Gold Miner Review

Feb 15, 2021 09:11 AM ET
Gold Miner Review

With an automated grid strategy system, it is possible for traders to eliminate the stress of choosing the right positions. Moreover, when used optimally the system can rake in profits even when volatility dominates the market. However, not all systems work as effectively as advertised. For instance, Gold Miner EA is a grid-based expert advisor that assures risk-free profits. The system claims to use a fail proof grid system. This Gold Miner review provides an in-depth perspective of the system ensuring you know all the significant aspects and arrive at an informed decision.

Table 1 Gold Miner

Type

Fully automated EA

Price

$49

Strategy

Grid

Compatible Platforms

MT4

Currency Pairs

All currency pairs and Gold

Timeframe

undisclosed

Recommended Min. Deposit

Not disclosed

Recommended Deposit

undisclosed

Leverage

Any

Trading Strategy Explanation

According to the information provided on the MQL5 site, Gold Miner MT4 uses a grid strategy. The strategy used involves searching for areas where the large seller or buyers are concentrated. This expert advisor uses the short-term trends generated which is basically the way grid strategy works. Gold Miner uses the feature of overlapping unprofitable orders which helps it to withstand huge drawdowns without losing profits.  

Main features include closing orders on Friday or when a specific equity target is achieved, overlapping orders, overlap pips, lot multiplier, hedging, reversal position, and more. The developer recommends using it in combination with the Trend Arrow indicator. 

While grid strategy involves less risk, it can also cause a steady loss for longer periods. And if your settings are not right, the losses can pile up. To minimize risks the software you use needs to be error-free. However, since the developer does not provide much of an insight into the system, we are unable to assess whether the strategy is used optimally or not.

The package costs $49 and a monthly rental option is also provided at a cost of $30. A free demo version is offered for traders to try the system and test its effectiveness.

Backtest Data Analysis

An image of backtesting done on the Gold Miner Forex robot is given on the MQL5.com site. However, the image does not link to the strategy test reports. Without the test reports, we are unable to find details of the report such as the profit, drawdown, commissions, spreads, etc. Furthermore, the quality of the modelling remains undisclosed. This lack of significant info prevents us from evaluating the performance of the system effectively.

Gold Miner Backtest Data Analysis

Live Trading Data Analysis

No live account trading results are provided by the developer. So, we are unable to assess the performance of the system in a real account. In general, we prefer trading results verified on a reliable site such as myfxbook.com or the FXBlue site. The results from such sites provide important details related to the performance of the automated system such as the profit gained, the drawdown, lot sizes, risk to reward ratio, etc. 

Vendor Transparency

Gold Miner Vendor Transparency

According to the info we found on the Mql5.com site, Nguyen Nghiem Duy is the developer of this expert advisor. From the developer profile, Nghiem Duy resides in Vietnam and has 45 Forex products and 9 signals. This Forex robot was launched in January 2021. No other details such as contact information and support are not provided which shows a lack of transparency that makes us suspicious of the system’s effectiveness. 

Review Summary

As a system using grid strategy, we found the following pros and cons dominate the presentation of this Forex robot. Here are the pros and cons of the expert advisor.

Pros

  • Fully automated Forex Robot

  • Price is not expensive.

Cons

  • Backtesting reports are not revealed in detail.

  • No verified trading results.

  • No money-back guarantee is provided.

Conclusion 

Summing up our review of the Gold Miner MT4 Forex robot, we find the system lacking in several aspects. In the first place, the information provided about the system is very minimal. We could not find details such as the time frame used, recommended deposit, and other related info. Other than mentioning the use of all currency pairs and gold, the developer does not disclose any valuable info concerning the system. 

With just a single backtesting report that appears to have a broken link and no verified trading results, we find it difficult to arrive at a proper assessment of the system’s efficacy. Since traders choose a system based on how well it performs, the lack of pertinent info related to performance raises a red flag. The lack of customer support and a money-back assurance further confirm our suspicions regarding the system. Unless the developer provides verified real account results, we cannot recommend this system.

Rating: 3.6/10

  • Features:4/10
  • Functionality:4/10
  • Performance: 3/10
  • User feedback: 3/10
  • Price: 4/10

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