EGCX gold bot review
This trading bot for gold is only gaining popularity. Meet our egcx gold bot review. Perhaps this is where your story of successful use of automated trading software begins. Or you can expand your trading portfolio. So, let’s begin!
EGCX gold bot - trading strategy
This expert advisor was created for trading exclusively on gold quotes (XAUUSD). The creator of this trading bot for gold promises a high Return of investment (ROI) and offers to buy EA for $500. The price is high, but you can find many egcx gold bot free Download links on the internet. We do not know how well this bot was hacked and whether it works correctly. It is up to you personally to decide whether to use trading bot free and risk your capital or buy a licensed product and enjoy its correct and profitable work. We will not post trading bot free links so as not to violate the intellectual rights of the developer. We will only do an egcx gold bot review, thanks to which you can decide how much you need this trading bot for gold.
So, gold is a trending asset, the quotes of which move mainly in a well-defined direction. Therefore, this Forex robot can be safely called a trend one.
If you want really cool trading bots, then choose these!
EGCX EA trades on the correction of the trend of gold quotes and makes deals in the direction of the continuation of the global trend.
At the same time, this is a scalping expert advisor that does not set big goals. He takes a small number of points of profit, after which he again looks for new trading opportunities.
According to the developer, egcx gold bot works well on small M1 and M5 timeframes.
Accordingly, if you want to use this trading bot, then you need a broker with ultra-narrow spread accounts (RAW or ECN). This type of account is provided by ICMarkets. Remember this name because the mentioned broker is the best scalping broker in the world!
This is how the trade statistics of this trading bot for gold look like:
At first glance, everything looks quite attractive. However, please note that all transactions on the statistics provided by the developer were concluded at the same time and have the dynamics of increasing the volume in each new transaction.
This means that this trading robot uses a grid of orders (the first risk factor) and martingale tactics (the second risk factor). Also, note that the EA does not use Stop Loss orders (this is the third risk factor). Accordingly, we are dealing with a very risky trading bot for gold, which probably makes a profit for some time, and then kills the deposit if something goes wrong.
In simple words, in a situation where gold quotes go in the opposite direction from your transactions, egcx gold bot will build order grids until you run out of trading account equity. After that, all your trading positions will be forcibly closed in accordance with the Margin Call rule. This is where your story of acquaintance with EA egcx will end. Sadly, there are no exceptions in this case. Remember – no matter how cool and thoughtful the trading robot is, but if it uses dangerous money management methods (martingale, grid systems, hedging, etc.), then sooner or later you will lose all your money in your account. There is no other option.
However, if you follow the rules listed below, then even egcx gold bot can give you profit with minimal risk of losing your deposit:
Use a large leverage of 1:500 – this will provide you with the necessary amount of free margin to build a large grid of orders without a large deposit load. The ICMarkets broker mentioned above provides such leverage.
Trade with minimal risk – this will provide you with a good margin of equity to build an extensive order grid (if quotes go in the wrong direction). So you can always get out of the drawdown bypassing the Margin Call.
Withdraw the received profit from the account after each doubling of the deposit. That is, when you have 2 times more funds in your account than it was, withdraw half to your wallet. Thus, even if egcx gold bot loses your funds, you will still have the amount of the initial investment.
Of course, you should diversify your trading by using different robots. You can choose the tactics of using robots with different strategies on one account or distribute your funds on different accounts between different robots. Thus, you will significantly reduce trading risks, and even if one of the robots loses your money, other robots will make up for your losses.