GPS Forex Robot is a Forex EA presented by Mark Larsen that is sponsored by the revolutionary yield monitor nodes system. As per the claims made by the vendor, this system is capable of earning consistent profits of up to 30% per month. Furthermore, it promises to make you a part of the top 3.5% of traders who start earning profits right after entering the Forex market. Let’s check these claims out.
GPS Forex Robot: To Trust or Not to Trust?
On the official website of GBPS Forex Robot, the vendor has written long paragraphs on how the problems faced by most Forex traders and how this robot is a solution to those problems. He has attempted to cover as much information as possible, by letting us know the history of this system and how it came into being. We have several live trading accounts showing profits being made in real-time as well as backtesting results for two different currency pairs.
Our first impression of the Forex EA is quite positive since the vendor has not attempted to conceal any information, unlike many others. So at this moment, we hold the opinion that GPS Forex Robot is a trustworthy system.
Features
This Forex EA has been created after careful optimization, and the vendor claims that this leads to the robot performing 4 times faster than others. It senses the current market condition and finds the most optimized setting based on that condition. GPS Forex Robot uses a trailing take profit whenever applicable and it is said to be twice as safe compared to other robots.
You don’t need any technical knowledge to install and trade using this system and you can even modify the parameters as per your trading style. It is available for a one-time fee of $149. The vendor also offers a 60-day money-back guarantee for this product.
Nowhere on the official website has the trading strategy been mentioned by the vendor. In spite of providing a ton of information about the robot, he has not revealed what indicators it uses or how it identifies profitable opportunities. No doubt, a large section of Forex traders would be disappointed by this.
Using this Forex EA, you can trade in pairs like USD/CHF, GBP/USD, EUR/GBP, and EUR/USD. Although the minimum deposit is not explicitly mentioned, in one of the trading accounts it is $250. It has a dedicated support team and you can reach out to them via phone or email.
Verified Trading Results
Mark Larsen claims that in 98% of cases the system is right and to back up his claims he shares some Myfxbook accounts. Let’s have a closer look at one of them:
This is a Real (USD) account for GPS Forex Robot trading in the EUR/USD pair with the FX Choice broker with a leverage of 1:200. Launched on September 29, 2017, this account has been live for 5 years, making 391 trades in total. It has won 356 trades, which represents a win rate of 91%. Oddly enough, the track record of the system is not verified. Thus, we can’t say that these trading results are 100% transparent.
From what we can gather, this system does not trade too often. The daily and monthly gains for this account are 0.09% and 2.78% respectively, but the drawdown is marginally high at 89.97%. The high drawdown indicates a risky strategy behind. It is backed up by the high risk of ruin: in case of 3 losing deals in a row, 10% of the account balance will be lost:
Currently, the total profit closed by this account stands at $950, while the time-weighted return is 382.26%. The system holds a trading position open for 13 hours on average. We should also note that the average loss is 6 times higher than the average win: -$36.02 and $6.23, respectively. It’s an unhealthy risk-reward ratio.
When we compare 2022, 2021, and 2020 trading results, we can see that the system is not as profitable as it used to be 2 years ago. While the robot is still positive in 2022, its monthly account gain has dropped to around 0, 45% on average.
The trading results of 2021 were similar to the ones of 2022.
As you can see, each year the system provides less profit. It has nothing in common with 30% of the monthly gain.
Here we have the backtesting data for the Forex EA conducted from 2007 to 2021 for the EUR/USD pair with a modeling quality of 90%. An initial deposit of $10,000 was made for this test, out of which a total net profit of $100951.90 was generated. Out of 995 trades placed during this backtest, GPS Forex Robot won 883, representing a win rate of 88.74%. On average, the system made a profit of $218.86 with each trade, which is quite impressive. The profit factor of 2.84 is a bit higher compared to the live trading results.
Trading Strategy
Although the dev failed to provide trading strategy information, we analyzed its trading history and that’s what we’ve found out:
- It trades with huge lot sizes.
- The system applies x7 Martingale to recover after losses.
- An average trade length is 13 hours.
- The risk/reward ratio is 6:1.
- SL and TP are hidden.
Vendor Transparency
GPS Forex Robot is the brainchild of Mark Larsen, and the lead developers named Antony Kemble and Ronald Kravchuk. On the official website, there is a webinar where Mark and Antony introduce themselves. We also have a phone number that we can call to listen to the webinar recording on the phone.
Negative Reviews from Customers
GPS Forex Robot has a page on FPA created. Based on 114 reviews provided, the system has a 3,26 rate. So, if the robot was as good and profitable as the dev claimed, the rating would be considerably higher.
Traders are not satisfied with the customer support and the trading performance of the system. Some traders warn us not to buy the system, while others claim that it’s a complete fraud.
