GPS Forex robot

Posted by & filed under Forex reviews.

We have reached the end of our three month trial of the GPS Forex Robot and here are the final results:-

 

Profit/loss: +$204
Trade Success Rate: 96%
Bank Growth: 4%
Cost:$149 
Average number of trades: 2 per week
VERDICT:PASSED
Rating: 4.0 out of 5.0 stars

 

You can view full results here.

 

GPS Forex Robot – Full Review

 

The GPS Forex Robot is a system that has been developed by a guy called Mark Larsen who has done a large number of forex reviews and tests over the years.

He apparently came up with his own trading system a few years ago but didn’t have the time to sit in front of his computer every day trading it, so teamed up with a couple of programmers to build a robot for him based on his system.

Mark claims that the system is right 98% of the time – hence it being almost as accurate as GPS tracking and the name of the robot. And in the 2% of cases it is wrong, Mark’s developers created a reverse strategy that instantly opens a trade in the opposite direction and covers the loss.

At the same time he says the robot does not involve any high-risk trading strategies like martingale, grid or no-stoploss trading that can easily blow your account.

We ran a three month trial of the GPS Forex Robot, starting with a $5,000 trading bank and trading solely on the EUR/USD pair.

As mentioned during our trial updates, it is a very low volume strategy, with only 24 trades placed during the entire three months.

The success rate of the trades was as advertised, with 96% of them proving successful. This is very much a scalping approach, with very small movements being looked for in the trades.

From the point of view of operating as it was supposed to, we can say this robot worked well and we are satisfied with the performance. We made a solid $204 profit during our trial and with minimal drawdown or worry. This robot is not going to make you rich overnight but is a steady, consistent performer that can be working in the background whilst you concentrate on other things.

The only point to note is that when a trade goes against the expected direction, the robot opens a reverse trade in the opposite direction to cover the loss.

This involves a much bigger lot size than the original trade – often five or six times as big.

During our trial and according to the published results on myfxbook, this reverse trade always seem to work out and you end up with a profitable overall position.

However, it is worth taking note of the extra funds/leverage you need when the reverse trade is opened at a much larger lot size, so you need to make sure you have enough funds in your account to cover this.

Presuming you are aware of that however and take into account, we are happy to award GPS Forex Robot a PASSED rating as it produced good results during our trial and the long-term performance looks very solid.

 

Service Breakdown

Ease of use: The robot comes with a full PDF guide showing how to set it up and the instructions are clear and detailed. There is also support who you can contact with any questions and we found they normally come back pretty quickly (within a day or so). It takes a bit of time to set up but once you are up and running it obviously just runs itself and all you need to do is check now and then that it’s still running as expected. As with most robots you ideally need a VPS to run the program so you can let it run without needing your PC on all the time.

Transparency of results: Results are presented on myfxbook and constantly updated there so we are happy that the results are transparent.

Did our results match those on their website? Yes, the only issue being at our end as our VPS went down so we missed a couple of trades but otherwise our results matched.

Risk level: Overall this appears to be a low-risk strategy but a note of caution is to be sounded with the reverse trades which open with a much larger lot size, so a good deal of funds are needed to operate this strategy and ensure you are getting enough out of it.

Trade success rate: The success rate for the trial was 96% which is obviously very high and reflects the scalping approach adopted.

Subscription costs: The cost of the forex robot is a one-off fee of $149 which is very reasonable given the results achieved.

 

OVERALL VERDICT: PASSED 4.0 out of 5.0 stars

The GPS Forex Robot produced good results during our three month trial, notching up $204 profit. It did that with a very high success rate of 96% and a low number of trades – just 24 over the course of our trial.

We are happy to award the robot a PASSED rating based on the results achieved during our trial. The only note of caution is to make sure you have enough funds to cover the reverse trades that are opened, which use much larger lot sizes than the original trades.

As long as you are comfortable with that though we see this a steady earner to have running in the background, slowly building a bank and delivering consistent results.

 

 

 

 


GPS Forex Robot – Results Update

15th May 2020

The GPS Forex Robot has continued to churn out steady gains, with another $68 profit made since our last update a month ago.

That means it is now $108 up for our trial overall.

You can view full results here.

As mentioned last time, this is a very low volume service with just one or two trades per week. However, it has been very consistent so far with 13 winning trades out of 14.

We added the EUR/GBP pair to see how the robot performs on that but no trades have been executed yet so we will have to check the settings are all correct for it and it’s working as it should be.

In the meantime though the EUR/USD has been performing very well so we can’t have any complaints at all.

 

 

 


GPS Forex Robot – Results Update

15th May 2020

It’s been a good start to our trial of the GPS Forex Robot, with a profit of $40 made so far after three weeks.

You can view full results here.

It’s a very low volume service with just 1-2 trades per week, meaning it will be a slow burner that runs in the background rather than something that is racking up daily profits for you.

But all the trades have won to date so we certainly can’t complain.

We started off with a lot size of 0.1 but realized that was only producing profits of around a dollar per trade so increased it to 0.5 lots, which has still been comfortable so far in terms of the risk but produces a more respectable profit.

The robot is currently running on the EUR/USD paid but you can also use the it on other pairs so we will be adding the EUR/GBP and seeing how it performs on that.

 

 

 


GPS Forex Robot – New Review

27th April 2020

Today we are starting a new trial of a forex trading robot called the GPS Forex Robot.

This strategy has been developed by a guy called Mark Larsen who has done a large number of forex reviews and tests over the years.

He apparently came up with his own trading system a few years ago but didn’t have the time to sit in front of his computer every day trading it, so teamed up with a couple of programmers to build a robot for him based on his system.

Mark claims that the system is right 98% of the time – hence it being almost as accurate as GPS tracking and the name of the robot. And in the 2% of cases it is wrong, Mark’s developers created a reverse strategy that instantly opens a trade in the opposite direction and covers the loss.

At the same time he says the robot does not involve any high-risk trading strategies like martingale, grid or no-stoploss trading that can easily blow your account.

That all sounds good, but no doubt you have heard such claims before and may well be skeptical. Well the good news is Mark provides a link to the live myfxbook account for the GPS Robot going back to 2012 and it shows a 534% gain (at the time of writing).

So it’s good to see some proof there, which is more than you get from most forex robots sold online.

Of course, there’s nothing quite like testing something out for yourself with real money, so that is what we are going to do.

We have heard good things about this robot elsewhere, so are quite hopeful but as ever the proof of the pudding will be in the eating.

So we will record results here during our trial and you will be able to see exactly how the robot gets on.

In the meantime you can check out the GPS Forex Robot for yourself here.

 

 

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2 Responses to “GPS Forex Robot – Final Review”

  1. Jim

    Hey is it possible to lose more than your initial deposit with this? I can handle blowing an account in a worst case scenario but not being in debt. Is that how this sort of trading works?

    Thanks
    Jim

    Reply
    • TSFX

      Hi Jim,

      That’s a good question. Strictly speaking yes you can end up losing more money than is in your account. Normally what happens is that your broker gives you a warning if you are about to become over-leveraged and then if you do, just closes out your positions.

      However, if you take the case of the Swiss Franc-Euro decoupling of 2015, the currencies “gapped” making huge jumps instantly before that could happen and people ended up owing large sums of money. A number of brokers went bust as a result.

      This was a very unusual event though (a black swan event) and in reality there are a number of steps you can take to reduce the risk: using a stop loss is always a good idea and understanding how leverage works is important.

      Most of all though it’s vital to make sure you understand how much you are actually risking and have enough funds to cover your position in the light of a black swan event.

      Kind regards,

      Dan

      Reply

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