Forex Extract EA Review

Forex Extract is an automated forex trading strategy that has been developed to trade automatically in the ever-popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. This team of developers have a whole host of other EA’s that I have previously reviewed including Forex inControl, FxDiverse, FXCharger, FXParabol EA, FxStabilizer, FXQuaser EA, FXConstant EA, FXHelix, FXZipper EA, FXTrackPRO, FXRapid EA, MyForexPath EA, FXGoodway EA, Forex Truck EA and the FXCipher EA.

I mean, one would rightly question why they are selling forex software if they have so many different expert advisors that they claim are performing so well. I will leave you to be the judge of that and simply present an impartial and honest review of the Forex Extract EA.

Forex Extract EA Trading Strategy

As with the majority of MetaTrader forex robots, you simply place the Forex Extract EA onto your currency pair charts and it will continuously scan the forex market for trading opportunities based on the robots underlying trading algorithm. When the software finds a valid buy or sell setup, it can place and manage trades on behalf of the user.

The robot has been developed to specifically trade the AUD/USD and USD/CAD currency pairs using the default settings provided by the developers. You are of course free to experiment with different financial instruments and timeframes, but you might want to do so on a demo account to see how things go at first. Even with the default “out of the box” settings, I would still only ever begin using a new forex strategy on a demo account until I become familiar with how it works and see some consistent results.

One of the aspects of the Forex Extract expert advisor that I like is the dynamic close feature it has. Rather than always relying on rigid take profit and stop loss levels, the EA is capable of dynamically closing position depending on the current market conditions. After all, there is no harm when admitting a trade is wrong. This can potentially limit losses in the long run, but even then, there will still be false trading signals.

However, there is one really big problem with the Forex Extract EA from my perspective, it is using a potentially dangerous martingale money management strategy. This means that in the event Forex Extract has failed to recognize exactly when the order should have been closed, and the drawdown has become bigger than we were ready to get, then the robot can add a second order, and sometimes a third position, to try and cover drawdown of the other orders.

The issue with this is, if price keeps going against us, things can get messy and fast. I have more often than not seen this type of order management lead to huge drawdowns, margin calls and blown accounts. In saying that, the developer is aware of this and have attempted to tackle the issue with a built-in drawdown limitation mechanism that can protect accounts from significant losses. This does not completely eliminate the risks and I would much prefer a forex robot that uses a sensible stop loss and take profit. This way we can avoid the martingale aspect all together.

Forex Extract EA Features

  • Compatible with MT4/MT5 platforms
  • Fully automated currency trading
  • Includes default settings and setup instructions
  • Settings can be customised
  • Can be used on any forex broker with MetaTrader
  • Multi-layer protection against unprofitable trades
  • 1 lifetime license for a real or demo account
  • Ability to change accounts online
  • 24/7 technical support

Forex Extract EA Back Testing

In addition to the real live results of the robot, the developers have shared some Forex Extract EA backtests which have been conducted in the MT4 strategy tester. They have shared backtests using normal and aggressive settings. However, these MT4 backtests are limited to 90% modelling quality which means that they have not used real tick data, variable spreads, slippage and have not accounted for commission fees. These are all factors that could have had a huge impact on results, so for that reason I would only take them with a pinch of salt. If the developers read this, please do let me know if you can provide 99% modelling quality results using Birts TDS and I will update the review accordingly. You can see other robots such as the Forex Robotron EA for an example of MT4 backtesting using the best possible test conditions.

Forex Extract Backtest AUDUSD
Forex Extract Backtest AUDUSD
Forex Extract Backtest USDCAD
Forex Extract Backtest USDCAD

Forex Extract EA Results

To their credit, the robot developers have shared a couple of real trading accounts that show the Forex Extract results which have been verified by Myfxbook. However, the accounts have only been running for a few months at the time of me writing this review. If you are looking for a forex robot that has years of live results, you might want to check out the Forex Flex EA.

By looking at the Forex Extract results, I can see that the drawdowns are not the lowest that I have seen. That being said, the lot size could always be reduced to lower the drawdowns although that would also limit the profit potential. Just go careful and only ever trade with what you can afford.

The average win vs the average loss is almost 1:1. This means the EA would need to keep a consistent win rate above 50% to have a chance of doing well in the long term. I think it could be improved by having a risk to reward ratio of at least 1:2, so that one bad trade does not cancel out a consecutive run of winners.

To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.

Forex Extract EA Summary

It is clear there is some potential with the Forex Extract EA as evident from the verified results the developer has kindly shared with us. The main concern from my perspective is the dangers of high drawdowns due to the implemented money management technique. If you are happy with the risks involved for the possible reward, then by all means you can give it a try but you might wish to do so on a demo account to begin with so you know what to expect.

It is compatible with any forex broker and not spread sensitive according to the development team. That being said, you can save on trading fees and get better pricing when using an ECN broker with tight spreads and deep liquidity pools such as IC Markets. They are amongst my top choices for both manual and automated forex trading strategies.

Forex Extract EA









  • Multiple currency pairs
  • Fully automated trading strategy
  • Both MetaTrader 4/5 platforms
  • Easy to setup with provided instructions
  • Around the clock support
  • Some backtests provided
  • Real live verified results
  • Dynamic money management
  • Customisable settings
  • Any MetaTrader forex broker


  • Potentially high drawdowns
  • Dangerous money management
  • Not the best quality backtests
  • Limited data from verified results
Free Forex Robot