In this post I will be reviewing the GPS Forex Robot. As the name suggest, GPS forex robot 3 is a fully automated forex trading system that does not require any manual trading. You simply download the robot, attach it to your charts and it can then place and manage trades for you. In order to use this forex robot, you will need a trading account with a forex broker. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs. IC Markets are one of my top brokers when it comes to automated trading systems. This is because they have deep liquidity pools which means that you can trade forex with tight spreads and minimal slippage. Although a forex robot 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 GPS forex robot 3 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 GPS forex robot 3 is something that you would consider using on your forex trading account.
GPS forex robot 3 Trading Strategy
The GPS forex robot 3 can find settings depending on the current market conditions and optimize itself. The name GPS refers to this idea that it is constantly navigating the market and changing according to what direction the market is moving. The signals are based on a combination of technical indicators and current price action. It is good to see that the GPS forex robot 3 gives consideration to different forms of market analysis as I find some trading bots can be too rigid and not adjust to the ever-changing nature of the forex market.
One of the more innovative features of the GPS Forex EA over some others is that it uses a reversal-based money management system which will attempt to recover from a trade if the initial entry was incorrect. Whilst this can work well if the market turns in your favour, it can cause significant drawdowns should the market continue trending against the initial position. I would prefer for the software to cut losing trades short and let winners run, even by implementing a trailing stop to maximise moves.
Although the GPS forex robot 3 is a fully automated forex trading robot, you could always set the software to semi-automated mode in which instance it would send you an alert when it finds a trading signal and you could decide from there if you would like to enter the market or wait for the next opportunity to come along. I would always like to perform my own additional market analysis where possible as extra confirmation for all trades. This could include technical analysis, fundamental analysis and price action analysis. Generally speaking, the more aspects of market analysis that you have covered, the more informed your trade decisions can be.
The developer has made all of the GPS forex robot 3 settings externally available which means that you can adjust them via the inputs window when you attach this robot to the charts in your trading platform. You can always just use the default settings provided by the developer that have already been optimised but you should always check to make sure that the lot or risk size is set to a suitable level for your risk preferences as every trader is different in that respect.
For those of you who have the experience, you are free to experiment with the GPS forex robot 3 settings to develop your own bespoke set files. I would use the MT4 strategy tester to backtest the software across different currency pairs and chart timeframes to discover unique combination of settings that match my trading style and goals. There are recommend currency pairs to use but that does not mean you cannot run it on other financial instruments. However, if you do wish to experiment with the GPS forex robot 3 software, then you may want to do so on a demo account to begin with and see how things go.
GPS forex robot 3 Back Testing
The GPS forex robot 3 website has back tests but not with 99% modelling quality. 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.
I do not think we can take anything from these backtest results simply due to the fact that they are only using 90% modelling quality and do not account for important factors that could have a significant impact on the results, most importantly the spreads and commissions. I would like to see the developer improve and update the GPS forex robot 3 backtests, especially when you consider they have been around for years so should certainly have the skills required to do so. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.
GPS forex robot 3 Live Results
Despite the GPS forex robot 3 backtests leaving a lot to be desired, it is good to see that the developer has published some verified by Myfxbook accounts that show us the latest GPS forex robot 3 results. This can be a good way for you to get a feel for how the EA has been trading and to see the most important statistics such as gain, drawdown, profit factor and duration. I think the results are decent, although I believe that they could be improved significantly by reducing the drawdown. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
GPS forex robot 3 Summary
Overall, I would say that the GPS forex robot 3 has potential but as with any automated trading system, there are no guarantees on how it will perform. I believe it requires the ideal market and broker conditions to reach its full potential. Whilst I am impressed by the verified results, I am also aware that it does use a potentially dangerous recovery mode which can cause large drawdowns and may even lead to a margin call in a worst-case scenario. I also think the GPS forex robot 3 developer should provide us with some better quality backtests over a longer period of time for extra data to analyse the EA in more detail. GPS forex robot 3 runs on the free MetaTrader 4 platform and comes with detailed instruction manual for a quick and easy setup, full support and free updates for life.
GPS Forex Robot 3
$149
Pros
- Multiple Currency Pairs
- Customisable Settings
- Versatile Forex Robot
- 60 Day Money Back Guarantee
- Full Support
- Lifetime Updates
- Detailed Instructions
- Fully Automated
- Verified Results Provided
- Backtests Available
Cons
- Limited Backtest Quality
- Potentially High Drawdowns
- MetaTrader 4 Only
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.
