If you are looking for a fully automated forex trading system, then you might have come across the POW RedAlert EA. This is one of a very few forex robots that has been developed and optimised specifically for trading high impact news. It is always good to see a forex robot that does something different to the many thousands of free and paid automated trading systems that you can find online. That being said, in this POW RedAlert EA Review, we will take a look at exactly how it works and any verified results. Hopefully this will help you to decide if this is an expert advisor that you would consider implementing on your trading account.
What is the POW RedAlert EA?
The POW RedAlert EA is an expert advisor that can automatically scan charts in the MetaTrader platform for trading signals based on its built-in algorithm. When the software finds a buy or sell opportunity, it can enter, manage and exit the trade on behalf of the user. This makes it a completely hands-free trading system which is an attractive proposition for those who do not have the time or knowledge required to trade forex manually.
You simply attach the POW RedAlert EA to the currency pairs and chart timeframes that you wish to trade and it will do all of the leg work for you. You can also use it on other trading instruments if you are looking to diversify your trade portfolio. It comes with easy to follow setup instructions so can be up and running on your trading platform within minutes.
You can let it handle everything automatically or even set it to semi-automated mode in which instance it would send you an alert when it finds a trading signals and you could then decide if you would like to take a position based on your own market analysis or wait for next opportunity to come along. Either way, the POW RedAlert expert advisor if very flexible and can be used by traders of all experience levels.
The POW RedAlert EA can be used to pass prop firm challenges if you are looking to get a funded trading account. Just make sure the forex prop firm allows news trading and expert advisors. Most of them do, including FTMO amongst others. Just double check the rules and configure the EA accordingly. If you are not sure, reach out to POW support and they will be more than happy to help.
POW RedAlert EA Strategy
When choosing a forex robot, one of the first things you want to consider is the trading strategy that is implemented within the code. I actually really like the news trading strategy that the POW RedAlert EA incorporates. The name “RedAlert” suggests that it trades high impact news, which can have a significant impact on market movements. As news traders will be aware, you can catch some big moves if you are on the right side of a major economic news release. This includes interest rates, inflation, earning reports, non-farm payroll and more.
When trading the news, you will need to be wary of slippage. This is the difference between the price you expected your trade to be placed at, and the actual price that it was executed at. I find that news trading systems and scalping strategies which are both susceptible to slippage, work best on ECN forex brokers. This is because they have deep liquidity pools which means superior pricing and minimal slippage even during periods of high volatility.
One of the key features of the POW RedAlert EA is that the developer has taken great consideration to slippage and the impact that it can have on results. They have optimised the EA to be able to cope with slippage that is higher than usual or simply avoid a trade if it is too much.
You can review the data and settings they provide you with and plan which news events are coming up. There are 4 news releases that team POW suggest you could start with: CPI, JOLTS, NFP, PPI. These releases all shift the market substantially, enabling you to potentially capitalise on the large moves straight away.
POW RedAlert EA Features
The POW RedAlert EA comes with pre-made set files that you can literally plug n play or use them as templates to find your own set files. It also comes with 12 months’ worth of data and set files for all of the major news releases. It’s all very simple to use. Detailed setup instructions are included, making it accessible to users of all experience levels.
- Fully automated news trading strategy
- Pre-set files and setup instructions includes
- Maximum slippage setting
- Multiple currency pairs and timeframes
- Can run on 5 trading accounts at once
- 12 months of data and set files
- Around the clock support
- Video tutorials are available
POW RedAlert EA Results
Whilst back tests are useful to some extent, the most important thing to look for in a forex robot in my opinion are real account results. This would enable us to see exactly how the POW RedAlert EA has been performing through recent market conditions. That way you can determine if you are happy with the various statistics such as profit factor, drawdown, average win, average loss, trade duration, trading volume and more.
I am very pleased to say that the POW team have shared multiple verified accounts where you can check the recent POW RedAlert EA results. Things are looking good at the time of me writing this review. There is a nice and steady upward curve, with the average win in pips being greater than the average loss. Granted, these are demo accounts but you will see some positive user testimonials and screenshots on the POW RedAlert EA website to help back these up. You can see the latest results in the charts below and judge for yourself.
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
POW RedAlert EA Support
When it comes to reviewing any forex robot, I like to put great emphasis on customer support. In an industry where traders are let down way too often by poor support, I think it is really worth shopping around for trading software that has excellent customer support. This is another area in which the POW RedAlert EA really shines.
The POW team are super friendly and helpful, always willing to take time to respond and help traders get the best out of their products. They have many years of experience and market knowledge, as is evident by their range of robots and systems.
This includes the POW Banker EA which is for passing prop firm challenges automatically and has proven payouts. There is also the beginner friendly POW Edge Strategy which combines multiple technical analysis to send actionable buy and sell signals via the TradingView platform.
POW RedAlert EA Conclusion
Overall, I am really impressed with the POW RedAlert EA for many reasons, including those which have been outlined within this review. As far as news trading robots go, it is up there with the very best in my humble opinion. You could always test the POW RedAlert EA on a demo account to begin with, just remember that slippage might differ compared to real trading conditions.
Granted, the markets are always volatile around news releases but the developer has taken that into account when programming the EA. I would personally use a good ECN broker such as IC Markets to minimise slippage as much as possible and get access to tight spreads with plenty of liquidity providers.
With the right conditions and settings, the POW RedAlert EA certainly has potential as evident by the provided verified account results. It is also backed by excellent support and a transparent developer who you can reach by visiting the website using the link below.
POW RedAlert EA
£200
Pros
- Automated news trading robot
- Can be used for prop trading
- Includes pre-set files
- Fully customisable settings
- Detailed instructions
- Verified results available
- Run on multiple accounts
- Can use any broker
- Good user feedback
- Excellent support
Cons
- No free trial
- Required ideal conditions
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.
