In this post I will be reviewing the Forex Gump EA for the MetaTrader 4 and MetaTrader 5 trading platforms which are free to download and the forex trading platform of choice for many forex traders and forex brokers worldwide. Forex Gump EA is an Expert Advisor which is basically a forex robot that will place and manage trades for you automatically provided you have it running on your demo or real MT4 trading account. You simply set it up and check back to see how it has performed, thus making it suitable for novice and advanced traders.
Although a forex EA can be a hands-off solution for those of you who might not have the time or knowledge required to trade manually, there are some key advantages and disadvantages to consider. In this Forex Gump EA review we will take a look the trading strategy that it uses along with the backtests and most importantly, any verified results. Hopefully this will help you to decide if the Forex Gump Robot is something that you would consider using on your forex trading account.
Forex Gump EA Trading Strategy
The Forex Gump EA runs on an impressive range of up to 25 currency pairs (including AUDUSD, EURCHF, EURGBP, EURJPY, EURUSD, GBPUSD, USDCAD, USDCHF and USDJPY). It can trade on the 1 minute or 4-hour chart timeframes. I haven’t seen many robots that trade such a wide selection of currencies and think the fact it can diversity so much shows that there has been some serious thought and consideration put into the trading strategy that it implements.
You may choose to trade all or a select few of the currency pairs. I would personally prefer to trade the major currency pairs as I find that they can have lower spreads and less slippage due to their high liquidity. This is even more evident when using a forex broker that has tight spreads and quick executions speeds
As the Forex Gump EA can trade on the 1-minute charts, I would ideally want to use a good ECN forex broker for the best possible trading conditions. That being said, if running the EA on the 4-hour charts, it might not be so sensitive to broker conditions.
The Forex Gump EA uses a combination of trend filters, price action and a news filter. It has a high, medium and low risk mode to suit whatever your trading preference is. I like this because it shows that this forex robot can adjust to different market conditions and is fully customisable according to your own trading style.
There is no minimum amount required to start using it and you can always use it on a demo account to begin with to make sure you are happy with how it trades. The developer has kindly shared some verified Forex Gump EA results so we can get an idea of how it has performed historical over around 4 years of data.
Forex Gump EA Back Testing
There are no back tests on the Forex Gump EA official website. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance. For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage.
Without any backtest results, we cannot get an idea of how the Forex Gump Robot may have performed based on historical data which is disappointing as I think this is a vital aspect for a trader to consider when choosing any forex robot. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.
However, we should be fair to the developer as they have shared verified accounts over a sustained period of time. This can help to give you a rough idea of historical performance and decide if the strategy used by the robot is something that you would consider using.
Forex Gump EA Live Results
It is good to see that the developer has provided us with a Myfxbook verified account where we can see the latest Forex Truck EA results. This can be a good way for you to get an idea of how the robot trades and analyse the latest statistics. Up to date results are one of the most important things too look for when choosing a suitable forex robot. Without them, we wouldn’t have any idea of how good or bad a system has been performing in the current market conditions which are constantly evolving. I think that the Forex Gump EA has been doing OK but you can judge for yourself by checking the latest results at the time you are reading this review. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Gump EA Summary
Overall, I think that there is a lot to admire about the Forex Gump EA. For me, I like how it can trade a very diversified portfolio of currency pairs. This shows me that it is using a system that has some consistency, as is evident by the long-term results of the robot that we can see being shared. I think it is also good that the EA runs in both MetaTrader platforms, MT4 and MT5. This means that you don’t have to be tied to a specific broker and can help to ensure it is future proof. Back testing in the MT5 strategy tester is also a lot more accurate than in MT4 because it uses real tick data and you can back test multiple instruments simultaneously compared to one symbol in MT4. Finally, if you do want to see what it is all about, the Forex Gump expert advisor does come with instructions, support and a money back guarantee. You could always try it on a demo account to see if the results live up to your expectations. Just keep in mind that demo trading account conditions can vary greatly from a real live trading environment. Otherwise, please feel free to browse my forex robot reviews for some alternative options.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.