Gold Miner Review: Does It Win or Lose?

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Gold Miner

Gold Miner is an expert advisor that can operate with Gold on the Forex market. The presentation includes almost no information about the system’s features. So, we decided to check the robot out.

What is Gold Miner?

  • The system is a grid-based trading advisor.
  • It will help us with being profitable on the market automatically.
  • The system trades Gold on the real account.

Official Gold Miner website

The presentation includes just several lines about how the system functions and what we should expect from its performance. The developers had a “Trading account 12” where the system worked. However, it was removed from the listing and no new account was added.

The dev’s profile on MQL5
The dev’s profile on MQL5

The developer runs an average profile of a 22,990 rate. He’s from Viet Nam and there are over 70 products published and 12 signals available. This looks fake because the backtest report was in Russian.

How can we use Gold Miner?

We have some details about the system and its features explained when the rest we have to guess or predict.

  • Gold Miner can provide us with automatic orders execution.
  • The system can get out of orders every Friday. This allows us not to keep orders waiting for a rough Monday opening.
  • It covers all orders with proper SL and TP levels.
  • We may use the robot with other indicators to be sure that the system works well.
  • The robot can work well on MT4 and MT5 platforms.
  • It requires us to have a Hedge-type of the account.
  • It uses a Trailing Stop Loss feature to protect our profits.
  • The system can restart a terminal after updating.

Pricing & refund

Gold Miner pricing on MQL5
Gold Miner pricing on MQL5

The current price is $30 after being decreased from $49. We’d like to note that the robot is pretty acceptable. The subscription option was removed. It’s possible to download the system for demo usage.

Trading strategy

  • The core system works based on the overbought and oversold positions.
  • The supporting strategy is a Grid of orders.
  • It can recover after losing orders.
  • So, this sounds like Martingale. It’s a risky strategy because it requires much margin to be performed.
  • We can trade XAU/USD, GBP/USD, USD/CAD, EUR/USD, USD/JPY, USD/CHF, AUD/USD, and NZD/USD pairs.
  • The time frame wasn’t mentioned.

Trading results

Gold Miner backtests
Gold Miner backtests

Instead of a real report we have this screenshot of the chart. So, we don’t know if the system was tested properly. At the same time, we can see huge drawdown periods and losses at the end.

Gold Miner developer’s accounts on MQL5
Gold Miner developer’s accounts on MQL5

The current list of the account doesn’t include #12 that included trading results of this advisor. 

Gold Miner trading results that were removed from MQL5
Gold Miner trading results that were removed from MQL5

We had some screenshots of the profile where the advisor traded on PrimusMarkets with 1:200 leverage automatically. The maximum drawdown was 24.2%. It had the maximum deposit load of 16.6%. An average win rate was 60.5%. The absolute growth was negative: -7.28%.

Gold Miner growth chart
Gold Miner growth chart

It’s easy to note that the robot did not trade stable at all.

Gold Miner closed orders
Gold Miner closed orders

The advisor worked, providing absolutely different losses and profits. This means there’s a trailing feature that should have been applied.

Gold Miner statistics
Gold Miner statistics

The advisor performed 448 deals only. The best trade was $57.31 when the worst trade was -$15.23. The gross profit was $549.06 when the gross loss was -$585.45. It’s good that these numbers are equal. The system used to work with an average frequency of 37 deals weekly. An average trade length was 13 hours. The recovery factor was -0.26. That could mean that the system wasn’t able to recover after losses. The profit factor was 0.94. An average monthly gain was 0.10% while an expected annual profit was -44.72%.

Gold Miner traded pairs
Gold Miner traded pairs

There were 321 orders executed on EURUSD equally in both directions.

Gold Miner warnings
Gold Miner warnings

There were many many warnings applied. 

What are the real customers saying about Gold Miner?

User feedback on MQL5
User feedback on MQL5

We don’t have many comments to be sure that the robot is relevant. It looks like traders avoid using it.

Summary: is Gold Miner a trustworthy EA?

Gold Miner
2.2 5 0 1
Gold Miner is a trading solution that worked with Gold on a real account without significant success. The presentation includes almost no information about the system and what performance we have to expect from it. It doesn’t have relevant backtest reports to convince us that the system was well tested before it became available to the public.
Gold Miner is a trading solution that worked with Gold on a real account without significant success. The presentation includes almost no information about the system and what performance we have to expect from it. It doesn’t have relevant backtest reports to convince us that the system was well tested before it became available to the public.
2.2 rating
2.2/5
Total Score
  • Strategy
    2.0 rating
    2/5 Bad
  • Features
    2.0 rating
    2/5 Bad
  • Trading Results
    2.0 rating
    2/5 Bad
  • Reliability
    2.0 rating
    2/5 Bad
  • Pricing
    3.0 rating
    3/5 Neutral

Like

  • Trading results were provided
  • Affordable pricing

Dislike

  • No risk advice given
  • No settings explanations provided
  • No backtest reports shared
  • The account with trading results were removed
  • No rental options available
Total
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