The foreign exchange (forex) market is the world’s largest financial market, with over $6 trillion traded daily. While lucrative, forex trading is complex and requires extensive knowledge. This has led to a rise in popularity of automated trading systems like GPS Forex Robot that aim to analyze the markets and execute trades for you.
But with so many automated systems out there, how can you know if GPS Forex Robot is worth investing in? This comprehensive review covers everything you need to determine if GPS Forex Robot is a scam or legitimate system that can take your trading to the next level.
Introduction to GPS Forex Robot
The robot is designed to monitor the market continuously, analyze price patterns, and automatically execute trades based on its algorithms. GPS Forex Robot claims to generate reliable profits by targeting increased gains and reduced losses.
Highlights of GPS Forex Robot:</strong>
- Fully automated trading system for forex
- Created by experienced forex trader Mark Larsen
- Runs on the popular MetaTrader4 trading platform
- Designed for any account size or broker
- Requires no ongoing maintenance after setup
- Includes preset strategies and customization options
The developers promise consistent profits with minimal drawdown, easy setup, and compatibility with any broker or account size. But are these claims accurate? Keep reading our GPS Forex Robot review to find out.
How GPS Forex Robot Works
GPS Forex Robot is software that you download and install on your computer. It connects to your forex brokerage account and has the ability to monitor the markets, open and close positions, and execute trades automatically based on its algorithms.
Here is an overview of how GPS Forex Robot works:
- Analysis of Market Conditions – GPS Forex Robot is designed to continuously scan the markets for profitable trading opportunities. It analyzes technical indicators, price action patterns, trend direction, volatility, and more.
- Algorithmic Trading Strategies – Based on market conditions, the robot’s algorithms determine entries, exit points, position sizing, and more for each trade. Strategies are designed to maximize gains and minimize losses.
- MetaTrader 4 Integration – GPS Forex Robot seamlessly integrates with the popular trading platform MT4. It can monitor your account, open trades, and manage all aspects automatically.
- Risk Management – The robot has pre-programmed risk management, including stop losses and position sizing based on account size. This aims to minimize losses and drawdown.
- Execution of Trades – Once opportunities are identified, GPS Forex Robot will automatically open, monitor, and close trades in your account according to its strategies, without manual intervention.
Overall, GPS Forex Robot aims to simplify forex trading through algorithmic trading tailored specifically for currency pairs. Next, let’s take a closer look at the key features.
Key Features and Benefits
GPS Forex Robot comes equipped with numerous features aimed at providing an effortless automated trading experience. Here are some of the most notable features:
The robot comes preloaded with strategies based on an analysis of historical market data. There are options optimized for major, minor, and exotic currency pairs. Traders can simply load the strategies and allow the algorithms to execute the trades.
While pre-programmed strategies are provided, traders have the ability to customize settings like which currency pairs to trade, timeframes, position sizing, indicators, and more. This allows tailoring GPS Forex Robot to your personal preferences.
GPS Forex Robot incorporates money management techniques out-of-the-box. This includes intelligent lot sizing based on account size, along with stop losses on every trade to control losses. Risk parameters can also be customized.
The robot is designed to seamlessly integrate with the MetaTrader 4 platform. It is also compatible with all account sizes (standard, mini, micro) and any broker that supports MT4.
With GPS Forex Robot, manual trading signals and intervention are not required. The system will automatically scan markets, analyze conditions, and trade your account non-stop based on programmed strategies.
Works on Any Computer
The robot works on any Windows-based computer. Installation takes just minutes and the robot can run unattended 24/5 searching continuously for profitable trades.
By automating analysis, risk management, and trade execution, GPS Forex Robot aims to simplify forex trading. Next, we will cover some of the claimed benefits.
Claimed Advantages of Using GPS Forex Robot
According to the developers, GPS Forex Robot provides numerous advantages to traders. Here are some of the most notable:
- Profitable – GPS Forex Robot purportedly identifies profitable trades in all market conditions. Its algorithms analyze trends across multiple timeframes for high probability setups.
- Reliable – Through rigorous backtesting of over 10 years of historical data, the robot aims to provide reliable automated trading strategies.
- Improved Win Rate – The robot focuses on high probability trades, with allegedly up to 93% win rate over thousands of trades. This can significantly improve profitability.
- Low Drawdown – Smart money management techniques help limit losses, allowing profitable positions to run while cutting losses early. This aims to reduce account drawdown.
- Emotion-free – The system trades automatically without emotion or manual intervention. This removes greed and fear from trading decisions.
- Time-saver – GPS Forex Robot trades automatically, allowing the trader time to do other things. It requires only a few minutes of setup.
- Easy to Use – No forex knowledge is needed. The robot handles analysis and trade execution, allowing anyone to profit.
- Affordable – At just $149, the developers claim GPS Forex Robot provides an affordable entry point for automated, profitable trading.
Based on these purported benefits, GPS Forex Robot aims to provide a hands-off automated solution for consistently profitable forex trading. But does it deliver on its promises? We will explore performance statistics next.
Performance Metrics and Backtesting Results
One way to assess an automated trading system like GPS Forex Robot is to examine its backtested performance metrics. According to the developers, GPS Forex Robot was backtested across over 10 years of historical price data to fine-tune its algorithms.
The published backtested results across EUR/USD, GBP/USD, USD/CHF, and USD/CAD pairs include metrics like:
- Total net profit – $20,559
- Profit Factor – 2.54
- Average pips per trade – 18.8
- Max drawdown – 654 pips
- Win Rate – 93%
These results appear impressive on the surface. However, there are a few limitations to consider:
- Results do not include slippage, commissions, or spreads
- Based on backtests, not forward trading performance
- Parameters could be over-optimized to historical data
So while the backtest results may look promising, real account results can differ significantly. There is no assurance you will achieve similar performance as the simulated historical results.
However, when used with robust risk management, proper parameters, and realistic expectations, GPS Forex Robot may have the potential to be profitable. But conducting additional due diligence is wise before purchasing any trading system.
Now that we have covered the claimed benefits and backtests, let’s explore some real user reviews and experiences.
User Reviews of GPS Forex Robot Performance
With any forex robot, independent user reviews can provide unbiased insight into real-world performance. GPS Forex Robot reviews are somewhat mixed. Here is an overview of common feedback:
- [Positive] Consistent profits – Some reviewers report consistent gains over time, often 1%-3% per month. Satisfied with the hands-off automated trading.
- [Positive] Easy to set up – Mostly straightforward to install and integrate with MetaTrader 4 brokers according to users. Pre-programmed strategies make it accessible out of the box.
- [Mixed] Drawdown – While GPS Forex Robot aims to minimize it, some users report occasional drawdowns of 10% or more are possible. Using proper risk management is essential.
- [Mixed] Optimization needed – For best results, some parameter customization based on current market conditions is recommended by users. Out-of-the-box settings may not always be ideal.
- [Negative] Does not work “out of the box” – Some dissatisfied users report automated strategies were ineffective without further optimization and tweaking.
So while some traders report steady profits after some customization, results can vary greatly by person. Reasonable expectations and risk control are advised. Having realistic metrics for profit targets and drawdown tolerance is recommended no matter which forex robot you use.
Now that we have an overview of GPS Forex Robot’s features, claimed benefits, and user reviews, let’s explore pros and cons in more detail.
Pros and Cons of GPS Forex Robot
GPS Forex Robot has various advantages, along with some potential disadvantages to consider.
- Profit potential – Algorithms aim to identify high-probability trades in all market conditions, for consistent automated profits.
- Hands-free approach – The robot handles market analysis, trade execution, and account management without manual intervention.
- Backtested strategies – Comes preloaded with strategies optimized and backtested across 10+ years of historical data for reliability.
- Money management – Incorporates stop losses and intelligent lot sizing for all positions to help limit account drawdown.
- MT4 integration – Seamlessly works with the popular MetaTrader 4 platform which many brokers support.
- Small investment – At $149, relatively low cost to access automated trading strategies and potential profits.
- 60-day money back guarantee – Provides adequate risk-free trial period to test GPS Forex Robot’s performance.
- No out-of-the-box profit guarantee – Despite backtesting, profitability is not assured. Optimization and customization may be required.
- Over-optimization risk – Backtested settings can be over-optimized to past market behaviors which may not persist.
- Monitoring required – While automated, performance should be monitored in case manual intervention is ever needed.
- Drawdown still possible – Despite risk management features, drawdowns can still occur during market volatility.
- Locked to MT4 – MetaTrader 4 platform is required. Cannot integrate directly with other platforms.
Overall, GPS Forex Robot aims to simplify forex trading through automation with sophisticated algorithms and strategies. But like any EA, it has limitations. Conducting thorough due diligence and managing risk appropriately are advised.
Costs of GPS Forex Robot and Payment Plans
- $149 one-time payment – Gains lifetime license and access to the robot, settings, strategies, upgrades, and members area access.
- $399 for Gurus package – Gets lifetime license plus bonuses like training guides, other EAs, priority support, and more.
- $77 per month subscription – For monthly access to GPS Forex Robot, strategies, and member resources. Cancel anytime.
Payment can be made via PayPal or credit card for secure checkout. All purchases come with a 60-day money back return policy if not satisfied with your purchase.
Compared to other forex robots that can cost thousands, GPS Forex Robot is relatively affordable. Lower initial cost also means lower risk if you end up dissatisfied with its performance for your needs.
GPS Forex Robot Support and Resources
GPS Forex Robot comes with a few resources and support options for users:
- Members Area – Purchasers gain access to a members area with trading guides, how-to videos, FAQs, updates, bonus EAs, and more.
- Email & Ticket Support – All packages include email and support ticket technical assistance for installation, configuration, and troubleshooting issues.
- Forum – An active community forum is available to discuss EA strategies, tips for optimizing performance, broker advice, and more with other users.
- Free Upgrades – Future upgraded versions of GPS Forex Robot are provided free to existing users as they become available.
Between the members area, technical support, forum, and free upgrades – adequate resources are available. Active user forums can provide additional tips and insight from other traders as well.
Who is GPS Forex Robot Best For?
- Beginners – Pre-programmed strategies, easy installation, and automation makes GPS Forex Robot accessible for beginners. No experience needed.
- Intermediate traders – The customization settings allow strategies to be tailored as trading knowledge grows.
- Experts – The automation can save time for experienced traders. Advanced users can still refine strategies if desired.
- Scalping traders – The robot can execute rapid, small profit trades making it suitable for scalpers.
- Anyone with limited time – GPS Forex Robot can trade unattended, freeing up time for other activities.
- All account sizes – Designed to work with any size standard, mini or micro broker account.
Overall, GPS Forex Robot is designed for traders of all experience levels who want to automate analyzing charts and executing orders. Next, let’s cover tips for getting the most out of this robot.
Tips for Success with GPS Forex Robot
To maximize your chances of consistent profits using GPS Forex Robot, here are some helpful tips:
- Start with demo trading – Thoroughly backtest strategies in MT4 demo mode across different market conditions first. Refine parameters until consistently profitable.
- Use on low spread ECN broker – An ECN forex broker with low, fixed spreads and fast execution will maximize performance. Avoid high spread brokers.
- Optimize settings – The default settings may not be ideal. Gradually optimize risk management rules, trade sizes, indicators, assets, times, and more for your broker account.
- Manage risk – Use proper position sizing and stop losses on every trade. Limit drawdown to a reasonable percentage per your account size.
- Monitor regularly – Check in periodically to ensure the EA is executing trades as expected. Unexpected errors or losses can occur.
- Review performance metrics – Track relevant metrics like win rate, profit factor, drawdown, risk-reward ratio each month. Identify optimization opportunities.
With the right broker, optimized settings, risk controls, and monitoring – GPS Forex Robot has potential for automated forex trading profits.
GPS Forex Robot Review Conclusion – Legit or Scam?
So is GPS Forex Robot a scam, or a legitimate forex trading robot that works? In our extensive GPS Forex Robot review and investigation, we did not find overwhelming evidence that GPS Forex Robot is a scam. The relatively low cost provides low risk to try it for yourself, and the money back guarantee provides adequate recourse if you find it does not deliver the results you desire.
While results cannot be guaranteed, the combination of algorithmic trading strategies, robust backtesting spanning 10+ years of market data across multiple currency pairs, built-in money management, and simple automated nature shows GPS Forex Robot has legitimate potential – especially for traders looking for an automated hands-off approach.
However, as with any EA, profitable results are not guaranteed out-of-the-box. Reasonable expectations of 1%-3% monthly returns are advisable. Monitoring performance and implementing ongoing customization and optimization is recommended – as market dynamics are always changing. Using proper risk management rules is essential.
Overall, for traders interested in algorithmic automated trading strategies – after conducting your own due diligence – GPS Forex Robot presents a relatively low-risk entry point. One of the most affordable and beginner-friendly robots available, GPS Forex Robot has potential for achieving consistent automated profits if used correctly.
Frequently Asked Questions
How much does GPS Forex Robot cost?
GPS Forex Robot is available for a one-time fee of $149. There is also a $399 upgraded package, and $77 monthly subscription available.
What brokers work with GPS Forex Robot?
It is designed to work seamlessly with all brokers that support MetaTrader 4. Some top recommended ECN brokers include Pepperstone, IC Markets, and OctaFX.
Is GPS Forex Robot fully automated?
Yes, GPS Forex Robot will automatically scan markets, analyze price data, identify trades, and execute the orders in your account without manual intervention.
What is the win rate of GPS Forex Robot?
Based on extensive backtesting of over 10 years of data across multiple currency pairs, the win rate is approximately 93% according to the vendor.
Can GPS Forex Robot be used for cryptocurrency trading?
No, GPS Forex Robot is designed specifically for forex trading and cannot directly trade cryptocurrencies. Other robots would be required for crypto.
What support does GPS Forex Robot provide?
Support is included via email, helpdesk tickets, forum access, and a comprehensive online members area with guides, videos, FAQs, and software updates.
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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