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EA Review: PowerfulForex

Today I’m reviewing a Forex robot that promises to be more like a sports car, and less like a hatchback, PowerfulForex EA. The developers of this software claim that traders can earn up to 50% per month with their easy to use expert advisor. If the software doesn’t perform to your expectations, you can utilize a 30 day moneyback guarantee which is featured prominently on each section of the sales page.

The developers of this software do not provide us with any information about their location, or experience in the Forex market. Yet, in doing my own research, a WHOIS domain search allowed me to find out that this web server hosts multiple Forex trading products. Considering that this is a private server, with only 9 websites hosted on it, it’s easy to assume that the developers who own this server, also on the websites hosted on it. Some of the websites hosted on this server include FX Charger, Forex InControl, FX Secret, FX Pro Capital, FX Stabilizer, FX Adept and FX Builder. There is a get in touch with support, traders can fill out the contact form on the sales page.

PowerfulForex EA

Usually the introductions to my reviews are much shorter, but due to the direct time between many different systems, I felt it was important to inform you of the PowerfulForex EA developer history. Even though the creators of this software don’t tell us that they own many other trading systems and Forex programs, isn’t necessarily a bad thing. I do believe that they should provide more transparency, especially because it is so easy for someone like me to find this information out, but it doesn’t necessarily sway me in either direction. In fact, it’s probably better that any developer has a history in the Forex marketplace, because it gives them something to draw on.

As for the EA itself, the developers put forth 3 main features. They tell us that the software works without indicators, that it utilizes elaborate money management system and that traders can start with a deposit as low as $340. The system “calculates the entry point by analyzing the movement of the market over the previous days.” It will also use this prior market data to calculate the take profit.

The software relies heavily on recent history, which may work with a short-term Forex trading strategy, but I’m not 100% sure that this is a viable long-term trading approach. When it comes to long-term trading strategies, I rely on the Best Forex EA’s.

Breakdown

  • Type: Forex Robot
  • Price: $215
  • Strategy: Historical
  • Timeframe: Undisclosed
  • Pairs: AUDUSD, EURUSD

Going for $215, the PowerfulForex robot is moderately priced. You can see in the breakdown that we do not have access to the timeframe the software uses, because the sales page does not provide very much information all. By the end of this review, I’ll have more words in the review, that the developers have on their sales page, which is a little disheartening.

For strategy, I put historical, because the vendors only told us that the software uses recent history to determine new trade opportunities. I’m sure that there is more to the strategy, but this information is not being disclosed.

Trading Results

The vendor provides us with one Myfxbook account, that shows the PowerfulForex EA’s performance from mid October 2017, up until now. During this time the software has gained nearly 230%, with a maximum drawdown of 37%. Over this period, there has been a total of 109 trades, which means traders can expect anywhere from 10 to 20 trades per month. This is not a frequent influx of trades, but with the average trade length being 2 days, and some trades lasting well over week, this frequency does make sense.

There have been a couple large tips, with the software reacting to these losses by significantly increasing the lot size of the next trade. We can’t be totally sure if the EA is increasing the lot size, or the vendor is, in order to regain the prior losses in short order, but either way, this is a very risky approach.

In the trade I’m analyzing, the software lost 120 pips at a .82 lot size, and the next day opened a trade with a 6.72 lot size, which it won, to recover the losses. Yet, if this second trade lost, and significantly, it would have destroyed the entire account. Lucky, this was not the case, but it certainly illustrates an inherent flaw in the approach.

Conclusion

As of right now, I’m on the fence when it comes to the PowerFulForex EA. For the most part, I’m quite impressed with the vendors are providing us here, but there are a few things that I would like to see, before I consider testing this on my own. I would like to see more information, some real client accounts, and an explanation about the aggressive lot size adjustments after losses.

If you have anything you would like to contribute to this review, please do so 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.

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