Promax Gold EA Review
Welcome to you on Our Best Forex Expert Advisors Website. We’re going to perform a Promax Gold EA review today. This is a recently released Robot in the forex market that might be confusing, but don’t worry, we’re here to answer all of your questions about it. So, if you’re interested in trading with this robot and want all the required information, read this post to the conclusion.
Let’s get started!
What is Promax Gold EA?
The Promax Gold EA, as its name suggests, is an automated trading system dedicated solely to gold (XAU/USD) trading. It runs on the MetaTrader 4 desktop platform, which most online brokers provide for free.
The business behind the Promax Gold EA is My EA Academy, often known as SinryAdvice. I looked at the company’s other forex items, including the Forex MG Pro EA. They are based in Malaysia and provide a wide range of goods, including forex indicators and forex robots.
Let’s get down to the point of this Promax Gold EA Review!
Promax Gold EA Trading Strategy
The Promax Gold EA only works with the XAU/USD pair on MetaTrader 4. You may study various trading instruments if you have the requisite experience and understanding. Simply choose a risk level that you are comfortable with since each trader is unique, and read on to learn more about the Promax Gold EA Review.
With so many forex robots on the market today, determining which ones are beneficial and which are detrimental may be tough. One of the key characteristics that distinguish the Promax Gold EA from its competitors is the smart news filter, which allows it to analyze both technical and fundamental news.
Many forex EAs disregard the news, which is surprising considering the market impact that news releases may have. I’ve seen trading robots go on months-long winning streaks, only to be wiped out by a single huge news event. To keep on top of market news and avoid trading around high-impact news releases that might cause market volatility, you can always use an economic calendar.
It’s important to keep in mind that if the Promax Gold EA traders lose money, they will start constructing a smart grid to try to get them back to breakeven without losing money. The problem is that if transactions do not return to breakeven, things might easily spiral out of control. Grid trading strategies aren’t my favorite because they usually result in margin calls and stop-outs. Make sure you understand how grid trading works and the significant risks it includes before you select it.
Promax Gold EA Features
Let’s look at some of the Promax Gold EA’s fundamental features in this section of the Promax Gold EA Review.
- Fully Automatic that is Hands-Free Trading
- Auto money management and lot selection
- Only for the XAU/USD (GOLD) pair
- 5-minute chart timeframe
- Comes with default settings
- Full set up instruction guide included
- 1 Demo 1 Live account license is available to order
- Updated for free
- Lifetime support
- EA close and open trades by itself
For traders to make an educated decision, prices or package information should be given in the Promax Gold EA Review. This Forex EA was once $390, but it is currently only $198. You’ll get a trial and a genuine account, as well as installation instructions and free upgrades when you buy this ATS.
A 14-day return period is available. Users should utilize the program for 14 days on a trial account, according to the supplier, and if they aren’t happy with the results, they may email the vendor for a complete refund. Both the refund offer and the suggestion appear to be sensible. The decreased price makes this EA realistic and competitive, even though the initial price is expensive.
This portion of the Promax Gold EA Review will go through customer comments on the Promax Gold EA. This FX EA has 49 reviews on the official site. The ratings are 4.9/5. We don’t use this method to evaluate trading software since it’s so easily manipulated. Sites like Forexpeacearmy, Trustpilot, and others provide us with unbiased feedback.
We may utilize objective feedback to evaluate the real nature of the EA’s performance, the support provided, and other important aspects. The fact that there aren’t many reviews for this MT4 product indicates that gold traders don’t use it very often.
Pros and Cons
Let’s talk about the advantages and disadvantages of the Promax Gold EA robot in this section of the Promax Gold EA Review.
- A grid-based trading system
- Constant updates
- A user manual
- A fully automated trading strategy
- Default choices
- Automated gold trading
- Confirmed gold trading
- Accounts on Myfxbook for the MetaTrader 4 trading platform
- It may be prohibitively overpriced for certain dealers.
- The vendor is a new company that has yet to show its worth, and they owe their customers a lot of background information.
Conclusion Promax Gold EA Review
At the end of our Promax Gold EA Review, we conclude that the Promax Gold EA is too risky for our liking. This is due to the fact that it uses a grid-based trading structure, which we don’t like. These algorithms seek to catch market activity in both directions by opening several trades. Traders who trade in the other way are left in the dust when a major trend develops. This is when you will start to lose a lot of money.
To begin with, we are aware that certain traders are keen to try out grid systems. We would certainly start with a sample trading account if we were to use the Promax Gold EA.