Today I’m analyzing a Forex robot from a bank trader who claims that he can turn losing trades into winning trades, Econ Power Trader. According to the sales page, the creator of the software “made over 70%, 1700%, and 1469% profit trading Forex in just a few months without placing a single trade.” To me, this sounds like obvious sales jargon, but I’ll try and not allow that cloud my judgment as I make my way through this review.
The EA is owned and operated by LeapFX, a Forex development team that considers themselves to be “the automated trading experts.” While they do not provide their location, in my review of Quick Scalp Trader, my additional research showed that the offices are located at 864 Glenridge Ave, North Woodmere, New York, USA. The CEO is Cory Henig, and he can be contacted via email at email@example.com.
Econ Power Trader Review
The LeapFX group wants the community to know that the Econ Power Trader robot is beginner friendly, safe and comes with a moneyback guarantee. The sales page is certainly built for traders who have very little knowledge, as it’s mostly fluff and while it contains thousands of words of content, very little of it provides much technical insight into the product itself.
The developers claim that the expert advisor utilizes an “Adaptive Intelligent News Trading Technology (AINTT),” which allows for traders to average between 20% to 100% gains on a monthly basis while still maintaining a low drawdown. The news trading strategy is built to identify high impact news and then straddle the market in order to identify the trend and move with the current price action.
News trading is very difficult, because the market reaction to news is quite erratic. In my experience, even some of the most adept and knowledgeable Forex traders have difficulty predicting market reactions too high impact news events. Yet, LeapFX feel that their robot is more than capable of making these predictions with a high level of certainty. It’s common for robot developers to attempted difficult trading strategies, as you can see in my most recent reviews of ForexBot28 and TradeRobo EA.
- Type: Forex Robot
- Price: $297-$497
- Strategy: News trading
- Timeframe: Undisclosed
- Pairs: AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDJPY
The Econ Power Trader him currently has two different pricing options. Traders can sign up for one year at $297, or pay $497 for a lifetime license that never requires a renewal. Both of these licenses come with support, instant software download, software updates, a detailed manual, the best setting, additional recommendations, and a 30 day moneyback guarantee.
The vendor currently provides us with two Myfxbook accounts which both show very large gains. One account is showing a gain of over 3400%, and the other account is showing a gain of over 1700%. The drawdowns for each accounts are 68%, and 40%. One of the accounts stopped running completely in mid July, so my main focus will be on the account that is still active till this day. There are no explanations as to why one of the accounts is no longer running, but considering the very large lot size the software is trading, it’s possible that the account was blown.
The lot sizes certainly something I want to discuss as the Econ Power Trader robot is trading lot sizes as high as 75.09 on an account that’s only got a balance of $17000. With a lot size of this magnitude, a trading account could collapse very quickly with one bad trade.
Risk is definitely my main concern with this robot, and it’s keeping it out of the best Forex robot rankings as it’s trading style is quite odd and looks to be some sort of high-frequency trading scalper. The average trade length is just a minute long, with many losing trades lasting anywhere from between 0 to 3 seconds. This type of trading style is very strange, and quite dangerous as well as we can see by the 70% drawdown number, and the fact that one of the accounts is no longer active.
My main thought on their trading results, is that while they show extremely large gains, I’m very unsure if the community is going to be able to reproduce any of these trading results on their own accounts.
There are certainly benefits to any news trading strategy, as the Econ Power Trader shows with some magnificent returns on their trading accounts. Yet, I can’t see myself recommending this product to the community considering the high level of risk associated. It’s my belief that this trading software won’t perform to expectations on live trading accounts, based on its high-frequency trading strategy and the history that these type of systems have had on live trading accounts.
If there’s anything you would like to add to the review, please leave your questions and remarks below the article now.