Golden Million EA is an MT4/5 compliant robot that uses a hedging strategy for trading. This software’s latest version (1.6) comes with improved logic, deep code rework, and bug fixes. This system was released on 15 November 2021. We will go through the essential details of the bot in our article so that investors can make a better purchase decision.
Vendor transparency
Aleksei Bordak, a developer based in Russia, is the author of the EA. He has a rating of 2.4 stars on the MQL5 website and claims to be a professional algorithm developer who operates in financial, cryptocurrency, and forex. Furthermore, he comments about working in these sectors for 15 years but doesn’t show any credentials. The author has 4 products, 18 signals, and 130 subscribers. It is evident from the profile that the vendor has not held any jobs in the past.
How Golden Million EA works
The robot comes with the following main features:
- It comes with a fixed lot parameter.
- It’s optimized and backtested.
- The EA uses hedge accounts for operating.
- It trades on gold with leverage of 1:100 or higher.
To install the EA, use the following steps:
- Purchase the system from the MQL5 website
- Login to your MT5 account at the platform
- Download the product
- Attach the EA to charts to begin trading
Timeframe, currency pairs, deposit
The robot works on the H1 timeframe on GOLD. The leverage value is shown as 1:100 and higher. There is no concrete information about a minimum amount to serve as a deposit.
Trading approach
The developer states that the robot trades on Gold in the H1 timeframe. It requires a hedging account, so we can infer that it uses similar strategies. Unfortunately, there are no live records available that could be used to determine its methodology for ourselves.
Pricing and refund
The robot can be purchased for a one-time price of 499 USD, which is comparatively high. Traders may also use the system for one year at 399 USD. Payments are accepted in Union Pay, PayPal, MNR, WebMoney, etc. The owner provides no money-back guarantee.
Trading results
The seller provided screenshots of backtesting records at which the algorithm traded for an unknown duration. Viewers are also kept blind in terms of the corresponding currency pair. The initial deposit was stated as 1000. The total net profit was $80,720,861.13. Gross loss stood at -$7,174,201.44, and the profit factor was 12.25. The system made 1252 trades, of which 7.75% resulted in a loss. The relative drawdown stood at 27.51%, with the Z-score standing at -11.98.
Verified live trading results of this robot have not been provided on the MQL5 website. We were unable to locate them on Myfxbook’s website as well. This raises some serious concerns about this seller.
People say that Golden Million EA is…
Doubtful. There are 18 reviews present on the MQL5 website. One angry customer accuses the seller of manipulating the backtesting results and canceling live signals for the expert advisor.
Verdict
Pros
- Backtesting results available
Cons
- No verified live trading results are available
- It does not provide a money-back guarantee
- The seller is not transparent about the strategy
Golden Million EA Conclusion
Golden Million EA does not provide evidence like verified live trading results. Furthermore, the presence of negative customer reviews about this algorithm on the MQL5 website puts the practices used by this bot's seller into question.
