Having a powerful trading approach is the best way to reap profits in Forex. But there is no such foolproof system available. Every strategy found in Forex has some downsides. However, some automated forex trading systems claim to be profitable in any type of market condition.
Developed by Mark Larsen who has several years of experience in Forex, GPS Forex Robot assures low risk and very high returns. In this review, we analyze the system and its performance to disclose its true facts.
Is GPS Forex Robot a Good EA to Invest?
We have evaluated the features, functionality, performance, price, and user reviews for this expert advisor. Our initial conclusion is that this system shows potential. The verified trading results and backtests along with a well-known developer make it look reliable. Here is a more detailed review of the robot including its company profile, features, and price.
This system is developed by Mark Larsen and his team of two programmers, Ronald and Antony. Mark Larsen has done reviews of several Forex systems and produced Forex videos over the past 16 years. He also hosts many review blogs and sites like Forex Tester, Forex EA Lab, and more. Larsen has beta-tested many of the commercial and free trading systems in Forex. There is an online contact form for customer support and phone contact.
While the official site has elaborate info on why other Forex systems fail and other such matters, there is very little info provided on this system. From the developer info, the system has been optimized and given the name GPS Forex Robot 3.
According to the developer, this system is four times quicker, has better-optimized settings, and twice profitable as the original version. With the new version, you can make changes in all the parameters and customize the settings to your specific style of trading. Another feature added in the new system is a trailing take profit feature which can be applied when necessary.
While Mark Larsen explains that the system can make 30% profit, he does not disclose the exact trading strategy used. There is mention of the system being bulletproof and sustaining any market situation. The system can predict the short-term movement with a high probability.
A reverse strategy is also part of the system to cover any losses accrued during movement happening opposite to the direction predicted. Larsen claims that the design of the robot makes it undefeatable in live trading as well as in backtesting.
This Forex robot is priced at $149 which is a one-time fee. The price includes access to the Forex robot, additional bonus features such as video tutorials and webinars, and more. A 60-day money-back guarantee is offered which makes the system more reliable.
Larsen provides real account trading results verified on the myfxbook site. A screenshot of one of the trading results is shown below:
From the trading stats for the real USD account using the leverage of 1:200, a profit of 213.15% is shown and the absolute gain is 213.15%. A daily profit of 0.05% and a monthly profit of 1.40% are recorded for this account. The drawdown is low at 5.54%.
For this account started in July 2014 up to February 2021, a total of 356 trades have been executed with the average win coming at 4.21 pips and the average loss at 50.59 pips. A profit factor of 1.99 is recorded.
Backtests are also displayed on the site. Here is a screenshot of a backtesting report:
From the strategy tester report, we could find the modeling quality is just 90% which is not sufficient to know about the slippage, commissions, spreads, and other relevant details. For an initial deposit of $10,000, the profit factor is 2.84 and the maximal drawdown is 5.68%. The backtest uses a one-hour timeframe and is done for 14 years. Comparing the backtesting results and the live trading results we could see the drawdown is similar but there are variations in the profit factor and profit percentage.
We found user reviews for this system on the Forex Peace Army site. The screenshots below show the reviews:
From the reviews, we can see that the system is not as undefeatable as the developer claims. The reviews mention the reversal trade feature not working as it should and the ineffective support.
GPS Forex Robot Review Summary
Summing up this GPS Forex Robot review, Mark Larsen’s system shows potential with its live verified trading results and backtests. The trading details show a decent profit percentage and low drawdown. When compared to the backtesting, the trading using a live account reveals similar results. We also found the price to be affordable and the money-back assurance further confirms the system is a reliable one. The only hitch we found is the bad reviews from customers. Apparently, the system is not as effective as claimed by the developer.