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Review: Extra Edge FX EA

The creators of a new Forex robot claim to be millionaires thanks to their newest trading software, Extra Edge FX EA. According to the sales page the developer of the system is already a millionaire and wants you to be “free financially and become a millionaire in the near future.” The sales pitch is consistent, “yes, you will be a millionaire one day.” It’s clear that the development team is selling a dream here, so it’s important that we understand if this is a real investment opportunity or a get rich quick scheme like it’s coming across as.

Despite being told that the creator of the system is a millionaire, we don’t know anything else about him. We are not introduced to this millionaire, and we are not given any information about his location of the location of this company. For support, you can email help@extraedge.com.

Extra Edge FX EA Review

The product producer tells us that his Extra Edge FX EA is better than the other trading robots on the market because he is a full-time trader who doesn’t promise overnight riches. This is contradictory to the majority of the sales page where he is certainly promising overnight riches and uses the term millionaire on multiple occasions. On top of that, the developer isn’t telling us who he is, so we can’t verify if he is a full-time trader or not.

If the creator is going to promote the software based on his reputation, he should give us proof of that reputation.

Breakdown

Type: Forex Robot
Price: $199
Strategy: Undisclosed
Timeframe: M30
Pairs: EURUSD, GBPUSD

Trading Results

The best way for us to continue analyzing the Extra Edge FX EA, is to view the trading results. The vendor currently provides us with one FXBlue hosted trading account. This account has been running 32 days and shows a total return of 83%. This is a very large gain, in a short period of time. With the account balance going from 1500 to 2600, I don’t think we are in millionaire territory just yet, and even at this accelerated pace it would take quite a long time.

During this 32 day period, the system is traded 73 times, so it is quite active. Each pair hovers around a winning percentage between 66 and 68% and have profit factors between 4 and 6. In looking at how the software trades, it’s quite impressive. The risk reward ratio is approximately 1 to 5, which means you are winning trades on average 5 times larger than losses. The winning trades are generally 25 pips and the losses are ranging from 5 to 35 pips.

Obviously this is a very small sample size so we cannot truly believe everything we are seeing here is going to result in long-term success. Yet, the early returns are enough that we should continue to monitor this robots trading habits moving forward.

Conclusion

As is frequently the case, I’m not going to jump in and purchase the Extra Edge FX EA today, but I am going to keep an eye on it. Obviously, there are elements in the sales page that didn’t impress me, like the promises of millions but the results helped to even that out for me. The trading results on the FX blue account are quite impressive and put forward a trading strategy that I would like to see more of.

So with that being said, if you have anything to add please leave your comments now.

About Patrick Ryan

Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their investment goals, whether they are short or long-term. Patrick's penned thousands of reviews, and is always available to discuss trading with anyone who's interested.

4 comments

  1. scam site, i used their robot for 1 week and lost $1000 manually closing the robot because i saw on their live account, where they lost all their money of $4000, $2000 deposit and $2000 profit. when i ask for a refund before the 30 days they say sorry cant do it since you did not use our robot for 20 days, why would i use a robot that i see lost all money in an account. i have $2000 more live money and i do not want to loose the rest of my live money just so i can use the robot for 20 days, please do not buy this robot, it is a scam.

    • Odigie Akhimien

      Scam Site
      I just want to add to the above review. I had a similar experience. After I purchased the EA and before I had received the download, I saw that the seller’s real account was blown by the use of the Robot on the 26th of May, 2017. So I asked for a refund and he quickly sent the download and I got the response that I have to use the EA for 22 days before I could ask for a refund. I actually tried to use the EA, but it couldn’t place any trade, as the SL and TP were invalid for all the trades the EA tried to place. I guess that was better that losing my capital. So I discarded the EA. Its an awful EA. The customer support is terribly bad as he stopped responding to my emails. And when he did reply to my mails earlier, the responses were quite uncourteous and delayed. He got some credibility for his site by using Paypal payment. I informed him that I am going to raise a dispute at Paypal for my refund. My advice is that you stay clear from that site.

  2. Matthew Todorovski

    Grid-martingale with filtered entry (details undisclosed).

    Settings can make or break an EA: The key with an EA such as this is to operate with minimum starting risk.

    The risk with such an EA is how it will recover from an extended trend and severe drawdown, considering it utilises grid-martingale as core (only?) strategy.

  3. Was just on this website, not sure about the robot.

    I just get the feeling it won’t work well on real trader accounts as good as it does with the vendor account. Just my take.

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