Using an expert advisor for Forex trading is highly beneficial for newbies as well as experts. You can choose the default trade settings or customize your trading settings as per your choice. With the automated process, you need not worry about every movement or trend in the market. Gold Miner MT4 is one of the expert advisors that provides customized trading access in Forex.
The system uses grid strategy in a unique way to ensure the risks are adeptly managed and profit is generated. Developed by Nguyen Nghiem Duy, who has created over 60 products, this robot is well-equipped to work on various currency pairs including exotic pairs. Details of this expert advisor are posted on the MQL5 site. However, we find that there is not much info related to the developer and vendor on the site. In this review, we have analyzed the system thoroughly and have given you the important details you need for making a decision on purchasing the system.
As per the information provided on the MQL5 site, the Gold Miner system works on all major currency pairs including gold and volatile pairs. The system has several useful features like closing orders when you reach a specific equity target or on Fridays. For trading using this system, an approach depending on the areas of price concentration of big sellers and buyers is applied.
When the system identifies such zones, trends of short duration are generated. The vendor claims that despite the system using a grid strategy, it is designed to minimize risks. It can withstand big drawdowns and keep your account safe. This is made possible by the function of overlapping all the profitable orders.
How to start trading with Gold Miner
Priced at $49, this expert advisor provides a free demo version for users. A rental option that costs $30 per month is also available. Published on 31 December 2020, the current version of the system is 3.0. Another version that supports the MT5 platform is also designed by the developer which has similar settings and features as with the MT4 model.
The vendor claims that it works better in combination with Buy Sell Signals for trend strategy and recommends choosing the buy or sell options in semi-automatic format. Settings for the system include time frame, bar count, reversal position, hedging, lot, lot multiplier, and more. There is no mention of the recommended minimum balance or other trading recommendations from the vendor.
Backtesting results are not provided by the vendor. An image of the result is available on the MQL5 site but there is no further information provided about the results.
Although strategy tester reports do not predict a future performance identical to the test they display, there are a few important benefits. The tests serve to know about the performance caliber of the fisted. You can also know more details on the commissions, spreads, and other related features with the backtesting. The absence of backtests makes it difficult for us to do a proper assessment of the system.
Trading Results of Gold Miner
We could not find trading results verified by sites such as myfxbook, FXBlue, FXStat, etc. Results verified by such third-party sites are reliable. The results disclose important information on the system such as the profit percentage, the drawdown, lot size, and more. Such trading stats help understand the working method of the system and its efficacy. With the vendor and developer not showing any interest in revealing the trading results, we find that reliability is an issue that cannot be rectified while using this system.
Reviews from users help in revealing significant information about the system. Important features like the customer support offered, the performance and profit potential can be assessed with the reviews. We prefer reviews from reliable third-party sites such as Forexpeacearmy, Trustpilot, etc. However, the absence of reviews makes it hard for us to do a proper evaluation of the system.
Is Gold Miner a viable option?
From our analysis of the Gold Miner system, we have found the following advantages and disadvantages:
- Fully Automated system
- Price is low
- No verified trading results
- No user feedbacks
- The strategy used is not explained properly
To sum up our Gold Miner MT4 review, we find that the system is lacking in several aspects. Although a demo version of the system is available for free, the lack of verified trading results is a big shortcoming. We look for trading results on reputed sites such as myfxbook, FXBlue, etc. The absence of backtests and trading results are not in favor of the system. No money-back-guarantee is present for the system which makes it highly unreliable. Furthermore, the vendor does not provide sufficient information for support such as location address, phone number, etc. Although there is mention of the grid strategy, the working of the system is not explained.