Introduction
Today, we turn our skeptical gaze towards Gold BB FREE - a widely debated trading robot currently stirring up the waters at MQL5 market. This algorithmic trader, designed to execute trades on the XAUUSD currency pair, proudly exhibits an overall rating of 3.85. But, as members of the EASY Trading Team, we know better than to take things at face value. Let's delve deeper and see what this Gold BB FREE is truly made of.
Description of Functions
Gold BB FREE is essentially a Breakout System that supposedly performs well with the gold market. According to the official MQL5 site, this automated trader comes equipped with a plethora of features - stop loss, take profit, trailing stop, and more. It claims to work best with the one-hour timeframe on the MetaTrader 5 platform. However, given that we do not have access to the real source code, there could be hidden aspects to this robot that we are unaware of.
Analysis of Results
This is where we apply the 'prove it or lose it' rule. Some users have expressed concerns about the bot not working at all, while others seem quite content with its performance. A particular user JANOSCH REICHERT mentioned a stable backtest on XAUUSD since 2006 - a bold claim indeed. Unfortunately, we are yet to see concrete evidence of the robot's profitability over the past year.
On the official website https://forexroboteasy.com/trading-robot/gold-bb-free/, there is mention of impressive stats such as high winning percentage and peak drawdown. However, as seasoned traders, we know that numbers can be twisted and tweaked. Be wary, fellow traders.
Pros and Cons
The Gold BB FREE robot does seem to have a legion of followers backing it, as indicated by its high rating. Plus, the ease of use and the ability to set custom parameters may appeal to many traders.
However, the fact that a user had trouble even getting the bot to function raises a few eyebrows. Also, without a peek into the original source code, we remain in the dark about its supposed advanced functionalities.
Source Code of Gold BB FREE
As we've mentioned before, we do not have the exact source code of this trading robot. However, we can build a code based on the description given on the MQL5 site. Our version of the code might not be an exact match but it gives a fair idea of what Gold BB FREE is all about.
Keep in mind that we don't sell robots - we bring transparency to trading. In case of any queries related to the code, feel free to reach out to us at easytradingforum.com. Remember, this is just a shared example of a trading bot's code. Use it wisely.
Code:
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We always encourage users to investigate thoroughly before investing in any trading robot, including Gold BB FREE. We encourage an open discourse on the easytradingforum.com and want you to share your experience and results with the Gold BB FREE bot. Remember, a healthy skepticism is a trader's best friend.
For more insights into algorithmic trading, stay tuned to us at EASY Trading Team.