PS Gold Miner EA Review – A Detailed Look at This Automated Trading Robot
PS Gold Miner EA is an automated trading robot designed specifically for gold trading on the MetaTrader 4 (MT4) platform. In this comprehensive review, we will analyze the features, performance, strengths and weaknesses of this expert advisor (EA) to determine if it is a viable option for trading gold profitably.
Overview of PS Gold Miner EA
PS Gold Miner EA was developed by Nabeel Zafar and released in 2020. It is marketed as an automated trading system that uses market fundamentals and trends to trade gold (XAUUSD) with advanced algorithms for entry, exit and risk management.
Some key features highlighted by the developer include:
- 4 trading strategies based on combinations of indicators like RSI, moving averages etc.
- Automatic take profit and stop loss levels
- Recovery system to reduce risk of losses
- Works on all major forex pairs and timeframes
- No optimization required
The EA is priced at $97 and available for purchase on the MQL5 marketplace.
How PS Gold Miner EA Works
According to the product description, PS Gold Miner combines 4 trading strategies that each use a mix of technical indicators like RSI, moving averages, Bollinger Bands etc. to identify trading opportunities.
The main entry technique seems to be looking for oversold/overbought levels on the RSI to signal potential reversals in the trend. Additional filters from the other indicators are used to improve timing and confirmation of the trades.
Once in a trade, the system uses preset take profit and stop loss levels to exit positions. The stop loss is set below recent swing lows or support levels, while take profit targets are based on recent swing highs or resistance.
The EA also incorporates a recovery mechanism that opens additional positions in the direction of the initial trade if it goes into drawdown. This aims to lower the average entry price and allows winning trades to recoup losses from losing trades.
Backtest Results & Performance Metrics
Robust backtesting is essential to gauge the potential viability of any EA. Unfortunately, the developer does not provide any detailed backtest reports or metrics.
The only performance statistics mentioned are:
- Compounded growth of over 7800% since 2011
- Consistent yearly returns between 300% – 800%
However, without specifics on aspects like total trades, win rate, risk metrics, drawdown etc., it is impossible to independently verify the claimed backtest results.
The lack of transparency around backtesting raises questions about potential curve fitting and optimization bias that could drastically skew results.
Traders are strongly advised to undertake extensive backtesting themselves before using this EA live. Blindly trusting advertised results without proof is a recipe for disaster.
Live Performance Monitoring
In addition to backtests, verified forward trading results are key to establishing an EA’s credibility. However, PS Gold Miner does not appear to have any independent tracking of live results.
Some user reviews point to mixed real-world performance that does not match the advertised gains. As with any EA, users should track live trading separately in a demo account before risking capital.
The lack of transparency around real-time results makes it difficult to gauge how the EA trades with real money. This is concerning and adds more uncertainty about its profitability.
Features & Parameters
PS Gold Miner provides traders with a few key settings to adjust the EA’s behavior:
- Lot Multiplier – Multiplies lot size for increased position size
- Step – Pip distance between grid trade orders
- Stop Loss – Maximum loss per trade in pips
- Take Profit – Profit target per trade in pips
The limited parameters allow for some basic customization but overall the EA is not very flexible. The built-in strategies are fixed and cannot be adjusted or optimized by users.
The EA also provides some basic trade management options like closing trades, partial closes etc. But advanced risk management features are lacking.
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Strengths & Weaknesses
- Specialized for gold trading
- Easy to install and use
- Affordable pricing
- Provides some trade management options
- No detailed backtest statistics provided
- No verified live results available
- Lack of transparency around performance
- Built-in strategies cannot be customized
- Rigid trading logic
- Lack of advanced risk management
Who Is It For?
PS Gold Miner EA seems best suited for traders looking for a simple plug-and-play gold trading robot. The biggest selling point is its ease of use – the EA can be setup in minutes and left to trade automatically.
However, the many unknowns around its performance and lack of customizability limit its appeal for more advanced traders. Lack of risk controls also makes it too risky for large accounts.
Overall, PS Gold Miner EA may be a viable option for small retail traders who want “set and forget” automated gold trading and are willing to accept the risks that come with its rigid trading logic and lack of transparency.
More experienced traders are likely to be better served by more customizable EAs with greater transparency and better risk management.
PS Gold Miner EA – Verdict
In summary, PS Gold Miner EA provides a simple way to automate gold trading using its built-in strategies. However, the lack of detailed backtest statistics and absence of any verified live results makes it impossible to gauge its true profitability.
The rigid trading logic and lack of customization options also limit its appeal. While it can be a fit for traders looking for a “hands-off” basic gold trading EA, more advanced users would likely want greater flexibility, transparency and risk controls.
As with any EA, extensive backtesting is strongly recommended before going live. PS Gold Miner may generate profits but there is no concrete proof – traders use it at their own risk.
Careful evaluation of all its pros and cons is advised before purchasing this EA.