Powerful Forex is an attractive expert advisor going by the looks. The sales page promises that PowerfulForex EA is more like a sports car and less like a hatchback. According to the developers, we can earn up to 50% return on investments every month with their easy to use expert advisor. The sales page also makes it clear that if Powerful Forex EA does not perform according to your expectations, you can utilize their 30 day money back guarantee.
One thing that we have noticed is that even though the developer’s sales page is trying to provide pertinent information that is needed to evaluate this expert advisor’s efficiency in the Forex market, the developer is not providing us with information about their location or even their development/trading experience in the Forex market place.
However, details of this domain can reveal that the server where Powerful Forex EA is hosted at also hosts a number of other Forex trading products. Because it’s a private server with only 9 websites on it, we assume that the developer of Powerful Forex EA also owns the other 8 websites. Some of the websites hosted on this server include FX Secret, FX Pro Capital, FX Stabilizer, FX Adept, FX Charger, Forex in Control and FX Builder.
To get in touch with Powerful Forex EA developer, traders can utilize the contact us page on the sales page. We are not sure how fast their customer support is but we really believe that the developer does respond within hours of sending them a message. This is the norm for most developer’s whose websites look like this particular one.
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There needs to be some transparency in how they present their products to us. If this developer owns other Forex trading product, they should at least tell us that they are experienced and have been selling other trading products in the past. If they don’t, we will easily find it out. As a matter of fact, a developer who has a history of creating expert advisors will always have an edge compared to developers who are trying to get into this industry with one product only.
As for the features of this robot, the developer tells us that it has 3 different features. They tell us that the software uses elaborate money management feature and does not rely on trading indicators either. They also tell us that Powerful Forex EA can be used with deposit as low as $340.
They tell us that the this expert advisor calculates entries by analyzing the movement of the market over the last few days. This data is then used to calculate take profit levels. This means that the software relies on historic data to determine where the market will go next. This is something that can work with a short term strategy. However, with a long term strategy, we are not so sure if Powerful Forex EA will kill it. The reason is that trading based on historic data just doesn’t fit all market situations.That’s why we are advising traders to stick with these recommended Forex trading robots. They have stood the test of time and so we continue to promote them to change the lives of traders across the world.
The license of this Forex robot costs $215. It trades two pairs, AUDUSD and EURUSD based on historic data. This price point simply tells us that the expert advisor is moderately priced. However, the developer does not tell us anything to do with the time frame used by this expert advisor.
In terms of strategy, the vendor tells us that the software uses past market data for the last few days to determine how it will enter the market. However, we are sure that there is more to this strategy than what we have on the sales page.
There is a one myfxbook account provided by the developer. This account was created in mid October 2017. During this time, the software has traded and gained over 200% returns and a maximum draw down of 37%. The software has opened more than 100 trades which means that we should expect between 10 to 20 trades each month. The average length of a trade is 2 days although some trades appear to be lasting for more than a week. This means that Powerful Forex is a swing trader as it tends to hold positions for a long time.
Also, we have noticed how Powerful Forex EA is increasing lot sizing after a dramatic losing streak. What we are not sure about is whether this action is being initiated by the software or the developer, but whatever the case, we see that this is an element of revenge trading. It kills trading accounts and it has also been associated with high risk trading strategies. So this is clearly a risky trading approach, which is why the maximum draw down is over 37%. A reasonable draw down is somewhere between 10-15%.
In one particular trade, we observed that the software lost 120 pips on 0.82 lots. The next day, the expert advisor opened a position with 6.72 lot size and won the trade in a bid to recover the previous loss. In the event that this second trade lost, it would have ruined the entire account. While this is not the case because the robot was lucky to recover from the loss, it certainly tells us that the robot is flawed in its trading approach.
Powerful Forex EA looks like a decent trading robot at first. However, there are quite a few things that we would like this developer to explain before we can ever consider testing this expert advisor. We need them to give us more information and also explain why the sudden adjustment in lot sizing after a previous loss. And of course we want to see some real client accounts and their testimonials. If the vendor can do it, we will certainly have no choice but to endorse this trading app. In the meantime, choose these robots.
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