In this post I will be reviewing the Gold Trader expert advisor (EA) fully automated forex trading robot for the MT4 trading platform. This is another forex robot developed by the team over at LeapFX, they are really churning these out!
This one is apparently inspired by a “weird” trading signal that appears frequently. As always, make sure you check the latest performance at the time of reading this Gold Trader review on my best forex robots page and remember that historical results are by no means any indication of future performance due to the unpredictable nature of the markets.
Gold Trader Trading Strategy
As the name suggest, the Gold Trade EA aims to take advantage of trading gold, an asset that is considered by many to be a safe haven when compared to other more volatile trading instruments. That being said, gold itself can still be volatile and is often seen as an asset for a long-term hold.
However, this particular Gold Trading system looks to take advantage of short-term movements based on divergence trading. If you are unsure of what divergence trading is, Investopedia have kindly worded it in layman’s terms as follows:
“Divergence is when the price of an asset is moving in the opposite direction of a technical indicator, such as an oscillator, or is moving contrary to other data. Divergence warns that the current price trend may be weakening, and in some cases may lead to the price changing direction.”
As with any trading system, I would find it beneficial to use a regulated ECN forex broker with tight spreads, low commission charges and reliable execution speeds. Not all brokers offer gold for trading so that would be worth checking as well. 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.
The Gold Trader EA is limited to a few trades per day and will look to lock them in at break even the keep them running to try and maximise moves.
Gold Trader Back Testing
There are no back tests on the Gold Trader EA website which is disappointing. Despite their significant limitations, provided the developers uses Birts TDS for the most accurate back testing possible in MT4, they can give some indication of how a system traded historically.
Gold Trader Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Gold Trader Summary
The Gold Trader EA may not be a trading strategy for everybody considering it does not seem to trade very frequently and many traders would probably give up due to the lack of trading activity. It is also limited to gold which tells me that the system is not flexible. I usually find the strongest strategies can perform on multiple assets.
In saying that, the robot does come with full support, instructions and a money back guarantee.