We continue our article series on trading robots with another LeapFX product called Econ Power Trader. We have never seen such a lengthy presentation: 48 PC screen pages. We’ll try to go exclusively on its key points.
The presentation begins with a screaming headline promising us the golden mountains measured in hundreds and thousands of percent of benefits. The intro video is boring and not interesting. There were shown the text that the announcer describes, who we don’t see.
A little lower in the presentation, there are screenshots of the work of the program dated August 2018. They tell us nothing about that the forex robot worked with real money or on a demo account.
According to the presentation, the EA has got some brand-new futures like: “With a radical and innovative automated tool that we created that uses adaptive intelligent news trading technology, also known as AINTT, you can now easily navigate the treacherous and unexpected volatility from financial news and world events.”
Summing the strategy up we’d like to notice the most patterns work for opening several trades in a week when news shakes the market.
The fx robot is suggested for $297 for a year license and $497 for a lifetime one. The developers provide a 30-day money-back guarantee.
Econ Power Trader: To Trust or Not to Trust?
As for The Wave Scalper, there was any real or even demo Econ Power Trader’s account link. It’s another try of them to force us to trust them looking at the screenshots.
Mid trade results
The first EPT account is the demo account, with FXPRIMUS brokerage company on MetaTrader 4 platform.
How you can see this account worked only for one reason: produce data for screenshots for the presentation and the account has been closed on the same day after screenshots have been done.
During 2 months the robot could gain +1750%, showing 180% monthly gain with 40% of drawdowns.
Totaly, there were performed 63 trades, with 59% of success. The average trade length is only 8 mins.
Monthly gains are impressive. The data shows that the most popular currency pair for the robot is GBP/USD.
From the “Risk of Ruin” spread-sheet, we can see that these trading results could be achievable only with high risks like that. There was 30% chance of losing 10% account with just only 8 losing trades.
Very high level of Drawdowns
Drawdowns were high and reached almost 40%
With risk like that it’s so predictable.
Enough level of Transparency
The account has got enough level of transparency. Every data we may need to make a decision is open for everyone.
Conclusion: To Trust or Not to Trust?
We don’t know for sure. Another robot of them, and once again: screenshots instead of proves, stopped robot on myfxbook. The results look good but, as well as, the set risks are so high. Econ Power Trader is like the cat in the bag, we’re positive about that you’ll be able to repeat these impressive results without strong understating of trading on Forex. The decision about using the robot is up to you.