In this post I will be reviewing the Power Trader manual forex trading system developed by the LeapFx team who have a range of commercially available forex robots and manual forex trading systems. Power Trader is a forex trading system for the MetaTrader 4 trading platform that uses custom indicators that generates trading signals based on the ever-changing market conditions. LeapFx claim that the Power Trader system can make back the cost of the system in just one trade which of course is possible if the trade is a winning one and you use a lot size large enough to convert the pips gained into substantial profits.
Power Trader Trading System
The Power Trading system recommends a tight stop loss of 10-30 pips which allows you to have a good risk to reward ratio. You should always try to ensure that your risk to reward ratio is at the very least 1:1 or even better greater. The larger your winning trades are the more likely you are to turn profit in the long term. You do not want one losing trade wiping out all of your gains. With a risk to reward ratio of say 1:2, you could even have a win rate less than 50% and still make a profit long term as your winning trades will be double your losing trades. With Power Trader, if you had a stop loss of 10 pips, you could target 20 pips which due to the trending nature of the indicator incorporated, this is very possible provided that you have the patience and discipline required to become a successful manual trader. Furthermore, it would be best to use popular currency pairs such as the EURUSD and GBPUSD for lower spreads / slippage due to their high liquidity and also considering the stop loss is recommended to be quite tight, even more reason to use these popular pairs. On more exotic currency pairs, a high spread could hit a tight stop loss much quicker! I would personally trade higher timeframes for more reliable signals (1 hour and above) which will help to filter out some noise from the lower timeframes. Power Trader gives signals based on easy to interpret indicators that combine a trend strategy with overbought / sold indicators, thus you can enter in to trends on pullbacks or jump into a trend as it begins. It also includes a filter to avoid potentially bad trading signals. Ideally, you would want to cut your losing trades short and let your winners run. You can even use a break even to lock in the trade and not let a winning trade turn into a losing one. It may also be a good idea to have a target amount of ips each day and quit whilst you are ahead! Sometimes over trading can lead to mistakes and increase your exposure and thus likelihood of getting a losing trade. If you take 2 trades in the morning that generate 50 pips and that is your target for the day, you can pack up and enjoy the rest of your day without risking those 50 pips that you achieved!
Power Trader Summary
Power Trader can be used at any time, on any pair and any timeframe. It is very flexible and suitable for all levels of traders. Whilst the indicators included are not dissimilar to the default mt4 indicators such as the moving average, macd and rsi, it is nice to have them all packaged together along with instructions on how to use the Power Trader trading system. It is advised to practice on a demo account to begin with until you become familiar with the Power Trader system. Full support and a money back guarantee are also included.