Gold Coral EA Review – Exploring This Automated Trading Solution

Trading gold, silver, and other commodities profitably poses challenges for both new and seasoned traders. Gold Coral EA aims to simplify things with its algorithmic trading algorithms optimized for metals and commodities.

But can you really rely on automation for consistent trading gains? This detailed Gold Coral EA review provides a comprehensive assessment of how it works, key features, performance metrics, pricing, pros and cons, and more.

Introduction to Gold Coral EA

Gold Coral EA is an automated Expert Advisor for trading gold and other metals on the popular MetaTrader 5 platform. Designed by professional traders, it enables hands-free algorithmic trading by executing trades automatically based on technical indicators and strategy logic.

Some key features offered by Gold Coral EA include:

• • Fully automated trading system for set and forget convenience

• • Backtested strategy optimized for gold and silver trading

• • Capability to trade multiple accounts from one license

• • Inbuilt risk management features like stop loss

• • Regular updates to the trading algorithms

• • Suitable for both new and experienced traders

The goal of Gold Coral EA is to leverage the power of automation and algorithms to consistently grow metals trading accounts. But does it deliver? Let’s take a deeper look.

How Does Gold Coral EA Work?

Gold Coral EA is programmed with algorithmic trading strategies that aim to identify high probability setups by analyzing price action and technical indicators on commodity charts. Here is an overview:

• • Monitors price action – Continuously tracks live price movements and volatility.

• • Processes indicators – Applies logic rules based on indicators like RSI, moving averages etc.

• • Triggers buy/sell – Initiates automated trades when indicator conditions are met.

• • Manages stops – Uses protective stops to exit losing trades and lock in profits.

• • Operates non-stop – The EA keeps trading 24/7 searching for profitable opportunities.

• • Evolves strategies – The developers periodically improve the EA’s logic for better performance.

The combination of indicators, statistics, and algorithmic rules aims to deliver solid risk-adjusted returns. But is it profitable long-term?

Performance Metrics & Backtest Results

Gold Coral EA provides verified backtest results on gold and silver trading spanning from 2015 to 2024. Key metrics include:

• • Total net profit of $20,083 from $10,000 initial capital

• • Risk to reward ratio of 1:1.7 over 7+ years

• • Win rate of 64% out of 3,800+ trades

• • Maximum drawdown of 19%

• • Average SL of 50 pips, average TP of 85 pips

• • Tested with 99% modelling quality using Tickstory data

The long-term backtests indicate solid consistency spanning bull and bear markets. As always, live results can differ significantly so caution is warranted.

Features & Tools Provided

Here are some of the main features included with Gold Coral EA:

• • Fully Automated – Trades gold and silver automatically without manual intervention.

• • Timeframe Flexibility – Can trade strategies simultaneously across multiple timeframes.

• • Multiple Instruments – Supports gold (XAUUSD) and silver (XAGUSD) on MT4.

• • Money Management – Options like martingale, lot multiplication etc.

• • Protection – Stop loss, take profit and slippage protection features.

• • Statistics – Detailed account stats, trading history, reports etc.

• • Alerts – Get notifications for new trades, errors etc. via email or push.

• • No VPS Required – Can run directly on your Metatrader 5 terminal.

Gold Coral EA Pricing

Gold Coral EA is available for purchase on their website (goldcoralea.com) in three pricing tiers:

• • Pro – $34.99 one-time payment for unlimited accounts.

The pricing is reasonable compared to competitors and there are no added commissions or recurring fees. Traders get lifetime license, updates, and support included.

For most traders, the Starter or Regular packages should suffice to test things out before upgrading to unlimited accounts with the Pro plan if needed.

Pros of Gold Coral EA

Backtested Strategy -Verified backtests spanning 7+ years adds legitimacy.

Automated Trading – Fully automated algorithmic trading system.

Regular Updates – Actively maintained and improved by the developers.

Reasonable Cost – Fair one-time pricing, no recurring fees.

Multi-Account Trading – Supports trading on multiple accounts from one license.

MT4 Platform – Optimized for the stable and popular Metatrader 4 platform.

Good Support – Responsive customer assistance via email.

Cons of Gold Coral EA

No Guaranteed Profits – Despite backtests, live profitability is never assured.

MT4 Only – Only works on Metatrader 4, not compatible with MT4.

Gold/FX Only – Currently limited to only XAUUSD and FX pairs.

Learning Curve – Can involve effort to set up and optimize initially.

Unregulated – Being unregulated means limited legal recourse.

Potential Trade Errors – Coding issues or platform glitches can cause mistakes.

Requires Monitoring – Ongoing maintenance is necessary despite automation.

Is Gold Coral EA Worth It?

For traders specifically interested in automated metals and commodities trading on MT4, Gold Coral EA seems reasonably priced considering the potential benefits:

• • Hands-free algorithmic trading to remove emotional decisions

• • Backtested strategies to provide confidence in the algorithms

• • Regular updates by professional trading team

• • Multi-account trading capability from one license

If the EA can consistently grow gold and silver accounts as per the backtests, the one-time fee of \$199 to \$399 looks reasonable compared to recurring subscription costs of other systems.

As always, maintain realistic expectations, start small to test things out, and practice prudent risk management. Gold Coral EA appears legitimate but conduct due diligence before purchasing, as with any trading product.

Gold Coral EA Support

Gold Coral EA provides customer support via email and a ticket system. Contact options include:

• • Email – support@goldcoralea.com

• • Support Tickets – Submit tickets from your member dashboard.

• • Refund Requests – Refunds within 60 days through support tickets.

Their support team aims to respond within 24 hours on weekdays according to user reviews. But no phone or live chat support is provided currently.

Make sure to only contact their official support email address and be wary of impersonators on channels like Telegram.

Who is Gold Coral EA For?

Gold Coral EA can appeal to a range of metals and commodities traders:

• • Beginners – The automated solution allows new traders to benefit from algorithmic trading.

• • MT4 Traders – Ideal for traders already using the Metatrader 4 platform.

• • Gold/Silver Traders – Well suited to traders specifically trading gold, silver or other metals.

• • Portfolio Diversification – Algorithms can diversify portfolios beyond just forex or stocks.

• • Set & Forget – The automation provides set & forget convenience for busy traders.

• • Multiple Accounts – Ability to trade strategies across unlimited accounts from one license.

Traders looking for algorithmic solutions beyond just forex may find Gold Coral EA worthwhile given its specialization in gold and silver trading.

Verdict – Is Gold Coral EA Legit?

Gold Coral EA shows promising potential for automated metals and commodities trading but does not offer guaranteed profits. The long-term backtests and focus on risk management adds credibility compared to many EAs.

The pricing seems fair and the developers provide responsive customer support. However, exercising caution is still advisable before purchasing any trading system making profit claims.

Gold Coral EA appears to be a legitimate product created by knowledgeable developers and suited for MT4 traders interested in algorithmic gold and silver trading. But as with any EA, applying prudent trading practices remains imperative.

Concluding Thoughts

Gold Coral EA provides an intriguing automated trading solution for gold, silver, and other metals trading. The backtesting results demonstrate consistent simulated profitability over multiple years.

However, as with any EA, traders should maintain realistic expectations, apply wise risk management, and monitor performance diligently. Gold Coral EA offers potential but conducting due diligence before purchase is advised, as with any algorithmic trading product.

Frequently Asked Questions

Is Gold Coral EA free?

No, Gold Coral EA costs between $34.99 unlimited package. There is no free or trial version.

What broker is best for Gold Coral EA?

Recommended brokers are Vantage FX, ICMarkets, Axitrader, Thinkmarkets etc. due to MT4 platform, execution quality, spreads, and regulation.

Is Gold Coral EA fully automated?

Yes, Gold Coral EA trades completely automatically once properly configured. No manual intervention is needed.

Does Gold Coral EA use martingale?

Yes, Gold Coral EA has optional martingale parameters to recover losing trades. Use with caution as it can increase risk.

What pairs can Gold Coral EA trade?

Currently Gold Coral EA only trades the XAUUSD (gold) and XAGUSD (silver) pairs optimized for those instruments.

What results can I expect?

Results vary significantly. While backtests are positive, there is no guarantee of similar returns in live trading. Manage risk prudently.

Can I run EA on multiple accounts?

Yes, one license allows running Gold Coral EA simultaneously on unlimited accounts with the Pro package. Lower tiers have account limits.