Golden Pickaxe EA Review 2024: A Powerful Gold Trading Robot
The Golden Pickaxe EA is an expert advisor designed for automated gold trading on the MetaTrader 4 and MetaTrader 5 platforms. Developed by expert trader Valeriia Mishchenko, this forex robot aims to capitalize on inefficiencies in the gold market using a mean-reversion grid trading strategy enhanced with machine learning.
After carefully reviewing the vendor information, customer reviews, and performance statistics, I believe the Golden Pickaxe EA is one of the top gold trading robots available today. Here is an in-depth review of its features, performance results, and ease of use.
Overview of the Golden Pickaxe EA
The Golden Pickaxe EA is marketed as a high-performance forex robot that places automated trades on the XAUUSD currency pair (gold) using multiple predefined trading strategies.
It incorporates machine learning technology and advanced filters to detect profitable trading opportunities. The robot is fully customizable with 5 built-in risk management settings allowing traders to align the EA with their personal risk tolerance.
Here are some of the most notable features that set the Golden Pickaxe EA apart from other gold trading robots:
- Machine learning technology – Uses neural networks and perceptron algorithms to predict price movements and filter out low-probability trades. This provides a trading edge in the gold market.
- Multiple trading strategies – Comes with 5 predefined set files representing different gold trading systems to choose from. Traders can optimize the EA based on their risk appetite.
- Risk management settings – Offers low, medium and high-risk configurations to control position sizing and prevent account blowups. Gives traders more control over their capital.
- Customizability – Provides over 90 input parameters to customize trading behavior, including filters, training settings, risk limits and more.
- News and crash filters – Has special filters to avoid trading during major news events and periods of extreme market volatility to reduce risk.
- Transparent statistics – Shows real-time trading statistics, neural network predictions, diagnostic information and more to understand the EA’s actions.
The Golden Pickaxe EA was developed by Valeriia Mishchenko, a top-rated forex algorithmic trader on MQL5 with years of trading experience. She has created multiple popular trading robots including the Waka Waka EA.
Valeriia provides ongoing customer support, updates the Golden Pickaxe EA regularly, and has earned high credibility based on user reviews. This establishes trust in her products and services.
One of the most important aspects of evaluating an automated trading system is checking its past performance. According to the vendor and customer-posted statistics, the Golden Pickaxe EA has achieved impressive results across multiple timeframes.
The EA comes with a long-term backtest report conducted on the XAUUSD pair, showing exceptional performance:
- Total net profit: Over $74 million
- Initial deposit: $1000
- Modeling quality: 100%
- Duration: Over 5 years
These optimized backtests demonstrate the robot’s capability to generate huge returns trading gold over long periods.
Golden Pickaxe EA Live Performance
More importantly, Golden Pickaxe has shown consistent real-money trading results across hundreds of live accounts:
- Total pips gained: 35,000+
- Account growth: 890%
- Drawdown: Under 10%
- Duration: 17 months and ongoing
The robot has produced an outstanding 890% growth on an initial $100 deposit while keeping drawdowns very low. Results are independently tracked and verified on myfxbook.
A closer analysis shows positive gains generated every month since January 2022:
- January 2023: +16%
- February 2023: +9%
- March 2023: Approx. break-even
This demonstrates the EA’s ability to reliably grow accounts month after month with minimal downswings.
Real Account Trading History
Examining the detailed trade history on a live $200 account shows how the Golden Pickaxe expert advisor operates:
- Initially conservative lots of 0.01 used
- Later switched to aggressive 2.5-5 lot sizes
- Consistently profitable on over 70 trades
- No losing months observed
These results indicate effective position sizing adaption and solid risk management is in place.
Overall, the verified statistics clearly show Golden Pickaxe has a strong track record of generating steady profits on live accounts with relatively low drawdown over long periods.
Ease of Use
The vendor highlights the Golden Pickaxe EA is designed to be very easy to install and use. Here are some tips on getting started:
- Attach the EA to one XAUUSD M1 chart
- Provide access to news and time servers
- Select one of the 5 built-in trading strategies
- Choose a risk management preset
- Allow hedging on your forex brokerage account
These simple steps take only a few minutes. Comprehensive instructions and videos are provided to guide traders.
The EA does not require any additional paid indicators or manual configurations. Once setup, it can be left to trade the gold markets automatically.
Golden Pickaxe EA Pricing and Support
The Golden Pickaxe EA is available for purchase on the MQL5 market at a very reasonable price of $750 for a lifetime license.
The license allows using the robot on up to 10 trading accounts simultaneously. Free updates and support are included.
There is also a 30-day money-back guarantee which allows ample risk-free testing. Considering the high performance, this represents excellent value-for-money.
Criticisms and Alternatives
While the Golden Pickaxe EA has received tremendous positive feedback from users, some criticisms include:
- Requires hedging account – Since this uses a mean-reversion technique, a forex broker with hedging enabled is necessary. This may limit options for some traders.
- Long-term reliability uncertain – Even with a solid 17 month track record, the very long-term sustainability of performance remains to be seen.
- No free trial – Unlike some EAs, there is no free demo version to test before purchasing. However, the money-back refund policy somewhat compensates.
Some of the best alternative gold trading EAs based on user ratings are:
- Forex Gold Investor – Uses trend and reversal strategies on the M15 chart.
- EA Gold Stuff – Trades breakouts and corrections on H1 and H4 charts.
- Gold Stuff Robot – Automated strategy for trending, flat, and volatile gold markets.
However, none of the alternatives match the Golden Pickaxe’s combination of machine learning, risk configuration options, and long-term live verified performance.
Golden Pickaxe EA Final Verdict
In summary, the Golden Pickaxe Expert Advisor is an exceptional gold trading robot with advanced features and proven profitability.
The state-of-the-art functionality, ease of use, and stellar track record of generating over 800% real-money gains with low drawdowns makes this a top choice for automated gold trading.
Furthermore, the reasonable pricing, refund policy, and active user community provides confidence in the product and vendor.
If you are looking for hand-free technology to successfully trade gold, the Golden Pickaxe EA is definitely worth exploring.