The Gold Extractor is designed to trade the safe-haven pair on the Forex market, XAUUSD. It gathers all the essential fundamental info in the market to make better trading decisions. The vendor recommends that you use Alpari and LiteForex brokers for good results. A minimum balance of $500 is enough to get the bot to work.
Gold Extractor: to trust or not to trust?
You will discover later in this review that the system has scalping and martingale as trading strategies. The former approach makes small profits, while the latter one is inherently dangerous. So, it is possible for martingale to wipe out any gains you might have made when the market conditions become unfavorable.
Features
The EA is defined by the following features:
- It has a complex panel containing all the functions needed to engage in manual trading
- All the economic news/calendar are listed on your chart, panel + Session market time
- You have all the inflation expectations of 13 main countries on your chart and panel
- Users can trade manually using a negative correlation between gold and US10Y with the panel technical data and allow the robot to manage it and close positions in profit
- An ECN account is recommended
- Trades are carried out on the M15 or M5 timeframe
- You don’t have to set any file, so you may just work with the default settings
- Is compatible with the MT4 terminal
- It integrates trail, auto-close, and martingale recovery functions
The current one-time price of the EA is $240. Two rental options are also available. Traders who rent the bot for a month are required to pay $50. But if you want to use the product for three months, then the price is $99.
The system uses inflation expectations, fundamental data, and US10Y to trap the movement of gold with the scalping strategy. A martingale strategy is also implemented to recover losses.
Backtest results
There are no backtesting results for this EA. 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 also explains why backtesting data are not shared.
Trading results
Gold Extractor’s trading stats are available on Myfxbook.
This is a demo USD account that is hosted by Alpari. It was opened more than a month ago and deposited at $1000. The EA has made a small profit of $65.08 as a result. We now have a balance of $1065.08 and a 6.51% growth rate. No one is currently tracking the account.
A total of 248 trades have been carried out. The resulting win rates for the long and short positions are 82% and 85%, respectively. The profit factor of 1.64 means that the robot generates an extra $0.64 for every $1 invested. There are 2164 pips won, and 3.21 traded lots.
The scalping approach is evident here as the EA opens and closes positions within a very short period of time. Martingale is also present. The robot increases the lot size whenever losses are incurred.
Low drawdown
There is a low drawdown of 1.32% produced in the demo account. This is a good sign as it shows us that the EA approaches the market cautiously. So, it doesn’t present a threat to your capital.
Vendor transparency
Sara Sabaghi is the creator of Huckster and other EAs like the Trend Scalper Pro, Night Theft, Super Trend Pro, Telegram Signal Pro, Trade Copier Local, etc. Sara lives in Sweden and works at Ziwox, a company that develops financial market tools through AI.
User reviews
The Gold Extractor has a total of 39 reviews, and the overall rating given to it is 4.59. This indicates that a significant number of users love the product. As you can see below, it is possible to make a good profit with the bot by following the developer’s instructions. A user has also made a small drawdown while trading with the tool.
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.
