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. I have reviewed some of the company’s other forex software, including the Forex MG Pro EA. They are based out of Malaysia and have a product range including forex indicators and forex robots.
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.
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.
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.
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.
That begin 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.