Dark Gold is an FX robot that works on Gold, Bitcoin, GBPUSD, and EURUSD pairs. This MT5 trading tool uses a scalping approach for identifying profitable trades. The developer claims that this FX robot uses the Dark Support resistance indicator for its strategy. As per the author, the settings are designed in such a way that you can customize them as per your trading style and needs.
Is investing in Dark Gold a good decision?
On assessing the features, recommendations, live signal, and other characteristics of this FX EA, we find that it is not a reliable system. While the vendor provides a real trading result, we could not find backtesting results. From the risky approach demonstrated by the high drawdown and various other factors, we do not consider this FX robot is worth trying.
Marco Solito, based in Italy is the developer of this FX EA. He has four years of experience in the field and has developed 30 products and 6 signals. He is the director of Dark Trading Biz. As per the info on the MQL5 profile, the developer has 10 years of experience in MQL4 and MQL5 programming. His other products include Dark Breakout, Dark Moon, etc. We could not find vendor info like a location address or phone number.
To contact the developer, a Telegram channel link and the messaging option on the MQL5 site are the methods available. We find the info related to the vendor and support are inadequate which makes us suspect the reliability of this EA.
The developer does not reveal much info on the product. From the info provided, this EA uses the trend-following approach, but the developer states that it can be changed to a counter-trend approach if needed. While this system is claimed to be fully automated, the developer suggests using the instruction manual for creating your settings to get good results. This does not augur well for the reliability of the system and raises a red flag.
Some of the recommendations the developer suggests include the use of M15, M5, and H1 timeframes, ECN broker, and a low latency VPS. As per the developer, the settings you choose will decide the leverage and the deposit needed.
This EA is available for $59. A free demo offer is also present. We could not find further info on the features included in the package. No money-back assurance is present which makes us suspect the reliability of this MT5 tool. While the price looks affordable compared to the price of competitor systems, the performance, strategy, and other aspects do not instill confidence in this system.
No backtesting results are present for this EA. Although the past performance does not reflect on the future real trading results, we traders find the data very useful in providing a proper insight into the strategy and efficacy of the system. The absence of backtesting results raises a red flag for this EA.
However, a real USD account trading result is present on the MQL5 site. As per the trading stats, a growth of 103.92% is present for the account. For an initial deposit of $100, the account started on September 21, 2021, revealing a profit of 963.96.
The profitability is 70.5% and the maximum drawdown for the account is 40.6%. A profit factor value of 2.19 is present for the account. From the low profitability and high drawdown, we find the EA uses a risky approach resulting in poor performance.
We found a few reviews on the MQL5 site for this FX EA. Here are a few of the user responses to the product.
From the above feedback, we can see that the users are satisfied with the price but the need for traders to customize the settings is a big downside especially for novice traders. Further, another user mentions that the approach is not effective causing big losses and that the SL is not working.
Dark Gold review summary
Dark Gold promises better results when you customize the settings of the EA. The lack of a profitable default setting shows the inept design. Furthermore, the high drawdown in the real trading results indicates this EA uses a very high-risk approach. The insufficient strategy explanation, absence of backtests, and inadequate support are other downsides that make this an untrustworthy expert advisor. We would not recommend it for newbie traders and mid-level traders as the setup looks too complicated to decipher by a newbie.