The Gold Bot

“Gold Bot EA” Frequently Asked Questions v1.06-02-22

How does the Gold Bot EA work?

The Gold Bot EA will only work on the XAUUSD forex pair on theMetaTrader 4 (MT4) platform. It has inner settings which are programmed to analyze the market, fundamental news, and collect all necessary market information to place a trade. It is designed and programmed to trade only above 88% accuracy, and if the trades go into a drawdown, it will use it's “smart grid” method to break-even on those trades without a loss. For better understanding on how well it works, order and try it for at least 14 days on a demo account first.

What are the requirements to use the Gold Bot EA?

It takes an average of 5 minutes to setup the Gold Bot EA, and its tested and proven settings are already programmed without the need to make any additional changes, unless you are experienced trader with your own trading methodology. Just install and let it automatically run on your MT4 platform.The 7 steps below summarize how to set up the Gold Bot EA.

1. Must have a MT4 demo or live account (1:500 leverage low-spread ECN or Standard account type).

2. After testing with demo, must fund real account with a minimum of $1,000 USD.

3. Download the zip file after ordering, and unzip it.

4. Drag and drop the expert file into the expert folder of your MT4. 

5. Inside the MT4, open XAUUSD chart, put it on 5 minutes, and add the EA file to the chart to get the alert error message.

6. Send your 1 demo or 1 live MT4 account number to [email protected] and request to activate your license. (EA will only activate after completing the 5th step. After you receive the error alert, our support team can activate the EA on our end by getting your email.)

7. Watch the “Installation” video which will show you how to easily install the Gold Bot EA.

Does the Gold Bot EA include a money-back guarantee? 

Absolutely! Our goal is full performance transparency with the Gold Bot EA.

*Follow the included instructions and settings

*Test the Gold Bot EA on a demo account for 14 days

*In 14 days, you will see how the Gold Bot EA performs

*If you are not satisfied with the results, simply email support for a full refund

When do I get the Gold Bot EA after purchasing it?

The download link will be sent to you directly by email after your purchase is confirmed. Please allow 1-2 business days.

How do I install the Gold Bot EA?

The Gold Bot EA is easy to install. There are 2 methods for installation, either using the provided PDF guide, or using the developer’s installation video at: www.youtube.com/watch?v=rXL4md9q8Co. 

Can I use the Gold Bot EA on Android/iOS?

The EA can only be installed on the MT4 application on your computer but can be monitored using your smartphone.

What are the general advantages of trading with an EA?

Forex markets operate all day, five days a week. The markets are constantly changing, with millions of variables affecting trading opportunities. Trading spot gold to the US dollar (XAUUSD) in particular is a highly volatile pair. Sometimes, it can get tricky and stressful for humans to handle the trades themselves. In such a case, many people opt for a forex EA. A forex Expert Advisor (EA) assists you in the trading process, sometimes by conducting the trades when you are either preoccupied or resting. A forex EA eliminates the emotional factor. This means that emotions such as greed or fear do not get in the way of making good, intelligent trading decisions. A forex EA also takes away the stress that forex trading in general brings, and can consider all variables at once, something humans cannot do. A forex EA trades and makes decisions faster than humans, allowing you to immediately take advantage of trading opportunities. With forex EAs, you can make better-informed trading decisions, thereby increasing your chances of making profits. However, it is also essential to choose the right Forex EA, one that virtually guarantees safety and profitability, and that’s one of the many reasons that the Gold Bot EA is so unique.

What is an EA?

An EA (Expert Advisor) is a specially designed software that can carry out trading functions. This software notifies forex traders of opportunities and advises them on the trades they should make. An Expert Advisor can alsoautomatically manage trades in the place of the forex trader.

Can I have multiple Gold Bot EA account licenses?

Each Gold Bot EA purchase gives you one license for one live and one demo account. 

Can I change my Gold Bot EA account license number?

Yes, but only if you provide proof that your existing account license has been deactivated.

Can I use the Gold Bot EA demo key on a real account?

No, each key is provided specifically to the account type.

What pairs does the Gold Bot EA trade?

The Gold Bot EA is programmed to only trade the XAUUSD (Spot Gold/US Dollar) pair.

Can I change the settings on my Gold Bot EA?

Yes, however by changing the setting, you will take full accountability for overriding the best strategic settings that were programmed as a “default”.

Which MT4 forex broker should I use?

By law, we cannot legally recommend any MT4 broker outside of the USA, but you can use any legitimate MT4 forex broker that offers an ECN or Standard account with a minimum 1:500 leverage. You can google terms like “best MT4 ECN broker” or similar search terms to find brokers. You can also use popular review websites like https://investingoal.com/mt4-ecn-forex-brokers to review brokers by rating. (Note: MintBuilder has no affiliation with any third-party brokers or review site links that recommend brokers).

Does it matter if the MT4 forex broker I choose is regulated or not?

Regulated forex brokers offer more security and stability than non-regulated brokers. Outside of the USA, you may find MT4 forex brokers that are regulated by governing bodies such as: ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN 4, MIBS, etc., however, most regulated brokers will not accept USA clients due to the regulatory constraints between the USA’s regulatory bodies (SEC, NFA, CFTC, etc.), and the regulatory bodies of said countries where the brokers are domiciled. Since we cannot legally give investment advice, it is best to do your own due diligence on any compatible MT4 broker before creating an account.

Will the Gold Bot EA work with USA regulated MT4 forex brokers?

As of 15th, 2011, enforced by CFTC, in accordance with Dodd–Frank Wall Street Reform and Consumer Protection Act, all US based Forex brokers, who are registered with CFTC, were required to stop offering leveraged commodities and precious metal trading (including Gold & Silver) to retail clients. As the result, US traders are no longer able to trade popular precious metal pairs, such as XAU/USD, XAG/USD and other with forex brokers in the United States. The regulation does not affect gold and silver trading in other countries. US regulated MT4 forex brokers like Forex.com and Oanda will still allow you to trade precious metals, but only on a 1:1 non-leveraged basis (requiring substantially more margin). Therefore, the Gold Bot EA will not work with US regulated MT4 forex brokers.

Is the Gold Bot EA guaranteed to make a profit of between 8% - 15% every month?

No. And no EA can legally guarantee any specific trading performance as no EA can control the markets.

What is the projected monthly gain of the Gold Bot EA?

Monthly gains vary based on both the market, news, and Gold Bot EA overall performance. Please view the real, verified MyFXBook account links for more details.

What kind of support will be available for the Gold Bot EA?

We will have a dedicated Telegram group created for members that have purchased the Gold Bot EA. In this group there will be a community where members can help answer questions.

Did MintBuilder create the Gold Bot EA?

No. However, we have a licensing agreement with an established software developer that has created other trading EAs in the forex space that have performed well.

What is a VPS and do I need one?

VPS is an acronym for “Virtual Private Server”, and though one is not required to use the Gold Bot EA, unless you want to leave your computer running all day and night (increasing your utility bill and requiring an air-conditioned room), or risk an internet connection outage that could disrupt the Gold Bot EA’s performance (resulting in losing trades that were unnecessary), then a VPS is something you should seriously consider purchasing. In other words, a VPS is much more effective than using your personal PC for trading. It’s because MT4 trading requires high computation time and even higher network stability that a VPS is designed to deliver. Therefore, a VPS lets you automate your trade and execute your processes successfully and at a faster speed, even during your computer power outage. These servers are stable and reliable to run automated trading with round-the-clock availability and continuous server monitoring. Regarding VPS security, cyberattacks happen at any time. A VPS will ensure your data security with advanced technologies like firewalls, authentications, DDoS protection, and more.

How much does a VPS cost each month?

VPS hosting for an MT4 account can cost between $5 to $25 per month, depending on your server needs, with basic service being at the lower end.Some providers will even offer up to 30-day trial periods.

What are the minimum VPS specs for the Gold Bot EA to perform properly?

We would suggest any Windows VPS with no less than 2 CPU core, 30 GB storage, 2GB memory, 3TB bandwidth, 1Gbps connection and low latency. Also, the more servers offered by the provider, the better, e.g., they should offer no less than 15 servers worldwide.

What are the basic rules for ensuring the Gold Bot EA performs well?

Though we cannot guarantee any specific results as trading is very high risk in general, here are some important notes that you should know.

1. Having open trades for a few days in drawdown is normal, so please be patient until the EA closes them in profit.

2. Do not close any open trades manually, and do not trade manually on the same account, as it will mess with the Gold Bot EA's money management system.

3. Do not run any other indicators or robots on same the account that the Gold Bot EA is running on. 

4. Do not run the Gold Bot EA on an account below $1,000 USD and don't use mini or cent accounts. 

5. Make sure the “auto trade” option on your MT4 is turned on.

6. The Gold Bot EA must be online 24 hours a day. In order to always keep your MT4 online, it is better to use a VPS for online hosting.

How much does the Gold Bot EA cost?

The suggested retail price is $398 USD. However, as a Basic or Pro Member it is 50% off costing only $199.

What payment methods are available?

We accept payment via all major credit cards (Visa, MasterCard, Amex, Discover), and we accept Bitcoin and all other cryptocurrencies which are accepted via BitPay.com.

Should I use the Gold Bot EA on a demo account first?

Whether you are an experienced trader, or brand new to trading, it is always recommended to test any EA on a demo account for a period of time that makes you comfortable, and there is no exception for the Gold Bot EA. In fact, it is recommended to demo the EA for at least 14 days, in which we offer a full 14-day refund if you are not satisfied with the results in that time.

What’s the minimum funding amount and lot size I need to start on a real MT4 account?

The minimum fund required to start is $1,000 USD (or 1,000 of any main currency, e.g., Euros, Pounds, etc.), and the lot size is automatically set by the Gold Bot EA to a conservative 0.01 per every $1,000, based on your funding amount.

Does your company offer installation or customization of the Gold Bot EA?

No. However, please contact your sponsor or upline to get details about third party installation options for a small, one-time fee.

Has the Gold Bot EA been scanned for viruses?

Our anti-virus software consistently scans for the latest viruses. However, it is always advised to have your antivirus software turned on before downloading any software in general.

What is the maximum drawdown of the Gold Bot EA?

The drawdown is related to market conditions, additionally, you can set a drawdown limit in the input tab. The Gold Bot EA developer also recommends that all members set their own max drawdown percentage using proper risk management.

How many trades will the Gold Bot take in a day?

The number of trades the Gold Bot EA will take in a day is related to market conditions, and other factors.

Can I run more than one Gold Bot EA on the same account license?

No, each Gold Bot EA must be installed on a separate account license number and MT4 platform.

Where can I find the verified, real MT4 trading accounts using the Gold Bot EA?

You can find “3 Presets” of verified, real accounts at the following MyFXBook links:

1) $1,000 Real (P1): www.myfxbook.com/members/sinryadvice/promax-gold-ea-preset-1/9562671

2) $1,000 Real (P3): www.myfxbook.com/members/sinryadvice/promax-gold-ea-preset-3/9515659

3) $100,000 Real (P2): www.myfxbook.com/members/sinryadvice/promax-gold-ea-100k-account/9332934

What are the Gold Bot EA recommended settings?

1. Run it on the XAUUSD (Spot Gold/U.S. Dollar) pair only.

2. Select “5 minute” time frame on your MT4.

3. Ensure the “Auto Trading” option on your MT4 is turned on.

4. For the best performance you need to always keep the Gold Bot EA online by using a VPS, or by having your computer always online. 

5. Do not use a cent or mini account; only use Standard, ECN, etc.

6. Account Leverage must be Above 1:100 (1:500 suggested).

7. Account spread must be below 2.5.

Why is $1,000 the recommended minimum deposit to use the Gold BotEA?

Trading on gold market is more profitable than other pairs, but is riskier as well. In fact, the gold currency pair is so volatile that it may move up to 600 pips in a day. So, by depositing a minimum of $1,000, using proper risk management of a 0.01 lot size per $1,000, and working with a low-spread MT4 broker, it should help cushion any volatility that the XAU/USD pair can experience on any given day in the forex market.

After I have set up my Gold Bot EA, will any other maintenance be necessary?

We cannot give financial or investment advice regarding the Gold Bot EA or any customized settings to achieve a particular result. However, even though the Gold Bot EA automatically takes trades in your MT4 account 24/5, it’s good to make a habit of monitoring your trading results at least once every 3 to 5 days. The Gold Bot EA is unique because it’s the first fully automatic gold trading EA with a smart news filter that allows it to analyze both technical and fundamental news, and will not take any trades 30 minutes before or after any news. However, in case of high impact news, the developer will inform us to email all members to turn off their Gold Bot EA until market conditions improve.

Why is my Gold Bot EA not taking any trades?

The Gold Bot EA might not make any trades due to several reasons such as: a) If the “Allow DLL imports” box has not been checked. b) If “Auto trading” button on the top bar is turned off. c) Incorrect time frame. d) Preset files have not been installed correctly. E) Market is closed during the weekend.

Why didn’t my Gold Bot EA perform as well as the versions on theverified MyFXBook links?

There are many factors, such as the time your Gold Bot EA actually got connected to an MT4 and started taking trades, or your MT4 broker’s spread prices versus the MT4 broker(s) used by the developers, or your Gold Bot EA entering a trade when the trend has changed, etc. Point being, no two accounts will ever share the exact same trading results. There will always be variations, which is why using a MyFXBook verified account link for trading performance results is for demonstration and educational purposes only.

Does the Gold Bot EA utilize a martingale strategy?

Yes, it utilizes a martingale strategy only when necessary.

Does the Gold Bot EA utilize price action strategy?

No, it does not utilize any price action strategies.

Does the Gold Bot EA use TP and SL?

Yes, it has inner settings for take profit and stop loss on each trade.

What are the differences between the trading strategies of Preset 1, 2 and 3?

The differences are in trading hours, trailing stops, and other parameters that the Gold Bot EA will take.

Do I have to understand the forex market to have success with the Gold Bot EA?

Absolutely not, but knowledge is power and you should at least familiarize yourself with terms that you will encounter when setting up your MT4 account, connecting your VPS, etc. A great and free “newbie friendly” resource to teach you step-by-step all about forex is located at: https://www.babypips.com.

Is “Gold Bot EA” the original name of this EA?

No. It’s originally named the “ProMax Gold EA” and you will be receiving the latest version of it.

What information can you share about the developers of the Gold Bot EA?

The Gold Bot EA (originally named “ProMax Gold EA”) was developed bySinry Advice, a full-time team of forex traders and forex robot developers. Like every trader, they’ve had both good times and bad, and understand just how hard it is to grow a portfolio especially if you are new to this market, which is why they have decided to work on building tools that will help traders to get started with trading. Their Mission is to create a community based on transparency and legitimate result for their users. They will work hard to create the highest quality forex trading robots and indicators for your trading journey. Sinry Advice has a satisfaction score of over 85% when it comes to customer satisfaction. Performance and verified results of all of their trading robots are available on MyFXBook.com.

Does Sinry Advice offer training for the Gold Bot EA (ProMAx Gold EA)?

No. However, they do have a YouTube channel that as of 2022, is offering transparent weekly trade results for all of their EA’s. The latest results video for the Gold Bot EA (ProMax Gold EA) can be viewed at: www.youtube.com/watch?v=NuNrQ7AN3Lc.