Promax Gold robot offers a huge monthly gain of 20 to 48% and has a dedicated smart news filter that stops trading when there is a volatile financial release. Unfortunately, the system has been released just recently, and there are insufficient clues of its profitability.
Features
The robot has the following features coded in its algorithm:
- Analysis of both set of fundamental and technical news for placing trades
- Can use auto money management for selecting the lot size
- Works on full auto mode opening and closing trades through the guidance of coded algorithm
Strategy
The robot trades on gold at the five-minute time frame. The developer openly states not to use the algorithm on a cent account and avoids using manual trading and other indicators on the same account. Doing so can mess up the robots’ functioning. Other than the following knowledge, there is no information on the actual strategy of the expert advisor. From the trade history in Myfxbook records, we can identify some key points. The robot does use a stop loss with every trade but enters a grid trading situation whenever the account enters a drawdown. It opens and closes trades within the same day.
How to start trading with Promax Gold EA
Sinry Advice will send you the ex4 file of the robot with a single license of real and demo account. You have to place it on the 5-minute chart at XAUUSD and enable auto trading for it to work. It is also necessary to send the live and demo account number for proper functioning. The developer recommends using at least $1000 in deposit for the proper functioning of the algorithm.
The robot is available for a price of $198. You can also get a 10% discount on the live chat service. There is a money-back guarantee of 14 days.
Backtests
There are no backtesting results through which we can confirm the robot’s performance under various settings such as spread and time frames. No backtesting results indicate that the expert advisor must have hit a full 100% drawdown which is the case of grid trading robots.
Verified Trading Results of Promax Gold EA
Verified trading results are available for accounts value of $100000 and $1000. The $1000 account started trading on March 01, 2021, and had a peak drawdown of 28.14%, with a gain of 70.25%. Unlike their famous claim of an average 20 to 48% monthly gain, the expert only makes about 17.56%. The system had an 80% winning rate with a profit factor of 2.21. The best trade was $129.84, while the worst was $-66.44.
For the $100k account, the drawdown stands at 15.47%, with a 17,56% of monthly gain. The system has just begun trading on April 25, 2021, and has yet to see a more significant value of drawdown after it enters a grid. With a total of 161 trades, the robot traded 201.76 lots. It is pretty interesting to see that the robot only places long trades on both accounts.
Customer Reviews
Customer reviews are only available on Trustpilot under the general banner of the website Myeaacademy.com. For a total of 10 reviews, they have a rating of 4.3; however, most of the reviews look as if they have been bought and written by the vendor themselves.
Is Promax Gold EA a viable option?
Grid trading robots never provide fruitful results and are responsible for turning many accounts into dust quickly. Promax EA is another algorithm that uses this strategy and is therefore not a good option for trading.
Advantages
- Money-back guarantee for 14 days
Disadvantage
- Grid system which can cause margin calls
- No transparency of developers
- Short trading results for a few months
Conclusion
Promax Gold EA is not a good option for those who value their trading capital. It has a flawed trading system due to which the developers do not keep on providing an insight into strategy. Do not invest in systems that guarantee huge returns as they are mostly fraud.
