Expert AdvisorsForex

Gold Miner Review: Things You Need to Know Before Investing 

2 Mins read
4.8

Gold Miner is a Forex expert advisor sold on the MQL5 website. It is compatible with the Metatrader 4 and Metatrader 5 trading platforms. According to the vendor, this system has the ability to withstand large drawdowns and recover the account. 

Gold Miner trading strategy 

The strategy followed by this robot involves searching for areas where the prices for major buyers and sellers are concentrated. It looks for short-term trends that are usually generated in these zones. Although it is a grid EA, it uses overlapping unprofitable orders to withstand large drawdowns. 

Gold Miner backtesting report 

It is common practice for EA vendors to test their systems using historical data. These tests are carried out in a simulated environment. It is important for traders to check the backtesting results since they reveal the long-term performance of the expert advisor. Unfortunately, there are no backtesting results available for Gold Miner.

Gold Miner live results 

Live trading results are absolutely vital for a trader to decide whether an EA is worth spending money on. When an EA manages to deliver a decent performance in the live trading market, you know it is reliable. These results reveal important performance parameters like profitability, profit factor, drawdown, gain over time, etc. 

By studying the trading history, you can get an idea about the trading style as well. The vendor has not shared the live results in any format. Normally, sellers on MQL5 have live monitoring accounts for their EAs, but nothing of that sort is present for Gold Miner.

Some features of Gold Miner 

This EA works on volatile pairs like GBPUSD, USDCAD, EURUSD, USDJPY, USDCHF, AUDUSD, and NZDUSD, as well as Gold. The vendor recommends using an ECN broker with a low spread. They have suggested brokers like FXTM, Alpari, FXPRIMUS, NordFX, Exness, and IC Markets. We don’t know how much it takes to get started with this robot. Also, the vendor has not mentioned the minimum leverage.

Total return N/A
Maximal drawdown N/A
Average monthly gain N/A
DeveloperNguyen Nghiem Duy
Created, year2020
Price$30
TypeGrid
TimeframeN/A
Lot sizeN/A
LeverageN/A
Min. depositN/A
Recommended deposit N/A
Recommended brokersFXTM, Alpari, FXPRIMUS, NordFX, Exness, & IC Markets
Currency pairsGBPUSD, USDCAD, EURUSD, USDJPY, USDCHF, AUDUSD,  NZDUSD, XAUUSD
ECNYes

Main things to consider if you invest with Gold Miner 

If you wish to purchase this EA, you should consider the following:

Lack of vendor transparency 

The developer behind this system is known as Nguyen Nghiem Duy. This person is based in Vietnam, but we don’t know anything else about his background. There is no official contact information and the vendor has not revealed the identities of the other team members.

No trading statistics 

There is no verified track record of this EA winning profits in the live market. The developer has not shared the historical test results either. As such, there is no way for us to verify whether the EA is capable of generating profits at a steady rate.

Customizable settings 

From the EA settings, you can change the trading timeframe, the price range, entry distance, trading direction, etc. You can select the initial lot, the maximum lot, and the lot multiplier in the order grid. It is also possible to enable the grid mechanism and adjust parameters like take profit and stop loss. 

Pricing details 

The current price of this EA is $30. This makes it cheaper than most expert advisors on the market. The vendor also offers a free demo version but there is no money-back guarantee provided.

Customer reviews 

There are no user reviews for this expert advisor on websites like Trustpilot, Forex Peace Army, Quora, and Myfxbook. Usually, MQL5 robots have a few reviews on their respective product pages, but there are none for Gold Miner. This tells us that not many people are currently using this system for conducting live trades.

Gold Miner Summary

4.8
Gold Miner is an expert advisor that is available at a cheap price. However, we have very little information on the developer behind this system. They have not shared the backtesting results or the live statistics, so we have no idea about the robot’s profitability. There are no user reviews for this trading system and the vendor does not have a refund policy in place.
5.0

Functionality

4.0

Reliability

5.0

Strategy

9.0

Price

2.0

Trading Results

4.0

Vendor Transparency

Pros

  • +Cheap compared to other robots
  • +Compatible with multiple pairs

Cons

  • -No verified trading statistics
  • -No backtesting results
  • -Lack of vendor transparency
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