The best robot for gold trading lets you use artificial intelligence to save time on your trades. You’ll easily analyze data from several charts with this kind of Gold Trading Strategy.
If you’ve been looking for the best robot for gold trading, you’re in the right place. In this post, you’ll learn about a robot that shows a fantastic average performance.
Using the Gold Trading strategy shared here at EA Trading Academy, you could make an average of $500 per day by trading one ounce of gold. In addition, you’ll get the robot for free, so you can use it on MetaTrader.
Do Your Due Diligence
You can do your own due diligence and test the gold trading robot automatically for yourself. You’ll get a complete, free guide on how to do that, so you can do all of your tests for free.
Traders who like algorithmic trading and traders who want to learn about algorithmic trading can benefit from this post.
What Kind of Gold Trading Strategy is It?
You can think of this strategy for the best robot for gold trading as a scalping strategy. So, for beginners, that means that we’ll enter the market, take quick profits, and leave.
That means we won’t risk a lot from our capital. Of course, your risk really depends on how much you’re trading with. Your risk also depends on the proportion of your capital that you put into each trade.
Here at EA Trading Academy, we recommend never risk more than 2% to 5% of your capital. However, we’re not financial advisors and you need to make your own decisions about your trades. This post is just for educational and entertainment purposes.
How To Use the Best Robot for Gold Trading
It’s easy to use the best robot for gold trading, even if you’re a beginner. When you’re using the TradingView platform, you can open gold on an M1 chart. There are several indicators that you can use on the chart.
The first one that you can add is Bollinger Bands. So, you’ll go to Indicators, look for Bollinger Bands and select it. The default period is 20, with a deviation of 2.
However, you can use Settings to change that to a period of 32 and a deviation of 2.8. Those are the best parameters for the strategy Gold Trading Strategy that we will use.
When you increase the deviation, the Bollinger Bands will open a little bit. Whenever there is a movement or a trend, the Bollinger Bands open up. So, they move away from each other. In that way, Bollinger Bands help you to read the strength of a trend.
However, whenever the market goes sideways, the bands get closer. We use a particular entry rule for Bollinger Bands. So, we will buy or go long, when the price drops below the lower band and then goes inside the bands again.
So, to enter the market with the best robot for gold trading, we look for
- The price dropping below the lower band
- A bar opening below the band
We can take the trade when the next bar opens.
When Can We Exit the Trade?
We use another indicator to exit the trade. This indicator is called Standard Deviation and you can find it in MetaTrader 4.
MT4 has a Standard Deviation with a length of 20 by default. However, you can change the length to 37. You can adjust your Settings so that you’ll exit the trade whenever the Standard Deviation line crosses the four levels upwards and goes downwards.
So, it should first go up above the four levels and then go down. This only happens under very volatile conditions. So, it happens in extreme conditions.
An Easy Gold Trading Strategy for All Traders
This strategy is very simple. You won’t use a Stop Loss or Take Profit. You only look for price movement around the lower band.
So, if the price goes below the lower band and when the next bar opens the bar is still below the band, we should buy. If you want to go short, you’ll do the opposite.
Using Standard Deviation to find an exit point works well with the best robot for gold trading. That’s because Standard Deviation tells us how widely prices are dispersed from the average. If the standard deviation is high, it means that closing prices are going further away from the established average price.
What Should you Do with Opposite Signals?
What happens if we buy and then, there’s an opposite signal to sell? In that case, we close the buy trade and open the sell trade.
Reversing the trade is very important in trading. You should never fall in love with your trade. This is something that can happen to beginners.
For example, a crypto like Bitcoin will go up, and a trader might buy it. After that, even when they see everything on the opposite side, they still believe that it will go up. So, they don’t short it, and they lose money.
It’s the same thing with gold or another asset. If you see the opposite signal, you have to sell the asset. You should always follow this strategy and avoid emotions.
Stick To the Strategy with this Best Robot for Gold Trading
Sometimes traders get emotional and lose money. This is where robots help. Robots help you to be strict with the strategy. You can download the robot for this strategy for free and test it on MetaTrader.
Note that we have updated this Gold Trading Robot a few times and the one you will download is the latest version.
Our Results
At EA Trading Academy, we made $524.87 by trading a complete lot with this robot. We’ve tested this strategy 288 times and we have a very steady profit line. Of course, there are some declines. Every strategy has losing trades.
We had a maximum of four consecutive losses with this strategy. The drawdown was 33% because we used one lot in a $10,000 account. If we decrease it to 0.1, the drawdown would just be 3%. So you can see that it really depends on how much capital you use for each trade.
Always use good risk management practices with your money. Don’t risk a lot of cash with every trade.
Final Thoughts on the Best Robot for Gold Trading
We hope that you found this blog post on the best robot for gold trading useful. We’ll be super happy if you share your thoughts on gold trading in the comments below.
Also, visit us on YouTube and subscribe to our channel to learn more about our algorithmic trading strategies for different assets. We hope you have a wonderful day. Take care!
