Gold Miner Review: Things to Consider Before Investing 

Gold Miner

Gold Miner is a Forex automated trading system that is available for sale on the MQL5 website. You can install this expert advisor on the Metatrader 4 or Metatrader 5 trading platform for conducting trades on autopilot. As per the vendor’s claims, this system has the capability to recover the account after suffering losses while also withstanding large drawdowns. 

This product is sold by a person known as Nguyen Nghiem Duy. The developer is based in Vietnam, but apart from that, we know nothing about them. It is not clear whether this person works alone or as a part of a team. We don’t know when they started developing Forex robots. Other EAs from this developer include Forex Miner EA, Red Dollar EA, The King EA, Arbitrage Trading, and Blue Dollar.

The highlights of Gold Miner

Here are some of the key features of the EA:

Customizable settings 

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

Multiple supported pairs 

This EA is compatible with pairs like GBP/USD, USD/CAD, EUR/USD, USD/JPY, USD/CHF, AUD/USD, NZD/USD, as well as gold. As such, you have the opportunity to diversify your portfolio.

Automatic order closing

One of the most useful functionalities of this robot is that it can close orders on Friday after an equity target is reached. This allows you to avoid unnecessary risks on the weekends. You can see the information about the profit displayed on the chart. 

Trading strategy of Gold Miner

This robot follows a grid strategy where it searches for zones where the prices of buyers and sellers are concentrated. It looks to capitalize on the short-term trends that can be found in these areas. In order to manage large drawdowns, it uses overlapping unprofitable orders.

Backtesting reports 

EA vendors usually test their systems with archival data prior to launching them in the live market. Conducted in simulated environments, these tests are performed using several years’ worth of market data. As such, they reveal the long-term performance of the system. Unfortunately, the developer has not shared the historical test results for this expert advisor. This prevents us from comparing them with the live statistics to get a clearer picture of the system’s performance.

Trading results in real time 

In order to analyze the profitability of a system, it is important to check out the live trading performance. From the verified live accounts, we get some vital performance metrics like win rate, drawdown, profit factor, Sharpe ratio, etc. When a robot has managed to generate steady profits in a live account for a long time, you know it is likely to perform well in the live market.

As of now, there are no live trading accounts for this EA on websites like Myfxbook, FXBlue, and FXStat. Usually, EA vendors on MQL5 share a live monitoring account on the website itself. However, it is available for Gold Miner. 

Gold Miner price 

The current price of this expert advisor is $49. This makes it one of the most affordable expert advisors available on the market. Instead of paying the one-time fee, you can also rent the robot on a monthly basis for $30. A free demo version of the system is available for download, but the vendor does not have a refund policy in place. 

Customer support 

There is no dedicated support team you can contact for assistance. If you face any trouble with the EA, you need to get in touch with the developer through MQL5.

Are traders happy with Gold Miner?

There are no reviews for this EA on trusted third-party websites like Myfxbook, Quora, Trustpilot, and Forex Peace Army. Therefore, it is clear that not many people are currently using this system to trade Forex pairs and gold. 

Gold Miner

Gold Miner
2 5 0 1
Gold Miner is a system that has no verified track record of performing consistently in a live trading scenario. While it is more affordable compared to other robots on the market, the vendor has not shared the backtesting results, and thus we have no idea whether this system was well tested before release.
Gold Miner is a system that has no verified track record of performing consistently in a live trading scenario. While it is more affordable compared to other robots on the market, the vendor has not shared the backtesting results, and thus we have no idea whether this system was well tested before release.
2/5
Total Score
  • Profitability
    2/5 Bad
  • Strategy
    2/5 Bad
  • Reliability
    2/5 Bad
  • Price
    4/5 Good
  • Customer Testimonials
    2/5 Bad

Advantages

  • Affordable expert advisor

Disadvantages

  • Lack of vendor transparency
  • No money-back guarantee policy
  • No verified trading results
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