Forex Gold Trader Review

The majority of the Expert Advisor trading systems we review at FX System Trader tend to be focused on the Forex markets, so when we find something a little out of the ordinary  it sparks our interest.

As the name suggests the Forex Gold Expert Advisor aims to profit from trading the spot gold (and silver) price by making use of an automated trend based strategy.

What’s Behind Forex Gold Trader?

For anyone who is not aware, the price of gold has been flying. In the current economic environment investors have been snapping up the yellow metal as a safe haven for their investments while many financial markets wobble.

However gold is not the easiest of assets to invest in. This is what makes the Forex Gold Trader EA a particularly interesting option.

The EA works on the 1 hour timeframe (XAUUSD,GOLD) and follows what seems to be a trend grid trading strategy. Trades are only opened when the gold trend is identified as up. No sell positions are ever opened with the EA.

For each trade that is opened a take profit target of 650 pips is set. No stop loss is set on open trades.

Full live account results are provided on the website and are very impressive. A quick snapshot of the last 6 months shows the following monthly gains:

• June 18.54%
• July 12.80%
• August 19.82%
• September 23.91%
• October 27.40%
• November 30.59%

All results provided on the website are verifiable by myfxbook.

How to Use Forex Gold Trader

Forex Gold Trader is provided as a typical automated trading EA. This means that once you have installed the EA into your Metatrader platform there is actually little left to do but fire up your terminal and let the robot do its thing.

The EA is designed to be run 24 hours a day on your account as it can open a trade at anytime within this window. As we always say it can pay to have a dedicated machine to run an instance of Metatrader on, but in reality you will be fine with simply running this on your home machine provided you don’t mind leaving it on at all times.

Installation of the EX4 file is straightforward enough and covered thoroughly in the supplied manual.

Four full sets of settings are provided in the documentation. Each of these is aimed at providing a suitable trading level to suit the risk level of the user

• Normal Mode
• Aggressive Mode (Twice the lot size of the normal setting)
• Safe Mode (Same lot size as normal mode but only opens trade in an Up trend)
• Very Safe Mode (As above but with half the lot size)

Indications of the likely achievable results are provided on the website for each of the four provided settings.

The Forex Gold Trader EA supports 4 and 5 digit broker and is both NFA and ECN broker ready.

Forex Gold Trader – Verdict

Forex Gold Trader has certainly produced some impressive results for what until now, is a relatively unknown EA. However I would expect that this will change as more traders become aware of it.

This system has been specifically designed to trade the gold and more importantly to take advantage of the recent strong uptrend in the gold price. As many traders will know, trading trends is one of the most profitable trading strategies that can be employed.

However it is important to note that any change in this trend could potentially see performance suffer.

Trends in the bullion market do however tend to last for years rather than weeks. Therefore with gold expected to maintain its recent uptrend, as most analysts forecast, then the Forex Gold Trader EA could well turn prove to be one of the most profitable trading systems that we see over the coming months and years.

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