GPS Forex Robot is a robot that boasts about its good trading performance. However, after the detailed system analysis, we found that the finest hour of the GPS Forex Robot has passed. And although the developer Mark Larsen claims that the robot can bring in more than 30% per month, the real trading results show a different picture: high DD, low profit, risky strategy, huge losses, etc.
Priced at $149 as a one-time fee, this EA comes with a refund assurance of 60 days. Unfortunately, Mark does not provide further details on the features included in the package.
GPS Forex Robot Trading Strategy
While the creator Larsen describes his success journey on the site, we find most of it is fluff. We could find very little actual information about the working of the product and the approach. Mark mentions that similar to how a GPS navigator helps in direction, this MT4 compatible advisor forecasts the short-term price momentum with a higher possibility of accuracy. While the developer does not mention the strategy, he confirms that it does not use the grid, Martingale, or the no-stop loss approaches. There is no further elaboration on the trading approach.
GPS Forex Robot Features
The creator of this product has executed several optimizations for this product and the present version makes it work four times quicker. Its features include enhanced safety, the ability to amend the main settings and customize it according to your specific preferences and style, easy setup, and more. With the new additions, the system can detect optimized settings depending on the prevailing market circumstances and also use the trailing take profit if needed.
GPS Forex Robot Backtesting Results
Backtesting reports are posted on the official site. Here is a screenshot of a strategy tester report done for the EURUSD pair using the one-hour timeframe taken from 2007 up to 2021.
From the results, we can see that the initial deposit was $1K the robot could generate over $100k of profit. Its profit factor was 2.84, while the relative drawdown was 20.38%. It looks good, as the drawdown below 30% is acceptable for trading. Out of 995 orders, the robot won 883, which represents a win rate of 88, 74%. It should be noted that 100% of all short trading positions were closed with profit. The win rate of long trading positions is a little bit lower–87.51%.
However, with a modeling quality of 90%, the report does not provide details such as slippage, commission, spreads, etc. We prefer a modeling quality of 99% or more for better evaluation of the ATS.
GPS Forex Robot Live Trading Results
Larsen provides several live results verified on the myfxbook site. Here is a screenshot of the live account:
From the trading stats above, we could see the total and absolute gain values are identical–382.2%. For 5 years of trading activity, its total profit could grow to $955. With an initial deposit of $250, its account balance stands at $1,2K, which is too small. Taking into account the daily and monthly profits of 0.09% and 2.78%., respectively, the drawdown of 89.97% is insanely high. It represents a risky trading approach that can easily blow this trading account.
From the advanced stats, we find the profit factor value is 1.76 and the number of trades executed for the account from September 29, 2017, up to June 2022 is 391.
As you can see, the system trades with big lot sizes. It applies Martingale to recover after losses, thereby increasing the lt size up to x7 times.
GPS Forex Robot: supported brokers
The dev of this Forex robot suggests trading with 1:200 leverage. The majority of brokers who offer this much leverage are unregulated. So, you should be mindful of the risks this might present.
Demo account
We recommend you test the system on a demo account. It will help you to familiarize yourself with the robot and set parameters to suit your trading style. However, note, that Martingale is risky. Thus, be ready to lose a pretty penny with this EA.
GPS Forex Robot Reputation
The product creator has done numerous reviews of Forex products for over 16 years and owns many review sites including Forex EA lab. He also conducts a course for free named Secrets. bz. Besides reviewing Forex products, he also betatests Forex trading tools.
We were able to view many user testimonials for this product on the Forexpeacearmy site. The robot has received 108 reviews with a rating of 3.086 out of 5. A look at the feedback reveals both negative and some positive feedback. Here is a screenshot of some of the recent reviews:
Both the above reviews have been registered in March 2021 and reveal that the product is not working properly and the vendor provides poor customer support. The other feedback indicates the FX advisor does not adapt to market changes and does not provide outcomes as it promises. Both reviewers indicated the system is a scam.
GPS Forex Robot Review Summary
Overall Rating- 4.7/10
- Strategy – 4/10
- Functionality & Features – 5/10
- Trading Results – 3/10
- Reliability – 4/10
- Pricing – 6/10
Conclusion
After meticulously analyzing the MT4 tool, we find that it does not provide good performance as it claims. While the developer provides authentic trading results and backtesting reports, the results do not look promising. The backtests for instance reveal a huge profit and a very low drawdown. But the trading results reveal a high drawdown and poor trading performance. This just proves the fact that the backtests reports are not predictive of a system’s real account performance. The lack of proper explanation of the strategy used is another drawback of this robot. The user reviews reveal that the performance and support are not good. In short, we would not recommend this EA.
