Klondike is an expert advisor that claims to be the most reliable and safe gold advisor. Developed by Dmitrii Golubev, this MT5 tool concentrates on gold trading. This ATS makes use of indicators and advanced strategies for successful trading. Compliant with FIFO requirements, this EA uses three strategies and artificial intelligence tech for analyzing market conditions and identifying accurate entries.
Detailed forex robot review
Dmitrii Golubev, the developer of this MT5 tool is from Russia. He is a Forex trader and programmer with more than 10 years of experience in the industry. He has developed 8 products, 20 signals, and 440 demo versions as per his profile info on the MQL5 site. Dmitrii claims that all his products can make profits in real-time trading. Other than a link to the Telegram channel, he does not provide any other contact details.
As per the developer, the features of this gold EA include fully automated trading, dynamic TP, and protection from proliferation. He provides fixed and automated volume and claims that the software is easy to set up and use. The M1 timeframe and a minimum deposit of $500 are the recommendations the developer provides for the FX EA. Orders are opened by the EA in the direction of the trend.
Klondike strategy tests
Regarding the trading approach used, the developer states that three different approaches are used of which two are related to the alligator indicator and the third to the ADX indicator. There is no explanation of the strategies, which is disappointing. A couple of backtests are present on the official site. Here is a strategy tester report from 2005 up to 2020.
From the above backtest, the modeling quality is 25%, which is not at all sufficient to know about important details of the test. We can see a total of 5203 trades have been executed for the initial deposit of $1000. A net profit of 356024.48 is present with a maximum drawdown of 8.55% and profitability of 79.51%. The profit factor is 4.16. From the result, it is clear that the profits are not as high as the developer claims the EA can make.
Real live account trading results
A real live USD account is present for this EA. A screenshot of the live account using Weltrade broker and the leverage of 1:500 on the MT4 platform is shown below:
From the above screenshots, we can find the account has a total profit of 79.21% and an absolute gain of 31.34%. The discrepancy in the two values indicates that the approach used is not effective and carries a high risk. A daily and monthly profit of 0.47% and 15.34% are present. The drawdown value is 8.69%. For the account started in March 2021 with a deposit of $4000, the profitability of 80% is present for a total of 190 trades.
The profit factor is 5.29. From the trading history, we can see lot sizes vary starting from 0.01 to 0.22. While the profitability and drawdown values are similar to the backtests, we are concerned about the varying lot sizes. The different sizes used indicate a risky approach that can result in a huge loss.
The cost of this gold EA is $599. Rental options are also present with the one-month rental costing $299 and the rental for three months being $399. We find the cost packages are too expensive and not worth it. Most of the gold FX EAs available in the market are available at more affordable rates compared to the price of this ATS. Furthermore, the developer does not offer a money-back guarantee, which makes us suspect that this is not a reliable system.
We found two reviews for this FX EA on the MQL5 site. Here are screenshots of the feedback.
From the reviews, it is clear that although the EA is showing a reasonable drawdown, it needs proper money management to prevent big losses.
Klondike EA claims to be a safe and profitable gold advisor. Our analysis of the features, trading approach, backtests, and real trading results reveal this is not a trustworthy expert advisor.
The developer fails to explain the approach used. From the strategy tester report and the real trading performance, we can see that the FX EA uses a high-risk approach that can endanger your account.
Furthermore, the price is very expensive and without a money-back guarantee, we find the price is not worth it. In short, this is an unreliable system you should avoid.