WallStreet GOLD Trader EA Review – A Powerful System for Trading Gold
WallStreet GOLD Trader is an expert advisor (EA) designed specifically for automated gold trading on the MetaTrader 4 platform. Developed by WallStreet Forex Robot, this system aims to capitalize on trends and volatility in the gold market using sophisticated algorithms and advanced trading technology. In this comprehensive review, we will analyze the key features, performance statistics, pros and cons of the WallStreet GOLD Trader EA to determine if it is worth the investment for gold traders.
Overview of WallStreet GOLD Trader EA
WallStreet GOLD Trader was created as a specialized EA to allow WallStreet Forex Robot users to trade gold (XAUUSD) automatically. It utilizes the core trading principles and logic from the popular WallStreet Forex Robot 3.0 and adapts them for gold trading.
Some key features of the WallStreet GOLD Trader EA include:
- Optimized algorithms for gold trading – uses proven algorithms from WallStreet Forex Robot 3.0 optimized specifically for trading volatility and trends in XAUUSD.
- Timeframe: M15
- Pairs traded: XAUUSD (gold vs US dollar)
- Trading style: trend-following and counter-trend
- In-built money management – automatically calculates optimal trade sizes based on account balance and market conditions. Allows risk management.
- Works with ECN brokers – compatible with STP/ECN brokers for direct market access and fairer spreads.
- Stealth mode – hides stop loss and take profit levels from the broker to prevent price manipulation.
- Broker Protection System – detects and alerts dishonest broker practices like excessive slippage, requotes, widening spreads etc.
The EA is easy to set up and use – simply attach it to a gold chart in MT4, set your parameters and let the algorithm trade for you automatically. No prior trading experience is needed.
Performance Statistics and Backtests
Extensive backtesting of over 10 years on historical data shows that the WallStreet GOLD Trader EA is capable of generating steady profits during both uptrends and downtrends in gold.
Some key performance metrics from the backtests include:
- Total net profit: Over $180,000
- Win rate: 78.6%
- Profit factor: 1.49
- Max drawdown: 42.88%
The high profit factor and win rate indicate the robustness of the trading strategy. However, the drawdown is quite high which means proper risk management is essential when using this EA. The vendor recommends using low risk settings on real accounts.
Live forward tests have also been provided with broker statements showing consistent profits over multiple years of trading. For example, one account shows a gain of $1446 over 3 years with a max drawdown of 21%. These results instill confidence in the EA’s ability to remain profitable under live market conditions.
Trading Strategy and Logic
While the vendor does not reveal full details of the underlying algorithm, some key aspects of the trading logic can be discerned from analyzing trades:
- Trend-following – It identifies the overall trend direction in gold using multiple indicators like moving averages. More trades taken in the overall trend direction.
- Counter-trend – It also buys dips and sells rallies that go against the major trend, capitalizing on corrections and reversals.
- Volatility – Increased trading activity is noticed during high volatility when gold makes larger swings. Benefits from volatile price action.
- Correlation – Trades are modulated based on correlation between gold and forex pairs like EURUSD and US dollar index.
- News filter – Trades around major news events are avoided to minimize whipsaws.
- Money management – Position sizing is dynamic based on account balance. Larger positions as equity increases.
Overall the EA seems to leverage a combination of long-term trend following and short-term mean reversion techniques to capture profits from gold’s frequent swings.
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Using WallStreet GOLD Trader EA
Brokers and Accounts
WallStreet GOLD Trader EA can work with any True ECN broker that offers the MetaTrader 4 platform and tight spreads on XAUUSD. ECN/STP brokers are recommended for direct market access, fairer spreads and no trade rejections.
The EA can be used on standard, ECN, nano or micro accounts denominated in USD or EUR. A minimum deposit of $1000 is recommended but you can start with as low as $100. Leverage of 1:500 is ideal but use lower leverage for better risk control.
The EA comes with preset optimized parameters for XAUUSD. Users mainly need to set the lot size, risk management and stop settings before running it live. Other advanced inputs can be left at default values.
The main settings to adjust are:
- AutoMM – auto lot calculation based on risk %, set to 1-5% of account. Can disable for fixed lots.
- MaxSpread – max allowed spread, set lower for ECN brokers.
- Slippage – max slippage tolerance.
- StealthMode – hide SL/TP from broker.
- UseRiskSentinel – enable broker protection system.
- GMT offset – time offset from broker server time.
Here are some tips when using WallStreet GOLD Trader EA for the best results:
- Use low risk settings (1-2%) when running live to avoid large drawdowns.
- Start with small position sizes and reinvest profits to size up.
- Execute proper backtests first to gain confidence in the strategy.
- Monitor trades occasionally – don’t just set and forget.
- Use a true ECN broker with fast execution and low spreads.
- Avoid running during major news events or turning news filter on.
- Analyze results periodically and tweak parameters if needed.
With the right usage, this EA can potentially generate solid profits from the gold markets.
WallStreet GOLD Trader EA Pros and Cons
- Proven strategy optimized for gold trading
- Long track record of backtests and live results
- Good risk and money management features
- Works across various market conditions
- Easy to install and use on MT4
- Saves time compared to manual trading
- No details provided for strategy logic
- Potentially high drawdown if risk not controlled
- Requires monitoring for best results
- Locked to trading only gold (XAUUSD)
- Expensive compared to some EAs
WallStreet GOLD Trader EA Conclusion
Overall, the WallStreet GOLD Trader EA is a robust automated trading system specifically designed for gold trading. It leverages proven algorithms from the popular WallStreet Forex Robot and applies them to trading the volatile XAUUSD pair. Extensive backtesting shows strong profitability across over 10 years of market data. The high win rate, profit factor and live account results instill confidence in its trading strategy. While the drawdown can be high if risk is not controlled, this EA has the potential to generate steady profits from gold trading if used properly. For traders interested in hands-off automated gold trading, WallStreet GOLD Trader EA is definitely worth considering. With the right broker, usage and risk management, it can be a valuable addition to a diversified forex trading portfolio.