GPS Forex Robot from Mark Larsen promises consistent returns of about 30% per month. The developer uses a strategy that he has tried and tested and which is capable of sustaining any type of market situation. This EA is claimed to spot profitable short-term market movements with a high degree of accuracy. As per the official site info, founded by Mark Larsen a decade back, this FX Robot has been developed in collaboration with Ronald and Antony who are skilled in programming. Since the launch, several updates and optimizations have been done and the system is in version 3 now.
GPS Forex Robot Review
We have analyzed this FX EA evaluating its features, backtest results, and real account trading performance to know whether it is worthwhile investing in it. As per the developer, this EA has continued to make profits even during the adverse economic trends in the last several years. Proof of how the EA account has reached profits in millions is shown on the official site. From the myfxbook trading account, we can see that the FX robot has been used since 2012.
What is behind the GPS Forex Robot?
According to the developer’s explanation of this EA, it works by predicting the short-term market movements with a certain degree of accuracy. The reverse trading approach included in this EA helps to cover the minor losses. With continuous updates, the latest version of this FX robot works faster and is much more profitable, according to Larsen. This MT4 tool’s settings especially, the primary parameters can be changed to suit your style of trading. A trailing TP optional feature is present to use if needed. Installation of the system is simple.
The main currency pairs this FX EA focuses on include the EURUSD, USDCHF, EURCHF, and EURGBP. We could not find info related to the timeframe used, the leverage, and the recommended deposit. FXChoice is the recommended broker however the developer claims that the FX robot is compatible with any regulated MT4 broker. The lack of info on the EA raises suspicion of its reliability.
No clear explanation of the strategy is present other than the mention of using reverse strategy to avoid losses. The developer also claims that this does not use high-risk approaches like Martingale, grid, and others. We are disappointed to note the lack of info concerning the trading approach. Instead, the site focuses on providing trading results that show huge profits and a low drawdown.
Backtests are provided by the developer tested from 2007 up to 2021. Here is a screenshot of the strategy tester report for the EURUSD pair using the H1 timeframe and a modeling quality of 90%.
From the test report above, we can see a net profit of 100951.90 made from the initial deposit of 10000 with the profit factor value of 2.84. The maximum drawdown shown is 5.68%. The modeling quality of 90% is not sufficient to know about the spread, slippage, commission, etc. which makes it ineffective.
The price of this EA is $149 and it comes with a 60-day money-back guarantee. When compared to the competitor EA prices in the market, the price of this FX robot looks affordable. But the lack of information on the features included with the package and other pertinent details makes us suspicious of the system’s reliability.
Trading Performance of GPS Forex Robot
As the developer focuses more on live trading results, we can see many of them verified by the myfxbook site. Here is a screenshot of one of the real USD accounts of this FX EA.
From the trading stats, we can see that the total profit and absolute gain values are similar. A drawdown of 26.23% is present for this account which shows deposits of $250 and a balance amount of $1136.23. For the trading started in September 2017 up to March 2021, a total of 361 trades have been executed with a profitability of 91%. The profit factor value is 1.94. A lot size of 0.09 is used for the trading. From the lot size and the drawdown value, it is clear that the strategy used is of high-risk category.
Customer support options provided include an online contact form and a WhatsApp number. The problem with the online contact form is that you do not get an immediate response as with a live chat or a phone contact number. While the developer provides a phone number, it is for listening to the webinar recording only.
Reviews from users are found on the Forexpeacearmy site. A rating of 3.149 for 5 is provided for a total of 108 responses. Here are a few of the testimonials:
From the reviews, we can see that this is an unreliable FX EA that does not provide profits as it claims. The customer support is bad as per one of the feedbacks.