Promax Gold EA Review: A Powerful Automated Trading System for Gold
Promax Gold EA is an automated trading system designed specifically for trading gold (XAU/USD). Developed by My EA Academy, also known as SinryAdvice, Promax Gold EA aims to provide traders with hands-free trading, automated money management, and consistent profits from the gold market.
Overview of Promax Gold EA
Promax Gold EA is marketed as the “first fully automatic gold trading robot with a smart news filter”. This allows the system to analyze both technical and fundamental news to inform its trading decisions.
Key features of Promax Gold EA include:
- Fully automated trading – no manual intervention needed
- Smart news filter to analyze market news
- Automated money management and lot size selection
- Closed trades automatically to lock in profits
- Innovative grid trading system to exit losing trades
- Works only on XAU/USD pair
- Plug and play – comes with best default settings
- One-time payment for lifetime license
The developers claim that Promax Gold EA can generate monthly returns between 8-15% with minimal drawdown. However, past performance does not guarantee future results.
How Promax Gold EA Works
Promax Gold EA is designed to work automatically with no input needed from the trader. It analyzes the gold market using its smart news filter and executes trades based on its programmed logic and settings.
Once installed on the MT4 platform, Promax Gold EA will monitor the market and open and close trades on your account automatically. The innovative grid trading system will also activate during drawdowns in order to exit trades at breakeven or with a small loss.
No manual intervention is needed – the expert advisor handles everything from analyzing the markets, opening trades, setting stop losses and take profits, and closing the trades.
Performance and Verified Results
The developers provide some verified Myfxbook results for Promax Gold EA. However, the track records are relatively short, spanning only a few months. Longer-term results would provide more confidence in the EA’s consistency.
Some key stats from the verified accounts:
- 29% profit in 45 days from backtest shown in promotional video
- Live account up 17% in 2 months
- Average losing trade 5x size of average winner
- Drawdown over 30% on one live account
So while results look promising so far, a larger sample size is needed to determine if the performance can be maintained long-term. As with any EA, past results do not guarantee future performance.
Using Promax Gold EA: Requirements and Costs
Promax Gold EA works on the MetaTrader 4 platform and is designed solely for the XAU/USD symbol. The developers recommend a minimum account balance of $1000 to use the software.
The EA should be run on an ECN account with tight spreads for best performance. Using a VPS service to keep the EA and platform running 24/7 is also advised.
The one-time cost is $198 which includes lifetime license, free updates, and support for 1 live and 1 demo account.
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Pros and Cons
- Fully automated trading
- Smart news filter analyzes fundamentals
- Locks in profits with automated trade closure
- Grid trading exits losing trades near breakeven
- Comes with best default settings
- Verified live results available
- Limited long-term track record
- High risk from grid trading system
- Only works on XAU/USD pair
- Requires minimum $1000 account balance
So in summary, for traders looking for an automated way to trade gold, Promax Gold EA provides some innovative features like its news filter and grid trading system. However, results are still limited and the risk from grids could produce large drawdowns. Performing further testing is advised before using real capital.
Promax Gold EA is a unique new automated trading system specifically designed for gold trading. Early results look promising and the combination of technical and fundamental analysis could provide an edge. However, the short live track record makes it difficult to judge the long-term consistency and risks. We suggest demo testing thoroughly and ensuring you fully understand the logic behind the grid trading system before committing real funds. As with any EA, manage risk appropriately and do not rely solely on automated systems to be profitable long-term.