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Forex Expert AdvisorsReviews

Promax Gold EA Review: Is This Forex Robot Profitable or Not?

by manager91 05/31/2022
05/31/2022

Promax Gold EA is a trading solution that can help us with trading Gold. There’s a SinryAdvice company behind this service. The developers claimed that the system performs automatically and has a smart news filter. It’s time to figure this out. 

Without a 50% discount the system costs $388. The package includes a real account copy of the robot, updates, upgrades, and a refund policy during 14 days.

Discover 10 Best FX EAs That Are Worth Investing

Is Promax Gold EA good?

We don’t know this for sure. Trading results look dangerous because of several huge losses in the past. 

Features of Promax Gold EA

The presentation includes details about the system and its features. We have united information in the following list:

  • The robot can work for us automatically, without a need for human interaction. 
  • It shouldn’t be used during high impact news periods. 
  • We can expect to receive from 20% to 40% monthly. 
  • It manages lot sizes only with available margin.
  • The only platform to trade is MT4. 
  • It’s possible to work with default settings. 
  • We can work on a demo or real account. 
  • The developers won’t charge us for extra payment. 
  • The system will receive free updates or upgrades. 
  • It can be deployed to trade within several minutes. 
  • We have to work on a raw-spread account. 
  • We should expect to work with big drawdowns from time to time. 
  • The robot doesn’t support manual trading during its performance. 
  • We shouldn’t use other advisors either. 
  • The account can be mini and cent. 
  • It’s possible to work only on a VPS service. 
  • If we need broker advice, it’s possible to ask developers directly. 
  • They suggest we work with Opoforex broker. 
  • The leverage is 1:500. 
  • We have to trade on the account with over $1000 on it. 
Trading TerminalsMT4
StrategyPrice Action and Scalping
TimeframeN/A
Price$388
Money Refund14 days
Recommended DepositN/A
Recommended Leverage1:500
Money ManagementYes
Customer ReviewsYes

What strategy does Promax Gold EA use?

  • We can work with strategies like Price Action and Grid. 
  • The robot trades Gold only. 
  • The time frames weren’t revealed.

Backtesting vs live trading results

We don’t have backtest reports provided. It’s a con because visitors will have no idea how well the system was tested and what results we should wait from it. 

Promax Gold EA trading results on Myfxbook

Promax Gold EA runs a real Opoforex account with 1:500 leverage on MT4 automatically. The account has a verified track record. The account has been existing since April 25, 2021. The devs deposited the account at $100,000. It’s a significant amount of money. Since then, the total gain amounted to 81.88%. An average monthly gain is 4.70% only. The maximum drawdown is 36.35%. We’d like to note that drawdowns are high and many convervative traders can’t tolerate them.

Promax Gold EA statistics

Promax Gold has executed 782 orders. It obtained 19,319 pips. The robot with a win rate of 77% for the long direction and 78% for the short direction. An average trade length is four hours and 55 minutes. The profit factor is 1.44. It’s still less than the average number for paid advisors – 1.60. 

Promax Gold EA risks

The robot works with moderated risks. There should be 16 deals lost to lose 10% of the account balance. 

Promax Gold EA closed deals

We may note that it works with deep SL levels, -711 pips. 

Promax Gold EA monthly profits

Trading this year doesn’t look stable and predictable. 

The core team

Promax Gold EA comments

We have 92 reviews published that formed a 4.9 rate. 

Promax Gold EA testimonials

We have positive testimonials written from clients about how well the works for them. 

End notes

End notes

Promax Gold EA is a trading robot that works with a Gold cross pair on our terminal. Trading results showed that the system uses a Price Action strategy with a Grid of orders. This can force the account to make big losses. We have only 14 days of the refund policy if something goes wrong. Alas, it’s not enough to claim that the system is good to go.

InvestGrail
  • Yield
    3
  • Reliability
    3
  • Trading Approach
    4
  • Consistency
    5
  • Customer Support
    7
The Goods
  • Trading results provided
  • A refund policy applied
The Bads
  • No team revealed
  • No risk advice given
  • No backtest reports provided
  • The robot works with with deep stop losses
  • It can easily lose half of the account
  • A 50% discount was removed
4.4 2.2 5
Average Score
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