1-minute charts and runs 24/7. However, as it trades the XAU/USD pair, I think that the high spreads may impact the overall performance.
It does come with full support, free updates and instructions. You can see a video of how it works on the website which you can visit by using the link below. If you do decide to go ahead and give the Forex Scouts Gold V9 EA a go, please make sure you only start on a demo account to begin with and understand all the significant risks involved with using this or any other forex expert advisor.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.