Today, I am thrilled to share my insights and experiences in this Golden Pickaxe EA Review, which is available for MT4 and MT5. In this review, I will delve into the reasons behind my selection, introduce the developer behind the EA, and most importantly, outline the process of testing the EA on both Demo and Live accounts. So, let’s dive right in!
Testing the Expert Advisor
After purchasing an Expert Advisor, it is crucial not to rush into trading real capital with it, especially if there is a money-back guarantee period. For instance, with the Golden Pickaxe EA, I have a generous 30-day money-back guarantee, providing ample time for testing. Therefore, the first step is to test it on a Demo account for one to two weeks. This allows us to ensure everything is functioning correctly, evaluate the developer’s support, verify trades against My FX Book open trades, and, most importantly, determine if the EA meets our expectations. The Golden Pickaxe EA is available on the MQL5 Market Place, for both MT4 and MT5.
Golden Pickaxe EA Review: Meet the Developer – Valeria:
The developer behind the Golden Pickaxe EA is Valeria, whom you might recognize from my previous review of the Waka Waka EA. Having already experienced positive results with the Waka Waka EA, I felt confident purchasing the Golden Pickaxe EA. On my screen, you can see Valeria’s profile – Michenko Valeria. For those who missed my earlier review, the Golden Pickaxe EA can be considered the golden version of the Waka Waka EA.
Impressive Performance Statistics
Let’s examine the statistics of the Golden Pickaxe EA. As of the time of recording, the EA has yielded a remarkable 890% gain, with a verified track record starting from August 2022. The initial deposit of 100 AUD has grown to a current balance of $993, showcasing consistent and steady growth. Moreover, the EA has generated over 35,000 pips, which is truly remarkable.
The monthly performance has also been positive, with January showing over 16% gain, February with 9%, and March maintaining a near break-even performance. Even in the worst-performing months, the EA has managed to avoid losses. As for the current year, April has yielded 7% and May has shown a 3% gain. Looking back to 2022, we witness several months with substantial profits, such as September, which boasted a remarkable profit of 250%. However, it’s important to note that these impressive gains were achieved with a small initial account size of 100 AUD.
Golden Pickaxe EA Review: Personal Testing and Considerations:
To test the Golden Pickaxe EA, I am using a $500 Demo account. At the time of recording, I had recently opened a trade on the M1 time frame, resulting in an 83 cent profit. However, it is still too early to determine if this EA will be suitable for my Live account. If the EA passes my tests on the Demo account, I plan to begin trading with a small Live account, ranging from $500 to $1000. Gradually, I might consider scaling up to a larger account. Please note that these numbers are my personal choices and should not be construed as financial advice. I simply aim to share my testing process before committing to a larger account.
The Golden Pickaxe MT4 and MT5: Landing Page
On the Golden Pickaxe landing page, you can download the EA for free and test it yourself before making a purchase. At the time of writing this post, the discounted price for the EA was $665. While I won’t go into all the details here, you can find all the information you need, including the fact that the Golden Pickaxe combines elements from the Waka Waka EA and the gold asset.
Calculating Risk Settings
Advanced Risk Money Management
One of the standout features of the Golden Pickaxe EA is its advanced risk money management system. With this tool, you can calculate the expected returns based on different risk settings. Furthermore, it provides insights into the maximum drawdown experienced in the past 12 and a half years, allowing you to make informed decisions about risk tolerance. The Annual return metric further aids in evaluating the EA’s long-term performance.
Low Risk
When I set the risk level to the lowest, the drawdown decreases to 8.6, and the total profit amounts to $210. This option is suitable for traders who prioritize capital preservation over high returns.
Golden Pickaxe EA Review: Mid-Risk
Moving to the mid-risk level, we observe moderate results. While the total profit increases, the drawdown also rises accordingly. This setting offers a balanced approach between risk and reward.
Significant Risk
At the significant risk level, the total profit surges to $2,500, with a monthly gain of 5.16. However, it is important to note that higher risk settings come with larger drawdowns. Traders should carefully assess their risk tolerance before selecting this option.
Testing on Demo Account
For my testing purposes, I have opted to use the high-risk settings on a Demo account. This approach allows me to explore the worst-case scenario and assess the EA’s performance under challenging conditions. Keep in mind that testing on a Demo account is an essential step before venturing into Live trading.
Golden Pickaxe EA Review: Join the Active Community
Alongside testing the Golden Pickaxe EA, you can join the Telegram group, where many active traders gather. While I must admit that keeping up with all the messages can be challenging, it provides an excellent opportunity to connect with fellow traders who are utilizing the Golden Pickaxe EA. Additionally, you can find testimonials and gain further insights into the EA’s performance. There are also reviews available from users of the Golden Pickaxe EA on the MQL5 Market Place.
Exploring Expert Properties
Now, let’s shift our focus to the Expert Properties. While I won’t go through every input, I will highlight the most crucial aspects. At the top, we find the risk settings, offering options such as Mid-risk, Significant risk, and High-risk.
As mentioned above when it comes to testing the Golden Pickaxe EA, my preferred approach is to start on a Demo account with maximum risk. This allows me to assess its performance under challenging conditions and gain valuable insights before venturing into Live trading. By testing the Robot thoroughly, we can make informed decisions about its suitability for our trading strategies.
Golden Pickaxe EA Review: Customizable Risk Settings
Within the Golden Pickaxe EA, you have the flexibility to choose between Fixed Lot and Dynamic Lots. Additionally, there are Spread filters available for those trading Gold. Keep in mind that the number of digits your broker uses may require recalibration. Down in the settings, you will find Max Daily Drawdown limits that can be customized according to your preferences. For example, I have set mine to 4 for my FTMO funded account, ensuring I stay within their trading objectives.
Golden Pickaxe EA Review: Determining Trading Frequency
The Golden Pickaxe EA offers the option to define your trading frequency. You can choose to trade every day or select specific days of the week based on your preferences. Moreover, there is a machine learning setup available to further enhance your trading experience.
Golden Pickaxe for MT4 and MT5: Simplified Set Files
To simplify the setup process, the Golden Pickaxe EA provides pre-configured set files after purchasing on the MQL5 Market Place and downloading it. These set files align with different risk profiles, making it easier for traders to implement their desired risk settings. By loading the appropriate set file, you can quickly apply the recommended inputs for your preferred risk level.
Comprehensive Setup Guide
When you purchase the Golden Pickaxe EA, you will receive a detailed setup guide containing extensive information to assist you from start to finish. This comprehensive guide ensures that even those with prior experience with Expert Advisors can easily navigate the setup process. From risk management to performance analysis, the setup guide covers it all.
Engaging Community and Resources
After you have purchased the Golden Pickaxe EA from the MQL5 Market Place, it comes with access to an active Telegram group, where you can connect with fellow traders. This community serves as a valuable resource for sharing insights, experiences, and trading strategies. Additionally, you will find a wealth of resources, including PDFs and other materials, to support your journey with the EA.
Golden Pickaxe EA Review: Unbelievable Profits in a Matter of Minutes
I must admit, I was taken aback by the Golden Pickaxe EA’s performance. In just 13 minutes, it generated a profit of over $500 in my $500 account. Yes, you read that correctly—a 100% return! I understand that this may sound too good to be true, so let’s move over to my computer screen, where I will show you the evidence. Are you ready? Let’s delve into it!
Exploring the Trades
I want to highlight an additional trade that recently closed with the Golden Pickaxe EA, which I purchased on the MQL5 Market Place. Remarkably, it yielded a profit of $407.43. If we combine this with the earlier trades from this morning, my total profit stands at $910. Consequently, my account balance has increased to $1410.
Testing the Golden Pickaxe EA
As discussed above, initially, after purchasing the Golden Pickaxe EA from the MQL5 Market Place, I decided to test this EA on a $500 Demo account. My plan was to observe its performance over a period of time. If I was satisfied with the results, I intended to deploy it on a small $500 Live account and conduct further testing before scaling it to a larger Live account.
Analyzing the Trade History
Now, let’s delve into the trade history and examine each trade’s opening and closing positions. This will offer us valuable insights into the Golden Pickaxe EA’s underlying strategy. Initially, I tested the EA with conservative settings, opting for a low-risk approach and a volume of 0.01. However, given that I was using a Demo account, I decided to explore the EA’s performance with higher-risk settings. In the inputs, I selected the High Risk set and loaded the risky set provided with the Expert Advisor purchase. As a result, recent trades were executed with larger lots, such as 2.5, 3.5, and 5 lots.
Golden Pickaxe EA Review: Unveiling the Trading Strategy
Although the exact opening and closing positions for the first two trades were not visible on the chart due to switching between my Live and Demo accounts, I fortunately record my screen during trading sessions. This allows me to provide you with a detailed analysis of the strategy behind the Golden Pickaxe EA.
Golden Pickaxe EA for MT4 and MT5: Impressive Trade Results
During my testing, I recorded two trades that occurred at the beginning of a significant market move. The EA executed a short trade, which was closed for a profit. Following that, another short trade was closed with a profit as well. In just 13 minutes, the Golden Pickaxe EA generated a stunning $500 profit. It appears that the EA identifies selling opportunities at market tops and buying opportunities at market bottoms. In cases where the price moves against the trade, the EA employs a Martingale System to recover potential losses.
Golden Pickaxe EA Review: Analyzing Trade Execution
I want to direct your attention to the third trade, which opened at 1:30 PM. It can be seen on the chart at that specific candlestick. After approximately 6 minutes, at 2 PM, the trade was closed. This occurred during a bullish move, indicating that the EA sold at the right moment and closed the position for a $400 profit. While trading with such a high volume in a $500 account is undoubtedly risky, I intentionally push the limits during testing to assess the EA’s capabilities fully.
Configuring Risk Settings for Live Account
Now, let’s discuss the risk settings I will be using for my Live account. To strike a balance between risk and potential gains, I will load the “balanced volume” set file and opt for the “Mid-risk” set for lot sizing. These settings align with my trading strategy for the $500 Live account. I have chosen a regulated broker due to their low spreads and my positive experience during extensive testing. Remember, it is always advisable to test Expert Advisors on a demo account before implementing them on a live account.
Next Steps and Trading Safely
I recently funded my Live account and am eagerly awaiting the transfer to be completed. Once the funds are available, I will seamlessly switch between my demo and live accounts to continue testing the Golden Pickaxe EA on a smaller live account. I believe it’s essential to stay up-to-date with market conditions and trade safely, and that’s precisely what I aim to accomplish in this journey.
These steps provided a glimpse into the incredible profits achieved through testing the Golden Pickaxe EA. The EA’s strategic selling and buying approach, combined with the Martingale System, have proven to be highly profitable. As I transition to my live account, I have carefully configured risk settings to strike a balance between potential gains and account safety.
RESULTS
Golden Pickaxe EA Review: Testing on Demo Account
When I initially purchased the Golden Pickaxe EA from the MQL5 Market Place, I made a commitment to test it on a demo account using high-risk settings. In a subsequent video, I revealed the impressive results achieved during this testing phase. The robot surpassed even my expectations, generating profits of over 100 percent. Allow me to demonstrate these results by accessing the VPS where the Golden Pickaxe is running alongside the Waka Waka trading on my FTMO Funded account.
Impressive Results on Demo Account
Upon examining the account history, you’ll notice that initially, I executed a few trades with a volume of 0.01. However, the two trades I showcased in a previous video truly stood out. These trades yielded a profit of nearly $500 in a $500 account, an astonishing 100 percent return. While recording that video, another trade materialized, generating an additional $400 in profit. As you can observe, the volume gradually increased with each trade, signifying the EA’s ability to adapt and take advantage of market conditions.
The Pitfalls of Impulsive Trading
Novice traders often find themselves enticed by such promising results and regret not deploying the EA on a live account to capitalize on these profits. However, it is crucial to exercise caution and avoid making impulsive decisions. Let me illustrate why through an example. If you examine the account history, you will come across a significant loss incurred on a trade opened on the 18th of May at 4:08 AM. This trade, executed as a short position, initially showed promise, but the price fluctuated slightly, causing the account to blow due to the substantial volume traded (approximately 10 lots). Had this trade been executed with a lower lot size, it could have eventually turned profitable. This instance emphasizes the importance of thoroughly testing the maximum risk levels on a demo account before deploying an EA on a live account.
Golden Pickaxe EA for MT4 and MT5: Managing Expectations and Avoiding Gambling
It’s important to note that despite the negative overall profit of $500 in the demo account, this outcome was expected and intentional. As I mentioned in my previous videos, my objective was to test the EA’s capabilities under maximum risk conditions on a demo account. I caution against succumbing to the allure of quick profits and immediately transitioning to a live account with high-risk settings. This approach would resemble gambling rather than thoughtful trading.
Golden Pickaxe EA Review: Analyzing Account Activity
Upon examining my screen, you’ll observe that the experts box states “signals ignored” and the volatility equals 84.5. If we navigate to the end of the chart, it becomes evident that today is already the 31st of May. I funded the account on the 24th of May, which means it has been approximately seven days without any open trades. Initially, I became concerned and thoroughly reviewed the provided guide and messages in the Telegram group, hoping to uncover the reason behind the lack of trades.
Understanding Trading Patterns
To gain further insights, I visited my FX book and accessed the Golden Pickaxe balanced volume account. Surprisingly, the last trade in that account was opened on the 15th of May, which indicates that even in the main account, the robot has not been actively trading for the past two weeks. This revelation clarified why my live account has remained inactive. It’s important to note that when we purchase an expert advisor and deploy it with balanced risk settings, immediate trading should not be expected.
Golden Pickaxe EA Review: Emphasizing Capital Protection
This realization aligns with a principle I adhere to when creating expert advisors using strategy builders. The emphasis should always be on capital protection, taking trades only when reliable signals with low risks present themselves. Had I opted for very high-risk lot sizing methods and set files, I may have jeopardized the account within a matter of days, despite the potential for quick profits. Personally, I choose not to take such risks.
Golden Pickaxe EA for MT4 and MT5: Performance Variation and Risk Settings
It’s crucial to understand that the same expert advisor can exhibit vastly different performances based on the risk settings employed. For my live account, I have chosen the mid-risk set with a 1% load and the balanced volume set. This selection reflects my preference for patient trading, patiently waiting for the first trades to materialize. Ultimately, it’s essential for each trader to comprehend the risks associated with the Golden Pickaxe EA and determine their risk tolerance accordingly.
Testing the EA: Free Trial and Demo Accounts
I highly recommend testing the Golden Pickaxe EA during the free trial period on a virtual demo account. This approach allows you to observe the varying performance levels based on different risk settings. For your convenience, I have included a link below to access the Golden Pickaxe EA, and using the link, you can grab it from the MQL5 Market Place with a huge 20% discount. I firmly believe it holds immense potential. Moving forward, I will monitor the performance of this robot on my live account over the long term.
Golden Pickaxe EA Review: Conclusion
In this review of the Golden Pickaxe EA, which I bought on the MQL5 Market Place, we witnessed astounding profits within a remarkably short period. The EA’s performance exceeded expectations, making it an intriguing tool for traders seeking lucrative opportunities. As I continued my testing journey, I closely monitored its performance, especially as I transitioned to Live accounts.
Understanding the impact of risk settings on the Golden Pickaxe EA is vital for successful trading. By selecting appropriate risk levels, we can protect our capital and make informed decisions. Patience is key, as immediate trading activity should not be expected when using balanced risk settings. Remember, responsible trading requires a thoughtful and calculated approach. For those interested in exploring the Golden Pickaxe EA further, I have provided a link below for get a massive 20% off the listed price. Stay tuned for future updates on the EA’s performance on my live account. Thank you for reading this post, and don’t forget to check out the results of the Waka Waka Expert Advisor, which I also purchased and reviewed.