Gold Miner is a Forex EA launched on 31st December 2020. As per vendor claims, it is able to recover the trading account of users even during periods of large market drawdown. It trades in gold as well as popular pairs: NZD/USD, AUD/USD, USD/CHF, USD/JPY, EUR/USD, USD/CAD, and GBP/USD.
How Gold Miner EA Works
On the MQL5 page of Gold Miner, the vendor has made a brief presentation explaining how the robot works. The several parameters used by the system are outlined, and a screenshot of backtesting data is provided. In our opinion, the presentation is too brief, and the vendor should have provided more details about the system.
The creator of this system is Nguyen Nghiem Duy, a trader based in Vietnam who has developed systems like Grid EA Pro, Blue Dollar EA, Red Dollar EA, and Forex Miner EA, in the past. He has published some trading signals for the EAs he has developed and also maintains a Telegram channel where live trading discussion is conducted. Apart from this, we don’t know how many years of trading experience he possesses or whether he is a licensed trader.
This Forex EA searched for areas in the market where the prices of the major players are concentrated. It looks to follow the short-term trends that are generated in these regions. When a profit or loss target is reached, the system automatically closes the orders.
Applied Strategies
The vendor mentions on the MQL5 page that Gold Miner uses a grid strategy, but does not reveal any further details about it. It is also mentioned that you can use it in combination with the Trend arrow indicator in order to follow the trend. We would have liked to know about the technical aspects of the strategy since they often reveal important details about a system. The absence of strategy insight will no doubt disappoint some of the technically-inclined individuals out there.
For backtesting data, the vendor has provided a single screenshot as shown above. Now we cannot determine any of the important system parameters like profit factor, relative drawdown, or win percentage from this chart. It has not been verified by a third-party source, so even the exponential growth in terms of cumulative profit could have been manufactured by the vendor.
Most individuals look for high-quality backtesting data before investing in a Forex EA. It tells them whether the system can withstand long periods of adverse conditions in the market. Since backtesting is performed over a long period, it tests the robot against a variety of market conditions. Without this data, we cannot accurately gauge the robot’s profitability.
Gold Miner Trading Results
We don’t have the live trading results for Gold Miner on the MQL5 page. They are not available on the Myfxbook and FXBlue websites either. Since we don’t have verified trading results, we don’t know how the Forex EA performs in the live market, i.e. whether it is able to close most trades in profit or not.
Most Forex traders would not even consider investing in a system that does not furnish live proof of its success. Considering the fact that this Forex EA uses the risky grid strategy, we would have liked to see live evidence that such a strategy can succeed in the Forex market. Without it, we cannot say that Gold Miner EA can generate steady profits.
Pricing & Refund
Gold Miner can be purchased for $49, but you can also rent it for one month by paying $30. A free demo version of the software is also available for those who wish to test run the system before using it for live trading. No money-back-guarantee is provided by the vendor, which means you need to trust the Forex EA blindly while buying it.
Compared to other Forex EAs on the market, Gold Miner is definitely a cheap product. While even new systems are sometimes priced as high as $300-400, here the vendor has considered the fact that it might be excessive for a system that was only released recently.
Customer Reviews
We couldn’t find any user reviews for Gold Miner on any reputable third-party websites. Since it is a new and unproven system, traders are naturally wary about investing in it, and it might take some time for the Forex EA to build a reputation for itself.
