Gold Conjurer EA

As a forex trader, finding the right Expert Advisor (EA) that fits your trading style and preferences can be a daunting task. With so many EAs available in the market, it can be challenging to determine which one will work best for you. In this article, we’ll be taking a closer look at the Gold Conjurer EA, a scalping-type EA designed for the MT5 platform. We’ll review its features, strengths, and weaknesses to help you make an informed decision about whether it’s the right EA for you. By the end of this article, you’ll have a comprehensive understanding of the Gold Conjurer EA and be better equipped to decide whether it’s a good fit for your trading needs.

Gold Conjurer EA Strategy

The Gold Conjurer EA is a scalping type Expert Advisor (EA) designed for the MT5 platform, with a recommended minimum balance of $500 as specified by the developer. This EA operates on a 1-hour timeframe, making it suitable for traders who prefer shorter trading periods. The recommended account type is ECN, and IC Markets is the recommended broker.

Gold Conjurer EA
Gold Conjurer EA

The EA trades majorly gold but it can also trade other currency pairs. However, the developer recommends using it primarily for gold trading. This makes it a specialized EA that may not be suitable for traders who prefer a more diversified portfolio. However, for traders who are interested in trading gold and are comfortable with scalping as a strategy, the Gold Conjurer EA may be a viable option.

One of the strengths of the Gold Conjurer EA is its fixed Stop Loss (SL) and Take Profit (TP) of 100 pips, which helps to limit losses and lock in profits. This makes it a safer option for traders who prefer scalping as a trading strategy. The EA also comes with a money management feature that allows traders to set a fixed lot size or a percentage of their account balance to be used for each trade.

However, one of the weaknesses of the Gold Conjurer EA is that it may not be suitable for all market conditions. Since it relies on scalping as a trading strategy, it may not perform optimally in high-volatility markets. Additionally, it may not be able to handle news events and sudden market shifts, which could potentially lead to losses. Additionally, the fixed stop loss and take profit may not be suitable for all trading conditions, and traders may need to adjust their settings accordingly.

In terms of its trading strategy, the Gold Conjurer EA does not utilize grid trading, hedging, or martingale strategies. Instead, it focuses on identifying and exploiting short-term price movements in the market. The EA does not rely on any particular indicator, which could make it more adaptable to changing market conditions. Traders should exercise caution and ensure proper risk management when using this EA, especially during high-volatility markets and news events.

Gold Conjurer EA Features

Here is a list of features of the Gold Conjurer EA:

  • Scalping strategy designed for MT5 platform.
  • Uses 1 hour timeframe to identify trading opportunities.
  • Fixed stop loss and take profit of 100 pips for each trade.
  • Recommended minimum balance of $500 by the developer.
  • Compatible with ECN accounts, with IC Markets being a recommended broker.
  • Provides an easy-to-use interface for setting up the EA and monitoring trades.
  • Utilizes advanced algorithms to analyze market conditions and make informed trading decisions.
  • Designed to work in any market condition, including high volatility and low liquidity.
  • Comes with detailed instructions and support to ensure proper installation and usage.
  • Includes money management features to help control risk and maximize profits.
  • Offers the option to customize certain parameters to suit individual trading preferences.
  • It works with all major currency pairs and gold.
  • There are no hidden fees or commissions.

Gold Conjurer EA Settings

  • Lot for Balance – The lot size based on account balance
  • Balance – The balance-based lot size step
  • Fix Lot (if 0 then Auto) – Fixed lot size
  • Number of Opened Deals – Maximum number of orders allowed
  • Comments – Comment field for additional information
  • Magic – Unique identifier for orders
  • Max Spread – Maximum allowable spread for trading
  • Take Profit, points – The take profit in points
  • Stop Loss, points – The stop loss in points
  • Opened Orders – The number of opened orders
  • Recover Factor – The recovery factor for loss trades
  • Only Buy – Enable only buy trades
  • Only Sell – Enable only sell trades
  • Trailing – Enable trailing stop loss
  • Trailing Start – Trailing start point in pips
  • Trailing From – Trailing distance in pips
  • Trailing Step – Trailing step in pips
  • Use Break Even – Enable break even function
  • Trial – Enable trial mode
  • Trial Start – The start value for the trial mode
  • Trial Begin – The beginning value for the trial mode
Gold Conjurer EA Settings
Gold Conjurer EA Settings

Gold Conjurer EA Summary

The Gold Conjurer EA is a specialized scalping type Expert Advisor designed for traders who prefer shorter trading periods and are interested in trading gold. It has a fixed Stop Loss and Take Profit of 100 pips and comes with a money management feature that allows traders to set a fixed lot size or a percentage of their account balance to be used for each trade.

The EA does not rely on any particular indicator, which could make it more adaptable to changing market conditions. However, it may not perform optimally in high-volatility markets and may not be able to handle news events and sudden market shifts.

Overall, the Gold Conjurer EA may be a viable option for traders interested in gold trading and who are comfortable with scalping as a trading strategy, but traders should exercise caution and ensure proper risk management when using this EA.

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