If you are looking to pass a funding challenge for a prop trading firm or just interested in automated forex trading strategies, then you may have come across the POW Banker EA which has been doing the rounds. Whilst hands-off algorithmic trading may seem like an attractive proposition for those who do not have the time or knowledge required to trade manually, there are some important pros and cons to consider before you start. In this POW Banker EA Review, I will take a close look at what it is and how it works, along with any verified results to back up the claims made by the developer. Let’s get right to it!
What is the POW Banker EA?
The POW Banker EA is a fully automated forex trading system for MetaTrader 5 (MT5) that can scan currency pair charts for buy and sell opportunities. When the robots underlying algorithm finds a trading signal according to the built-in strategy, it will place and manage a trade on behalf of the user. The term EA refers to expert advisors, which is the name give to forex robots in the MetaTrader platform.
The developer states that this trading robot was designed specifically for passing prop challenges, but you can of course use it on your own account should you wish. They even promise to give a refund to anyone who does not pass a funding challenging using the POW Banker EA, provided you follow some pretty strict rules they set out.
However, there can be no guarantee that it will. If many years in the forex industry has taught me anything, it is that no manual or automated forex system can predict the markets 100% of the time. Hence, you might want to test it on a demo account to begin with and as always, never risk more than you can afford to lose.
How does the POW Banker EA work?
The POW Banker expert advisor has been developed to trade automatically in the MetaTrader platform. You can use it for your own trading account or if you ae looking to try and pass a funded account challenge from a forex prop firm. You just need to download the software and attach it to your charts. Form then on, it will constantly scan the forex market for trade setups.
It is worth noting that you will always need your trading platform up and running in order for the POW Banker EA to work. Otherwise, it will not be able to actively scan the markets and manage trades. If it is not feasible for you to always have your computer running, you could consider a forex VPS. A virtual private server (VPS) will enable you to run all of your automated strategies 24/7 without needing your own computer switched on. You can even get a free forex VPS from some brokers, provided you trade enough volume each month.
POW Banker EA Settings
The POW Banker EA does come with pre-optimized settings although you can choose your own custom settings such as trading hours to suit when you want to trade. It does use hedging, which is not allowed by some prop fund. However, by using the RSI setting, you can still set a specific Long or Short direction per pair as well.
One of the most important things that you need to be aware of is you are considering using the POW Banker EA is that it uses a martingale money management strategy. This means that it can open multiple orders in different directions with increasing lot sizes in order to try and recover from losing positions. Whilst this can work in the ideal market conditions, things can get ugly really quick if there are too many open positions on the wrong side of the market. Thus, please ensure you know what a martingale strategy is and how it works before you proceed.
POW Banker EA Features
- Access to the POW Banker EA: You can run up to 5 accounts at the same time
- Access to the members Discord server: This has supporting video content on getting set up, live weekly Q&As and a community of like-minded traders.
- Access to your own EA portal: You can change account numbers whenever you need too.
- Around the clock support: You just raise a support ticket and they will get back to you as soon as possible.
- Access to POW Elev8:A NEW Affirmation and Hypnosis programme designed to help you master your trading mindset (RRP £499).
- Free updates at no extra cost.
POW Banker EA Results
There are plenty of screenshots on the POW Banker EA website showing customer feedback and accounts. However, these are not verified and it does not mean that you will achieve similar results. I could not find any Myfxbook verified real accounts showing recent performance of the EA. The developer has also not shared any MT5 backtests so we have no idea of how it may have traded in the past based on historical data.
I personally would prefer to use another forex EA that does have 99% modelling quality backtests and verified accounts that have been running for years, such as the Forex Flex EA. I think it is a fair question to ask why there are no backtests or live accounts being published as this is the first thing myself and many other forex traders would look for. If the developer is reading this, please let me know if you have any to share and I will update the review accordingly.
What are the advantages of the POW Banker EA?
The main advantage of the POW Banker EA is that you do not need any previous trading experience to use it. Trading can take many years of study and practice to master, which many users do not have the time or patience to dedicate to achieving. When using an expert advisor, all of the market analysis and trading activity is done on your behalf. This saves time and requires minimal decision making from the trader.
Another advantage of automated strategies is that they are not susceptible to human error. It is possible for traders to make unnecessary mistakes due to poor discipline/psychology and negative emotions such as fear, anger and greed. These aren’t factors that will come into play with trading software that just does exactly what the algorithm tells it to. Thus, they can maintain more consistency compared to a human trader.
What are the disadvantages of the POW Banker EA?
Whilst automated trading can be an advantage if you are lacking the time and resources to learn how to trade manually, it is important to be aware that forex robots cannot see things that the human eye can. They may not be able to intricately analyse price action or determine if there is an economic news event that is going to have a significant impact on the financial markets.
The POW Banker EA sticks to the trading strategy outlined in the code no matter what. This means that it can be too rigid and not adjust to the dynamic market conditions as quick as a trader might do. You can adjust the settings and deactivate the EA accordingly, but this sort of defeats the object of it being a hand-free automated trading solution.
The POW Banker EA only runs on the MetaTrader 5 (MT5) platform. If you are still using MetaTrader 4 (MT4), you could always use a trade copier to duplicate trades between the platforms. However, this might mean that you experience slippage on trades and get them executed at a less favourable price.
POW Banker EA Packages
Whilst it is good there are a few different POW Banker EA packages to choose from, they are not the cheapest I have come across in terms of automated trading strategies. However, the longer you sign-up for, the more you can save from any of the packages.
- 6 months plan: £399
- Yearly: £599
- Lifetime: £999
Conclusion: is the POW Banker EA any good?
I like the angle that the POW Banker EA takes being targeted towards an audience who are interested in prop trading. In saying that, there are no real verified accounts or backtests being shared by the developer. It is also using a potentially dangerous martingale strategy which can cause large drawdowns if you are not careful. Whilst some traders do not mind taking extra risk, it is important to be aware that this is not a strategy for everyone.
The developer is transparent and readily available to speak with on Discord if you have some specific questions that you want to ask, so credit goes to them for that. There is also some positive customer feedback shared on the website although it is impossible to say if any forex strategy will produce good results moving forward as nobody has a magic crystal ball to determine the market direction accurately all of the time.
I hope you now have a better understanding of the software and if it is for you following on from my POW Banker EA Review. Please feel free to take a look at my best forex robots for some alternative options.
POW Banker EA£399
- Fully automated trading robot
- Customisable settings
- Discord community
- Run on multiple accounts
- Free updates for life
- Free bonus programme
- Tutorial videos
- Can be used for prop trading
- No real verified account results
- No historical backtests
- Not the cheapest EA
- Martingale money management
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.