Gold Scalper Pro from FXAutomater claims to be one of the most effective gold trading EAs in the market. Available at an affordable price, this FX robot promises that its proven trading strategy helps in consistent profits. This fully automated MT4 tool assures steady account growth with its low-risk approach. With features like broker protection, management of time and money, and push notifications, this FX EA claims to be a powerful gold trading tool.
Detailed Forex Robot Review
The website design of this EA is very much similar to other FX products of FX Automater providing info on the features, settings, backtests, trading results, and pricing. Important features this ATS claims to have included a simple trading approach and an ATR-based algorithm with reasonable TP and SL limits.
Backtests done for 14 years, a low drawdown, news filters, stealth mode, exit logic, notifications, and protection from high spreads and slippages are some of the features this EA claims to have.
To use this FX EA, you need to purchase the software and download it which takes a few clicks. Next, follow the installation guide to set it up and start the trading.
As per the info on the About Us page, the FXautomater group includes a team of professionals who have experience of over 15 years in the field and have spent over a decade developing the FX robots. There is no info on the founding year, location address, or phone contact for the vendor which makes us suspect the reliability of the company.
Gold Scalper Pro Strategy Tests
According to the vendor, this EA uses a low-risk scalping approach which does not include risky approaches like Martingale, grid, and others. The vendor claims that this ATS uses reasonable SL and effective trade entries and exits. But we are disappointed to note that there is no further explanation of the approach used. Backtests are present on the official site with different trading periods and risk levels. Here is a screenshot of one of the backtests.
From the above strategy tester report, we can see a timeframe of M15 being used for the backtest started from 2004 up to 2018 on the XAUUSD pair. For a deposit of $1000, a total net profit of 924389.48 is shown. The profit factor value was 2.43 and the maximum drawdown was 8.85%. Nearly 85.45% of the trades were profitable.
However, the modeling quality of 90% is not sufficient to reveal important info like the spread, slippage, commissions, and other stats. We prefer a quality of 99.9% for better insight into the strategy and performance of the EA.
Demo Account Trading Results
A demo USD account using the IC Markets broker and the leverage of 1:500 verified by the myfxbook site is shown. Here is a screenshot of the trading stats and trading history:
The trading stats reveal an absolute gain of 58.01% and a total gain of 52.08%. A drawdown of 8.87% is present for this account, which reveals a deposit of $1000 and a balance of $1418.63. The duration of trading is from August 2019 up until now during which a total of 182 trades have been executed.
Profitability of 87% and profit factor value of 1.83 are present. From the trading history, we can see the lot size used is 0.03. While the low number of trades is contradictory to the scalping approach used, the high lot size indicates a risky approach. While the backtests and the demo account results show similar values for the drawdown, there is a difference in the profit factor.
To use this EA, you need to pay $97. The features included with the package are three demo accounts and one real account, 24/7 support, and a 60-day money-back guarantee. When compared to the competitor gold trading FX robots, the price of this ATS looks affordable.
We are unable to find user reviews for this FX EA on trusted review sites like Forexpeacearmy, Trustpilot, myfxbook, etc. The lack of feedback from users indicates this is not a well-known system among traders. Despite the low price of the EA the lack of users indicate it is not an effective system.
Gold Scalper Pro is an MT4/MT5 tool that promises consistent profits with its scalping approach. From our analysis, we find that this is not a trustworthy EA. Several factors have led us to conclude that this is an unreliable FX robot. The lack of vendor transparency and inadequate customer support are two factors that go against this ATS.
Although the vendor provides verified results, they are from a demo account and not a real account. We prefer real account results as they give a better insight into the performance and efficacy of the strategy. The absence of user reviews further confirms that this is not a reliable system to consider.