The GPS Forex Robot 3 operates as a fully automated forex trading system, eliminating the need for manual trading intervention. Once downloaded, you simply attach the robot to your charts, enabling it to execute and manage trades on your behalf. To utilize this forex robot, you’ll require a trading account with a forex broker. Considering the multitude of brokers available, it is important to look for extensive liquidity pools to ensure tight spreads and minimal slippage, enhancing trading efficiency.
While a Forex robot offers a hands-off solution for individuals lacking the time or expertise for manual trading, it’s essential to weigh the associated advantages and disadvantages. In this review of the GPS Forex Robot 3, we’ll delve into its trading strategy, examine the backtest results, and importantly, inspect any verified performance outcomes. Hopefully, this assessment will assist you in determining whether the GPS Forex Robot 3 aligns with your Forex trading objectives.
Live Results
It is encouraging to note that the GPS Forex Robot 3 developer has made available some Myfxbook accounts that provide verified results of the latest performance of the GPS Forex Robot 3. These accounts offer users an opportunity to assess the trading activity of the EA and examine key statistics such as gain, drawdown, profit factor, and duration. While the results are respectable, there is room for improvement, particularly in reducing the drawdown to enhance overall performance.
Trading Strategy
The GPS Forex Robot 3 possesses the capability to adapt its settings based on prevailing market conditions, continuously optimizing itself. The name “GPS” symbolizes its dynamic approach, similar to navigating the market and adjusting according to market direction. Signals generated by the robot are rooted in a blend of technical indicators and current price action. It’s reassuring to note that the GPS Forex Robot 3 incorporates various forms of market analysis, distinguishing it from trading bots that may lack adaptability in the fluid forex market environment.
A notable feature of the GPS Forex EA, setting it apart from others, is its utilization of a reversal-based money management system. This system endeavours to recover from trades if the initial entry proves incorrect. While this strategy can be beneficial if the market reverses in your favour, it also carries the risk of significant drawdowns if the market continues to move against the initial position.
Although the GPS Forex Robot 3 operates as a fully automated forex trading robot, users have the option to switch to semi-automated mode. In this mode, the software notifies users upon identifying a trading signal, granting them the discretion to decide whether to enter the market or await subsequent opportunities. It is important to supplement automated signals with additional market analysis, such as technical, fundamental, and price action analysis, to reinforce trade decisions. The more comprehensive the analysis, the better informed the trade decisions tend to be.
The developer has made all settings of the GPS Forex Robot 3 externally accessible, allowing users to adjust them via the inputs window when attaching the robot to their trading platform charts. While default settings provided by the developer are typically optimized, it’s essential to verify that the lot or risk size aligns with individual risk preferences, recognizing that every trader’s risk tolerance varies.
Back Testing
The GPS Forex Robot 3 website provides backtests, but not at a 99% modelling quality level. It would have been advantageous for prospective users to access backtests conducted at 99% modelling quality using Birts TDS in the MT4 strategy tester. This could have offered insights into historical performance, albeit with the caveat that past performance does not guarantee future results. For utmost accuracy, backtests should include real tick data, variable spreads, as well as factors like commission, swaps, and slippage.
Given that the website’s backtests only utilize a 90% modelling quality and overlook crucial factors such as spreads and commissions, which could significantly influence results, there is room for improvement. It would be beneficial for the developer to enhance and update the backtests for the GPS Forex Robot 3, particularly considering their years of experience, which should ideally equip them with the necessary skills to do so.
Conclusion
In conclusion, the GPS Forex Robot 3 exhibits promise. However, like any automated trading system, its performance cannot be guaranteed. Achieving its full potential hinges on favourable market conditions and compatible broker settings. While the verified results are commendable, it’s important to note that the system employs a potentially risky recovery mode, which could result in substantial drawdowns and, in extreme cases, a margin call. To further evaluate the EA, it would be beneficial for the GPS Forex Robot 3 developer to furnish higher-quality backtests spanning a longer timeframe. Operating on the MetaTrader 4 platform, the GPS Forex Robot 3 includes a detailed instruction manual for straightforward setup, lifelong support, and complimentary updates.
