The Powerhouse EA is an automated Forex trading robot that uses four different strategies combined in one robot to trade on thirteen different currency pairs. The users can adjust the risk ratio according to the set files provided by the vendor.
According to the developer’s claims, the bot is eligible to generate 5-8% of monthly profit with an average of 15 trades per day. Read this detailed analysis to know all the features, strong and weak sides of the Powerhouse EA.
Vendor transparency
Powerhouse EA is a product developed by Reasonable Forex Trading, managed by Ryan Brown. The only way to contact the vendor is through an email present on the website and an online fill-in form.
No other information such as biography, office addresses, certifications, etc is available which can prove their expertise in the forex market. This raises transparency concerns over their privacy disclosure.
How Powerhouse EA works
Powerhouse EA comes with the following features:
- It is 100% automated.
- The EA trades on Metatrader 5 platform.
- It comes with a detailed user manual.
- Easy to install and setup.
- Free updates and customer support.
- The robot can trade with 13 currency pairs.
- One month refund policy.
To install the EA, use the following steps:
- Purchase the expert advisor from the Reasonable Forex Trading website
- Open Metatrader 5 and log in to your account
- Download the product to your computer
- Drag the EA to charts and enable auto trading
Timeframe, currency pairs, deposit
The expert advisor can trade on 13 different currency pairs, including AUD/CAD, AUD/USD, EUR/USD, GBP/CAD, GBP/USD, USD/CAD, USD/CHF, and USD/JPY. There is no prior information mentioned about the timeframe charts. The minimum deposit amount recommended by the developer is $5000 with 1:200 leverage for the high-risk present, $10000 with 1:100 leverage for the medium-risk present, and $20000 with 1:50 leverage for the low-risk present.
Trading approach
The expert advisor uses a customizable protective stop-loss strategy to place trades. There is little information present regarding the strategic approach of the system with no mention of indicators, money management, brokers, etc.
From the live records on Myfxbook, we observe that the EA is most active during 8-9 a.m. during post asian session and has an average holding time of 8 hours and 23 minutes. It uses a virtual stop loss and take profit for trades with grid and martingale approach.
Pricing and refund
The Powerhouse EA comes at $497. The purchase includes a copy of the robot, a pdf user manual, free updates, and support from the developer. The vendor also claims a 30-days money-back guarantee. The pricing is a bit expensive compared to other options available in the Forex market. The transaction can be made through secure payment methods.
Trading results
The algorithm doesn’t come with past stats. Although there is a link on the official website for individual backtesting records, it keeps forwarding you to checkouts when clicked. The lack of statistical information on the robot’s performance on historical data makes it a bit risky and unreliable for short and long-term investment.
Live records of Powerhouse EA are available on the Myfxbook. The EA was added on 03 February 2022, making it a few months old. The developer deposited $5000 on a real portfolio, and the account’s total balance stands at $6666.66. The system showed a gain of +33.34%, with a profit factor of 1.95 and 1:200 leverage.
It participated in 2157 orders, out of which 875 trades were lossing. The drawdown value of the robot is 12.50%. The value is not high, but we should not ignore the fact that the algorithm uses the grid/martingale strategy, which is considered risky among professional traders.
The EA needs to lose 651 lost trades to lose 20% value of the account.
People say that Powerhouse EA is…
Unfortunately, no trader reviews are present about Powerhouse EA, but Reasonable Forex Trading does have 23 customer testimonies on Trustpilot with a rating of 4.6/5. One user shows his satisfaction by stating that the developer is supportive.
There is no vendor profile present on Forexpeacearmy. Still, interestingly one comment has been filled in the Forex scam warning section, which states that the company is a fraud and accused them of making false claims.
Verdict
Advantages
- One month refund policy
Disadvantages
- No historical backtesting records
- Expensive purchase package
- The short duration of trading history
- Little information on strategical insight
Powerhouse EA Conclusion
Powerhouse EA doesn't come with backtesting records that can be used to predict the robot's performance on historical data. The four-month duration of live testing records is not enough to test the system's legitimacy and the overly priced purchasing plan is also not worth the features offered by the expert advisor. The vendor also fails to provide enough information on the strategic statistics of the algorithm
