Forex EA Review

GPS Forex Robot Review – Does This Automated Trading System Work?

Gps Forex Robot

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

GPS Forex Robot is an automated trading system designed specifically for trading foreign exchange. It was created by Mark Larsen, a forex trader with over 12 years of market experience.

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 IntegrationGPS 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:

Pre-Programmed Strategies

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.

Customization Options

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.

Money Management

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.

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Compatibility

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.

Automated Trading

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:

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.

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Pros and Cons of GPS Forex Robot

GPS Forex Robot has various advantages, along with some potential disadvantages to consider.

Pros

Cons

  • 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

GPS Forex Robot is available via three payment options:

  • $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?

GPS Forex Robot is designed to work for a wide range of forex traders, including:

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.
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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.

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About Amelia Clarke

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