Pecker EA is specially designed to work on XAUUSD(Gold) market. Promoted for its advanced algorithms designed to optimize profit potential, this Gold Scalping EA has garnered attention. However, a closer examination reveals a chasm between its lofty promises and the practical outcomes it delivers.
The Pecker EA boasts an array of attractive features aimed at seducing traders into employing its technology. It offers a versatile approach to trading, catering to both scalping and swing trading strategies, thereby accommodating traders’ short and long-term objectives. Notably, it integrates a flexible Martingale system and claims super accurate entry points derived from its superior algorithmic formulations. The promise of account protection measures, the allure of starting with balances as low as $100, and the assurance of low drawdowns (DD) for stable income further embellish its appeal.
This Gold Scalping EA also includes a news filter to sidestep market volatility during major economic announcements. It also provides a variety of trading modes tailored to different balance requirements and time frames, ostensibly catering to various risk appetites, from the high-risk “Turbo Scalping” to the lower-risk “M30 Swing”.
Analyzing the Claims of Pecker EA
Despite its alluring features, the reality of trading with Gold Pecker EA starkly contrasts its promotional assertions. Key claims such as the ability to start trading with as little as $100 and promises of low DD for stable income are misleading. Such assertions overlook the inherent risks associated with the Martingale strategy, which involves increasing the trade size after a loss to recover previous losses and gain profits. This strategy can lead to significant account drawdowns, especially with undercapitalized accounts.
The developer’s recommended balances for different trading modes are optimistically low, failing to account for the volatility and unpredictability of the Forex market, particularly in gold trading. Using news filters can help prevent losses by turning off the Expert Advisor before major economic events. However, I tested the EA on the strategy tester, and the news filter does not work on it. Therefore, the results could be better if used on a live or demo account.
Still, developer recommended balances are insufficient for safely running this Gold Scalping EA, especially considering the Martingale component, which can exponentially increase trade sizes and, consequently, risk. Please consider my recommendation by me below.
Recommendations
- Default settings are not recommended, Please try using one of the three given set files.
- Low Risk – Minimum account balance of 3000$ or equivalent cent(30$) account. (M30 Time Frame)
- Medium Risk – Minimum account balance of 6000$ or equivalent cent(60$) account. (M5 Time Frame)
- High Risk – Minimum account balance of 10000$ or equivalent cent(100$) account. (M1 Time Frame)
- EA is specially made to work on XAUUSD(Gold).
