Golden Pickaxe Review
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Golden Pickaxe Review

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The Golden Pickaxe EA is a programmed automated forex strategy designed to operate within both MetaTrader 4 and MetaTrader 5 platforms. This forex robot autonomously scans currency pair charts to identify trading signals based on its proprietary trading algorithm. Upon identifying a valid setup in accordance with its implemented trading logic, the Golden Pickaxe expert advisor executes and manages trades on behalf of the user. While this may appeal to individuals lacking the time or expertise for manual trading, it’s essential to consider both the advantages and disadvantages before utilizing the Golden Pickaxe EA or any other automated trading system.

Utilizing a combination of technical indicators, the Golden Pickaxe expert advisor analyzes the 1-minute XAU/USD chart to determine entry points. While additional filters may help eliminate some false signals, there’s a risk of over-optimization and curve fitting. Crafted by the exceptionally talented Valeriia Mishchenko, the Golden Pickaxe EA stands proudly among her selection of high-performing forex EAs, all accessible through her personal website.

Live Results

The developer has provided access to several Golden Pickaxe EA accounts verified by Myfxbook, offering insight into its performance across recent market conditions. We have results available for all five of the expert advisor’s different settings, which is highly beneficial. Although these tests have not been running for an extended period, they already exhibit remarkably impressive performance. The consistency of this performance across multiple verified trading accounts, each employing different settings, bodes well for the efficacy of the EA’s strategy. I look forward to revisiting the Golden Pickaxe EA’s performance in the future to assess its ongoing effectiveness.

Trading Strategy

The Golden Pickaxe EA employs a mean-reversion grid trading system, purportedly integrating machine learning technology to execute trades on the XAU/USD pair. The expert advisor aims to exploit genuine market inefficiencies to secure an advantage over the market. Mean reversion trading operates under the assumption that the price of a currency pair will eventually revert to its mean or average price. Given its grid trading strategy, it necessitates a broker that permits hedging.

The Golden Pickaxe is ready for immediate use, featuring five pre-set files meticulously optimized by the developer using extensive data. Each set file adopts a distinct strategy, offering a selection of five automated gold trading systems tailored to different trading styles. Users can opt for the default option (XAU Risky) or select their preferred choice. It’s essential to verify the risk size being utilized and adjust it in accordance with individual risk tolerance, as each trader’s preferences vary. Regardless of risk preference, even grid trading with low risk can encounter substantial drawdowns if market conditions are unfavourable.

Back Testing

The Golden Pickaxe EA underwent backtesting across nearly two decades of XAU/USD data. While the backtests might have utilized tick data, it remains uncertain whether commission, actual variable spreads, and slippage were factored into the analysis. These variables are significant factors that can substantially impact performance. Nonetheless, I approach backtests of grid trading robots with caution, as they may be tailored to fit specific datasets. Adverse outcomes can swiftly materialize if the market proves unfavourable to a grid trading strategy. However, the backtests of the Golden Pickaxe EA are notably impressive, indicating the potential for this automated system to thrive across diverse market conditions and deliver excellent long-term results.

Conclusion


In conclusion, the Golden Pickaxe Forex robot offers numerous appealing features. It shows impressive backtests spanning over 20 years of tick data, reinforced by real, verified results from multiple accounts employing diverse settings. Additionally, it provides set files catering to various trader preferences, with the option to customize EA settings for those seeking experimentation.

If considering the Golden Pickaxe EA, starting with a demo account is advisable to acquaint oneself with its operation without exposure to unnecessary risks. Most forex brokers offer free demo accounts equipped with virtual funds and adjustable leverage.

While the Golden Pickaxe offers a 14-day free trial, this may not suffice for forming a comprehensive assessment of its performance. Nonetheless, it comes with detailed setup instructions, helpful “how-to” videos, exclusive access to their Telegram group, as well as free updates and comprehensive support, which are notably commendable features.

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5.0
Performance
3.0
Risk Management
3.0
Pricing
5.0
Support
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Golden Pickaxe Review
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