Goldify EA Review – A Powerful Automated Forex Trading Robot for Gold

The Goldify EA is an expert advisor (EA) designed specifically for automated gold trading on the MetaTrader 4 platform. In this detailed review, we will analyze its features, trading strategy, backtests, real account results, as well as pros and cons to determine if Goldify EA is a reliable and profitable forex robot worth investing in.

GOLDIFY EA

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Overview of Goldify EA

Goldify EA is developed by the MAKA Assistant team led by Mohsen Hassan, a group of expert traders and programmers. The EA trades exclusively on the XAU/USD currency pair with the goal of generating between 20% – 38% in monthly profits.

Some key features of the Goldify EA include:

The developers claim that Goldify EA incorporates special functionalities to guarantee account balances, such as a forced exit option to close all trades. This is intended to reduce the chance of account wipeouts to 0%.

The original sales page shows a license price of $198 for Goldify EA, which includes unlimited usage, free updates, and support. There is also a 14-day refund policy to get your money back if you are not satisfied.

Next, let’s take a look under the hood to understand how this forex trading robot works.

Trading Strategy and Logic

According to the developers, Goldify EA does not use martingale or grid trading logic. Instead, it relies on a strategy based on trend and price action analysis.

The entry and exit signals are generated from two custom indicators that come packaged with the EA. When both indicators align and confirm a potential trade, the robot will automatically place buy or sell orders and manage the trades.

Some of the entry conditions include:

  • Price breaking out of key support/resistance levels
  • Confirmation from moving average crossovers
  • Overbought/oversold signals

Once in a trade, Goldify will trail the price movement with a stop loss and take profit levels to lock in profits. If a trade moves into drawdown, a grid system can be activated to attempt closing orders at breakeven.

The EA is also equipped with news trading filters to avoid placing trades during major economic news events that cause excessive market volatility.

Overall, the strategy combines price action, trend analysis, and risk management features to identify high-probability setups.

Backtesting Results

Extensive backtests are available for Goldify EA on the product website, showing impressive gains over the long run.

The latest backtest spans January to August 2022, showing a total net profit of +182% on the XAU/USD pair using the M15 timeframe. Maximum drawdown was 17% over the 8-month period.

While past performance does not guarantee future results, these backtests can give us reasonable expectations of the EA’s profit potential if traded correctly. Do note that live trading results tend to differ from backtests.

Live Account Trading Results

MyFXBook verification is available for Goldify EA showing trades taken on a live account.

As of October 2022, the account shows a respectable 72% net profit increase in about 1 year of trading. The worst trade was a loss of -88 USD, while best trade was a profit of +99 USD.

The EA has maintained rather consistent profitability with a max drawdown of 17.4%, aligning closely with the backtest results. This adds confidence that the robot can replicate its simulated trading success in live market conditions.

However, do note that there were significant periods of drawdown, which is expected given the volatile nature of gold trading. So proper account management is still essential when running this EA.

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GOLDIFY EA Pros and Cons

Pros

  • Specialized for potentially lucrative gold trading
  • Custom indicators improve trade accuracy
  • Advanced features to preserve account balance
  • Respectable backtest and live results
  • Active development and support team

Cons

  • Only works on XAU/USD pair
  • Drawdown can be significant during volatility
  • Requires proper optimizations and testing
  • Long term live results still limited

Conclusion – A Promising Automated Tool for Gold Trading

In summary, Goldify EA is a well-developed automated trading system specifically designed for gold. Its custom indicators provide reliable trade signals, while advanced features help protect the account from excessive losses.

While the long-term live track record is still limited, the available trading statistics align closely with the robust backtesting results. For traders looking to automate their gold trading strategies, Goldify EA is certainly a promising option worth testing out.

As with any EA, practicing proper risk and account management is key to long-term success. Be sure to demo test Goldify thoroughly across different market conditions before committing real capital.

Author: Dominic Walsh
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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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