Detailed Forex Robot Review:
Developers of paid trading systems always try to embellish the potential profitability of their forex robots. This is done in order to attract more attention to the paid product and increase sales. PowerfulForex is a fully automatic Forex expert advisor. It can be installed in the Metatrader 4 trading terminal.
The general description on the creators’ official website comes down to the fact that this robot trades on an hourly timeframe (H1). Profitability is promised at the level of 50% per month. But we all objectively understand that to achieve such a result is actually very problematic.
• Advisor type – automatic;
• Timeframe – H1;
• The cost of the robot on the website of developers – $220;
• Currency pair – AUDUSD;
• Refund guarantee within 30 days after purchase – yes.
In examining information about the PowerfulForex EA, it became known that the developers own a number of other advisors. Among them, FX Pro Capital, FX Stabilizer, FX Adept, and FX Charger. As written on the official website, the minimum deposit is only $300 (at the discretion of the trader).
There are no restrictions on brokers – you can use any company you want.
But the most important thing is that technical indicators are not built into the trading algorithm of the robot. This means that trading is performed almost at random, without sound analysis and forecasting. According to the description of the developers, the built-in algorithms are based on studying the history of the behavior of patterns over the past few days. Allegedly, this allows you to identify a potential trend, tendency. But the fundamental factors in no way can be determined and predicted by historical indicators of candles on the chart. Of course, forex robot creators are trying to justify themselves and write about the built-in computer intelligence and other innovations.
But we all understand that there is nothing special about such algorithms. Opening and closing of trades takes place at predetermined Stop Loss and Take Profit levels. Forex robot trades on the H1 timeframe. This is considered long-term trading. And historical data patterns can`t display the real picture of the behavior of the graph.
Some users assume that the adviser simply works to close profitable trades. There is not a grid of orders, not used Martingale. When the Take Profit level is reached, the order is closed in profit. However, the Stop Loss level is set at a more distant distance from the price in order to reduce the number of losing trades. By mathematical calculation it can be determined that such a robot will completely drain the deposit sooner or later.
Real test results
Conducting a detailed review and study of the PowerfulForex EA, we came across two key test results. The first is provided on the site of the developers themselves. It is, of course, positive.
Of course, even in the advertising test, it was not possible to achieve the stated 30-50% monthly yield. Pay attention to the drawdown of 37%. At the beginning of testing, the adviser nearly closed the deposit. Probably, to save the bill, testers added money to the account again to restore the test.
But there is another test result that is provided by independent traders. Users purchased a license and took advantage of the robot. But his result is a complete zeroing of the account and the loss of all funds of the deposit within six months.
Please note that deep drawdowns occur in the results of tests of the developers of the adviser, and in the independent results of ordinary users. This means that a similar outcome awaits everyone who decides to use the PowerFul Forex robot on his account.
Several factors are NOT in favor of PowerfulForex EA
We don`t urge anyone to abandon this forex robot. Make your own conclusions based on the information provided in the review.
In addition to the lack of a clear algorithm of work and negative test results, there are several other factors that are not in favor of this trading system. First, the developer’s site seems outdated. User interface is not convenient. As if the site was created in a few hours just for the sake of selling the robot and getting benefits. Secondly, there is no direct connection with the developers. Only a feedback form is available. But where is the guarantee that you will be contacted using the contact information you sent? Probably, the condition of the money-back guarantee is an advertising fiction aimed at increasing the trust of potential users.
If you are in search of an automatic forex robot for Metatrader 4, we recommend choosing a different system with a clear trading algorithm.