As the name suggests, the Promax Gold EA is an automated trading system that has been developed specifically for trading gold (XAU/USD). It runs in the MetaTrader 4 platform for desktop, which you can download free of charge from most online brokers. The developers behind the Promax Gold EA are My EA Academy, also known as SinryAdvice. They are based out of Malaysia and have a product range including forex indicators and forex robots. Other forex software from the SinryAdvice team includes TJ10X Forex Indicator, Scalp Pro Indicator and the SFI Indicator. Now, lets get stuck right into this Promax Gold EA Review!
Promax Gold EA Trading Strategy
The Promax Gold EA works only for XAU/USD pair on MetaTrader 4. In theory, you could experiment with other trading instruments if you have the experience and knowledge to do so. Otherwise, it can be used “straight out of the box”. Just make sure that you set a risk level that you feel comfortable with as every trader is different.
With so many forex robots out there these days, it can be hard to differentiate the good from the bad. One of the key things that separates the Promax Gold EA from its competitors, is the smart news filter which allows this EA to analyse both technical and fundamental news.
There are many forex EA’s that don’t even consider the news which is quite surprising when you consider the impact news releases can have on the market. I have seen trading robots that have gone on winning streaks for months on end, only to be wiped out by a single significant news release. You can always use an economic calendar to keep on top of the market news and avoid trading around high impact news releases that could cause significant market volatility.
It is important to be aware that if the Promax Gold EA trades get in drawdown, it will start to form a smart grid to attempt to close them in breakeven without loss. The problem arises if trades do not return to breakeven point, things can get messy, really quick. I am personally not a big fan of grid trading systems as more often than not I have seen them end in margin calls and stop-outs. Please make sure you understand how grid trading works and the significant risks involved before you consider any grid trading system.
Promax Gold EA Features
Let take a look at some of the Promax Gold EA key features:
- Developed to run in the MetaTrader 4 platform
- Can analyse technical and fundamental news
- Fully Automatic – Hands free trading
- Auto money management and lot selecting
- Only for XAU/USD (GOLD) pair
- 5-minute chart timeframe
- Comes with default settings out of the box (adjust risk accordingly)
- Full set up instruction guide included
- 1 Demo 1 Live account license
- Open and Close trades automatically
- Onetime payment
- Free updates
- Full support
Promax Gold EA Back Testing
Unfortunately, as with other SinryAdvice products that I have previously reviewed, there are no back tests on the Promax Gold EA website. Whilst the developer has shared Myfxbook accounts, I would like to see back tests over many years, as to get a rough idea of how the Promax Gold EA may have performed historically. This would also help to decide the best currency pairs and time frames to run it on.
As always, I expect back tests to have 99% modelling quality, using tick data, variable spreads, commissions and slippage. Birts Tick Data Suite is an excellent tool to incorporate within the MT4 strategy tester to improve the back-testing conditions.
I am also concerned to why the developer has not bothered sharing any backtests as I think this is a vital aspect for a trader to consider when choosing any forex robot. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.
Promax Gold EA Verified Results
There are some verified Promax Gold EA Myfxbook accounts linked on the developer’s website. However, I feel they have not been running more than long enough to be able to draw an accurate conclusion on how Promax Gold EA has performed. Any trading system can have a winning streak of a few months; thus, I would personally want to see results over a much longer period of time. None the less, credit goes to the developer for making them available.
Another thing I noticed from the Promax Gold EA results is that the drawdown is very high which shows that the expert advisor is using risky money management. It only takes one loss to wipe out many consecutive winning trades. I therefore think the developer could work hard on improving the risk to reward ratio of the implemented trading strategy. The way it is currently setup, I feel that it is only a matter of time before the robot gets a margin call following on from a run of losing trades. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Promax Gold EA Summary
The Promax Gold EA is too risky for my personal taste. This is because it uses a grid-based trading system that I am not a fan of. These systems open multiple trades to try and capture the market movement whichever direction it moves in. The issue arises when a big trend commences and trades in the opposite direction get left in the dust. This is when you will start to see large drawdowns and probably a blown account. There are much more forex robots available that use sensible money management. I do not think it is necessary to use a potentially dangerous grid trading strategy. I would much prefer to cut losing trades short and let winning trades run. This should in turn help to improve the risk to reward ratio and prevent one losing trade from causing so much damage to the account. That being said, I do know that some traders are quite happy to try out grid systems. If I was to use the Promax Gold EA, I would certainly start on a demo trading account to begin with. Otherwise, please feel free to browse my forex robot reviews for some alternative options.
Promax Gold EA$198
- Gold trading robot
- Customisable settings
- Fully automated trading system
- Default settings
- Verified Myfxbook accounts
- 1 Demo and 1 Live account
- Grid trading system
- Full support
- Free lifetime updates
- Instruction guide
- No Backtests
- High Drawdowns
- Risky Grid Trading Strategy
- Poor Money Management
- MetaTrader 4 Only
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.