As a gold trading FX robot, Promax Gold EA prides itself on being the first gold trading system to feature full automation. Smart news filter is applied by this MT4 tool for analyzing market news of fundamental categories and the technical aspect. Claiming to provide high monthly profits of a maximum of 48% and various other user-friendly features, this ATS from My EA Academy focuses only on the XAU/USD pair.
How Promax Gold EA Works
Features of this FX EA include hands-free trading, automated lot selection, and money management, the best default settings, a guide for easy installation, and more. As an MT4 tool working only on the XAUUSD pair, this ATS claims to have 88% accuracy. In case of a drawdown, a smart grid is used for closing the trades and breaking even without any loss.
Installation takes a few minutes only since the EA is fully programmed and does not need any changes. The minimum recommended balance is 1000 USD. The vendor recommends using an ECN account with the leverage of 1:500 and using the Opoforex broker for better results.
No other information is provided for the requirements such as timeframe. On using the EA, the vendor cautions on the use of manual trades as it can obstruct the automated money management settings of the FX robot. Support options are very limited. Other than the email address for support, we could not find details like location, phone contact, etc.
While the vendor mentions past performance tests, there are no backtests provided on the site. Regarding the strategy used, there is mention of using a grid approach to close trades when there is a drawdown. The usual info about trading like using technical and fundamental analysis is mentioned. This vague strategy explanation and absence of strategy tester reports make us suspicious of the efficacy of this FX robot.
Promax Gold EA Trading Results
Real live results authenticated by the myfxbook site are found for this EA. You can see the screenshots of the stats and other trading details here.
This real USD account trades under HF Markets brokerage SV,uses the leverage of 1:500 and posts a total gain of 59.58% and a similar value for its absolute gain percentage. A drawdown of 28.14% with a daily and a monthly profit of 0.51% and 16.53% respectively are revealed.
While the profits seem to corroborate with the vendor claims of high returns, we are concerned about the drawdown. Any value above 20% indicates high risk and should be considered with caution. The account which started trading in March 2021 has completed 291 trades to date with a total of 10870 pips and a profit factor of 2.26. From the trading history, we can see the lot size used is 0.02.
Pricing & Refund
Priced at $198, this FX EA was previously sold for $390. With the purchase of this ATS, you get a demo and a live account, a guide for installation, and free updates. A refund period of 14 days is provided. As per the vendor, users are requested to follow the default settings and test the software on the demo account for 14 days and if they are not satisfied with the result, they can email the vendor to get a full refund of their money. The refund offer and recommendation look decent. While the original price is expensive, the discounted rate makes this EA affordable and competitively priced.
The official site displays 49 reviews for this FX EA with a 4.9/5 rating. Since such reviews have a high chance of being manipulated, we do not consider them for assessment of the trading software. We prefer unbiased reviews posted on sites such as Forexpeacearmy, Trustpilot, etc.
With unbiased feedback, we can assess the true nature of the performance of the EA, the support offered, and other relevant aspects. The absence of such reviews for this MT4 tool reveals that it is not a popular name among traders interested in the gold trading market.