GOLD Eagle is a Forex expert advisor that uses the swing method which is apt for a flat market. This FX EA is designed to work on the XAUUSD pair. It is a trend scalper that uses the TrendLine Pro indicator. As per the developer, this automated system is capable of providing daily profits. The developer provides automated and manual trading options for this FX robot.
Is this a Perfect Trend System robot still good to go?
Evgenii Aksenov is the developer of this FX EA. He has three years of experience and has created 38 products and 22 signals. He is based in Russia and can be reached via email and through the messaging option on the MQL5 site. He maintains that you can get profits from this FX robot every day. He claims that it is compatible with other EAs and trading tools. Besides the automated method, you can also trade manually using the panel provided with the EA.
The EA uses the trend scalping approach with the help of the Trendline Pro indicator. It opens orders and when the price does not reach the fixed TP level, it rolls back and another order is opened automatically to a level near the total profit, making it nearer the entry point. The developer claims that the drawdown reduction function helps close the unprofitable orders and the orders that are highly profitable. This ATS uses a filter of a higher time frame that filters the strong fluctuations in the price and helps limit the losses that occur due to market fluctuations.
How to start trading with GOLD Eagle
This FX EA is available for $188. It has a rental option that costs $99 for a 6-months rental. A free demo offer is present. The developer does not offer info on the features available with the package. There is no refund offer available for this ATS. The lack of a money-back guarantee makes us suspect this is an unreliable system.
Recommendations for this FX robot include the use of an H1 timeframe, a hedge account, and the leverage of 1:200. The developer recommends brokers with a low spread. There is no info on the recommended deposit and other settings.
GOLD Eagle backtests
No backtests are present for this FX robot. While the strategy tester reports are based on historical data and cannot be used to predict future performance, they are useful tools for assessing the efficacy of the approach. The absence of backtests raises suspicion about the reliability of the system.
Trading results
A live signal is provided by the vendor on the MQL5 site. Here is a screenshot of the trading result for the account using the Robot Forex broker and the leverage of 1:500.
From the above report, we can see the system has generated 367% growth for the account started in July 2021. An initial deposit of $10000 was used for the account which shows a profit of $41659.39 for a trading duration of 99 days. The account shows a maximum drawdown of 81.3% which is very high indicating a high-risk approach.
Profitability of 69.3% is present for the account and the profit factor value is 3.10. While the profitability is not high, the sudden growth in a short span denotes a high risk. Furthermore, the number of trades is very high indicating frequent deals which can affect the profits in the account.
People feedback
There are 48 reviews for this FX EA on the MQL5 site with a rating of 4.28/5. Here are some of the reviews:
From the feedback, it is clear that the system causes many drawdowns with small profits. Another user claims that the EA has caused a big loss in a single night. The testimonials show that the EA uses a high-risk approach which corroborates our analysis of the trading results.
Wrapping up
Advantages
- Fully automated software
- Price is affordable
Disadvantages
- Trading results indicate a high-risk approach
- No money-back guarantee
From our evaluation of the various aspects of the FX EA, we find it is not a reliable product. To begin with, the explanation provided by the developer for the strategy is vague. Further, he does not support the strategy with backtests which raises a red flag for the system. The live signal results indicate a very high drawdown which shows the strategy is of high risk and can make you lose your entire capital. The trades are also frequent indicating a risky approach that can affect your profits. A lack of money-back guarantee and negative feedback are other downsides that confirm our evaluation that this is an untrustworthy system.
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