The Gold Scalper 369 EA: A Detailed Review
The Gold Scalper 369 EA is a forex trading robot that specializes in trading gold (XAUUSD). It was developed by a team of expert traders and programmers to capitalize on opportunities in the lucrative gold market. In this comprehensive review, we will take an in-depth look at this trading system to help you determine if it’s right for your needs.
Overview of The Gold Scalper 369 EA
The Gold Scalper 369 EA is a fully automated trading system designed specifically for the MetaTrader 4 and MetaTrader 5 platforms. It uses sophisticated algorithms and advanced strategies to scan the markets for high-probability trading opportunities.
Some key features of this forex robot include:
- Optimized for gold (XAUUSD) trading
- Uses a proven and reliable trading strategy
- Equipped with money management and risk controls
- Has stealth mode, news filter, and other features
- Sends push notifications and email alerts
- Compatible with all brokers and account types
The developers claim that The Gold Scalper 369 EA is not a risky martingale or grid trading system. Instead, it uses a classic trading approach based on identifying trend impulses and pullbacks. It aims to enter trades in the direction of the overall trend.
How The Gold Scalper 369 EA Works
The core strategy of The Gold Scalper 369 EA is based on a principle that has been used by professional traders for many years – entering trades in the direction of the market impulse and subsequent correction.
The algorithm identifies a distinctive market impulse, indicating the potential start of a new trend. It then waits for a correction or pullback to develop before entering a trade in the direction of the original impulse.
The logic behind this is that the pullback provides an optimal entry point with a good risk to reward ratio. As the trend resumes, the position rides the wave with the help of trailing stops and exits at take profit levels.
This approach provides a high probability setup for catching big trends in the gold market. Since the same principles have been working for decades, the strategy requires minimal optimization and curve fitting.
The Gold Scalper 369 EA builds on this core logic using refined entry and exit rules. It incorporates effective stop loss and take profit levels along with an optional ATR-based algorithm for position sizing.
Key Features and Settings
The Gold Scalper 369 EA has a strong and reliable trading logic that focuses on high probability setups. It does not use any risky or gambling techniques.
The EA has a built-in money management module. You can set a risk percentage and it will calculate position sizes automatically based on account balance.
Stealth mode hides stop loss and take profit levels from the broker to prevent trade manipulation.
The news filter avoids trading during major news events and announcements to lower risk.
You can set the time period when the EA is allowed to trade, for example only Asian session.
Trades can be closed out automatically before the weekend to avoid gap risk.
Get email and push notifications on your phone when the EA opens, closes, or modifies trades.
The Gold Scalper 369 EA allows high quality backtesting with real ticks and variable spreads to simulate live market conditions.
The developers provide support through email and the user community forum. Automatic updates are available too.
The Gold Scalper 369 EA is currently priced at $600 on ForexStoreEA.com but discounts are sometimes offered.
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Performance and Backtest Results
Extensive backtesting has been performed on The Gold Scalper 369 EA over a 14 year period using real tick data and variable spreads.
The posted results indicate that it’s able to generate consistent profits during both trending and ranging markets in gold. Key metrics are impressive with a high winning percentage, reasonable drawdown, and solid risk metrics.
It’s important to note that past performance does not guarantee future results. The market is always evolving so automated systems need to be monitored continuously.
Some traders have published MyFXBook results showing The Gold Scalper 369 EA trading a live account. One example is a $10,000 account that gained around 18% in 2 months with a 86% win rate.
As with any EA, your own trading results will depend greatly on the broker, account settings, and position sizing used. Be sure to demo test first.
Using The Gold Scalper 369 EA
The Gold Scalper 369 EA works seamlessly with MetaTrader 4 and MetaTrader 5. Installation only takes a few minutes.
- Download the files and extract to a folder on your computer.
- Open your MetaTrader platform and drag the EA file to the Experts folder.
- Open a chart for XAUUSD and attach the EA by dragging it onto the chart.
- Input your settings and trading parameters as desired.
- Enable auto trading and the EA will immediately start scanning and trading the markets.
The developers recommend starting with conservative position sizing and risk management settings. Only risk 1-2% of capital per trade initially.
Use a demo account to become familiar with the system and find optimal settings for your broker before going live. The default settings may need refinement.
The Pros and Cons
- Specialized for gold trading
- Uses a statistically sound trading strategy
- Fully automated hands-free trading
- Stealth mode and other advanced features
- Good risk management and money management
- Hundreds of positive reviews
- Only trades XAUUSD
- Needs monitoring and optimization
- No guarantee of long term profitability
- Requires high quality broker with low spread
The Gold Scalper 369 EA is one of the better forex robots available today for trading gold. The positive feedback from users indicates it’s a legitimate automated trading system.
We like that it focuses on a proven trading strategy rather than attempting to exploit short term market anomalies. The conservative approach targets larger moves and reduces frequency of trading.
Of course, past performance does not guarantee future profitability. The EA logic needs to be monitored and optimized periodically as market dynamics shift.
Overall, The Gold Scalper 369 EA is worth testing for traders interested in automated gold trading. As long as proper risk management is employed, it can be a valuable tool as part of a diversified approach.