As a trading system, Gold Miner uses buy/sell signals to follow the trend. It can also work in semi-automatic mode and use buy only or sell only orders during trading. Nguyen Nghiem Duy is the person that stands behind this EA. He lives in Vietnam and has been in this market for a year now. All along, the developer has managed to create a total of 70 products and run 12 different signals on live accounts.
You can acquire Gold Miner at $30 on mql5. This pricing is surprisingly cheap and makes the EA virtually accessible to anyone interested in automatic trading. A money-back guarantee is not present, though.
We have highlighted the main features of the robot below:
- It trades on multiple currency pairs, including XAUUSD, GBPUSD, USDCAD, EURUSD, USDJPY, USDCHF, AUDUSD, and NZDUSD symbols.
- The EA closes orders on Friday or when it reaches an equity target (profit or loss).
- It uses an ECN broker with low spreads. Some of the recommended brokers are IC Markets, NordFX, Exness, Alpari, FXPRIMUS, and FXTM.
- The system runs on the MT4 platform.
Gold Miner trading approach
According to the vendor, the EA’s strategy involves looking for areas where the prices of big sellers and buyers are concentrated. This is because short-trends are normally produced in these zones. The system also applies the grid strategy, but the function of overlapping unprofitable trades reportedly helps it to endure big drawdowns and recover an account.
The developer doesn’t provide a detailed backtester report. He has only posted the chart below, and according to it, the EA increasingly made profits throughout the trading period.
Gold Miner live trading results
It would appear that Gold Miner is a dangerous trader, given that it has already generated a high drawdown of 79.11% for the above account in just 2 months of trading. Consequently, the account’s value has depreciated by -14.70%. Through a deposit of $150, the EA has made a profit of $115.28, but the current balance is zero following a $265.28 withdrawal.
The 258 completed trades have a profit factor of 1.51. The pips won so far are 5866, but the performance of long (62%) and short positions (56%) are rather poor. It tells of a system that struggles to spot profitable opportunities. This miscalculation is costly as it causes it to end up with more losses than wins on most occasions. That’s why we have an average loss (-166.28 pips) that is substantially higher than the average win (152.45 pips).
Thursday stands out for being the most active day of the week, with 64 orders implemented so far.
The SL values are significantly higher than the TP targets. This tells us that the user expects the system to make more losses than profits. So, it is no surprise that massive losses have been reported as a result.
What are the risks with Gold Miner?
The EA works with a risky strategy that influences it to make bad trading decisions. So, it might accumulate losses fast and eventually burn an account.
Traders have not provided their opinions about this system on mql5 or any other relevant site like Forex Peace Army or Trustpilot. These testimonials are useful as they normally help the trading community to become aware of the benefits and limitations of a product. Therefore, they can decide whether to buy it or not.
What are the pros and cons of investing in Gold Miner?
|Cheaply priced||Grid on the board|
|Works with many currency pairs||Massive drawdown|
|Lack of client reviews|
|Backtest report isn’t informative|
Gold Miner Conclusion
Although Gold Miner is cheaply priced and allows you to trade with many currency pairs, it is inherently a risky trader. So, it can quickly generate a high drawdown and eat away any profits an account might have made. With no customer feedback, it becomes almost impossible to tell what benefits or challenges traders will have while using the product.