GPS Forex Robot Review – An In-Depth Analysis

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GPS Forex Robot is an automated trading system designed for the MetaTrader 4 (MT4) platform. It was created by Mark Larsen and his team of expert traders in 2010. The robot aims to generate consistent profits in the forex market by analyzing market conditions and executing trades based on its proprietary algorithms. In this comprehensive review, we will take an in-depth look at this trading robot to determine if it is a worthwhile investment for forex traders.

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Overview of GPS Forex Robot

GPS Forex Robot utilizes advanced artificial intelligence and machine learning to scan the market for profitable trading opportunities. It is designed to adapt to changing market conditions and aims to generate steady profits regardless of market volatility.

Some of the key features of GPS Forex Robot include:

Fully automated trading: The robot handles every aspect of trading automatically, from analyzing the markets to executing and managing trades. Traders only need to check in occasionally to monitor performance.
Multiple currency pairs: The robot can trade on the EUR/USD, EUR/CHF, EUR/GBP, and USD/CHF currency pairs simultaneously. This diversification aims to maximize profit potential.
Customizable settings: Users can tweak settings like trade size, stop loss, take profit, and more to align with their risk tolerance. The robot can also run in stealth mode.
Built-in risk management: It has features like stop loss, take profit, and trailing stop loss to limit losses and lock in profits. This aims to protect the trading capital.
Timeframe flexibility: GPS Forex Robot can trade on any timeframe from 1 minute to 1 month. This allows traders to use their preferred analysis approach.
No martingale: The robot does not use martingale or grid trading, which can be risky strategies. It relies on more conservative reversal trading.

Now that we have an overview of the robot’s features, let’s take a look at how it performs in live trading environments.

Performance Results of GPS Forex Robot

One of the most crucial aspects of evaluating any trading robot is assessing its past performance. GPS Forex Robot provides verified live trading results through third-party monitoring services like MyFXBook.

The MyFXBook account shows the robot has gained over 591% in profits since May 2012 with a max drawdown of 51%. The average monthly gain is around 0.3-0.5%. More recently in 2022, the monthly gains have been closer to 1-2% on average.

These results demonstrate that GPS Forex Robot can generate steady profits over the long run. However, traders should be aware that the monthly profit percentage has declined over the years, which is expected as the account grows bigger. The robot may need periodic re-optimization to adapt to changing market landscapes.

Some traders have also expressed concerns about the relatively high drawdown levels of over 50% at times. This highlights the inherent risks involved in forex trading that users should be aware of, even when using automated systems like GPS Forex Robot.

Overall, the live trading results indicate that GPS Forex Robot has the potential to generate consistent profits month after month. But traders need to use prudent position sizing and risk management to protect their capital from drawdowns.

How GPS Forex Robot Works

Now let’s examine how GPS Forex Robot works under the hood and the trading logic behind it.

According to the developers, the robot utilizes artificial intelligence and machine learning algorithms to predict short-term market movements. It analyzes factors like price action, volatility, and market sentiment to identify trading opportunities.

GPS Forex Robot seems to use a combination of trend following and reversal trading strategies. It aims to enter trends early and ride the momentum. When a reversal signal is detected, it exits the trade and enters a new position in the opposite direction.

The robot also incorporates solid risk and money management protocols. It uses stop losses to limit downside risk and trailing stops to lock in profits as the market moves favorably. The position sizing is also dynamic based on account balance.

Additionally, GPS Forex Robot has built-in trade filters to avoid risky conditions like high spreads, news events, and choppy markets. This helps improve the risk-reward ratio of trades.

While the developers do not reveal the exact logic behind the algorithms, the trading performance indicates that the robot has been extensively backtested and optimized. The risk management features also aim to preserve capital during unpredictable market events.

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Using GPS Forex Robot

Installation and Setup

One of the benefits of GPS Forex Robot is that it is easy to set up and use, even for beginner traders. The installation process consists of just a few simple steps:

Purchase the robot through the official website and gain access to the download area and license key.
Download and install the MT4 trading platform if you do not already have it. GPS Forex Robot is compatible with all versions of MT4.
Open MT4 and drag the GPS Forex Robot file into the ‘Experts’ folder. This will install the robot in MT4.
Attach the robot to a chart of any currency pair and make sure the settings are correct before enabling automated trading.

The developers recommend using the default settings initially and then customizing based on your risk appetite and strategy. The user guide provides guidance on optimizing settings.

Brokers and Account Minimums

GPS Forex Robot can work with most forex brokers that offer the MetaTrader 4 platform. Some factors to consider when selecting a suitable broker include regulation, trading conditions, spreads, and account minimums.

The developers suggest using a minimum account balance of $500-$1000 to trade with GPS Forex Robot. Many brokers allow opening a trading account with just $100-$200 minimum deposit.

However, it is wise to start with a sufficiently funded account, so the position sizes are reasonable. Using an inadequately funded account could lead to excessive risk on trades.

Some regulated brokers that are compatible with GPS Forex Robot include IC Markets, Forex.com, Exness, and OANDA. It is generally advisable to choose regulated brokers for safety of funds.

Usage Tips

Here are some tips when using GPS Forex Robot for the best results:

Start with small position sizes and conservative settings on a demo account to get comfortable with the system.
Use prudent risk management and avoid overleveraging the account beyond the recommended 1:200 leverage.
Monitor the performance regularly and optimize settings occasionally based on current market landscapes.
Pay attention to trading costs like spreads and swaps, which can eat into profits. Choose a broker with competitive costs.
Be aware of announcements and events that cause volatility spikes and disable trading if required.
Follow the developer’s instructions and use recommended settings unless you fully understand the logic behind any changes.
Have realistic profit expectations, as results can vary depending on market conditions and account size.

Advantages of GPS Forex Robot

Based on our extensive research, here are some of the main advantages of using GPS Forex Robot:

Proven long-term performance: The MyFXBook verified results indicate that the robot can sustain profits over many years.
Experienced development team: Mark Larsen and his team have extensive trading experience, lending credibility.
Automated trading: The robot handles market analysis and trade execution, freeing up time.
Risk management features: Built-in stop losses and trade filters aim to preserve capital.
Flexibility: Traders can customize settings and timeframes to suit their preferences.
Quality support: The developers provide responsive customer support and software updates.
Reasonable pricing: A one-time fee of $149 makes this robot affordable for many traders.

For traders looking for an automated solution with a track record of long-term profitability, GPS Forex Robot is certainly an attractive option to consider.

Disadvantages of GPS Forex Robot

However, there are also some potential downsides to evaluate before using GPS Forex Robot:

Drawdown risks: The live account shows max drawdown exceeding 50% on multiple occasions, which poses risks.
Lack of transparency: The developers do not reveal details of the algorithms and logic behind the robot.
Requires monitoring: Like any automated system, the robot requires regular monitoring to ensure optimal performance.
Lagging performance: Recent monthly gains have been in the 1-2% range, which may not appeal to some traders.
Over-optimization risks: The set-and-forget nature could lead to over-optimization and curve-fitting.
Unregulated brokers: The recommended 1:200 leverage may limit broker choices to unregulated entities.

As with any trading system, GPS Forex Robot has its share of disadvantages that traders should evaluate carefully before committing capital. There are always risks involved in automated trading.

Verdict – Is GPS Forex Robot Worth It?

GPS Forex Robot is one of the most popular forex robots with a long track record of generating steady profits. However, traders need to have realistic expectations, as results can vary depending on market conditions and account size.

For traders looking for an automated solution that requires minimal effort, GPS Forex Robot is certainly worth considering. The risk management features also aim to preserve capital during volatile periods.

However, putting complete faith in any automated system without monitoring performance actively can be risky. Traders should employ prudent position sizing and risk management based on their account size.

GPS Forex Robot seems to have potential for producing consistent profits over the long term. But traders should be prepared to periodically re-optimize the system and override settings if needed based on changing market dynamics.

The lack of transparency regarding the logic behind the algorithms may also give some traders pause. There are no guarantees the robot will continue performing consistently going forward.

In conclusion, GPS Forex Robot is reasonably priced and can be a valuable addition for traders looking to automate their trading strategies. But it is not a magic bullet, so managing risks and having realistic expectations is essential.