Gold Extractor Review

by Forex EA Top Team
Gold Extractor

Gold Extractor uses multiple approach methods to ensure profitable results. It uses the scalping strategy for finding the accurate entries and the Martingale method for recovering the loss orders. Sara Sabaghi is the author of this FX robot. The developer has one year of experience in creating FX trading tools. A total of 7 products and 4 signals have been developed by the author who is a professional developer working at the Ziwox group. For contact, the author provides links to LinkedIn, Twitter, Facebook, and a website address.

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Gold Extractor overview 

From our review of the site, here are the main features we found that the vendor focuses on for the system:

  • The FX EA is fully automated,is easy to install and use.
  • It works on the XAUUSD pair.
  • The ATS uses technical and fundamental analysis in addition to inflation expectation and US10Y to identify the accurate entries.
  • It has a complex panel featuring all functions found in manual trading.
  • Functions present in the EA include trail, auto-close, Martingale recovery, and auto close with the customized profit. 
  • The chart shows inflation expectations in 13 important countries.
  • A minimum balance of $500 is needed for using the EA. 
  • The author recommends the use of ECN and the time frame of M5 and M15.
  • Default settings can be used for trading without the need to set up files.

Pricing

You can purchase this FX robot for $150, which, the author states, is a discounted price with the next price being $290. A couple of rental options are present namely the one-month rental that costs $50 and a 3-month rental costing $99. Other than the mention of a free demo, the author does not provide further details on the features available with the package. There is no money-back guarantee which raises doubts about the reliability of the system. When compared to the market price, we find the pricing is not expensive.

How it works

A manual trading option is present that allows you to trade manually with a negative correlation between US10Y and gold using the technical data and then the EA takes over the management closing the positions in profit. 

Trading strategy

As per the developer, the system uses the scalping and the Martingale methods for the strategy. With the scalping method, it tracks gold movement using online fundamental data, inflation expectations, and US10Y. The Martingale method is activated to recover the loss orders. No backtesting results are present for the FX EA as the author claims that it uses an online new filter to avoid bad market movements. Further, he states that it uses online fundamental data to analyze the gold movement and the data does not work in backtesting. 

Trading results

A live USD account started in April 2021, is present for the FX EA on the MQL5 site. Here is a screenshot of the account:

Live trading results of Gold Extractor on the MQL5 site.

From the stats, it is clear that the system has completed 159 trading days with a total of 2371 trades.  Growth of 194.35% is present for the account that started with a deposit of $500. A drawdown of 49.4% and profitability of 84.4% are present. The profit factor is 1.52. From the results, we find that the drawdown is high indicating a risky approach. Further, the profits are not high showing poor money management. 

Customer reviews

We found 38 reviews for the company on the MQL5 site. A rating of 4.59/5 is present for the FX EA.  Unfortunately, we could not find user feedback on trusted third-party sites such as Forexpeacearmy, Trustpilot, etc. to back the claims of the vendor.

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