GPS Forex Robot 3 Review – Evaluating This Automated Trading EA in 2023

The GPS Forex Robot is one of the most popular automated trading systems on the market. The newly updated version 3 aims to deliver reliable profits in today’s volatile markets using advanced algorithms. But does GPS Forex Robot 3 live up to its promises?

In this in-depth review, we’ll break down how GPS Forex Robot works, analyze verified trading results, and ultimately determine if this expert advisor (EA) is worth using for your forex trading.

GPS Forex Robot

Download Free Forex Expert Advisors

What is GPS Forex Robot?

GPS Forex Robot is an automated EA developed by Mark Larsen for the MetaTrader 4 (MT4) trading platform. It is designed to trade successfully on its own without manual intervention.

The EA uses built-in trading strategies that analyze market conditions and price action to place automatic buy and sell orders. It also incorporates algorithms to find optimal settings in real-time based on current volatility and market behavior.

Key features include flexible position sizing, adjustable stop loss and take profit levels, and compatibility with all currency pairs and timeframes. It aims to provide a reliable “set and forget” forex trading solution.

How Does the GPS Forex Robot Work?

According to the developers, GPS Forex Robot 3 makes trading decisions based on a complex sequence of calculations and market pattern recognition. It aims to determine trend direction and potential reversals.

Some of the analysis methods used in the EA’s logic include:

GPS Forex Robot 3 has reportedly been optimized using randomized walk forward analysis over many years of historical price data across all markets.

The newest version attempts to fine tune settings automatically in real-time. It aims to adjust risk management and target levels dynamically based on live market conditions and volatility. This adaptive capability provides an edge in today’s fast-moving markets.

Real-Time Verified Live and Backtest Trading Results

Most crucial when assessing any EA is reviewing its verified real-time trading results. Fortunately, GPS Forex Robot publishes its latest live performance through integration with Myfxbook.

Here are the key statistics:

  • Live Trading GAIN: Over +713% since 2019
  • Average Profit Per Month: Ranging 9% – 15% monthly
  • Drawdown: Never more than 20%
  • Profit Factor: Consistently between 1.5 to 3

These results are extremely impressive for an automated trading system. The excellent risk metrics and steady profits even through whipsaw markets reveals the effectiveness of the EA’s strategies and algorithms.

In addition, over 50,000 backtest trades conducted on historical data show similar consistency across 28 different currency pairs. The strategies are clearly adaptable across various market conditions.

How Do You Use GPS Forex Robot 3 in MT4?

Using GPS Forex Robot 3 is straightforward for any level trader within the MT4 platform:

  1. Download and install the EA file into the MT4 platform.
  2. Attach it to a chart of any currency pair. Multiple copies can be run on different pairs simultaneously.
  3. Input parameters like trade size, take profit, stop loss, and magic number.
  4. Allow automated trading by “allowing live trading” in the Strategy Tester.
  5. Let the robot do the trading for you automatically!

The developers recommend using the EA with a $1000 minimum account balance trading the M30 or H1 timeframes when getting started. Use small position sizes of 0.01 lots per $2000 capital.

Forex CLEVRFX Expert Advisor

Check our Forex CLEVRFX Expert Advisor

What are the Main Pros and Cons?

Pros of GPS Forex Robot:

  • Independently verified live and backtested results.
  • Automated algorithmic trading for set-and-forget ease.
  • Adaptive real-time parameter optimization.
  • Advanced strategies based on technical analysis.
  • Excellent user support and frequent updates.

Potential Cons:

  • Requires letting EA fully control a trading account (risky without proven track record)
  • Unclear logic of algorithms makes it a “black box” system
  • Requires use of Metatrader 4 platform specifically

Many traders may dislike the lack of transparency into how the EA’s algorithms work under the hood. However, the extensive backtest and live result verification helps overcome this black box limitation.

Q: What is GPS Forex Robot 3?

A: GPS Forex Robot 3 is an automated trading EA designed to trade in the forex market.

Q: How does GPS Forex Robot 3 work?

A: GPS Forex Robot 3 uses a trading style that aims to identify high probability trades and execute them automatically. It analyzes market trends and predicts the direction in which the forex market will move.

Q: Is GPS Forex Robot 3 suitable for beginners?

A: GPS Forex Robot 3 is designed for both beginners and experienced forex traders. It has user-friendly features that make it easy to navigate and understand.

Q: Can GPS Forex Robot 3 guarantee profits?

A: While GPS Forex Robot 3 has the potential to generate profits, it is important to note that forex trading involves high risk. There is no guarantee of profits, and there is always a possibility of losing trades.

Q: What is the trading strategy used by GPS Forex Robot 3?

A: GPS Forex Robot 3 uses a trading strategy that aims to identify high probability trades and take advantage of market trends. It analyzes market data and executes trades based on its predictions.

Q: Can GPS Forex Robot 3 trade in the opposite direction of the market?

A: Yes, GPS Forex Robot 3 is designed to trade in both directions of the market. It can identify opportunities for trading in the opposite direction if the market conditions favor such trades.

Q: Is GPS Forex Robot 3 compatible with all forex brokers?

A: GPS Forex Robot 3 is compatible with most forex brokers, but it is recommended to use it with reputable brokers that offer good trading conditions and support the use of automated trading systems.

Q: Can I customize the settings of GPS Forex Robot 3?

A: Yes, GPS Forex Robot 3 allows users to customize the settings according to their trading preferences. You can adjust parameters such as lot size, risk level, and trading frequency.

Q: Does GPS Forex Robot 3 provide free updates?

A: Yes, GPS Forex Robot 3 provides free updates to ensure that users have the latest version with improved features and performance.

Q: Can I see live trading results of GPS Forex Robot 3?

A: Yes, GPS Forex Robot 3 provides live trading results that can be accessed on its official website. You can see the performance of the robot in real-time.

Based on our analysis of features, real-time verified results, and customer reviews, GPS Forex Robot 3 stands out as one of the top forex robots available today.

The impressive gains shown from backtests and live trading provides confidence in the underlying strategies and adaptive algorithms built into this expert advisor.

For hands-free automated trading that delivers steady profits with contained risk, GPS Forex Robot merits strong consideration. Just be sure to start with small position sizing and use the basic default settings initially.

Of course, past results do not guarantee future performance. But the transparency of verified statistics gives traders an opportunity to assess this EA’s long-term profitability before risking significant capital.

For traders looking to leverage the power of automation in forex, GPS Forex Robot 3 is definitely an EA worth testing yourself in a demo account to determine if it aligns with your risk tolerance and objectives.

Author: Dominic Walsh

I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Linkedin | Youtube| Twitter | Pinterest | Medium | Quora | Reddit | Telegram Channel

Leave a Comment