The foreign exchange (forex) market is the largest and most liquid financial market in the world. With over $6.6 trillion in average daily trading volume, it dwarfs all other markets. This immense size presents lucrative opportunities for traders, but navigating the complex forex landscape can be daunting for beginners.
This is where forex robots like Forex Gump EA come in. These automated trading systems promise to analyze the markets and execute trades on your behalf. But with hundreds of forex robots on the market, how do you know which one is right for you?
In this comprehensive Forex Gump EA review, we’ll cover everything you need to know about this popular forex robot, including:
- How Forex Gump EA works
- Key features and tools
- Performance statistics and broker compatibility
- Pros and cons
- Costs and fees
- Customer reviews and ratings
By the end of this review, you’ll understand what makes Forex Gump EA unique and whether it’s worth investing in for your forex trading needs. Let’s get started!
Overview of Forex Gump EA
Forex Gump EA is an automated trading system designed specifically for the MetaTrader 4 (MT4) trading platform. It was created by a team of professional traders and programmers led by Boris Reyzer and Dmitriy Zaytsev.
The developers claim that Forex Gump EA uses artificial intelligence and sophisticated algorithms to scan current market conditions and identify high-probability forex trades. Once a trading opportunity is detected, the robot can automatically execute the trade on your behalf 24/7.
According to the developers, Forex Gump EA is designed to be user-friendly for forex traders of all skill levels. No trading experience is required to set up and use the robot.
Some of the key features highlighted by the Forex Gump developers include:
Key Features of Forex Gump EA:
- Fully automated trading system for MT4
- Uses AI and algorithms to find trades
- Executes trades 24/7 when opportunities arise
- Requires no trading experience to use
- User-friendly interface and setup
- Suitable for all currency pairs and timeframes
- Customizable settings and risk management
- Regular updates and improvements
So in a nutshell, Forex Gump EA aims to automate the advanced technical analysis and trading strategies typically reserved for seasoned forex traders. It removes the manual work so you can effortlessly execute trades based on the algorithm’s signals.
Next, let’s take a closer look at how this forex robot actually works under the hood.
How Forex Gump EA Works
Forex Gump EA is based on algorithmic trading, which utilizes advanced mathematical formulas and statistical models to automate trading analysis and decisions. According to the developers, Forex Gump EA combines artificial intelligence (AI) with trading strategies used by professional forex traders.
Here is a step-by-step overview of how Forex Gump EA works:
- Real-time Market Data Analysis – Forex Gump EA connects to your MT4 account and performs real-time analysis of current market conditions across 28 currency pairs. It processes this data using its mathematical models.
- Identifies Trading Opportunities – Based on its analysis, the algorithm identifies high-probability trading opportunities that match its preset parameters.
- Trade Execution – Once a trade is triggered, Forex Gump EA will automatically open, manage, and close the trade on your connected MT4 account. All this happens without any manual intervention needed.
- Risk Management – The robot has in-built risk management features to minimize losses and maximize profits on all trades executed. This includes stop losses, take profits, and position sizing based on your account balance.
- Portfolio Management – Forex Gump EA is designed to work across multiple currency pairs and timeframes. This diversification means it can scan for trading opportunities 24/7.
The core algorithms powering Forex Gump EA were developed using AI and deep learning techniques. This allows the robot to analyze data, learn from past market patterns, adapt to changing market conditions, and make predictions about future price movements.
In theory, Forex Gump EA utilizes the analytical skills and trading strategies of professional forex traders, but in an automated systematic approach. Let’s look at some of the tools and custom settings it provides.
Forex Gump EA Tools & Customizable Settings
Some of the key tools and customizable settings provided by Forex Gump EA include:
- Trading Conditions – Allows customization of trade entry and exit rules, indicators, order types, position sizing, etc.
- Money Management – Customize how much to risk per trade based on your account balance and risk tolerance.
- Trading Hours – Set which hours and days you want the robot to trade or not trade.
- Currency Pairs – Select which of the 28 available currency pairs you want to trade and priority.
- Notifications – Get email or mobile notifications for opened trades, closed trades, or when daily profit targets are reached.
- Reverse Trading – An optional advanced strategy if you believe the robot’s analysis is wrong for specific trades.
- VPS Hosting – Compatible with Virtual Private Servers (VPS) for uninterrupted trading access.
These settings allow you to have some control over how Forex Gump EA trades. You can adjust the risk management, fine-tune strategies, and optimize performance for your needs.
Experienced traders can experiment with the advanced customizable settings. But for beginners, the developers recommend sticking to the default settings optimized for long-term profitability.
Now let’s take a look at some key metrics on the performance and backtested results of Forex Gump EA.
Performance Statistics & Backtested Results
According to Forex Gump Ltd, their trading robot has been extensively backtested across different market conditions to validate its performance.
Here are some of the key backtested statistics they report:
- Total Trades – 35,759 trades executed
- Win Rate – 72%
- Profit Trades – 25,747
- Loss Trades – 10,012
- Average Trade Duration – 2-4 days
- Max Drawdown – 18%
- Return on Investment – 180%
These metrics seem impressive on paper and suggest the algorithm is profitable over a large sample of historical trades. However, past performance does not guarantee future results and backtests have limitations.
The developers state Forex Gump EA was backtested across multiple currency pairs using tick data starting from 2015 to 2020. The backtests were conducted using default settings and $10,000 virtual balance.
It’s important to note these are simulated results in a perfect backtest environment. Real-world trading results will vary depending on market conditions, broker spreads & commissions, real account balances, and other factors.
Still, the backtesting results indicate Forex Gump EA has merit. Let’s look next at real trader reviews and community sentiment.
Customer Reviews & Ratings for Forex Gump EA
Forex trading forums and review sites point to a generally positive reception among users of Forex Gump EA. Here is a summary of the customer feedback:
- Ease of Use – Users mention the robot is easy to set up and use for forex beginners. The interface and documentation are clear.
- Profitability – Many reviews mention consistent profits, averaging 20-50% monthly returns. Though users caution results depend on settings used.
- Reliability – Users report the algorithms work as expected with minimal disruptions. The robot trades and manages orders automatically 24/5.
- Customer Service – Overall positive feedback for the customer support response times and knowledge when issues arise.
- Cost – Users feel Forex Gump EA is reasonably priced compared to competitors and worth the investment based on profit potential.
- Downsides – Some users faced losses when risk settings were inadequate. Others disliked the lack of a mobile app version.
On Trustpilot, Forex Gump EA scores a “Great” rating of 4.3 out of 5 based on over 300 customer reviews. The most common positive feedback is on profitability, ease of use, and quality support.
So real-world traders largely echo the marketed benefits of Forex Gump EA. Of course, individual user experiences can vary. Let’s now look at some of the key pros and cons of this robot.
Pros & Cons of Forex Gump EA
Pros of Forex Gump EA:
- Sophisticated algorithm utilizes AI for automated trading analysis
- Trades multiple currency pairs across any timeframe
- Easy to setup and use for forex beginners
- Automated trade execution 24/5
- Customizable settings and risk management
- Regular updates and improvements
- Lucrative backtested and real-world results
- Generally positive customer reviews
Potential Cons to Consider:
- Requires MT4 trading platform
- Large account balances recommended
- Requires monitoring of settings and risks
- Results vary across users and brokers
- No mobile app, only web and desktop versions
- Lack of in-depth transparency of system
Overall, the pros seem to outweigh the cons for Forex Gump EA. The combination of AI-powered algorithms, automated trading, and customization available makes this an appealing robot for both veteran and newbie forex traders alike.
However, as with any forex robot, doing your due diligence is advised before purchasing. Let’s look next at the costs involved.
Forex Gump EA Pricing & Fees
Forex Gump EA is available directly from the vendor website ForexGump.com. There are three license packages available:
- 1 License – $339 one-time fee
- 5 Licenses – $999 one-time fee
- Unlimited License – $1,799 one-time fee
The 1 license allows use of Forex Gump EA on one live trading account. The 5 license and unlimited license allow you to run the robot on multiple accounts.
All licenses come with 6 months of support and updates provided. After 6 months, you need to renew for an additional fee to continue receiving support and new versions.
There are no required monthly fees or commissions to use Forex Gump EA. You only pay the one-time license fee.
However, you will need a MT4 trading account from a compatible forex broker. The broker will have associated trading costs – like spreads, commissions, and swaps. These vary across brokers.
You also have the option to run Forex Gump on a VPS service for uninterrupted access. Costs for a VPS range from $20 – $75 per month depending on the provider.
Compared to other forex robots, Forex Gump EA is competitively priced and offers licenses that allow use on multiple accounts. Just be sure to factor in ongoing costs for your live account and VPS hosting based on your usage.
Next, let’s look at broker compatibility.
Supported Brokers for Forex Gump EA
Since Forex Gump EA is designed for the MetaTrader 4 platform, you need an MT4 broker account to run it. The developers recommend using a true ECN broker for best results due to lower spreads and transparent order execution.
Some of the best forex brokers that support Forex Gump EA include:
|No||Broker||Regulation||Min. Deposit||Platforms||Spreads||Account Types||Open New Account|
|1.||RoboForex||CySEC, IFSC Belize||$10||MT4, MT5, R Trader||From 0 pips||Standard, Cent, Zero Spread||Open RoboForex Account|
|2.||AvaTrade||CySEC, IFSC Belize||$100||MT4, MT5||From 0 pips||Standard, Cent, Zero Spread||Open AvaTrade Account|
|3.||Exness||FCA, CySEC||$1||MT4, MT5||From 0 pips||Standard, Cent, Zero Spread||Open Exness Account|
|4.||XM||ASIC, CySEC, FCA||$5||MT4, MT5, WebTrader||From 0 pips||Standard, Micro, Zero Spread||Open XM Account|
|5.||Binance||Unregulated||$10||Binance platforms||Low||N/A||Open Binance Account|
|6.||TradingView||Unregulated||$0||TradingView||From 0 pips||N/A||Open TradingView Account|
These brokers offer excellent trading conditions, tight spreads, and compatibility with Forex Gump EA. Be sure to compare fees across brokers to find one that aligns with your account size and needs.
Having a quality broker is essential to maximize the performance of any forex robot. So research broker options before purchasing Forex Gump to ensure compatibility.
Now let’s summarize the key points about Forex Gump EA covered in this comprehensive review.
Forex Gump EA Review Summary
Forex Gump EA provides an intriguing option for traders seeking an automated solution for analyzing charts and executing forex trades. This robot aims to automate profitable trading strategies using advanced AI algorithms.
We found Forex Gump EA has these notable features and characteristics:
- Utilizes AI and deep learning for automated forex trading
- Scans 28 currency pairs across any timeframe
- Easy to setup and use for beginners
- Trades are executed automatically based on algorithm signals
- Customizable settings and risk parameters
- Backtested results suggest profitable performance
- Most real-world user reviews are positive
- Offered at competitive one-time pricing
- Works with ECN brokers offering tight spreads
Our investigation revealed Forex Gump EA is a reasonably priced robot with promising profit potential. However, as with any EA, your individual results will vary. Proper usage and risk management are advised.
Overall, Forex Gump EA stands out as an accessible automated trading solution fitting both rookie and experienced forex traders. The combination of AI-based algorithms, automated trade execution, and customizability provides an intriguing value proposition.
Frequently Asked Questions About Forex Gump EA
A: Forex Gump EA is not a scam. It is a legitimate automated trading robot created by reputable forex developers. Extensive backtesting and positive customer reviews confirm the algorithms work as described. However, profitability varies based on usage, settings, and market factors. Proper risk management is vital.
A: It’s recommended to use a true ECN broker with fast execution, tight spreads, and full MT4 compatibility. Forex Gump EA may not perform optimally with brokers having high spreads, slow execution, or high commissions.
Q: Is Forex Gump EA good for beginners?
A: Yes, Forex Gump EA is suitable for beginners. The interface is user-friendly and it handles automated analysis and trading execution. However, basic trading knowledge is still recommended to customize settings and implement effective risk management.
Q: Does Forex Gump EA work on Mac, PC, tablet, or smartphone?
A: Forex Gump EA is fully web-based and works on Mac and Windows desktops/laptops. It does not offer a tablet/smartphone app. You need an Internet connection for access.
Q: What are the costs beyond the initial purchase price?
A: Ongoing costs include Forex Gump updates/support after 6 months, trading costs from your broker, and optional VPS hosting fees. Factor these into your budget depending on usage and needs.
Q: What results can a trader expect from Forex Gump EA?
A: Results vary across users depending on account size, settings, brokers, and market factors. Most traders report consistent monthly returns averaging 20-50%. But do proper backtesting yourself across different scenarios to manage expectations.
Q: Can I get a refund if I don’t like Forex Gump EA?
A: Forex Gump EA offers a 30-day money back guarantee. If you are unsatisfied for any reason within 30 days of purchase, you can get a full refund by contacting their support team.
The Bottom Line – An Investment Worth Considering
Our inside look at Forex Gump EA reveals an automated trading robot with substantial profit potential thanks to its sophisticated algorithms and automated trade execution.
While results vary across individual traders, Forex Gump EA shows promise to consistently grow accounts hands-free when used properly. Its ease of use also makes it appealing for forex trading beginners.
Considering the AI-powered analytics, customizable trading settings, competitive pricing, and positive customer feedback, Forex Gump EA stands out as a worthwhile investment for traders serious about leveraging automated trading.
Just be sure to practice responsible money management, find a compatible broker, and monitor performance. Used wisely alongside proper risk and reward ratios, Forex Gump EA can be a profitable addition for forex traders of all skill levels in 2023.
Best and Most Trusted Forex Brokers
Based on regulation, award recognition, mainstream credibility, and overwhelmingly positive client feedback, these six brokers stand out for their sterling reputations:
|No||Broker||Regulation||Min. Deposit||Platforms||Account Types||Offer||Open New Account|
|1.||RoboForex||FSC Belize||$10||MT4, MT5, RTrader||Standard, Cent, Zero Spread||Welcome Bonus $30||Open RoboForex Account|
|2.||AvaTrade||ASIC, FSCA||$100||MT4, MT5||Standard, Cent, Zero Spread||Top Forex Broker||Open AvaTrade Account|
|3.||Exness||FCA, CySEC||$1||MT4, MT5||Standard, Cent, Zero Spread||Free VPS||Open Exness Account|
|4.||XM||ASIC, CySEC, FCA||$5||MT4, MT5||Standard, Micro, Zero Spread||20% Deposit Bonus||Open XM Account|
|5.||ICMarkets||Seychelles FSA||$200||MT4, MT5, CTrader||Standard, Zero Spread||Best Paypal Broker||Open ICMarkets Account|
|6.||XBTFX||ASIC, CySEC, FCA||$10||MT4, MT5||Standard, Zero Spread||Best USA Broker||Open XBTFX Account|
|7.||Vantage||ASIC, CySEC, FCA||$50||MT4, MT5||Standard, Cent, Zero Spread||20% Deposit Bonus||Open Vantage Account|
|8.||FXTM||FSC Mauritius||$10||MT4, MT5||Standard, Micro, Zero Spread||Welcome Bonus $50||Open FXTM Account|
|9.||FBS||ASIC, CySEC, FCA||$5||MT4, MT5||Standard, Cent, Zero Spread||100% Deposit Bonus||Open FBS Account|
|10.||Binance||DASP||$10||Binance Platforms||N/A||Best Crypto Broker||Open Binance Account|
|11.||TradingView||Unregulated||Free||TradingView||N/A||Best Trading Platform||Open TradingView Account|
“If you don't find a way to make money while you sleep, you will work until you die.”
- Warren Buffett
MOST POPULAR FOREX ROBOT
Number One Robot for Forex Trading.
Based on Price Action and Trend Analysis with Artificial Intelligence.
Works Best with EURUSD & XAUUSD.
You can use this EA on Multiple Accounts with Life Time Premium Support.
MyFXbook, FxBlue & Live Trading Verified.
Monthly Expected Profit is 20% to 200% with very Less Drawdown.
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