In this article, we are going to review review GOLD Scalper PRO. This is an expert advisor which is fully automated and it is developed to trade only on GOLD/XAUUSD metal. So, you cannot use it on currency pairs. Its strategy is for gold trading only. The EA is developed by FXautomater team. They are a team of professioanals who are specialized of developing automated expert advisors and indicators.
Here are the points we are going to write about:
- Review Forex Robot GOLD Scalper PRO
- Download and Install GOLD Scalper PRO
- GOLD Scalper PRO Backtests
- GOLD Scalper PRO Updates
- GOLD Scalper PRO Recommendations
- GOLD Scalper PRO Settings
- Summary - Forex Robot Review - GOLD Scalper PRO
Review Forex Robot - GOLD Scalper PRO
GOLD Scalper is forex robot developed to trade on GOLD only. It is automated trading system and the traders do not need to open/close trades manually - no human manipulation needed. The EA uses reasonable stop loss and take profit levels, also there is option to use ATR based algorithm. GOLD Scalper PRO is compatible with Windows OS and MAC OS. So, you are not restricted to Windows OS only. The FXautomater team developed 2 version of the forex robot - one for metatrader 4 and one for metatrader 5 trading platforms.
We would like to add that there are some useful system integrated in such as news filter, advanced time management system, Friday exist system, email and mobile push notification system and so on. All these systems have their advantages and disadvantages, so be careful while using them.
Download and Install GOLD Scalper PRO
After you purchase GOLD Scalper PRO, you will receive login details to the member area. You can use them to access the member area and download page. You have to visit "my products section" and there you have to see your product GOLD Scalper PRO which you have purchased. You have to click "download" button and then you can install the robot using installer. Or you can download archive and do manual installation.
When you finish with the installation you need to activate your account number. Account number is a unique number given by your broker when you open a new account in your mt4 terminal.
After the download, installation and activation you have to restart your mt4 or mt5, based on which metatrader trading platform you use. And the last step is to attach GOLD Scalper PRO to GOLD/XAUUSD. That's all.
We would like to let you know that there is no free version of GOLD Scalper PRO and you have to buy/purchase GOLD Scalper PRO in order to test or use it.
Below I share backtests results which are shared in the official website of FXautomater.
1. Backtest results on GOLD | Deposit is $1000 | Net Profit: $924,389.48 | Profit Factor: 2.43 | Date: 2004 - 2018
2. Backtest results on GOLD with Fixed Lots | Deposit is $10,000 | Net Profit: $139,590.36 | Profit Factor: 2.30 | Date: 2004 - 2018
3. Backtest results on GOLD with Real Tick Data and Variable Spreads | Deposit is $1,000 | Net Profit: $2,387.89 | Profit Factor: 2.26 | Date: 2015 - 2018
4. Backtest results on GOLD with Fixed Lots and Real Tick Data and Variable Spreads | Deposit is $5,000 | Net Profit: $23,871.48 | Profit Factor: 2.50 | Date: 2015 - 2018
GOLD Scalper PRO Updates
The updates provided for this gold trading forex robot are offered for free. There are no additional fees or payments in the future for the new versions of the robot. When there are new updates of the forex robot, you have to download the latest version from the member area and do the installation again. Pay attention when you are installing new versions because sometimes the vendors of EAs may change the name of the robots(put version numbers). If you do only installation and start your mt4 again waiting to start working(because you already attached the old version to chart) and the new version has changes on the name of the robot, when you start mt4 again it will not start with new version but old one. Here is an example.
GoldScalperPro_v1.1 (OLD version)
GoldScalperPro_v1.2 (NEW version)
You have to attach new version on the chart again!!!
GOLD Scalper PRO Recommendations
You can use M1 or M15 timeframe for the EA and it does not make difference for the EA because it uses hard-coded time frames. Be sure the lots size calculated by the EA are correct and reasonable. It is important to choose forex broker with good spreads, below 400 pips(4 cents) in XAUUSD(GOLD/USD). It is recommended to use risk below 2%.
GOLD Scalper PRO Settings
Money management allows you to set your risk in percentage and the robot will automatically calculate the lots size based on your account free margin. It is important to check AutoMM and FixedLots values. If you activate money management system you have to be sure it calculates the lots size properly in order not to lose your account fast.
There are general settings which is better to leave them by default, unless you need to change them because of your broker or test other settings.
Trading logic and dynamic SL/TP settings recommended to leave by default again, unless you don't want to test your own.
Email and push notification system is a great tool to let you know what it is happening at real time without observing the charts non-stop. The robot will inform you about all the actions performed in the account.
There are parameters for GMT offset, this section is really important. Make sure it is set up properly by contacting FXautomater team for getting help if you are not sure how to deal with.
The News Filter function is disabled by default. It is your personal choice whether, or not to activate this function. The News Filter function can increase the profit factor of the system and reduce the drawdown, but also can reduce the number of the trades and the total profit.
Advanced news filter is a parameter that let you manage your robot during news. So, you can control the robot during high impact news. It is important to configure your metatrader 4 trading platform to allow WEB requests with this EA, otherwise this parameter will not work.
You can configure the robot with Advanced time management system to trade at the specific hours. Additionally, you can make the EA to trade on individual week days. So, this way you are able to avoid the most dangerous periods and trade on time when the EA shows the most successful results.
Another parameter, which is useful, is Friday exit system. As you know sometimes it is good practice to close trades on Friday before market close, in
SUMMERY - Forex Robot Review - GOLD Scalper PRO
As a conclusion, you can purchase GOLD Scalper PRO and test it on DEMO account. If you are keen on trading on GOLD you may find it useful but there are some drawbacks because of the spreads. It is good to find forex broker with good trading conditions, otherwise you may have unexpected results.
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