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Wednesday, February 28, 2024

I evaluated Gold Trading EAs and this is the surprising result! – Trading Systems – 28 April 2023

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As an experienced trader, I’m often asked by friends if I know of any reliable Expert Advisors (EAs) that can handle trading XAUUSD, given the volatility and unpredictability of gold. However, despite its challenges, trading the Gold CFD market can be highly lucrative, and I believe it’s worth exploring.

To that end, I’ve taken it upon myself to evaluate all the EAs available on the MQL5.com market. What I discovered was that the majority of EAs lack real-time signals that can demonstrate their effectiveness. Therefore, I focused my evaluation only on EAs that have been producing live signals for at least two months.

How did I evaluate?

Comparing EAs can be a tricky task, as each of them employs a different strategy. Furthermore, I must admit that the metrics I use in my evaluations carry a significant degree of uncertainty. This is because many EA providers deliberately set the risk levels very high in the beginning to impress potential buyers. If the account blows, it’s not a problem for them; they can just start over. However, once the account has been active for a year or more, the typical approach is to reduce the risk, since having a long-lived signal is highly valuable for all EA sellers.

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These constant changes in settings can make it difficult to compare EAs accurately, and I’m certain that there are many other ways to improve my comparison metrics. If you have any suggestions, please don’t hesitate to contact me via direct message or leave a comment on my blog post.

Evaluation Metrics

For the evaluation I defined two major metrics:

1) Weekly Profitability: Total Profit divided by the amount of weeks it is alive. (Profit/Weeks)

2) Reliability: This is the Weekly Profitability devided by the max Drawdown since inception.(Profit/Weeks/DD)

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The Winners

I would not say that we have here a clear winner. Rather there are indeed four great EAs which seem to work very well. And you can choose one or multiple of them for your portfolio depending on your risk appetite.

Thanks for reading!

If you liked the evaluation, please share it with your friends. This will help each of the EA authors to build better and better versions of the EAs.

Enjoy your gold trading journey!

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