Powerhouse EA trades on various combined trading pairs and uses protective stop-losses settings, which the traders can customize. The robot’s minimum recommended leverage for high-risk preset is 200:1, requiring at least a $5000 deposit. We will scan all its features in our review to verify if the algorithm can produce profits for us in the long term.
Detailed Forex robot review
Responsible Forex Trading is the robot developer who has multiple EAs in their product list. Users can reach them via email or ask their queries on the website by clicking on send us a message area. The vendor is not transparent about its portfolio and provides no information regarding the company’s founding year and place. There is also no evidence of verified documents and seller’s profile on social media platforms such as Facebook, LinkedIn, etc.
The algorithm has the following features:
- Trades on the MT5 platform
- It allows smart filters to maximize profit
- Easy installation setup
- It comes with a PDF manual which includes different settings videos
- 30 days money-back guarantee
How it works
To make the system ready, follow the following steps:
- Click on the buy now option that is available on the website
- Sign in to MetaTrader 5 platform
- Drag the algorithm to the expert directory and reload the page
- Link the robot with the chart and start trading
While utilizing the code, the algorithm will open respective buy/sell trades and use risk management to trade the market.
Powerhouse EA strategy tests
We could not analyze the backtesting results as the user must purchase the system to access the backtesting results. The noted approach by the sellers is considered negative in the Forex trading market as it keeps us blind from vital historical stats such as drawdown and winning rate.
The algorithm uses a combined strategy of four different algorithms: Ranger, Comeback Kid, Gopher, and Vigorous. It uses across EA and pair analysis to maintain the drawdown. From Myfxbook records, we observe the increasing lot size with each trade along with the implementation of averaging. The algorithm trades on multiple currency pairs with the best performance on EURUSD, which has a winning rate of 70%.
Live account trading results
The EA live records are available from December 2021 till the current date on Myfxbook. The initial deposit was $5000, and a current balance of $6,513.74 depicts a gain percentage of +30.28%. The drawdown chart shows us that it has recurring losses that can exceed 10%.
There had been 1895 trades, out of which 1107 were winning. With a monthly gain of 6.30%, the EA produces a profit of $1,513.88, with a risk/reward ratio of 1.97.
The algorithm is available for $497 with a 30 days moneyback guarantee. Users must fill out their details, such as email and billing address. The algorithm has free upgrades, and payment for the bot can be made via PayPal.
The company has a rating of 4.6 and has 23 reviews on Trustpilot. The algorithm has no review on Forex Peace Army and Myfxbook, making it an ambiguous product in the forex market. A trader comments that the author is genuine and is available to talk about their products.
Powerhouse EA trades on a demo account, as seen on Myfxbook records which are not enough to show the true performance of the EA. Virtual portfolios do not respect real market liquidity and slippages.
The company is unclear on its portfolio and there is no information regarding customer support.