In this post I will be reviewing the GOLD Scalper Pro automated trading system from the team over at “fxautomater” who have developed a selection of trading robots that cater to different trading styles. As the name rightly suggests, this particular robot trades on GOLD (XAUUSD).
Due to the fact that GOLD Scalper Pro is fully automated, it can be used by any experience level of trader, you simply attach it to the XAUUSD chart in your MT4 trading platform and it will place, manage and close trade positions on your behalf.
In order to use this forex robot, you will need a trading account with a forex broker. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
As always, I would personally use a true ECN forex broker for the best possible trading conditions including tight spreads, low commissions and fast execution speeds. IC Markets are one of my top brokers for running forex trading robots as they have deep liquidity which means that you can get your trades executed at some of the best available prices on the market at all times.
Fxautomater are the developers of the GOLD Scalper Pro and have a large selection of forex robots that I have previously reviewed including News Scope EA Pro, Forex Trend Detector, Wall Street Forex Robot, Forex Diamond EA, Forex Gold Investor, Volatility Factor Pro, BF Scalper Pro, Grid Master Pro, Smart Scalper Pro and the Omega Trend EA.
GOLD Scalper Pro EA Strategy
The GOLD Scalper Pro EA strategy aims to enter in the direction of a distinctive market impulse and a following correction. This principle has been around for as long as the markets have existed.
The GOLD Scalper Pro is not a grid, martingale, or other risky strategy – it is a classical trading strategy that uses a reasonable stop loss and has built in entry and exit trading logic, along with an optional ATR based algorithm for money management.
That being said, it is not the holy grail so please don’t expect miracles!
GOLD Scalper Pro features include:
- Advanced News Filter
- Stealth mode
- Advanced Time Management System
- Email and Push Notification system
- Friday Exit System
GOLD Scalper Pro comes with a built in Money Management System where you can set a risk in percentage and the robot will automatically calculate the required lot size according to the risk set and your account free margin.
It is equipped with an Advanced News Filter so you can avoid trading during most important news and events.
There is a Time Management System which you can precisely configure so that the GOLD Scalper Pro robot will only trade during specific hours. You can also configure the robot to trade or not on individual week days.
GOLD Scalper Pro has a Friday Exit system and you can configure the robot to close all trades on Friday Evening at a desired time and to stop trading after this time.
It can send email and push notifications to your mobile phone and inform you about its trades.
GOLD Scalper Pro also comes with Manual Trading system option which allows the user to open manual trades which will be managed automatically by the robot.
The robot prints two buttons on the chart, BUY and SELL. If you click the BUY button the robot will open a BUY trade. If you click the SELL button the robot will open a SELL trade.
When the buttons color is dark gray then it means that the manual trading is not allowed for BUY or SELL due to the market conditions or there are already opened trades.
GOLD Scalper Pro EA Back Testing
The developer has performed 99.9% quality Real Tick and Real Spread back tests, which show historical performance over a sustained period of time and throughout differing market conditions. I must say it look like the GOLD Scalper EA did well in testing but there are many other things to consider, especially the testing environment and possible over optimisation. Of course, back tests are by no means any indication of how a trading system will perform in the future but it can give a rough idea of historical performance.
Unfortunately, it is not possible to see if the developer accounted for commissions, slippage or swaps in back testing. These are factors that can have a major impact on the results of a trading strategy, especially one that relies on scalping small price movements such as the GOLD Scalper Pro EA. I also think the backtests can be improved by being run over a longer period of time whereas I would also be curious to see the GOLD Scalper robot run on other financial instruments and chart timeframes to see if the implemented algorithm is at all versatile. There is a chance that it may just be over optimised for the XAUUSD pair which wouldn’t be ideal.
GOLD Scalper Pro EA Live Results
We have some real verified Myfxbook accounts that show the latest GOLD Scalper Pro EA results. This can be a good way for you to check the statistics and see if you like the trading strategy being used by this expert advisor. I think that the drawdown is quite high personally and believe the robots money management could be improved. I would look to run my own optimisations in the MT4 strategy tester to see if it would be possible to reduce the stop loss quite significantly without having too much of an impact on the win rate of the EA. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
GOLD Scalper Pro EA Summary
Overall, the GOLD Scalper Pro EA does have some advanced features and can be fully customised by the more experienced trader. It does have infrequent trading activity which may deter some traders who prefer more high-octane action.
That being said, if you know what you are doing, you may experiment by back testing on other trading instruments to increase the trading frequency and create your own bespoke set files.
I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this particular trading robot, such as the Forex Robotron EA.
The GOLD Scalper Pro EA comes with instructions, support, updates and a money back guarantee. You could always run it on a demo trading account to see how things go without taking any risk.
GOLD Scalper Pro EA
$77
Pros
- Gold Trading Strategy
- Time Management
- News Filter
- Money Management
- Customisable Settings
- Fully Automated System
- Verified Results Provided
- Full Support
- Detailed Instructions
- Money Back Guarantee
Cons
- Potentially High Drawdowns
- MetaTrader 4 Only
- XAUUSD only
- Broker Sensitive
- Requires Low Commission Fees
- Requires Tight Spreads
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.
