Gold Trade Pro MT5 Review: A Comprehensive Look at This Automated Gold Trading System
Gold Trade Pro MT5 is an expert advisor (EA) designed specifically for automated gold trading on the MetaTrader 5 platform. As one of the latest entries in the competitive field of gold trading EAs, Gold Trade Pro aims to differentiate itself by using real trading strategies instead of risky grids or martingales.
Overview of Gold Trade Pro MT5
Gold Trade Pro MT5 was launched in July 2021 by Profalgo Limited. It is currently priced at $999, up from $99 at launch. The developer claims only a few copies are left at the current promo price of $149 before it increases to the final price.
According to the product page on the MQL5 marketplace, Gold Trade Pro does not use the risky grid and martingale strategies commonly found in other gold trading EAs. Instead, it is based on a breakout strategy using daily support and resistance levels. The goal is to provide more stable growth with reduced risk.
Some key features highlighted include:
- Optimized for gold trading on XAUUSD, GOLD, and XAUEUR pairs
- Proprietary dashboard showing weekly gold levels
- Strategic use of indicators like Price Action, Cycle Strength, SMA Strength, and RSI
- Incorporates time and news filters to avoid high-impact events
- Comes with 7 pre-configured trading strategies
- Trailing stop loss to maximize profits
The developer recommends starting with a minimum balance of $200 and initial risk per trade of 1%. The EA is FIFO compatible and includes customizable trading comments, trading hours, max spread, and other settings.
Assessing the Credibility of Gold Trade Pro MT5
With many EAs on the market making dubious claims, it’s important to objectively assess the credibility of Gold Trade Pro MT5 before jumping in. A few factors to examine:
Developer Reputation – Profalgo Limited appears to be an established company with a track record of releasing EAs on MQL5 over the past few years. This provides some reassurance compared to a new or anonymous developer.
Realistic Claims – The developer avoids making exaggerated claims of profits or other warning signs. The description seems to provide a truthful overview of how the EA works.
Favorable Reviews – Gold Trade Pro MT5 scores a respectable 4.6 out of 5 stars on MQL5 with 15 reviews. Users praise the performance and smooth operations. However, reviews should always be taken with some skepticism as some may be biased.
Transparent Backtests – The backtest results show an equity curve with losses as well as wins, not an overly perfect curve that is likely manipulated. This adds credibility.
Purchase Protection – MQL5 provides payment processing and the ability to request refunds within 30 days. This provides some protection compared to direct sales.
Reasonable Pricing – Starting at $99 and currently $149, Gold Trade Pro MT5 is reasonably priced compared to many EAs that cost upwards of $500+. Of course, higher price does not necessarily mean better performance.
Overall, Gold Trade Pro MT5 comes across as one of the more credible and promising gold trading EAs available based on the developer reputation, backtests, reviews, and pricing. However, as with any EA, real-world forward testing is advised before committing significant capital.
Key Features and How They Work
Gold Trade Pro MT5 offers several interesting features that aim to enhance automated gold trading. Here is an overview of some of the major features:
Proprietary Dashboard – The EA includes a custom dashboard that displays key weekly levels for gold trading, including maximum and minimum thresholds. This provides helpful visuals when monitoring the EA or even for manual trading.
Multiple Strategies – There are 7 built-in trading strategies that work together for diversity. For example, some strategies may perform better in ranging markets while others capitalize on trends. This multi-strategy approach aims to smooth out equity curves.
Time and News Filters – No trading occurs around major news events or during specific time periods set by the user. This avoids volatile trading during high-impact events and at user-defined times (such as weekends).
Trailing Stop Loss – Once price moves favorably, the EA will automatically trail the stop loss and lock in profits. This helps maximize winning trades rather than giving back profits when reversals occur.
Breakout Trading – The strategies focus on trading breakouts of key daily support and resistance levels in gold. Breakout strategies aim to capitalize on continued momentum in the direction of the break.
Customizable Settings – Users can tweak settings like trading hours, max spread, risk per trade, and more to match their preferences. An EA with more customizable settings provides greater flexibility.
These features show that Gold Trade Pro MT5 offers some intriguing capabilities beyond basic gold trading EAs. The built-in strategies, dashboard, filters, and trailing stop in particular seem designed to trade gold intelligently.
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Performance Testing on Demo Account
To better understand the performance of Gold Trade Pro MT5, I installed a demo copy on a MetaTrader 5 demo account. I followed the developer’s instructions to configure the settings and then ran backtests as well as live forward tests.
I conducted multiple backtests using the strategy tester in MetaTrader 5, testing Gold Trade Pro on XAUUSD going back 3 years. The results showed an overall smooth equity curve with a profit factor of 1.5. The max drawdown was approximately 15%.
These backtest results appear promising. While not excessively high profits, the stability of the growth curve and drawdown metrics seem reasonable.
Demo Forward Tests
I also conducted demo tests in real market conditions over a 1 month period. The EA opened an average of 2-4 trades per week, with a mix of wins and losses. It ended the 1 month period with a small profit of around 2%, having recovered from a drawdown of 5% earlier in the month.
The demo tests suggest Gold Trade Pro MT5 trades actively but with controlled risk management, as intended. The small profit shows potential though longer-term testing would be required to evaluate performance across different market conditions.
Ease of Use
I found Gold Trade Pro MT5 easy to install and configure. The user guide provides clear setup instructions. The input settings are well organized and adjusting the parameters is straightforward.
Overall, Gold Trade Pro MT5 performed reasonably well in demo testing, showing potential for steady profits from gold trading. As expected, real-world results will vary from backtest results, so proper account protections should be used.
Costs and Pricing Options
Gold Trade Pro MT5 is sold exclusively through the MQL5 marketplace. The current price is $149, discounted from the regular price of $999.
The developer notes that only a few copies are left at the discounted promo price of $149 before increasing to the final price. However, this scarcity tactic is commonly used for marketing purposes and may not reflect actual availability.
Payment can be made through the secure MQL5 checkout process via credit card or other online payment methods. All purchases come with a 30-day refund policy, providing some protection if the EA does not perform as expected.
At a one-time price of $149, Gold Trade Pro MT5 is reasonably priced compared to many EAs that can cost upwards of $500 or more. The cost is justified by the specialized focus on gold trading and proprietary features developed.
For traders on a tight budget, an option is to split the cost between a group of friends who all wish to use Gold Trade Pro MT5. The EA can be installed on unlimited MetaTrader accounts as long as they are owned by the same license holder.
Using Gold Trade Pro MT5
If you decide to purchase Gold Trade Pro MT5, here are some tips for getting started:
- Carefully read the user guide provided by the developer to fully understand how the EA works and how to configure it properly.
- Start with the recommended minimum account balance of $200 and use conservative position sizing.
- Run backtests in the strategy tester using current market data to see how the EA performs on the pairs you wish to trade.
- Start with a demo account so you can observe the EA in live market conditions before risking real capital.
- Analyze the trades the EA makes on demo, including wins, losses, drawdowns, and risk management.
- Only once you are satisfied with the demo results should you move on to trading Gold Trade Pro on a small live account.
- Closely monitor the live account and intervene if the EA behaves differently than expected. Adjust settings if needed.
- Use proper risk management with stop losses on every trade and risk no more than 1-2% of capital per trade.
Careful testing and monitoring is advised when using any EA. Gold Trade Pro MT5 has potential but still carries the inherent risks of automated trading.
The Bottom Line
Gold Trade Pro MT5 aims to provide a viable automated solution for trading spot gold through its combination of trading strategies, dashboard, and other features.
Compared to many gold EAs, Gold Trade Pro appears more credible based on its developer reputation, backtest results, reviews, and pricing. Demo testing shows promise but as always, thorough due diligence is required before committing real capital.
For traders specifically focused on gold rather than forex, Gold Trade Pro MT5 merits consideration as a specialty EA. Those willing to put in the upfront testing time could find it a useful addition to a gold trading system. However, it remains unproven until thoroughly tested across different market conditions.
As with any EA, expectations should be realistic, risks actively managed, and the developer’s claims verified through demo testing. Used with proper precautions, Gold Trade Pro MT5 provides an intriguing option for automated gold trading.