GPS Forex Robot has an attractive website in a bid to sell the expert advisor through the get rich quick scheme. The developers present the product in a way to attract traders with zero to no trading experience. After performing a good amount of analysis, we can realize that it has severe flaws that a trader should not ignore.
What is GPS Forex Robot?
GPS Forex Robot has the following features:
- Works 24/5 with full automation
- Can use trailing stop loss to secure profits
- It has a simple installation procedure
The developer openly promotes their affiliate link to their selected broker, i.e., FXChoice. There is no clear recommendation on the pairs and time frame a trader should use. They do present various results on Myfxbook with trading on EURUSD. The leverage on the accounts is 1:200.
Official GPS Forex Robot Website
There is conflicting information on who is the real developer of the expert advisor. At one place, they mention Antony and Ronald as the software coders of the third version of the EA. On the other side, Mark Larson is presented as the man behind the automated algorithm. Mark presents himself, stating that he has produced content in the financial industry for the past 16 years. Conflicting information on the webpage raises concerns over authenticity.
How Can We Use GPS Forex Robot?
The algorithm works on the MT4 platform, where you have to place the ex4 file sent by the developer in the experts’ directory. Place the robot on the respective charts and turn on auto-trading to make it work.
Pricing & Refund
The robot comes with a one-time price tag of $149 with a money-back guarantee of 60 days. The price is fairly justified considering the transparency and the fact that other EAs in the market with similar performance come at a higher price tag.
The robot doesn’t utilize a grid or martingale but uses hedging if the position turns to the losing side. Other than this, there is no information on the criteria coded within the algorithm for it to work with consistency. We can see through the live results that the EA uses a day trading approach with an average trade duration of less than 24 hours. There is no stop loss and take profit attached.
Backtesting results are available for EURUSD and USDCHF on H1 and M15 time frames, respectively. The settings parameters are different in both cases, which shows that a separate expert advisor is probably used in a bid to show better output. On EURUSD, the robot was tested from 9 October 2007 till 5 January 2001 with an initial balance of 10000. The drawdown was 20.38%. The average winning rate was high, with a few drops in equity depicting the implementation of the grid strategy.
Live trading records are available on Myfxbook. The monthly gain to drawdown ratio hangs around 1:5 in each case which means that the robot is extremely risky and provides little gains for huge exposure to the downside. The average win rate hangs around 90%, with a profit factor of nearly 1:2. The best trade hangs around 40 pips while the worst one is at 90 pips. It seems that the developer changes the settings to produce better performance, but the output remains the same.
What Are the Real Customers Saying about GPS Forex Robot?
Customer reviews on Forex Peace Army give the EA an average rating of 3.149 for a total of 108 pieces of feedback. Customers state that the robot is a scam service and doesn’t use the proper strategy. Reviews are also available on the developers’ website; however, we can surely say they are handpicked.
Summary: Is GPS Forex a Trustworthy EA?Summary: Is GPS Forex a Trustworthy EA?
Trading results2/5 Bad
- 60-day money-back guarantee
- High drawdown and zero returns
- No good customer reviews
- No trading recommendations