Does Econ Power Trader become a scammer?
Today’s robot is Econ Power Trader. The presentation starts with a lie that the robot can made about 1500% of the profit for several months.
Every move through the presentation enhanced by the give us your email to get a spam ad. It’s so annoying and not professional.
The main statements about the forex robot functionality tell us nothing about what strategy(-ies) is/are behind the system. LeapFx is beginner-friendly, has adaptive technology, has a stop-loss system, trades most major currency pairs, and a money-back guarantee is provided.
The next we see a lot of screenshots flipped aside to catch our attention. All of them are two years old.
Another “market annihilator” shows up. When we read statements like this we understand that devs treat us like idiots.
Devs tell many words. There’s a wall of endless text, but nothing about what strategy is behind. There provided just info like that: “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.”
In the mid of the presentation, we’ve found explanations about the robot strategy. It’s a news trading EA. The system will open these orders usually a few days of every week since there generally are at least 1 or a few high impact news opportunities at least every day or every other day from one country or another.
From the one side, timing in putting pending orders is so important to get profit from the deals during news events. Positioning is the second part of successful trading. When opening pending orders for news trades it’s important that the orders are not too far, but also not too close to the current price action. The system is designed to pick the statistically most intelligent pending order positions, then open them, and manage them with impeccable timing. High impacts events start in about several seconds after placing pending orders. If the market doesn’t practically move, the system closes these orders.
The system enhanced by:
- 15-20 pips stop-loss
- 100 pips take profit
- double trailing stop protection
- doesn’t use a grid strategy
- doesn’t use martingale
- doesn’t use a cost averaging strategy
- trades without leverage.
Econ Power Trader trading performance
There are two accounts (fxblue and myfxbook) and screenshots from the third one.
The real account on fxblue has been withdrawn, so, the account is dead at least four months.
The second account is demo one and it’s offline too. The last update has been exactly on April 1 two years ago. It’s a demo account, so, devs could trade with any risk/reward ratio without having been afraid of losing the account. That’s why we can see this amount of monthly gain. The max drawdowns are 40% with 1:500 leverage is a 100% way to zero the real account. The robot traded through the FXPrimus brokerage company, with 1:500 leverage on the MetaTrader 4 platform.
The robot has performed 63 deals with 506 pips the average win-rate 58-59%. The average trade length, as told, was 8 minutes. The profit factor is high and equaled 3.73.
Econ Power Trader could trade well only three currency pairs: AUD/USD, GBP/USD, and USD/CAD.
As we can see, the robot avoided trading Mondays and start and close market hours.
The demo account trades with extremely high risks.
Looking at this monthly gain we can notice that they could be reached by an arbitrage trading, and that’s why the robot has been stopped because little brokers allow it.
We know this because there’s a list of other systems
There are infinity successful Arbitron accounts.
The first kind of offer is renting the robot for $300/year. The second offer is buying a full-time license for $500.
Also, we’ll receive:
- Changing account as many time as needed
- Simple installer
- Installation guide provided
- Best Settings provided
- Customer support
- Free updates
- The 30-day money-back guarantee provided
- News trading strategy
- 3rd part verified trading results
- High “profit factor”
- The 30-day money-back guarantee provided
- Annoying and long presentation
- The high chances that the robot uses the arbitrage trading strategy
- 2 years old trading results
- Extremely high drawdowns
- High leverage
- Low win-rate
- Just three currency pairs are good to go
- No people feedback provided
If the robot trades via a news strategy why has it been stopped? We understand why it offline if the demo account has been grown by trading via an arbitrage strategy. We know nothing about the number of updates that a robot could get during two years of existence. The price is quite high too. Paying $300 to check it’s good in 2020 or not looks like nonsense, right? The developers have to provide everything to convince us that Econ Power Trader is a good robot to trade in 2020. So, we can’t say to you that a robot is an option. If you want to try it, it’ll be completely up to you.