GPS FOREX ROBOT (EA) Review -Scam EA？-
What is GPS FOREX ROBOT?
GPS FOREX ROBOT is an EA developed by Mark Larsen. The purchase price is 149USD.
Mark Larsen is a man who has been reviewing EAs for 16 years and is self-proclaiming “probably you should already know me.”
Sorry I’ve never heard of your name….
Certainly, Mark Larsen’s EA review site has reviews of EA around 2010, but EAs reviewed on his site are too old and have never been heard.
However, the GPS FOREX ROBOT developed by their team has been working steadily on real accounts in myfxbook since 2012.
Live performance and problems
When you visit the sales site, it is written that the monthly profit rate is over 30%, but please be aware that such numbers have not been achieved at all in the public results of myfxbook.
Published result in myfxbook
The results of five real accounts are published in myfxbook.
Deposits vary from 250USD to 1,000,000USD, and all accounts are still profitable for now.
There are accounts operated with a very large deposit of 1,000,000USD.
Mark Larsen writes on his site that the bank has invested 1,000,000USD, so it is considered to be a bank-funded account. However, it is unknown which bank.
Especially for scalping EAs, there are EAs that are not profitable when trading with large account sizes and large lot sizes.
However, GPS FOREX ROBOT is now profitable even in over 200 lot sizes.
Profit Rate with GPS FOREX ROBOT
Although all public accounts draw beautiful upward curves, profit rate is low.
The monthly profit rates on accounts other than the 250USD deposit amount have recently been less than 1%.
On the other hand, there is a constant 5 to 6% monthly profit rate only for the 250USD account.
Since the account has a low balance, the profit rate is naturally high, but a low balance has a risk of not being able to endure a floating loss.
It is worth using if you get a stable monthly interest rate of 5-6%, but you should check the risk of this EA.
Trading Logic and Risk Of GPS FOREX ROBOT
Comparison of Developer Description and Transaction History
The developer has mentioned on the site about the trading logic of this EA as follows:
I tried to confirm from the transaction history of myfxbook what is the actual method.
It is good for the first BUY position to be a 90% or more winning trade.
However, we must also look at risks.
About Recovery Trade
After stop loss of 90 pips, the reverse strategy will try to compensate for the losses with 7 times lot size SELL position.
The scenario in which the price starts to rise immediately after having a 7x lot selling position is currently unknown.
In the 250USD account, 12 reverse trades have been made in about 3 years from the start of operation, but so far, all of the losses have been successfully covered.
In other accounts, reverse trading has never failed to cover losses.
Since this EA has a low trading frequency and a high winning rate, the number of reverse trades itself is still low.
Trading Environment OF GPS FOREX ROBOT
FX Choice is strongly recommended as a broker using GPS FOREX ROBOT.
FX Choice has a dedicated account for GPS FOREX ROBOT.
The developer says, “The dedicated account is set up optimally for this EA, so you can maximize your profits.”
The developers seem to reside in the United States, and the United States has very limited brokers available due to government regulations.
As FX Choice is one of the few brokers available to US residents, developers are likely to choose FX Choice.
However, although FX Choice is a good broker, the spread is wider than other brokers.
Using a broker’s deposit bonus is an effective way to withstand the floating losses of recovery trades.
However, it should be noted that the deposit bonus of most brokers is counted only in the “how big position you can have” part, and the bonus will disappear if you lose more than the deposit amount It has become. That is, the bonus cannot endure the floating loss.
On the other hand, the deposit bonus of the XM standard account is designed to cover floating losses. This is a considerable advantage of GPS FOREX ROBOT, which has a 7 times lot position in the recovery trade.
Account opening $ 30 bonus, double deposit up to $ 500, 20% bonus above $ 500 (up to $ 5000). This is in very good condition.
General review of GPS FOREX ROBOT
This EA has a relatively high rating in the reviews on ForexPeaceArmy.
It seems that the stable accumulation of profits is highly appreciated.
This EA has high winning rate of 90% or more, and even if stop loss happen, the recovery strategy minimizes the loss, so it is designed to reduce fluctuations in profit and loss.however, this EA takes risks in recovery trades after loss.
If you check the results published on myfxbook and the reviews of buyers, it is certain that it is an EA that accumulates profits.
If you want to use this EA, at least you should know the following.
Recognizing these risks, I purchased GPS FOREX ROBOT for inspection.