Forex Robots

Gold Scalper Pro Review: An Inefficient EA

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Gold Scalper Pro

Gold Scalper Pro contains multiple filters, including an advanced news scanner, to help maintain decent profitability in the market. Traders can enable email and push notifications within the robot. The algorithm will trade 24/5 with full automation and does not require any adjustment in the GMT offset.

Gold Scalper Pro strategies and tests

Traders can use the robot after following the steps:

  1. After you purchase the EAs, the developer will send over the designated ex4 or ex 5 file
  2. Traders have to provide their account numbers for live and demo portfolios
  3. Attach the system onto the charts to start trading

Strategy explanation

The algorithm trades on gold and does not use grid or martingale strategies. According to the developer, it uses a reasonable stop loss and uses spread and news protection. From the history on Myfxbook, we can observe a big stop loss attached to each trade with an average holding duration of 4 hours 47 minutes. The algorithm closes the execution before it reaches the designated exit point.

The history of the system

The history of the system

Features

The service has the following features:

  • It comes with a news filter.
  • Traders can disable trading during the period of high spread.
  • There is a detailed user guide to install the system.
  • It comes with lifetime support.

Backtesting

Backtesting results are available for XAUUSD, where the relative drawdown was 16.13%. The winning rate was 79.42%, with a profit factor of about 2.26.

On the 15 minutes chart with a starting balance of $1000, the robot tanked an average profit of $2387. There were 243 trades in total, with the best trade as $99.65, while the worst one was -$278.63. The modeling quality of the test was 99.9%.

The backtesting records

The backtesting records

Gold Scalper Pro live trading account review

We will analyze the live records on Myfxbook. They are available from August 29, 2019, till the current date. The system made an average monthly gain of 1.56% during the period, with a drawdown of 8.87%.

The winning rate stood at 84%, with a profit factor of 1.63. The best trade was $102.18, while the worst was $48.36. There were a total of 240 trades. The total gain provided by the system stands at 54.1%.

With an initial deposit of $1000, the developer trades with a lot size of 0.03. The sharpe ratio of the robot is 0.17 with an expectancy of $2.25.

The live records

The live records

Pricing

Traders can purchase the robot for an asking price of $147 that gives the license for one live and three demo accounts. There is a 60-day money-back guarantee available. Currently, there is a Christmas sale going on, and there is a 40% discount on the product.

The pricing plan of the service

The pricing plan of the service

Is the Gold Scalper Pro a good system to rely on?

The robot has a bad risk-reward ratio at 7:1 if we contrast the monthly gain and drawdown. The records are on a demo account that does not respect real market liquidity and slippage.

There is a single customer review on Forex Peace Army where a trader states that he purchased some algorithm and is testing it on a live account. The feedback was posted in 2013, which leads us to question why hasn’t there been another one for such a prolonged duration.

A customer review

A customer review

Gold Scalper Pro

5

There are no records of the Gold Scalper Pro on a live account. The robot currently has no reviews on forums, which could give us an idea of the viewpoint of other traders.

  • It does not use grid or martingale
  • No transparency of the developer
  • Poor risk-reward ratio
  • No customer reviews
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