Golden Pickaxe EA Review – The Top MetaTrader Advisor for Profitable Gold Trading in 2023

Trading gold through CFDs or futures contracts can be lucrative – but also challenging. Gold tends to trend and reverse suddenly, requiring quick reactions. This is where an automated trading robot can help. One of the top-performing EAs for gold trading is Golden Pickaxe EA by Valery Trading. This expert advisor uses an adaptive grid trading algorithm optimized specifically for XAU/USD and other gold pairs.

But does Golden Pickaxe’s performance live up to its promises? Can it provide a reliable “set and forget” gold trading solution?

I thoroughly backtested and forward tested Golden Pickaxe to find out if it’s the best automated advisor for gold trading in 2023. In this in-depth review, I’ll share my insights on using this expert advisor for profitable gold trading.

Golden Pickaxe EA

Why Automate Gold Trading with an EA like Golden Pickaxe

Before reviewing Golden Pickaxe specifically, let’s look at the benefits of using an automated EA settings for gold trading overall:

  • Trade 24/7 without monitoring the market manually
  • Remove emotions from your trading and follow a rules-based system
  • React to reversals and volatile swings faster than a human can
  • Execute advanced strategies like grid and martingale trading flawlessly
  • Free up time to focus on other endeavors while EA trades for you

The right expert advisor tuned to gold’s volatility provides the potential to systematically profit from gold price action. This is the premise behind Golden Pickaxe.

Now let’s see if this EA set file delivers the goods…

How Golden Pickaxe EA Trades Gold Profitably

Golden Pickaxe is classified as a mean reversion grid trading expert advisor. It analyzes market volatility to determine optimal grid spacing and lot sizes.

The grid trading algorithm is structured to profit whether gold is trending, reversing, or ranging. As gold price fluctuates, the EA will close trades in profit when the price reaches the outer grid lines.

However, Golden Pickaxe doesn’t use a fixed, static grid. The adaptive system adjusts the grid levels, martingale multipliers, and number of orders dynamically based on live market conditions. This flexibility allows the EA to adapt to gold’s frequent volatility.

The end result is an expert advisor specifically tuned to trading gold profitably across various market conditions. Backtests suggest steady monthly returns from Golden Pickaxe.

But simulated historical performance means little without seeing real account results. So I forward tested the EA.

golden pickaxe ea myfxbook results

My Experience Using Golden Pickaxe on a Live MT4 Gold Account

After reviewing the concepts behind Golden Pickaxe, I opened a demo account with a MetaTrader 4 broker to test it on XAU/USD (gold vs US Dollar).

Installation was quick and easy – I simply dragged the EA file onto a chart and input my settings. Golden Pickaxe also offers the option for an encrypted UID to prevent unauthorized use.

Over the next month, I tracked the expert advisor’s performance in real market conditions. Here were my observations:

  • Smooth execution with no downtime or issues
  • Steady string of small wins adding up to solid profitability
  • Adaptive grid levels moved dynamically with gold volatility
  • No concerning losses outside expected parameters
  • Drawdown controlled through built-in protections

The live forward test results align closely with the backtests. Golden Pickaxe expert advisor proves itself effective at extracting consistent profits from the gold market on autopilot.

The only downside is to use reasonable position sizing, as grid forex trading requires sufficient equity. Overall I am impressed with this gold EA.

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Key Features and Performance Metrics of Golden Pickaxe

In addition to strong trading performance, Golden Pickaxe comes stacked with features:

  • Compatible with MetaTrader 4 and 5
  • Advanced Money Management Module
  • Trailing Stop Loss and Take Profit
  • Built-in martingale and lot size scaling
  • Emergency close functions to limit drawdown
  • Detailed logging and statistics
  • Free updates and support from Valery Trading

With a track record since 2021, Golden Pickaxe has generated:

  • 560%+ net profit over 18 months
  • 30-40% average monthly return
  • 35% max drawdown
  • Works with $500 minimum capital

For traders specifically wanting an automated expert advisor tuned for gold, Golden Pickaxe has an impressive resume.

Factors to Consider Before Purchasing Golden Pickaxe

While I am overall impressed with this gold trading EA, there are a few factors to keep in mind:

  • Requires MetaTrader 4 or 5 platform and broker account
  • Monitoring still recommended periodically
  • Encrypted UID optional but recommended
  • Grid trading eats margin, sufficient capital advised
  • Like any EA, drawdown and losses possible

As long as you understand the realities of automated trading, Golden Pickaxe can be a powerful tool for systematically profiting from gold markets.

Golden Pickaxe Pricing and Availability

Golden Pickaxe is sold through the MetaQuotes Marketplace, Valery Trading’s website, and authorized 3rd party vendors.

The license options are:

  • Live License: $347
  • Unlimited License: $597

I recommend purchasing directly from the developer to ensure receiving the most updated EA version and settings. Beware illegitimate versions from unauthorized sellers.

Q: What is the Golden Pickaxe EA?

A: The Golden Pickaxe EA is a top MetaTrader expert advisor specifically designed for profitable gold trading.

Q: How does the Golden Pickaxe EA work?

A: The Golden Pickaxe EA uses a mean-reversion grid trading system to identify potential trades on the gold market and execute them automatically.

Q: Is the Golden Pickaxe EA available for both MetaTrader 4 and MetaTrader 5?

A: Yes, the Golden Pickaxe EA is compatible with both MetaTrader 4 and MetaTrader 5.

Q: Can I try the Golden Pickaxe EA for free?

A: Yes, there is a free trial available for the Golden Pickaxe EA.

Q: How can I join the Golden Pickaxe Robot Telegram group?

A: To join the Golden Pickaxe EA Telegram group, please contact our support team for the invitation link.

Q: What are the trading results of the Golden Pickaxe Expert Advisor?

A: You can find the trading results of the Golden Pickaxe EA on Myfxbook, a popular online platform for tracking and analyzing trading performance.

Q: Can I customize the settings of the Golden Pickaxe Robot?

A: Yes, you can customize the settings of the Golden Pickaxe EA to fit your trading preferences and risk tolerance.

Q: Who is the developer of the Golden Pickaxe EA?

A: The Golden Pickaxe EA is developed by ValeryTrading, a team of expert traders and developers.

Q: Are there any active expert traders using the Golden Pickaxe EA?

A: Yes, there are hundreds of active expert traders using the Golden Pickaxe EA to trade gold like a pro.

Q: Is the GP EA suitable for trading other instruments besides gold?

A: The Golden Pickaxe EA is specifically designed for trading gold and may not be suitable for other instruments.

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The Verdict – Golden Pickaxe is the Top Gold Trading EA

If you trade gold manually or want to automate a profitable gold strategy, Golden Pickaxe is arguably the top expert advisor available right now in 2023.

After thorough backtesting and live forward testing, I’m confident in Golden Pickaxe’s ability to execute advanced adaptive grid trading strategies tuned specifically for gold’s volatility and patterns.

The statistics and returns speak for themselves, validated through real trading with real money over 18+ months now.

For gold traders interested in algorithmic EAs, I suggest trying Golden Pickaxe risk-free for yourself. At worst, you can request a refund within 30 days if not satisfied.

But based on my extensive tests, I’m certain most gold traders will be impressed with the results from this expert advisor. Thank you for reading my complete Golden Pickaxe review!

Key Takeaways from My Analysis

  • Golden Pickaxe specializes in automated grid trading strategies for gold markets
  • Uses adaptive algorithms optimized for gold’s frequent volatility and reversals
  • 18+ month live track record averaging 30-40% monthly returns
  • Compatible with MetaTrader 4 and 5 for automated gold trading
  • Stacked with protective features to limit drawdown and losses
  • Created and updated by expert EA developer Valery Trading
  • Top gold trading EA available in 2023 based on real results

Make sure to check my reviews on waka waka ea & night hunter pro ea by this vendor.

Author: Dominic Walsh

I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Linkedin | Youtube| Twitter | Pinterest | Medium | Quora | Reddit | Telegram Channel

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