Promax Gold was recently launched in the marketplace to trade on gold. It has live results showing performance on Myfxbook starting from March. As it is a relatively new robot, you should scrutinize it thoroughly before any investments.
Promax Gold EA: Characteristics
The developer sends you the ex4 file after making a purchase which you have to place over in the experts’ folder of your MT4 directory. Then, activate auto trading and place the robot on the respective chart to begin trading.
The robot has the following features:
- It can analyze both technicals and fundamentals
- Offers 20 to 48% profit per month
- Can work on auto money management and custom lot selection
- Full setup guide for one demo and live account
- Works on full automation mode
Currency Pairs, Strategy, and Time Frame
The robot works on the precious metal gold. It also uses a grid trading strategy to close out orders if it ends up in a losing position. The developer recommends not to use a deposit below $1000 or a mini and cent account. The robot must run 24 hours without any interruption. ECN accounts with a leverage of 1:500 are recommended. From the trading history, we can observe that it places a stop loss and take profit with every trade. However, it does not hit the take profit at all times, meaning a trailing stop is placed whenever the position enters the positive territory. The developer does not state which time frame the robot works best on.
Promax Gold EA Trading Performance
Unfortunately, backtesting results are not available for Promax Gold EA. Without them, we can not judge how the robot will perform under various stressful conditions such as different spreads, time frames etc, nor can we confirm the backtest with forward testing. Lack of transparency raises some red flags over the authenticity of the system.
Live results are available for two different account sizes and trading duration. For $1000, the robot trades from March 1, 2021, and has a drawdown of 28.14%, with a monthly gain of 16.54%. It had an average win of $4.61 and a loss of $-7.88. The profitability was 79%, with a profit factor of 2.26. It is interesting to note that there were no short trades.
For a 100k Account, the drawdown is relatively less, i.e., 4.11%, with a monthly gain of 14.77%. The low drawdown value is because no grid orders were opened. No separation between equity and balance curve confirms our proposition. The system performs better than the 10k portfolio as the winning rate stood at 83%, with a profit factor of 3.92. The best trade was $2408.4, while the worst was -$965.14. The difference in performance is since the robot has traded for a short duration and is yet to enter a grid situation.
How much does it cost?
The robot costs $198 for one demo and live account. Unfortunately, there is no money-back guarantee. For a system that is relatively new in the market, the asking price is too high.
Reviews from customers
There are no customer reviews available on noted websites such as Forex Peace Army and TrustPilot. We, therefore, can not deduce any conclusions for the performance nor confirm the recent statistics from the live accounts provided by the developer. There are some reviews available on the robot’s website, but we believe the provider himself writes them.
Should you use Promax Gold EA?
Until now, we can not conclude anything as the expert advisor has debuted recently. It has yet to see a drawdown that will come when the market goes for the short side, and it will open a grid of buying orders.
|Good results so far||No money-back guarantee|
|No transparency of the developer|
|It is priced relatively high for a new system|
Promax Gold takes place amongst those robots that give below average performance for a short duration or certain market conditions. As soon as the market follows a trend in one direction, it fails or gives a massive drawdown leading to a margin call. Therefore, do not invest in such expert advisors.