In this post I will be reviewing the Gold Light FX EA. As the name suggests, this is an expert advisor (forex robot) developed for the MetaTrader 4 trading platform. It was primarily developed to trade GOLD (XAUUSD) although it can be used on multiple currency pairs, mainly major currency crosses such as the EURUSD and GBPUSD amongst others. The advantage of trading these majors are the favourable spreads and there is usually always plenty of liquidity for reliable execution, I find this especially the case with an ECN forex broker. On the other hand, GOLD usually has a wide spread but can make some very big moves on a daily basis.
Gold Light FX EA Strategy
The Gold Light FX EA core strategy is based around scalping techniques. It trades multiple currency pairs which gives it diversity and plenty of trading opportunities. When using this type of automated trading system I would need to be using a suitable broker – I cannot emphasise this enough.
The expert advisor (EA) will analyse charts for potential trading signals based on the built-in algorithm. When it finds a signal, it can place and manage trades on behalf of the user. The settings can be customised to the user preferences. I would personally run forex robots with an ECN forex broker as I find that they tend to have some of tightest spreads, lowest commissions and reliable execution speeds.
Gold Light FX EA Back Testing
There are no Gold Light FX EA back tests provided on the website which is disappointing.
Gold Light FX EA Live Results
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Gold Light FX EA Summary
Overall, I find the Gold Light FX EA has good diversity with a frequent amount of trades. It is also a rare forex robot developed for trading GOLD. The managed account is an alternative option and if you are interested in going down that route then they have plenty of information on the website. Personally I like to have some form of control over my trading.
It is also suitable for beginners as it includes detailed instructions, full support and as expected with all forex software – lifetime updates. There does seem to be a lack of a refund policy however the merchant who processes payment may be able to help you should you be unhappy with the Gold Light FX EA for any reason. Visit the Gold Light FX EA website for more information.