PowerFlow EA (Forex21.com)

[joneslds]

how good to hear both sides of the story i apologize for calling you scam, i dont use EAs , but you presented a strong evidence now .

 

[AlexanderCollins]

how good to hear both sides of the story i apologize for calling you scam, i dont use EAs , but you presented a strong evidence now .

There is nothing to apologize Jones. It's just so that some traders use to high risk and this is really something that can lead to frustrating results. Anyway, I hope bundesrepublik learned his lesson and will keep using PowerFlow with the recommend risk settings.

Regards, Alexander

 

[Laurent Wiart]

I bought Powerflow EA in early 2015, and I've put it on demo accounts (FXCM) since then, thinking that if results were good for 6 months, I would put it on a real account.
Unfortunately, the results have been really disappointing (and showing shart drops due to the grid nature of this EA) :

- FXCM 5000 EUR demo account : Feb-March 2015 : -96% in March --> stopped it
I used the presets provided by Forex21: PowerFlow-AUDNZD.set, PowerFlow-GBPUSD.set and PowerFlow-USDCAD.set
https://www.myfxbook.com/members/wiart/fxcm-demo-5000-powerflow-ea/1163639
I contacted Forex21, and they were very helpful, with timely answers and explanations that those presets required a "bigger" account (more than 5000 EUR), and that I should use the low lots preset if I wanted to use the 3 pairs (interestingly, that was not what was mentioned in the Powerflow user manual).
I then decided to give it a second chance with a smaller account (given the first test, I was not planning to give it more than 1000 EUR of my real hard earned money...)


- FXCM 1000 EUR demo account: April-January 2015 : -75%
After several emails back and forth with Forex21, I then used the PowerFlow-AUDNZD-Low-Lots.set (with Powerflow v1.1.6) --> one pair only, low lots (0.01 lot for each trade)
http://www.myfxbook.com/members/wiart/fxcm-demo-1000-powerflow-ea/1204030


I believe I've given it enough time to proove itself, and just decided to stop the bleeding and throw out this EA.

Interestingly enough, a search on Myfxbook (http://www.myfxbook.com/search/powerflow) shows that most of the accounts went under fairlly quickly, and a few are positive (but why the hell the account owners would stop a winning EA after 3 to 6 months?).

 

[AlexanderCollins]

@ Laurent

I just saw your post and agree that this is some ugly performance. Let me explain a few things....

1) On the first demo account, the settings where not correct and as result the account crashed. Please note that you cannot expect from the EA to make profitable trades when you use not compatible settings. Anyway, as it was a demo account it does not matter.

2) On the second account the trades look correct but because of the combination of low margin, low leverage and high spreads the EA had not enough room to any money. Please note that the EA needs enough room to operate.

PowerFlow is an excellent EA and generates consistent profits, WHEN ....

1) You keep the risk under control. Unfortunately, often users disable the DD protection and increase the risk to make more money which leads sooner or later to disaster.

2) The margin is enough. Small amounts of money can be used but if so, the account type needs to be a mini or micro account.

3) The execution costs are appropriate. This means real market spreads + max 20%. FXCM spreads are market spreads + 200-500%

4) The leverage is enough. We recommend 1:100 as minimum.

I would recommend you study the user manual and start the EA again. You will see that with the right settings, account type and margin, PowerFlow delivers amazing results. Just drop us a E-mail. As you know we are always here for our clients and are ready to help.

 

[AlexanderCollins]

Note: In August 2015 the DD protection was just a few % away, fortunately, the market turned. Otherwise, the realized DD would be -+30%.

 

[Steven_Smith]

Laurent, you will need an account with higher leverage and more margin. Semi martingale systems are great as long you keep the risk under control.

 

[Jason Rogers]

The execution costs are appropriate. This means real market spreads + max 20%. FXCM spreads are market spreads + 200-500%

Hi Alexander,

I would like to address the concerns you raised about FXCM's spreads. On our No Dealing Desk (NDD) forex execution, traders get the best bid and ask prices quoted from multiple liquidity providers resulting in low spreads and commissions. What spreads are ideal for your EA?

Thanks,
Jason

 

[oscarra]

Hope this is not becoming a Paris replay, Brokers are indeed responsible for clients funds.