ECON POWER TRADER (EA) Detailed Review!! | SCAM?
ECON POWER TRADER is a unique EA that trades at the timing of major economic news and economic index.
There are many EAs that use news filters to stop trading when there is major news. On the other hand, this EA trades at the timing of news.
I have never seen such an EA other than ECON POWER TRADER.
Is it a unique EA, but is it worth using? I checked it.
Basic information of ECON POWER TRADER
Live performance of ECON POWER TRADER
Trading Features of ECON POWER TRADER
Claims on Sales Site
The sales site explains the characteristics of this EA transaction as follows.
Transaction history analysis
I checked the transaction history and tried to verify that the claims made by the developer’s sales site were true.
Grid or martingale?
First of all, the fact that high-risk grids and martingales are not being adopted is true.
Even if the market moves in the opposite direction of the position, it does not increase the lot size or open additional positions.
Stop Loss and Take Profit levels
As a result of checking the transaction history, it is trading with stop loss within 15-20pips and take profit of 100pip or more.
But be careful as winning trades don’t always exceed 100pips. This EA uses stop loss level adjustment and trailing stop for exit strategy.
The stop loss level is also adjusted at around 15-20pips, and the position is closed when the market price returns 15-20pips.
Therefore, even with winning trades, it often happens that positions are closed within 10pips.
Really using the news?
After reviewing the trading execution time, it seems true that this EA is trading for the timing of important news.
For example, on May 4, 2018, at 15:30 (server time), trading takes place at the time of the US Employee Situation Report.
On 5 September 2019, 17:00 (server time), trading takes place at the time of the US ISM Non-Manufacturing report on business.
Concerns about ECON POWER TRADER
EAs that operate using news are unusual and attractive. Also, take profit and stop loss values are not high risk.
However, it is very unclear whether this EA will really make a profit. The reason is described below.
ECON POWER TRADER is sold by a vendor called LeapFX.com.
LeapFX.com is a vendor that sells ARBITRON, an EA that performs arbitrage. Other EAs such as “Funnel Trader” and “The Wave Scalper” are also sold.
However, every EA has a bad reputation and this vendor is unreliable. Therefore, it is very unclear whether this EA will be profitable.
Bad results after 2019
The half year from the start of operations in May 2018 to December 2018 had good results.
However, the results since January 2019 have been stagnant. The frequency of transactions has also decreased considerably.
I think there is something wrong or flawed.
Even if this EA is used from now on, it is expected that no significant profits can be expected.
Operation in unstable environment
At the time of major news announcements, broker spreads are widened and slippage is larger.
This means that ECON POWER TRADER must operate in an unstable environment.
The results may vary greatly depending on the broker you use, and may not be profitable. .
Moreover, in the forward test with a real account, it is traded only in 1 lot or less. Larger lot sizes can have negative consequences.
Conclusion of ECON POWER TRADER
This is a unique EA that uses major news. In the forward test, the total profit is + 1000% or more, which seems to give good results.
However, in my personal view, you should refrain from using this EA for the following reasons:
- The seller LeapFX.com is not reliable
- Since the results after 2019 are bad, we cannot expect profits
- Spreads and slippages become large when news and economic index are announced, so the results depend on the broker.