Golden Pickaxe EA is an efficient and well-known robot for specialized trades on Gold or XAUUSD symbols, which has 5 different strategies. If you set its settings to XAU Risky, the expert advisor will determine which strategy it should use in that market situation. In this article, we intend to review the Golden Pickaxe expert advisor fully.
Golden Pickaxe EA installation training
Before reading the forex robot installation tutorial, we suggest you read the article (What is a forex robot?) to get more information about forex trading experts. The Golden Pickaxe EA is designed for the MetaTrader 5 platform and is priced at around $2200. To install this expert advisor, you can use two methods. If you’ve already had an account, you can go to the website and enter the Golden Pickaxe name in the search section; then, you’ll be guided to the page.
Here, by clicking on the BUY option and purchasing it, MetaTrader will be opened automatically, and the expert advisor will be installed on MetaTrader. After that, you can find your desired robot in the “Expert” section and run it on XAUUSD. However, the MetaTrader version of this robot has been prepared recently, and this link is available on this specialized MQL5 page. Users who have MetaTrader4 can click on it.
How to work with Golden Pickaxe?
If you want to use the Golden Pickaxe expert advisor, it is best to keep a few important things in mind.
- The expert advisor is not sensitive to slippage, but it is better to use it on an ECN account with a broker.
- It is recommended to run the robot permanently on a VPS.
- It is recommended to set the account leverage to 1:30.
- If your account balance is less than $6000, use low-risk settings.
The robot’s settings are very simple, and there are not many options that could confuse users. The options that you need to change include.
- Allow Opening a new Grid – on/off: Opening new trading grids that do not affect previous grids.
- Lot-sizing: Specify the model and size of lots. Choosing a Fixed lot means the expert advisor only uses a fixed lot, but choosing a Dynamic Lot means the robot increases its volume in 4 steps after each wrong trade, which increases the risk of trades.
- Deposit Load: Here, you specify what percentage of the account balance to use for trades.
When is the best trading session for using Golden Pickaxe EA?
As the Golden Pickaxe EA expertly trades on the Gold symbol, the best trading session for successful traders is when London and New York are open. However, the creators of the robot stated that it’s better to run the robot 24/7 on a VPS; in this case, the expert advisor decides which session is more appropriate to trade on. Also, it can detect not executing any trades in the important news time by connecting to the Calendar of the Forex Market.
What are the best Symbols for the Golden Pickaxe EA?
It is clear that the Golden Pickaxe expert advisor is designed specifically for trading on the gold symbol (XAUUSD) and cannot be used for any other trading symbol.
The performance of the Golden Pickaxe Robot
It’s worth noting that the Golden Pickaxe robot has an active account on MyFxbook that has been running for a year. The account displays online results of the robot, indicating that it could be profitable with a monthly return ranging from 1 to 10 percent.
However, one should not entirely depend on these results since it’s unclear whether the settings used in this account are also accessible to everyone else.
What is the trading Strategy of the Golden Pickaxe EA?
The Golden Pickaxe robot offers you a choice of 5 different strategies to use, depending on your preference. Additionally, you have the option to allow the robot to automatically select the best strategy based on current market conditions. The available strategies are as follows:
- XAU Risky Vol
- XAU Balanced Vol
- XAU Risky
- XAU Balanced
- XAU Classic
In its self-determining mode, the robot definitely uses martingale trading up to 4 steps, which can be risky for users with small accounts.
What are the advantages and Disadvantages of the Golden Pickaxe EA?
After careful examination and reviewing user feedback, we can list the following advantages and disadvantages of this robot’s features.
Advantages of the Golden Pickaxe EA
- Successful backtesting;
- Regular updates;
- Multiple strategies;
Disadvantages of the Golden Pickaxe EA
- High price;
- Ineffective money management;
- Negative user feedback on the MQL website;
- Using martingale strategy;
What We Read in the Golden Pickaxe EA Article
In early 2022, the Golden Pickaxe robot was launched with the aim of executing specialized trades on the gold symbol. This robot is best suited for individuals with an initial balance of over $6,000 who are able to make significant investments in gold. Forex traders can check the MyFXBook website to buy the best Golden Pickaxe EA. Also, if you are looking for a safe and profitable robot, Alpine EA is the best.
For users with lower balances, other good robots in the forex world, such as Alpine EA, maybe a better choice due to their stronger performance and much lower risk.