GPS Forex Robot 3 Review
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What Is GPS Forex Robot?
A forex robot is a piece of software that acts as an expert advisor, or EA, offering guidance on when you should make trades. You can program the software according to your preferred criteria, so it can initiate and execute trades with your authorization.
EAs are a popular choice for traders using MetaTrader 4 (MT4) or MT5 platforms. Traders can choose from an existing EA or create their own, based on their preferred trading parameters. EAs are written using MetaQuotes Language (MQL).
GPS Forex Robot is an EA created by Mark Larsen, a well-known developer in the forex market. GPS Forex Robot 3 is the most recent update to the software. This forex robot predicts short-term market movements with very high probability, working similarly to a GPS navigator in a car – which is how it got its name.
GPS Forex Robot claims to be accurate in 98% of cases. In the other 2% of cases, it uses a reverse trading strategy to immediately open a trade in the opposite direction. The purpose of this is to cover the small loss.
According to the official website, this robot makes more than 30% per month for a private group of forex traders.
How Do I Set Up GPS Forex Robot 3?
This robot must be used with an MT4 or above trading platform. Setting it up is quick and easy, and full installation instructions are available within the members’ zone.
Once you have installed the EA and set up your preferred currency pairs, a smiley face indicates that the system is ready to start trading.
Review of Key Features of GPS Forex Robot 3
What Support Does GPS Forex Robot 3 Provide?
A detailed PDF user guide is available, providing step-by-step guidance on using this EA. It also includes troubleshooting tips. For specific issues, users can contact the dedicated support team directly.
How Much Does GPS Forex Robot 3 Cost?
There is a one-off fee of $149, which includes access to the GPS robot and educational resources like webinars, video tutorials and support. A 60-day money-back guarantee is offered if you are not satisfied with your purchase.
What Brokers Can You Use GPS Forex Robot 3 With?
GPS Forex Robot 3 works with most brokers. The developers of this EA suggest using leverage of 1:200. The majority of brokers who will offer this much leverage are unregulated, so it can be difficult to find one that you are happy with.
FXChoice is regulated by the IFSC, offers leverage up to 1:200 and accepts US customers, so it is worth setting up a demo account with this broker.
What Strategy Does GPS Forex Robot 3 Use?
This robot is not a high-frequency trading EA, neither does it scalp the forex market. In fact, on some days, it may not trade at all. The algorithms are designed to make a trade when there is a very high probability that the trade will be successful.
The specific algorithms used are a closely guarded secret. However, the main strategy used is stop and reverse. This means that the robot is programmed to open a trade in the opposite direction if a trade stops out.
If a trade reverses, the contract size is automatically increased. This forms part of this fully automated EA’s built-in coding.
Can You Change the GPS Forex Robot 3 Settings?
You can, and should, change the GPS Forex Robot 3 settings. The key settings to be aware of are:
- Auto Analysis – Setting this to ‘true’ means that the robot will automatically analyze market conditions to work out the best times to make a trade.
- Pairs – Upon downloading GPS Forex Robot 3, four files will be included. Each file allows the EA to trade a different currency pair. Running the EUR/USD pair is most likely to achieve the best profits.
- Reverse Trade – Setting this to ‘true’ means the robot will action reverse trades to help you get back into profit following a loss. You will need to specify how many pips can be lost before you want this setting to kick in.
- Trailing Stop – Setting this to ‘true’ means the robot will kick in to stop the loss when a trade starts losing.
- Use MM – Setting this to ‘true’ means the software will automatically adjust your lot size according to the capital available in your account.
Experimenting with a demo account will allow you to find out which GPS Forex Robot 3 settings are the most effective.
Can You Use GPS Forex Robot on a Demo Account?
GPS Forex Robot 3 can be used with both demo trading accounts and real money accounts.
Using it with a demo account allows you to become familiar with the system, tweaking the settings according to your trading style, strategy and preferences.
Pros of GPS Forex Robot 3
Company transparency – This company offers evidence of documented, verifiable profits since 2012. These are easily accessible and available in real time.
Developed by industry professional experts – The team behind this robot is an experienced group of forex brokers with extensive knowledge of FX trading and markets.
Low purchase price – The initial outlay of $149 is low and allows lifetime access to the robot and additional resources. The 60-day money-back guarantee offers additional peace of mind. It allows you to request a no-quibble refund if you are not happy with the software or support.
High success level – This robot has a success rate of at least 90% when making trades.
Efficient – The robot works both quickly and effectively. As long as the optimum parameters are used, traders experience few losses. You will need to research and learn about the best settings for the robot.
Compatible with MT4 – This robot can be used with MT4, one of the most popular trading platforms for FX traders.
Members zone – An exclusive members zone is available, offering a place to ask questions and take part in forum discussions.
Cons of GPS Forex Robot 3
While there are many benefits to using GPS Forex Robot 3, caution should always be taken before committing to buy an EA.
If you are considering purchasing GPS Forex Robot 3, you should consider the following disadvantages:
It is vital to use the appropriate settings – This is important to minimize losses. Spend some time researching the safest settings to use. For example, Reverse Trade and Trailing Stop settings should be set to ‘true’. If they are not, you could end up with a much bigger loss.
Finding a broker can be difficult – Identifying a broker willing to support high leverage can be a challenge. If you do manage to find one, it will likely be unregulated, so you should be mindful of the risks this might present.
Customer support can be slow – GPS Forex Robot users have access to a dedicated support team, however, they can sometimes be slow to respond. It is wise to learn as much as you can about using this EA by trialing it with a demo account first. Ask questions as they arise so that you are confident using the robot by the time you move on to using it with a cash trading account.
Infrequent trading – This robot does not trade as frequently as other EAs, which can be a source of frustration for some users.
Market volatility – Volatility within the forex market can have an impact on the success of this robot.
Significant capital required for reverse trades – Users must ensure they have sufficient capital in their account as the GPS robot will need this for reverse trades to be successful.
Mixed user reviews – Many users have highlighted that this robot uses the Martingale strategy, although the creators of GPS Forex Robot 3 insist this is not the case. Martingale is a high-risk strategy that involves cost averaging, where the exposure amount is doubled on losing trades. The main risk is unexpected market volatility. This can trick the robot into making several losing trades, thus increasing the size of the trade each time it experiences a loss. If this happens, your account will quickly be emptied, so you must pay close attention to market conditions and volatility.
How Can You Verify the Profitability of GPS Forex Robot 3?
The developers of GPS Forex Robot 3 invite FX traders to view their trading account.
Using an investor account login, anybody can view live trades in read-only format. Accessing this account is the only verifiable way to check the profitability of the GPS Forex 3 Robot.
To view the account, follow these steps:
- Download and install the FXChoice MT4 system
- Run the MT4 then choose File/Log in.
- Enter the following login details: Login 77193; Server FXChoice-Classic Live; Investor gpsrobot250 (password for read-only access).
- Choose Account History to verify all trades on the account in real time.
How to Set up GPS Forex Robot 3 with MT4
- Purchase and download GPS Forex Robot 3. Make a note of where you have saved it on your computer
- Select and copy the file
- Find the MetaTrader4 folder, which is normally saved to the C: drive
- Paste the GPS Forex Robot 3 files into the Experts folder. You may see a pop-up requesting the administrator password
- Open your MT4 platform
- Navigate to the Expert Advisors section, which can be found under the Navigator panel on the left-hand side. Click the plus sign to expand the list of available EAs
- Choose GPS Forex Robot 3 and drag it onto one of the charts shown on your MT4 platform
- Remember to adjust your settings when the pop-up box prompts you. Check you are happy with each setting and alert before clicking OK
Signing up for GPS Forex Robot 3 will give you access to a legitimate, profitable EA that is capable of auto trading.
It will not make you a millionaire overnight, but if you use it effectively, it could allow you to make a reasonable profit over a longer period.
However, to do so you will need to research settings, strategies and techniques to be used with GPS Forex Robot 3.
You should never use an EA to trade with real money unless you have tried it with a demo account first. Using a demo account allows you to learn more about the robot's features and settings. You can then use it to your best advantage in a live trading environment.