The Gold Extractor This is used to trade XAUUSD, the safe-haven pair in the Forex market. It provides all necessary information in order to make better trading decisions. For best results, the vendor suggests that you use LiteForex and Alpari brokers. To get the bot to start, you need to have a minimum of $500.
Best Forex EAs for 2022
Gold ExtractorTo trust or to not trust?
Later in this review, you will see that the system offers scalping as well as martingale trading strategies. The first approach is profitable but can be dangerous. Martingale can wipe out any gains that you may have made if the market conditions are not favorable.
These are the key features that define an EA:
- It is equipped with a complex panel, which contains all necessary functions for manual trading.
- All economic news/calendar can be found on your chart, panel+ Session time
- Your panel and chart show all 13 main countries’ inflation expectations.
- You can manually trade using a negative correlation of gold and US10Y. The panel technical data will allow you to set up the robot to manage the position and close it in profit.
- A ECN account is recommended
- Trades take place on the M15 and M5 timeframes
- You don’t have to set any file, so you may just work with the default settings
- Compatible with the MT4 Terminal
- It has trail, auto close, and martingale recover functions.
The EA currently costs $240. Two rental options are available. Renting the bot to traders for a month costs $50. However, if you wish to rent the bot for three months, the cost is $99.
To trap gold’s movement with the scalping strategy, the system uses fundamental data, inflation expectations, and US10Y. To recover losses, a martingale approach is also used.
The EA has not been backtested. The developer says that you can’t backtest it since a news filter is included to avoid bad market movement. Unfortunately, he doesn’t explain how this feature affects the test. Also, it is claimed that the online data that is used to assess the movement of gold doesn’t work under simulation. This is also why backtesting data can’t be shared.
Gold Extractor’s trading stats are available on Myfxbook.
Best Forex EAs 2022This demo USD account is hosted by Alpari. It was opened over a year ago and has been deposited at $1000. As a result, the EA made a small profit ( $65.08). Our current balance is $1065.08, with a 6.51% rate of growth. The account is not being monitored at the moment.
There have been 248 trades. The win rates for both long and short positions were 82% and respectively 85%. The robot generates an additional $0.64 per $1 invested due to the profit factor of 1.64. 2164 pips were won, and 3.21 trade lots were traded.
This is a scalping strategy. The EA closes and opens positions in a short time. Martingale is also an option. When losses are sustained, the robot will increase the lot size.
Demo account has a low drawdown rate of 1.32%. This is a positive sign that EA approaches market risk cautiously. So, it doesn’t present a threat to your capital.
Huckster is created by Sara Sabaghi. Sara lives in Sweden, where she works at Ziwox. This company develops AI-based financial markets tools.
The Gold Extractor It has received 39 reviews and an overall rating of 4.59. This shows that the product is loved by a large number of users. As you can see below, it is possible to make a good profit with the bot by following the developer’s instructions. The tool has allowed a user to make a small drawdown when trading.
The dissatisfied individuals claim that the EA doesn’t work, and the martingale strategy on board can lead to huge losses if not well managed.
The EA is fully-automated and costs a very reasonable amount. The EA has shown a very small drawdown over the past 1+ month of trading in a demo account. However, it can still generate modest earnings for the user. Concerning the inclusion of martingale strategies is also an issue. This strategy is extremely risky and could result in big losses that can impede your account’s growth.