I’ve already tested one of the former robots of the Leap FX team, but it did not meet the expectations. Because of its strategy, I look forward to the performance of the Econ Power Trader as it trades the exchange rate movements generated by news.
Other developers launched solutions based on this strategy previously, but these disappeared without exception because they were not viable in the longer run. However, Econ Power Trader deserves a chance.
There are three account statements on its web site that are trying to dazzle us with occasionally hundreds of percent monthly returns, but let’s focus on the essence, the only one live statement, and we can see what to expect.
The results are far more modest here. When writing these lines, the monthly average is around 10%. Notice that the account started with $ 100 and – after withdrawals – it trades with $ 40 now. I think I do not have to explain that if someone is very confident in his robot, he does not trade with such an amount. Especially not when he says on the website that he makes a living from trading. Anyway, let’s look at the statement. Over the past 1.5 months, it did not succeed, but maybe autumn will bring success. Fundamentally, the strategy is not risky. However, it tries to correct a loss-making deal quickly by increasing the size of the next trade. This is not sympathetic, but at least it can be switched off or the size can be adjusted. I’m sad to see that the charts of the demo accounts are not similar to the live account. This is what makes me warn everyone. It may be a good robot in a demo, but everything goes a bit slower live and it will not be so effective. Anyone who installs it on a live account should start with a small account. According to the proposal, an STP account is better for it instead of the ECN accounts that charge a special commission. There is no explicitly recommended broker.
The setting is not complicated, but watch the time setting so it will not start trading at the wrong time. Anyway, interestingly, it’s only to be installed on one M1, GBPUSD chart and independently of this, the robot will trade on each of the currency pairs specified in the settings. I have seen this only in the case of copying robots so far. However, I do not find any signs of copying now.
It cannot be said to be cheap, but if it could produce 10% a month on a $ 1,000 account, even the yearly $ 297 subscription would be worth it. The lifetime license is even more economical for $ 497. Of course, they offer a 30-day money back guarantee.
You can find the website of the robot here, where you can also buy it:
Econ Power Trader
You can follow my own demo account here:
For now, I’m launching it on an FxOpen STP account. The reason of this is that if it works well, I will try it there on a smaller account.