In this post I will be reviewing the Powerhouse EA. This is an automated forex trading strategy that has been programmed to run in the popular forex trading platform, MetaTrader. You can download MetaTrader free of charge from most forex brokers. It is worth mentioning that you will need the desktop version of the MetaTrader platform in order to run forex robots.
You can load the Powerhouse EA onto the charts in your platform and it will constantly scan the forex market for trading signals using the built-in algorithm. When the expert advisor determines that there is an opportunity for trade, it can enter the market and manage the position on behalf of the user. Whilst this may seem like an attractive proposition for those who do not have the time or knowledge required to trade manually, there are some key advantages and disadvantages to be aware of.
In this Powerhouse EA Review, I will be taking a look at the automated forex trading strategy that it implements, along with any back tests provided by the developer and most importantly, real verified account results. Hopefully, this can help you to decide if this is a forex EA that you would consider using on your own forex account or not.
Powerhouse EA Trading Strategy
The Powerhouse EA is an innovative forex expert advisor that combines all 5 of the Responsible Forex Trading EA’s into one. You’ll be able to run the (auto) portion of The Comeback Kid EA, Ranger EA, Vigorous EA, Sharpshooter EA, all from one place. I like how this robot combines various forms of market analysis and trading strategies into one easy to use automated trading robot for the MetaTrader platforms.
It may seem like they will be a lot of confusion when having so many different forex strategies combines into one forex bot, but the developer has tried to make things as simple as possible by leaving only a few settings to minimize confusion. The problem with this is that there are less opportunities to customise and experiment with the Powerhouse EA in the case you did not want to use the developers default settings right out of the box.
You could say the Powerhouse EA is the “passive” traders EA. Not only does it run all 5 Responsible Forex Trading EA’s in one place, it can also cross pair take profit. For example, If the Comeback Kid EA has trades open on 3 pairs at the same time and a total account profit of 0.1% is met, the Comeback Kid EA will close out all open positions on those 3 pairs simultaneously.
This unique function allows each strategy to actively speak and work with each other to try and gain more pips whilst reducing possible drawdowns when trading. This is quite an innovative idea within the automated forex trading industry, and not something I have seen from many (if any) forex expert advisors.
The 5 Responsible Forex Trading strategies trade on a good variety of 13 combined currency pairs at the same time. Despite the lack of customisable settings, it is versatile to some extent as you can choose all strategies or pick which ones you like best.
The Powerhouse EA implements smart filters to keep all 5 strategies working seamlessly together to try and maximize trade potential and minimize possible drawdown/loss. There are flexible Powerhouse EA settings to accommodate low, med or high-risk trading styles. The Powerhouse robot also uses protective stop-losses that can be customized by the user.
Powerhouse EA Features
- Automated forex trading strategies for the MetaTrader platforms
- 5 Unique EA Strategies in one forex EA
- Cross currency pair and cross EA collaboration
- Easy to setup and install
- Full support and free updates
- Back tests and verified accounts are available
Powerhouse EA Back Testing
When it comes to choosing a forex robot, I like to check to make sure the developer has provided back tests that show how the forex expert advisor may have traded over a good amount of historical data across various currency pairs. This can help us to understand how the automated trading strategy works and performed over different market conditions. Of course, historical performance is by no means any guarantee of future results, but it can be a good way to get a rough idea of what we might expect.
It is good to see that the developer has shared with us some Powerhouse EA back tests. They have used tick data and variable spreads, so the modelling quality is acceptable at 99%. The main concern that I have about the back testing is that it is not clear if the developer has accounted for commission fees or slippage when running back tests. These are both factors that could have had a big impact on the overall results of the Powerhouse expert advisor.
Powerhouse 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 Powerhouse 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.
The developer has shared a Myfxbook verified account showing the latest Powerhouse EA results. However, it is only a demo account although so far it has been going steady. The gains are not massive but the drawdowns are currently stable. Of course, things can quickly change in trading, so please make sure you check the latest results to judge recent performance. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
I think they could improve by sharing real verified account statistics like some other forex robots do, including the Forex Flex EA. I always have to ask myself why there is no live account if the robot is performing as well as a forex developer is claiming it to be.
Powerhouse EA Summary
Overall, I really do see some potential with the Powerhouse expert advisor and really like how it combines multiple forex trading strategies into one powerful trading robot. The fact that it trades multiple strategies means that it can adapt to different market conditions. It can trade on 13 currency pairs which means there is portfolio diversity and the potential to try and take advantage of currency correlations.
However, just like any forex robot it is not perfect so there will be good and bad trades. If you cannot accept that, then I do not think trading is for you. Nobody knows what will happen in the forex market, it is very volatile by nature. I am also disappointed the developer has only published a demo account as we cannot see how the Powerhouse EA has been trading in recent markets on a real account. It makes me wonder if the developer is perhaps lacking some confidence in the EA but they have made some claims on the website, so should maybe back these up with real account results. If you are looking for a forex expert advisor that does have real results, you might want to check out the Forex Robotron EA as an alternative option.
If you would like to give the Powerhouse EA a try, there is a free demo version. You could even run it on a demo trading account to get a feel for how it trades without taking any risk. I would always test a forex robot on a demo account to begin with. Just keep in mind that demo account results can differ compared to live accounts. This is due to factors that can be different between a simulated and real trading environment including liquidity, slippage and spreads.
To use the Powerhouse EA, you will need an account with a forex broker. With so many forex brokers to choose from nowadays, it can be had to decide which is the best forex broker for you. From my many years of experience in the forex industry, IC Markets are one of the best forex brokers when it comes to manual and automated trading. This is because they have tight spreads, low commission fees, reliable execution speeds, multiple funding options and excellent 24/7 customer support.
You can find out more about the Powerhouse EA by visiting the website using the link below. It does come with instructions, full support, free updates and a money back guarantee.
Powerhouse EA
$497
Pros
- Automated Forex Robot
- Combination of Trading Strategies
- Multiple Currency Pairs
- MetaTrader 4 & MetaTrader 5 Platforms
- Verified Results
- Back Tests
- Detailed Instructions
- Free Updates
- Full Support
- Money Back Guarantee
Cons
- MetaTrader Platforms Only
- Demo Account Results Only
- Limited Customisation
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.
