Table of Contents

The Goldify EA is an expert advisor for auto trading gold that is developed by the Maka Assistant team of computer programmers and traders. They have some other trading robots such as the Ultra Pip EA and Wise EA. This particular gold trading robot from them has been built in the MQL language so it runs in the MetaTrader 4 (MT4) desktop platform which you can download for free from most forex brokers. You can even open a demo trading account to test forex robots without any risk. In this Goldify EA Review, we will look at the trading strategy, features and the EA results.

Goldify EA Trading Strategy

The Goldify EA has been developed for the XAU/USD pair and 15-minute chart timeframe. In the Forex market, gold is a form of currency. The internationally accepted code for gold is XAU which is a symbol used under the ISO 4217 currency standard to denote one troy ounce of gold. It is known to be a “safe-haven” asset, expected to increase its value in times of volatility and economic uncertainty.

The XAU/USD pair tells the trader how many US Dollar (the quote currency) are needed to purchase one Gold Ounce (the base currency). The United States is the country that holds the biggest resources of gold in the world.

The Goldify EA strategy looks to try and take advantage of market volatility by combining technical indicators included with the software that are based on trend and price action analysis. This means it uses confirmation from different analysis before taking a trade position.

Whilst it does use a stop loss by the looks of it, the drawdown is quite substantial which is a concern for me personally. It must be using a wide stop loss with the hope that it won’t be hit and possible even using aggressive techniques to try and recover from a loss. However, nothing is ever guaranteed when it comes to trading.

Goldify EA Features

Now that we have an idea of the Goldify expert advisors trading strategy, we will take a look at some of the robot key features.

Fully Automated

The Goldify robot is a completely automated gold trading system that can scan the XAU/USD pair for trading signals. When it finds a gold signal, it can place, manage and exit a trade on behalf of the user. You may choose to manually intervene with the expert advisor if you prefer to have more control over your trading.

Advanced Balance Security

With the Goldify EA, you can set a limit on the maximum loss of the account balance using the Advance Balance Security option. This feature has been implemented into the software so that you can use a forced exit criterion where all positions will be closed should the balance reach the maximum loss allocation.

Money Management

The Goldify EA has fully customisable money management features. You can choose between fixed lot sizes or choose a fixed risk percentage to use on each trade. When using the risk percentage option, the Goldify EA will automatically adjust the lot size for each position according to the risk value that you set. As always, you should only ever trade an amount that you feel confident with as every forex trader has a different level of risk tolerance.

News Filter Option

The news filter option will prevent the robot from placing trades around major news releases if used. Many traders choose to avoid important news releases as they can cause high market volatility and therefore unsuitable market and broker trading conditions. Whilst a news filter can track events that happen based on dates/times in an economic calendar, it cannot account for unexpected news events, commonly known as black swans.

A Black Swan event is an event in human history that was unprecedented and unexpected at the point in time it occurred. The term Black Swan originates from the (Western) belief that all swans are white because these were the only ones accounted for.

Before the COVID-19 outbreak, the most notable example (in recent years) of a black swan event was the Global Financial Crisis of 2008. The financial crisis took its toll on individuals and institutions around the globe, with millions of American being deeply impacted.

Spread Filter

The software has a maximum spread filter that lets the user choose the maximum that the XAU/USD spread can be otherwise the EA will avoid taking a trade position. Spreads can be quite high on the XAU/USD sometimes so this feature helps to avoid even more unsuitable trading conditions. When the spread is too high, it can create larger trading fees and even turn a potentially good performing trading strategy into a poor performing one. I think that it is always important to use a broker with low fees, low swaps, low commissions and also high-speed server with reliable connectivity.

Goldify EA Back Testing

The developers have provided some Goldify EA backtests on the website, including a video showing this trading software in action. Unfortunately, the backtest modelling quality is very low and therefore I would not draw any accurate conclusions from the backtests. Furthermore, these tests confirm what I thought about the EA using dangerous money management to try and recover a losing trade. If things go wrong, this can lead to huge drawdowns and even a blown trading account. I would much rather use a trading robot that has a sensible stop loss. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.

Goldify EA Results

To their credit, the developers have provided us with a couple of Myfxbook Goldify EA verified accounts so that we can track the recent results of the robot. Again, at the time of me writing this review, the drawdowns are substantial and one of the accounts has not been updated for a long time now. If you are looking for a forex robot that has up to date verified results, then you may want to consider the Forex Flex EA as an alternative option instead. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.

Goldify EA Summary

It can be quite rare to find a trading robot that has been created specifically to trade XAU/USD just as the Goldify EA does. It has some useful features and fully customisable settings along with some verified Myfxbook accounts for us to follow. That being said, it is too risky for my personal risk tolerance level due to the stop loss and money management that it is using. Whilst it can go on a run of consecutive wins, all it takes is one trade to head in the wrong direction and things can go south, fast. For that reason, you may want to consider another option from my forex robot reviews.

Goldify EA

$198

4.7

Strategy

4.0/10

Backtesting

5.0/10

Results