In this post I will review the Econ Power Trader forex robot by the LeapFx development team that runs in the MetaTrader desktop platform which you can get from most forex brokers. I have reviewed other LeapFx software which you can see in my forex robot reviews, including Funnel Trader, Trade Explorer, AX Trader, DynaScalp, News Action Trader, Jet Trader Pro, Gold Trader, Arbitron, Automic Trader, Auto Arb, Fund Trader, Easy Money X-Ray Robot, Skilled Trader, Pattern Trader Pro, Trend Hunter Robot, The Money Tree Robot, Wave Scalper EA, Quick Scalp Trader EA, Dax Day Trader and InstantEA.
You can tell from the vast number of forex products that they have available they certainly have some experience. However, that does not mean that all of them are worth your time. Here we will take a look at the Econ Power Trader EA, covering the trading strategy that it uses, along with analysing any backtests provided and most important, verified real results. Hopefully this will help you to decide if this forex software is suitable for your own trading goals.
Econ Power Trader EA Trading Strategy
The Econ Power Trader EA is a fully automated forex trading system which is a robot that basically does all of the trading for you! You simply setup the Econ Power Trader robot on your MT4 demo or real account (I would always test on demo first) and it can place and manage trades for you.
The Econ Power Trader is primarily a forex news trader that will tries to take advantage of spikes in the market around forex news releases. Most importantly when using a forex trading strategy like this, I would want to have a broker with the lowest possible spreads and slippage as the spreads and execution speeds can increase dramatically during news releases. I would be using an ECN forex broker for the best possible trading conditions with the Econ Power Trader robot.
Econ Power Trader uses Adaptive Intelligent News Trading Technology (AINTT). In a nutshell, Econ Power Trader is a news straddle trader. It strategically tries to identify high impact news for any given day, then will utilize pending orders above and below the current price action. On the plus side, the Econ Power Trader EA uses no grid or martingale money management strategies.
This is a fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to download. It can place and manage trades on behalf of the user. In order to use this forex robot, you will need a trading account with a forex broker. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs. My top choice of broker for automated trading systems would be IC Markets. This is because they have tight spreads, competitive commission fees and rapid execution speeds.
The developer has made all of the Econ Power Trader settings externally available which means that you can adjust them via the inputs window when you attach this robot to the charts in your trading platform. You can always just use the default settings provided by the developer that have already been optimised but you should always check to make sure that the lot or risk size is set to a suitable level for your risk preferences as every trader is different in that respect.
Econ Power Trader EA Back Testing
Due to the nature of the news trading incorporated by Econ Power Trader robot it is near impossible to get accurate back testing results as the market conditions around news releases is highly unpredictable. Even with real tick data, real spreads and real slippage it would be almost impossible to mimic market conditions when news is released, not to mention you would need a ton of historical news data with the correct time stamps for the tick data you are testing. I believe these factors go towards why the LeapFX team do not have back tests for Econ Power Trader. However, I would personally prefer to use an expert advisor that it backed by top quality backtests over many years of data across different trading instruments such as the Forex Robotron EA.
Econ Power Trader EA Live Results
Although there is a lack of backtests provided by LeapFX, they have shared a verified Myfxbook account where you can see some Econ Power Trader results. The big problem here is that the trading account has not been updated for many years so we have no idea of how the software has been performing recently. This is a red flag for me and I would much rather consider a trading robot that does provide up to date results such as the Forex Flex EA. Not to mention, even during the period the EA was running on the account, the drawdown was quite high. This could mean that the implemented trading strategy is using risky money management. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Econ Power Trader EA Summary
Overall, the Econ Power Trader EA has some potential to take advantage of trading around news releases. It would probably need the best trading conditions required as it is a news trading robot and from my experience, they can be very broker dependant. The market can move rapid during news releases and be very volatile which often leads to higher spreads and slippage than usual. My main issue with the Econ Power Trade robot is that the LeapFX team have not given us any backtests to see historical performance, whilst they have also not published verified results for this particular trading bot in years.
In saying that, full support, updates, detailed instructions and a money back guarantee are included with Econ Power Trader. If you are curious to give it a go, you could visit the official website by using the link below and even try it on a demo account to start with. Just keep in mind that demo trading results can differ greatly from real trading. Otherwise, please feel free to browse my forex robot reviews for some alternative options.
Econ Power Trader EA
$297
Pros
- Fully Automated Forex Robot
- Multiple Currency Pairs
- Customisable Settings
- Multiple Timeframes
- Detailed Instructions
- Full Support
- Money Back Guarantee
- Verified Results Provided
- Free Updates
- Any Forex Broker
Cons
- Broker Sensitive
- Requires Low Slippage
- Requires Ideal Trading Conditions
- No Backtests
- Results Not Updated
- MetaTrader 4 Only
- Potentially High Drawdowns
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
