Welcome to the GoldenFisher EA review. I found this Forex robot in a Google advertisement and it appears to be a brand new product with no history at all.
The developer of Golden Fisher EA is an anonymous person selling their trading robot through the domain 4xgoldenfisher.com.
As per the marketing materials found at 4xgoldenfisher.com, the Golden Fisher bot is a machine learning Forex robot that lets money work for users instead of users working for money.
The developer claims to have started trading in 2004 and feels that none of the indicator-based strategies can survive backtesting.
They believe other Forex trading system developers can come up with strategies that don’t rely on indicators.
The developer is unknown hence the reason I can’t verify his alleged trading and investment experience.
In fact, the GoldenFisher EA seems to be the only product that this developer has at the moment.
Besides, they are also offering managed trading accounts.
The problem with this developer is that they expect traders to trust them blindly since there is no trading performance to back up their claim.
If you want to trade professionally without risking too much of your capital, I suggest looking into these recommended trading systems and services.
Is GoldenFisher EA or Forex robot legit?
The website of this Forex robot vendor looks quite dated but this is the least of my concern at the moment.
I want to know the strategy of their automated trading system as well as how they trade their customers’ managed accounts.
The following is a breakdown of the product or service offered by this developer.
|Product or service||Strategy||Price/investment|
|Managed Forex accounts||Unknown||$50,000|
GoldenFisher Bot trading strategy
The developer discloses their trading strategy which we think is quite weird.
They initially place random trades which are in the opposite direction of the market.
They want to “test the market” and if a trend forms, moving stops will take care of the trades that follow the direction of the trend.
If market reverses, some of the random trades that are against the trend will be stopped out.
We feel that there is no real strategy in this approach. Placing random trades and hoping for some trades to work is counter-productive.
We wouldn’t buy into this idea as it feels more of a guesswork.
Managed trading accounts
There is no explanation of what trading approach these managed accounts are using.
The minimum deposit is also very high. Most investors are not willing to part with this much if they don’t know how their funds will be managed.
Trading performance of GoldenFisher bot
The vendor has not bothered to provide their past performance data. They are only talking of backtesting, which is not a reliable way of projecting the future performance of a trading system.
GoldenFisher EA does not meet standards and the promise of steady growth profit sounds like another petty lie.
I would never recommend the GoldenFisher Forex robot because its strategy is very poor.
Lack of trading performance is also another reason why I would fear investing in this Forex robot.
Because this developer has failed in these areas, I also don’t think his managed Forex accounts will be viable.