The GPS Forex Robot is a system that automates trading for users. It was last updated in 2015, and the software is currently in its 3rd version. There are claims that the robot has a smooth profit curve, presently making more than 30 percent profits monthly. Is it true? Let’s find out.
The robot was created by Mark Larsen, and two other programmers, Antony and Ronald. Larsen has been in the field of constructing and developing Forex trading bots for nearly two decades now. He began the trade in the early 2000’s, and has managed to write numerous forex systems reviews and produce many forex videos over the years. Mark has different review sites and blogs to his name as well. In 2012, Larsen started a real money account on MyFXbook. The account showcases the capabilities of the GPS Forex Robot, and so far, the robot has made over 550% of profit.
GPS Forex Robot at a Glance
|EURUSD,USDCHF, EURGBP and GBPUSD.
The system is priced at $149 and works on the MT4 trading platform. The robot works at all timeframes and has a money back guarantee. The developer indicates that the robot functions like a GPS navigator in a vehicle since it tries to forecast the movement and direction the trading will take with a high probability.
GPS Forex Robot Functionality
Larsen says that the robot is easy to use, and once downloaded, the user can begin using it immediately. He further states that after optimization, the latest program performs 4 times faster. It is also fully customizable, which permits traders to change its settings to go in line with their trading styles. The autoanalysis feature found in the bot analyzes the market conditions and identifies the best times for the user to make a trade. The bot uses a trailing take profit, a feature that changes a take profit into a trailing stop after the attainment of the take profit price. While using the robot, the user can trade in pairs like EURUSD, USDCHF, EURGBP and GBPUSD.
GPS Forex Robot Trading Strategy Tests
The GPS Forex robot applies a technical strategy. Larsen asserts that this strategy is what makes the system attain 98% accuracy level. In the 2% cases that fail, Larsen says that the system applies the reverse strategy. Under this strategy, a trade is opened immediately in the opposite direction so as to cover small losses.
Below is a screenshot of a EUR/USD backtest done utilizing a one-hour time frame:
From the backtesting results, it is evident that a total net profit of $100,951 was gained from an initial deposit of $10,000. About 995 trades were carried out. The average profit trade was $218.86, but it trailed behind the average loss of $824.10. This is worrying since a chain of losses can get the user into great trouble.
GPS Forex Robot Real Trading Results
Larsen demonstrates the performance of the robot on Myfxbook account.
Evidently, the system illustrates total and absolute gain values of 245.13% following a deposit of $50,000, since its launch in March 2012. However, daily and monthly profits were quite low standing at 0.04% and 1.11% respectively, a far cry from the monthly 30% profit gains Larsen purports. The drawdown was 30.79%. This figure is extremely high, demonstrating a high-risk approach.
The advanced stats indicate that the profit factor value was 1.67 for 513 trades carried out starting March 2012 to April 2021. This period is such a long time for the account to have only executed 513 trades. Higher risk is demonstrated by the large lot sizes. The account has negative pips which are currently at -190.6, an indication that its position is making a loss.
Although there are positive reviews regarding this system, we are concerned with some negative testimonials written by their customers. Most traders allege that the system is not working properly and only leads to loss of money. They have lost trust in it and advise others against purchasing the product.
Screenshots of some of the negative reviews are provided below:
GPS Forex Robot Reviews SummaryGPS Forex Robot
Functionality4/5 GoodThe program is easy to install and use and has customizable settings
Trading strategy3/5 NeutralThe robot’s strategy has the ability to augment trade contract sizes such that when a trade is reversed, the trade contract size is increased steeply
Live Results2/5 BadFrom the real trading results, it is evident that the robot does not generate much profit and the risk of incurring losses is high
Customer Support2/5 BadOffers 24/7 customer support, but the response time is quite slow
Customer Reviews2/5 BadAn assessment of the feedback reveals that the robot has many negative reviews
- 60-days money back guarantee is provided
- Features and settings are fully customizable
- Small monthly gains
- High drawdown
- Poor customer support
- Negative customer reviews