Forex EA Review

Gold Miner EA Review – Digging for Profits or Fool’s Gold?

Gold Miner Bestmt4Ea

Trading gold using automated trading systems, also known as Expert Advisors (EAs), has become increasingly popular among forex traders looking to capitalize on gold’s price fluctuations. One such EA that has generated buzz in trading circles is Gold Miner EA. But does this automated gold trading robot really deliver consistent profits, or is it just fool’s gold?

In this comprehensive Gold Miner EA review, we dig deep into all aspects of this automated trading system to determine if it’s a golden opportunity or pyrite in disguise. We analyze its trading strategy, performance metrics, ease of use, customer support and more to uncover the facts you need to determine if Gold Miner EA is a treasure trove for profits or just glittering hype.

Overview of Gold Miner EA

Gold Miner EA is an automated trading system developed specifically for gold trading on the MetaTrader4 (MT4) platform. It was created by development company ForexAutomoney andreleased in 2020.

Key Features:

  • Fully automated gold trading EA optimized for XAUUSD and XAGUSD pairs
  • Uses a trend-following strategy to identify high probability setups
  • Trades multiple timeframes for increased accuracy
  • Includes basic risk management features like stop loss and take profit
  • Easy to install and use – runs unattended 24/5
  • Compatible with ECN/STP brokers using MT4

How Gold Miner EA Works

Gold Miner EA uses an algorithmic trading system designed around a trend-following strategy optimized specifically for gold trading. Let’s break down the key components of its trading approach:

Trend-Following Strategy

The core of Gold Miner’s strategy relies on identifying the predominant trend direction on multiple timeframes, including the 1-hour, 4-hour and daily charts. It uses a combination of moving averages and price action analysis to determine the trend.

Once a trend is identified, the system looks for retracements and consolidations to time entry points in the overall trend direction, buying on pullbacks in an uptrend and selling in a downtrend.

Multi-Timeframe Analysis

A key part of Gold Miner’s trend strategy involves evaluating trends across multiple timeframes. Looking at the 1-hour, 4-hour and daily charts allows it to identify both short-term and longer-term trend direction for higher probability setups.

The EA gives priority to the higher timeframe trends. So if the daily is bullish but 1-hour is bearish, it will ignore the short-term trend and look for buys based on the prevailing uptrend on the higher timeframe.

Entry Timing with Candlestick Patterns

In addition to its trend filters, Gold Miner uses simple candlestick patterns like pin bars, engulfing bars and inside bars to improve entry timing into high probability setups. These patterns help identify potential swing points and momentum shifts.

Basic Risk Management

Gold Miner includes basic risk management features like stop loss and take profit levels to limit losses and lock in gains on each trade. The stop loss is set below recent swing lows or support levels, while take profit targets are based on recent swing highs or resistance.

Optimized for Gold Trading

Unlike many generic EAs, Gold Miner is specifically optimized through robust backtesting for gold trading across the XAUUSD and XAGUSD pairs. This singular focus results in better performance tuning.

Performance Metrics and Backtest Results

Extensive backtesting is crucial in evaluating any EA before committing real capital. So how does Gold Miner EA stack up in historical backtesting?

Developers provide limited backtest data on their sales page. They claim results of over 7,800% compounded growth since 2011 with stable returns between 300-800% per year.

However, there are some caveats to note:

  • No detailed metrics like number of trades, win rate, risk metrics etc. provided
  • No month by month or year by year breakdown given
  • No clarity on specific pairs or timeframes tested
  • No assurance of unoptimized backtest results

Without comprehensive backtest reports and metrics, traders should take the advertised results with a large grain of salt. There is no transparency into the potential curve fitting that could drastically inflate results.

MUST READ  Forex Gump EA Review - Is This Robot a Worthwhile Investment?

Independent backtesting is strongly recommended to validate performance and calibrate strategy settings before using Gold Miner live. Responsible use of any EA requires evidence of solid, verified backtest results.

Live Performance Monitoring

In addition to backtesting, forward trading results are crucial. Gold Miner does not provide verified MyFXBook account tracking or other independent monitoring of live results.

However, some user reviews point to mixed live trading performance that does not match the advertised backtest gains. As with any EA, users should independently track live results before committing more capital.

Risk Metrics

A key factor missing from the limited backtest stats is any real risk metrics. There is no data provided on metrics like drawdown, risk-reward ratio, win rate or profit factor that give insights into the risk management and reward potential.

Without detailed risk metrics, traders cannot properly evaluate the risk-return profile and exercise appropriate position sizing. This lack of transparency is a red flag.

Using Gold Miner EA – Installation and Settings

Ease of installation and use is important for any automated trading system. So how does Gold Miner EA stack up in this area?

Installation Process

The installation process is straightforward for those familiar with EAs on MT4:

  1. Purchase and download Gold Miner EA files
  2. Unzip and copy .ex4 file to MT4 Experts folder
  3. Enable AutoTrading on chart and set inputs
  4. Add broker license for live trading

The EA runs on the XAUUSD and EURUSD symbols, so those need to be enabled in Market Watch.

EA Settings and Inputs

Gold Miner has a simple settings panel with just a few basic inputs:

  • Trade Size – default lot size per trade
  • Stop Loss – stop loss pips
  • Take Profit – take profit pips
  • UseMartingale – enable/disable martingale
  • MartingaleMultiplier – martingale lot multiplier
  • MaxTrades – max trades per day

The limited settings make optimization more difficult but allow even beginners to set it up easily. Traders mainly just need to set the lot size and risk management settings.

Ease of Use

Overall, Gold Miner EA is one of the simpler and more user-friendly EAs to install and use. The limited inputs reduce complexity. Of course, understanding the actual trading strategy and properly backtesting are still essential.

Vendor Reliability and Customer Support

The reputation and responsiveness of the vendor providing support are important considerations when evaluating a forex product or service. How does Gold Miner’s developer ForexAutomoney stack up?

  • Little background information on developers provided
  • No verified trading or development credentials
  • Mixed reviews of customer support response time
  • Comments about upsells after purchase

The lack of transparency from the developers in terms of verifiable credentials and background raises some questions. Customer support also seems to receive mixed reviews. Users need to be wary of potential upsells. Overall, the vendor reputation merits further research.

Costs and Payment Plans

Gold Miner EA is sold as a one-time standalone purchase, not a subscription. The only direct cost is the list purchase price.

  • Purchase Price: $879.99
  • Volume Discounts: None offered
  • Recurring Fees: None
  • Additional Costs: VPS recommended but not required

There are no refunds except for returns within 60 days accepted on a “no questions asked” basis.

While the one-time fee avoids recurring costs, the problematic refund policy and reports of upsells are concerning. As always, use prudence when purchasing.

Pros and Cons of Gold Miner EA


  • Optimized specifically for gold trading
  • Multi-timeframe trend strategy
  • Easy to install and use
  • Works with multiple brokers
  • Low one-time purchase cost


  • Lack of detailed backtest statistics
  • Mixed reviews of customer support

Frequently Asked Questions About Gold Miner EA

How is Gold Miner EA different from other gold trading EAs?

Gold Miner EA employs a specialized approach fine-tuned specifically for gold, unlike more generalized EAs. Its multi-timeframe trend strategy combines multiple technical indicators optimized through backtesting on XAUUSD and XAGUSD.

What trading strategies does Gold Miner EA use?

It uses a trend-following strategy optimized for gold. It identifies the overall trend on higher timeframes, then enters pullbacks using a confluence of moving averages, support/resistance, and candlestick patterns for timing.

No official minimum is provided, but it is designed for accounts over $1,000. With the default settings, around $2,000+ is recommended to properly size positions and implement its strategy. Proper capitalization is key.

What brokerage types are supported? ECN? NDD? STP?

Gold Miner supports ECN/STP brokers, so compatibility depends on each individual broker’s offering. It does not work with outdated dealing desk brokers. Using an ECN/STP broker is strongly recommended.

Is it best to run Gold Miner on VPS or personal computer?

For optimal performance, running the EA on a VPS rather than a personal computer subject to disconnections is advised. But it can technically run from a home PC if the internet connection is stable.

MUST READ  Forex Fury EA Review - Is this Automated Trading Robot Legit?

How can I evaluate Gold Miner’s backtest results?

Unfortunately, limited backtest data is provided by the vendor. It is essential to backtest independently with your own settings on a demo account, rather than rely solely on advertised backtest results which may be exaggerated or curve fit.

The Verdict – Fool’s Gold or Golden Opportunity?

In the world of forex EAs, separating the legitimate offerings from the duds with empty promises can be challenging. In the case of the Gold Miner EA, its strengths and potential weaknesses become apparent upon thorough scrutiny.

On the positive side, its specialized gold trading focus, logical trend-following approach, ease of use and low one-time cost are advantages. However, the lack of transparency around backtesting, mixed customer support, and unclear developer reputation raise some yellow flags. Its stellar advertised backtests also warrant skepticism without further verification.

Overall, the balance of evidence suggests proceeding with caution with Gold Miner EA. It may offer some valid concepts, but lacks the depth of verified historical and performance data traders should demand. Those interested should thoroughly backtest and forward trade on demo at minimum, and not risk live capital based solely on marketed backtest results.

While Gold Miner shows some promising signs, its lack of transparency means it ultimately still has much to prove. Until it can provide independently verified real-trading metrics, it likely remains fool’s gold rather than a golden opportunity. The jury is still out, so traders are wise to temper their expectations and adopt a skeptical, evidence-based approach in evaluating its potential.


About Amelia Clarke

Enhance your Forex Trading with BEST MT4 EA. Constant Profit with Proper Money Management Advice & Less Drawdown. Order Now & Get Special Discount.