Gold Eagle is an FX robot that is developed especially for gold trading. This ATS uses the grid approach and the TrendLine Pro indicator. As per the developer, this EA focuses on turning any trade into profit irrespective of the way it opened and the time.
Published on September 26, 2020, by Evgenii Aksenov, this EA is in its version 3.5 now with the recent update done on April 6, 2021. Other published products of the developer include Joker, Trend Line Grid, and Genesis. Aksenov is from Russia and has an overall rating of 4.8/5 for his signals, market products, and other orders. He has three years of experience in the field and has so far created 35 products, 1079 demo versions, 25 signals, and has 37 subscribers.
GOLD Eagle Robot Review
In this review, we have analyzed the various aspects of this FX robot including its functionality, trading approach, performance, and pricing. For traders to rely on a system, the product should satisfy certain specific criteria. We have done a thorough evaluation of the important features here. Designed to trade on gold, this FX EA depends on the grid approach for optimizing its trades. This EA is for the MT5 platform and has about 2500 demo versions downloaded until now.
What is behind the GOLD Eagle Robot?
As per the developer, this gold trading EA uses a mathematical grid approach. This helps in optimizing trades by the opening of new orders that average the profits resulting in the orders being closed profitably in a consistent manner. One of the features of this FX robot is the mobile trading dashboard which helps to control the auto trading settings. You can also open manual trades which are closed with profit with the use of the drawdown reduce settings in the EA.
The user manual comes with the recommended set file from which you can choose the mode of trading you want from the conservative or aggressive options.
A minimum deposit of $1000 and a recommended amount of $10000 is required for using this EA. The developer recommends using the cent account of the broker you choose and to use the Candle and HTF filters. Minimum lot value and trading according to the trend are other recommendations of the developer. An M5 timeframe is used for trading.
The grid approach is used for this FX robot. According to the vendor, the approach is supplemented by the averaging function wherein, orders are added until they are closed profitably. While there is an advantage to this approach, the vendor also warns to use it with care as it also increases the chance of losing your deposit.
No backtests are present for this FX EA which raises a red flag. Since the grid approach is associated with high risk, the backtests would have helped to know more about the performance of the EA. The absence makes the EA unreliable.
You can buy this EA for $199 and the developer also has a free demo option. There is no mention of the features available with the package and no money-back assurance is present. While the price looks competitive, the lack of refund makes us suspect its reliability.
Trading Performance of GOLD Eagle
Live trading results for this EA are present on the MQL5 site. Here is a screenshot of the account traded on the Low-risk style.
From the above screenshot, we can see the account which started with an initial deposit of $1000 has seen a 90.44% growth. Started in May, the account has completed 44 trading days with 15 traders per week. Profitability of 83% and a drawdown of 33.85 are present for this account. The profit factor value is 3.40. From the high drawdown and low reliability, we can see the approach is not a low-risk one.
Other than an email address, we could not find other customer support options, which is disappointing and confirms our suspicions that this is not a reliable system.
Reviews from users are posted on the MQL5 site. Here are a few of the reviews:
From the response, we can see that the FX EA is using a risky approach resulting in big losses. Another user mentions the low frequency of trades and loss of money.