The Econ Power Trader EA is an expert advisor that can automatically scan the charts, place and manage trades from within the MetaTrader 4 platform. This automated trading system was developed by the LeapFX team of skilled and experienced programmers. They have a diverse range of trading robots that are available for retail traders to purchase and use on their trading accounts, including DynaScalp, Trade Explorer, Bounce Trader, AX Trader, Jet Trader Pro, The Fund Trader, Automic Trader, InstantEA, Funnel Trader 2.0, Arbitron, Easy Money X-Ray Robot, The Skilled Trader and News Action Trader. In this Econ Power Trader Review, we will take a close look at the news trading strategy it implements, its key features and perhaps most importantly, how well it has been performing recently. Hopefully this can help you to decide if this if a forex robot you would like to try out.
- Fully automated forex robot
- Can trade on multiple currency pairs
- Customisable settings
- Adaptive intelligent news trading technology (AINTT)
- No backtests
- Large drawdowns
- Myfxbook has not been updated in years
- MetaTrader 4 only
- Requires very specific broker conditions
The Econ Power Trader strategy uses adaptive intelligent news trading technology, also known as AINTT. This innovative feature was implemented in order for the software to be able to navigate the markets and unexpected volatility from financial news and economic events.
The Econ Power Trader robot can trade on most currency pairs and uses a fixed stop loss to limit losses. The main principle behind the EA is to try and take advantage from news events, thus making it primarily a news trading robot.
In a nutshell, Econ Power Trader is a news straddle trader. It strategically attempts to identify high impact news for any given day, then will utilize pending orders above and below the current price action. 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.
After the pending orders have been open – the high impact news event will typically happen seconds later. If the result of the news is practically no movement in the market, then the trades will promptly be closed by the Econ Power Trader system to prevent a trigger of the pending orders into unpredictable trades that can go in any direction as that is not the point of the strategy.
If a trade is opened by the expert advisor, it will continue to manage it by placing a fixed stop loss, take profit with favourable risk to reward ratio and trailing stop to try and maximise the potential from each market movement.
It is important to note that the new trading strategy used does not rely on any dangerous martingale money management, grid trading or cost averaging.
Here we will take a look at some of the key Econ Power Trader features.
Adaptive Intelligent News Trading Technology
AINTT is designed to pick the statistically most intelligent pending order positions according to its built-in trading algorithm, then open them and manage them in a timely manner, fully automated. They were able to give even more speed and efficiency to the built-in technology by cutting out major DLLs. This can reduce processing time, unlike some other automated trading systems that can get bogged down with inefficiencies.
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. This news trading software takes this into account when placing orders. This is to avoid false head movements that cause the trade to trigger and immediately hit stop loss.
If you open the pending orders too soon or too late, you risk triggering a trade that really should not have been triggered, potentially putting you at significant risk of losing the trade. This news robot makes sure that it places pending trades when it thinks the time is right. If they fail to trigger, it can close them immediately to avoid false trade openings.
When choosing a trading robot, one of the most important things to do is to check the latest results and see how it has been performing historically. Whilst this is no guarantee of future performance, it can help to give us a rough idea of the trading system being used.
Econ Power Trader Myfxbook
Although LeapFX have published and shared a Myfxbook verified account of this trading system, it has not been updated for a long time. However, you can see the results below. We would like to see them use up to date account like some other forex robots do such as the Forex Flex EA.
Econ Power Trader Backtesting
If the lack of updated results is disappointing, we don’t even have any Econ Power Trader backtests to see how it may have worked on historical data through different market conditions. However, this may be due to the nature of the news trading strategy being used not being able to be back tested.
The news trading strategy behind the Econ Power Trader EA is solid and it does have some innovative features that are fully customisable. The issue we have is that the results haven’t been updated for years and we don’t even have any backtests to get a rough idea of long-term historical performance. If the developers could improve in these areas, we would consider running this software on a demo account to begin with and see how things go.
That being said, as a news trading robot, it is probably going to be highly dependent on the brokers trading environment. It would require ideal broker conditions such as tight spreads, low commission fees and reliable execution speeds with minimal slippage.
The Econ Power Trader EA is an automated news trading robot that uses a news straddle trading system. Despite the innovative features and logic behind the system, it is lacking in up to date results.
What is the Econ Power Trader price?
There are two payment options so to choose from. Option one, you can rent Econ Power Trader for $297 per year, which averages out to $24 per month. Option two, you can purchase a full lifetime license of Econ Power Trader for a one-off cost of $497.
Where can I download the Econ Power Trader?
You can download this forex robot from the official website here. You get full access to the Econ Power Trader software, which can be used on any account of your choice, demo or live. You can switch accounts as often as you wish, anytime you want.
What kind of customer support does Econ Power Trader offer?
LeapFX are well versed with the Econ Power Trader and are available to help users at anytime via email.
What are the best brokers to use with the Econ Power Trader?
You can use any MetaTrader broker to run the Econ Power Trader.
What’s the minimum amount required to trade with the Econ Power Trader?
There is no specified minimum amount required to start using this news trading software. You should only use what you feel comfortable with and can afford to lose.
What is the Econ Power Trader refund policy?
LeapFX provide a 30-day money back guarantee if you are unhappy with the software for any reason then you can request a refund.
Is the Econ Power Trader a scam?
Although we don’t think that Econ Power Trader is a scam, we would prefer to see some up to date trading accounts running the robot to judge its latest performance.
Can I get the Econ Power Trader for free?
You probably could spend countless hours looking for a free version of the Econ Power Trader being shared but it is likely to be out of date, unsupported and potentially dangerous.
What are the best Econ Power Trader settings?
Already built into the software are the best possible settings according to the developer, but if you are a more experienced technical trader, they have included access to dozens of controls that allow you to dictate how the software runs, how it decides on what news to trade, and much more. Regardless of the EA settings that you use, you should always check to make sure the risk is set to a level that you feel comfortable with. All of the robot settings are explained in the installation guide.
Can I change the Econ Power Trader settings?
If you have the knowledge and experience, you are free to experiment with your own settings, this includes the lot size, stop loss, take profit, and more. You may wish to test your settings on a demo account to begin with.
What do I need to run the Econ Power Trader?
You will need the MetaTrader desktop platform and an account with a trading broker. Most trading brokers will let you open an account with a small deposit and download the MetaTrader platforms free of charge.
How much money can I make with the Econ Power Trader?
There are absolutely no guarantees on how good or bad any news trading robot will perform. Due to the unpredictable nature of the markets, nobody can predict what will happen in the future. You should make sure that you understand all of the risks involved using any automated news trading system such as the Econ Power Trader robot.
Results are based on historical data. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. There is no guarantee of future performance. You should understand the risks involved with trading. Your capital is at risk.