GoldenScalp MT5

GoldenScalp MT5 has been lauded as an apex product in the world of Forex, specifically designed for algorithmic traders. Leveraging a wealth of knowledge and experience in the Forex trading industry, the developers have created a robust and efficient trading system. This review delves into the specifics of this Forex Expert Advisor and its application in gold trading.

Trading on Gold with GoldenScalp MT5

GoldenScalp MT5 has been designed to specifically trade on gold (XAUUSD), providing a unique focus that sets it apart from other Forex Expert Advisors. It operates effectively in any timeframe, offering the same results across varying timeframes.

The initial account balance required to start trading with GoldenScalp MT5 is a mere $50, making it a low-entry barrier product for those looking to venture into gold trading in the Forex market.

GoldenScalp MT5’s Unique Trading Strategies

GoldenScalp MT5 offers a variety of presets that enforce different trading strategies. One of these is the “GS default SL 001for100”, which employs several closing logics, including a hidden StopLoss. This StopLoss is computed individually for each position based on the volatility of the last few hours. The trading lot for this preset is set at 0.01 for every 100 balance units.

Another preset, “GS grid classic 001for200”, operates without a StopLoss. Instead, it opens averaging positions when the price moves in the opposite direction. This is known as the “grid” strategy. The trading lot for this preset is set at 0.01 for every 200 balance units.

Moreover, GoldenScalp MT5 offers a modified preset, “GS grid with SL10pr 001for100”, which controls positions in “grid” mode but limits the total floating loss to 10%. This means that in a single day, a maximum of 10% of the balance can be lost. The trading lot for this preset is set at 0.01 for every 100 balance units.

Setup and Configuration of GoldenScalp MT5

Setting up GoldenScalp MT5 is straightforward. The Expert Advisor takes into account significant economic events, thus necessitating the addition of a news website to the list of permitted URLs in the terminal settings. Furthermore, the “Recovery MM” option in the SL presets allows for the trading lot to remain stable during drawdowns.

For correct backtesting, users must specify the correct value in the “GMT_Offset_Manual” parameter, which is the difference between the broker’s server time in winter and Greenwich Mean Time.

Your Feedback Is Valuable

If you have used GoldenScalp MT5, we invite you to share your experience with the product. Your feedback can be invaluable to other users considering this Expert Advisor for their gold trading ventures in the Forex market.

FAQs

What is the minimum account balance required to start trading with GoldenScalp MT5?
The minimum account balance required is $50.

How does the “GS default SL 001for100” preset work?
It uses several closing logics, including a hidden StopLoss, which is calculated individually for each position based on the volatility of the last few hours.

Can I watch independent testing of this product?
Yes, independent testing of GoldenScalp MT5 is available on the forexroboteasy.com website. Users can also subscribe to updates on the results of testing this product.

Are there any risks associated with GoldenScalp MT5?
As with any trading system, there are inherent risks involved. However, the Expert Advisor offers several presets and features that aim to limit losses and manage risks effectively.

This review is an independent analysis of GoldenScalp MT5’s features and functions, aimed to provide potential users with a comprehensive understanding of the product’s capabilities in Forex trading.