Grid trading is among the many automated trading methods wherein the manual component of opening and closing trading positions is removed. But the approach is not an easy one for traders and involves several risks.
Gold Miner is an MT4 tool that uses the grid approach, but the developer claims it can make profits without big drawdowns or losses. First published on December 31, 2020, this FX EA works on all volatile pairs and gold. Priced at $49, the developer, Nghiem Duy also provides a monthly rental package that costs $30. A free demo is also offered for this EA.
Gold Miner Trading Strategy
As per the developer info, this FX EA uses a strategy that involves identifying areas of price concentration of big sellers and buyers. Nguyen Nghiem Duy, the developer, reasons that these zones trigger trends of short-term category. While he maintains that this is a grid approach, he uses overlapping of the unprofitable orders. By using this method, this EA can withstand big drawdowns and still recover from the loss. The system is in its version 3 now.
Gold Miner Features
The developer does not reveal many details of the FX robot. There is mention of the ATS having several useful functions like closing orders when the targeted equity is reached or on Friday.
Options for trading are provided which include the timeframe, price range, entry distance, reversal position, lot multiplier, stop orders, and more.
The overlap orders feature enables using the overlapping function while the overlap pips feature ensures the user gets minimum pips as profit when the unprofitable orders are closed.
Gold Miner Backtesting Results
A strategy test report is provided by Nghiem Duy on the MQL5 site. However, the link appears to be broken for we could not view the details of the backtesting report. Further, the provided image of the backtesting is not in English so we are unable to draw a conclusion on the results. For grid-based systems, proper backtests need to be performed.
Even though tests are based on historical data and cannot be used to predict future performance, the reports still hold value. The tests help in finding whether a particular strategy is viable or not. Using historical data, traders can check on the achieved past results. With the developer failing to provide proper backtests, we suspect the approach used is not reliable.
Gold Miner Live Trading Results
The developer has not posted verified trading results for this FX robot on the MQL5 site or sites like myfxbook, FXBLue, etc. A proven track record is crucial to assess the reliability of a trading tool. By failing to provide verified results, this EA does not look reliable. We look for verification of the trading as the results reveal important details like the drawdown, profits, risk to reward, lots, commissions, etc.
Gold Miner Reputation
Nguyen Nghiem Duy is a trader from Vietnam with one year of trading experience. He has developed 63 products, 15 signals, and 36 demo versions to date. He has an overall rating of 4/5 stars for all his products, signals, and freelance work. All the EAs developed by him range from $30 up to $499. In the MQL5 profile, he states that his trading approach is based on low profit and low risk. He believes that his approach will help sustain for a longer time in the market and provide a passive income for users.
A single review is posted on the MQL5 site for this EA. Here is a screenshot of the review.
From the review, we can see that the user is happy with the performance of the FX robot with a 16% profit reached in four days on his real account. There are no reviews for this EA on sites like Forexpeacearmy, Trustpilot, etc. Reviews help to know info about the FX advisor such as the performance, the support offered, refund, and others. With just one review, we find that EA is not a popular one among active traders.
Gold Miner Review Summary
- Overall rating: 5/10
- Strategy – 5/10
- Functionality & Features – 5/10
- Trading Results – 4/10
- Reliability – 4/10
- Pricing – 6/10
Conclusion
Gold Miner MT4 trading tool is not an FX EA that we would trust due to many reasons. The developer does not provide proof of the efficacy of the EA. Without verified results, we are unable to find whether this grid-based EA is effective or not. While a strategy tester report is provided on the MQL5 site, the details are not revealed which makes it useless. While the cost of this EA is very affordable, without a proven track record we do not find this FX EA trustworthy. Furthermore, the grid approach is viewed by most traders including professional traders as a high-risk approach. In short, we do not trust this expert advisor.
