GPS Forex Robot assures traders a consistent and profitable system that provides 30% monthly profit. Developed by Mark Larsen, this FX robot claims to profit by predicting the short-term market movement with a high probability. While the developer provides proof with verified trading results and backtests, we find the performance and approach used are not effective. Our initial impression of this FX EA is that it is not a trustworthy ATS.
Mark Larsen in collaboration with Antony and Ronald developed this FX robot four years back. Larsen is an analyst and has produced FX videos and written reviews of the various FX systems available in the market. He is also providing a free course on FX trading.
While there is no location address provided, the website has a WhatsApp contact number to contact the developer. Customer support options are very minimal with just an online contact form.
How GPS Forex Robot Works
Features of this FX robot include the capability to change all the basic trading parameters and a trailing TP to be used if necessary. The latest version of this robot includes a function that the vendor claims can spot the precise settings based on the prevailing market situation. Installation of the FX EA is simple and takes a few minutes.
Timeframe, Currency Pairs, Deposit
While the developer provides an elaborate explanation of how he has designed the system, there is very little actual info about the EA. For instance, there is no mention of the time frame used, the currency pairs it can work on, the minimum recommended deposit, leverage, and more. The lack of credible info raises our suspicion regarding the reliability of this FX EA.
As with the other aspects of this ATS, the developer does not go into detail about the approach used. The approach used involves predicting short-term market movement accurately and the use of reverse strategy to recover the minor losses. We are disappointed by the lack of a detailed explanation of the approach. This makes it difficult to assess the strategy.
Backtests are provided on the official site. Here is a screenshot of the strategy tester report for 15-year backtesting done in the 15-minute timeframe.
From the above report, we can see the USDCHF pair trading has resulted in a total net profit of $44,065 for an initial deposit of $10,000. A total of 590 trades have been executed with a profit factor of 2.93. The maximum drawdown was 9.45%. Modeling quality of 90% was used, which is not sufficient to provide important info like the spread, slippage, commission, etc. We prefer backtesting done with a modeling quality of 99.99%.
Pricing and Refund
You can purchase this FX robot for $149. The pricing includes the FX robot and bonuses like video tutorials and webinars for free. No other information on the features available with the package is offered. A 60-day money-back assurance is provided. When compared with the prevailing rates of competitor systems, the price and refund offer look affordable.
Several trading results verified by the myfxbook site are shown on the official site. Here is a real USD account using the leverage of 1:200 on the MT4 platform.
From the trading stats shown in the above screenshot, we can see the total profit and absolute gain percentage are similar at 559.65%. A drawdown of 37.70% is shown with the daily and monthly profits of 0.06% and 1.72% respectively. For the trading started in May 2012 up until now, a total of 494 trades have been executed with a profitability of 94% and a profit factor value of 2.
When compared with the backtesting results we can see that the drawdown value and total profits differ.
People say that the GPS Forex Robot is…
A scam. From the feedback posted on the Forexpeacearmy site, it is clear that people consider this a scam robot as it does not work properly and results in big losses. Many of the testimonials indicate the customer support is bad.
|100% automated EA
|Trading performance is poor
|Negative user reviews
|The strategy used is not explained clearly
GPS Forex Robot Conclusion
GPS Forex Robot assures high profits with its trading approach that does not use high-risk methods like the grid, Martingale, or other such approaches. Our analysis reveals that the FX robot is a scam which is confirmed by the negative user feedback on the Forexpeacearmy site. The lack of explanation on the trading approach, suspicious-looking trading results, and negative reviews indicate that this is not a reliable FX robot. While the price appears to be affordable, the lack of credible info about the system and the negative feedback confirms that this is a scam site that traders should avoid.