Hey there Painless Traders, if you have not read my first post about the GPS Forex Robot 3, please do so at the following link Review: Is the GPS Forex Robot 3 a scam?
You can read previous updates here:
This post will address some of the common questions I have received by some of you regarding GPS Forex Robot 3. I am a personal fan of Q&A sessions as sometimes things that are not even thought about will arise due to the masses being curious and asking questions. This post will also clear some of the misconceptions people have regarding GPS Forex Robot or any EA. I will be very honest and direct so please do not take offence, reality often hurts. Warning: it will be a long post due to the number of emails and questions I am getting.
Frequently Asked Questions
Question: Are you still using the GPS Forex Robot? Are you using it on a live account?
Answer: Yes I am still using this EA on my live account. I am also currently testing other EAs and this is one of the more profitable and safe ones. I will be posting updates on the other EAs when I have time.
Question: How does GPS work? Does it trade all day?
Answer: GPS is not a scalping robot. It only trades once per currency pair (there are 4 major currencies), so you are looking at a total of 4 trades a day if you set it so. It does not open trades all the time mindlessly and expose your accounts to the swings of the market and increase chances of your account being blown. Once the trades have met certain requirements, they will close and that’s it, you are done for the day. You can choose to do manually trading once all the trades are closed, that’s up to you.
Question (reply to my answer above): Only 4 trades?? How am I supposed to get rich?
Answer: You are not going to get rich. These are usually the traders who are very new and do not understand the forex market. They want to be rich overnight and they want a bot that opens trades all day mindlessly, just like night profit 2, and this simply exposes your account more and more to the market makers (banks and institutions). The market starts swinging up and down and with news release, all these grid and martingale robots will blow accounts immediately. Each news event is capable of making the market jump by hundreds of pips in a matter of minutes. Just yesterday the FOMC news caused the US dollar to strengthen so much that in just a few minutes, currency pairs were jumping hundreds of pips. If your EA is in the wrong direction, your account is gone. Can GPS handle news? Yes because it simply doesn’t trade during news (unless the trades are not closed from it’s opening time which is unlikely, but possible). It is generally recommended for users to switch off ALL EAs, during high impact news event such as NFP and FOMC.
Question: I am looking to earn a steady profitable income to sustain my life with an investment of $XXXXX. Can GPS do that for me?
Answer: No it can’t. No EAs will be able to guarantee any kinds of profits or income for you. I have yet to learn of an EA that can give you very high returns WITHOUT blowing your accounts soon after. These EAs are usually using grid/martingale strategy which are considered high risk. The risks are even higher because people are greedy and use very poor risk management. They use large lot sizes relatively to their account. That is a recipe for disaster. GPS doesn’t use such a strategy as it has its own unique way to handle losses. Yes, losing is normal in forex. The top earning retail traders have 60-70% win rates and they are still profitable because of proper risk management (risk to reward ratio trades). With proper risk management, you can still be profitable even if you have a win rate of only 50%. The only ones who probably have 99% win rates are the banks and institutions who trade with billion dollars account. They’re the ones who determine the direction and price action of the market.
Question: I saw your posts and you made quite a huge amount of money! I can’t wait to spend my precious savings to get started and get the same returns too.
Answer: Firstly, never ever invest an amount which you are not willing to lose, especially in the forex market. Whatever you spend on the GPS robot or any EA and the investment amount, I want you to imagine them as being totally gone from the start. If the EA becomes profitable, then good for you. If it blows your account, then move on with life. You will have no one to blame as it is your own personal choice to make such an investment.
The amount of money you can make with Forex depends on your investment amount and trading lot sizes (be it manual trading or autotrading with a bot). The forex market is VERY volatile. On good days, I get 20-30 pips with GPS. On great days, I get 100+ pips. On bad days, I get 0-2 pips. 0 pip means the market moved very strongly against you and the bot closes the trade at break even. You are definitely not going to get 100+ pips everyday. It is possible that you will go 10 trading days with maybe 5 pips each day. If you are using a standard lot size (requires at least USD 10000 capital), you will make USD 50 a day. For smaller accounts like USD 1000, you will get USD 5 a day and so on and so forth.
For the past few days, GPS has only made me a couple of dollars due to the market conditions and I am perfectly fine with it. Most traders are struggling just to not lose their money and blow their accounts, so keeping your account in profit is a HUGE blessing, no matter how big or small.
Question: I am totally new to forex but I have a big investment amount to start with. Will GPS make me very rich quickly with 100% win rate?
Answer: No EA has a 100% win rate and no EA will make you rich overnight without risking blowing your entire account. What’s the point of getting 1000% return in one week if you are going to lose your entire account the next week? If you have this mindset that you can become rich with forex immediately (be it manual or using EA), then this market is definitely not for you. I would suggest you take your money and invest into something you are more compassionate and have better understanding about. The forex market is moving trillions of dollars a day, it is very complicated. No EA will change the forex market for you.
Question: Can you send to me the robot for free? I have no money right now.
Answer: Unfortunately no, each robot requires a unique license code generated by the vendor and made available just for you. One code per trading account. This is not like cracking microsoft software where you can download a cracked version and such. Even if you could, you could be liable to getting sued and complicated legal issues so I suggest you make official purchase. Also, if you have no money, then do not come near the forex market. Whatever you put into this market, it’s money that you can lose immediately without blinking an eye.
Question: I am impressed by the results shown on the vendor page. Over 10 years of good results, is this the really one true legit EA?
Answer: Honestly I do not think any EA will stand the ultimate test of time, but GPS is one of the few that has lasted a good number of years. I am always on the look out for other EAs which might be profitable too that is why you saw my post on other EAs such as Forex Flex EA (currently not working well). Don’t ever put all your investment into one EA/portfolio. GPS might have worked in the last 10 years, but no one can guarantee it will work for the next 10 years. If I can find 3 profitable EAs, why shouldn’t I invest in all 3? If one fails, I have two more. If two fails, I have one more. If everything fails, I do not have anyone to blame but myself. It is my own personal choice of investment.
Additionally, there are too many factors involved when it comes to running an EA for forex. Even if you had the same exact settings as me, it might work differently. It is pointless to compare results and start blaming on things when things don’t go your way. There is absolutely no guarantee and this applies to all EAs.
Question: Hi Painless Trades, I am grateful that you are answering my emails but could you answer faster as I am eager to start?
Answer: Unfortunately I can’t. I have a full time job and work shifts. I will try my best to get back to you within the same day but sometimes it just gets too tiring to even open my emails. This is precisely why I began this journey in the first place. Things are getting better with passive income coming from a few avenues but nothing close to sustaining and being able to quit my job. I appreciate your understanding.
Also, if you are jumping into something as big as the forex market, and you are too eager and desperate to make quick money out of it, this is definitely not the place for you. You will not be successful at all.
Question: I don’t think this EA is profitable at all. You are just promoting it to get commissions from the referral link.
Answer: You obviously did not read my first post that I wrote which entails what this website is about and why I started it. Yes I am promoting it for two reasons, one is because it is actually really working for me in my live account. Secondly it gives me commission when you do sign up using my link. You have the choice to make to sign up using my link or not, you could simply go to Google search and find the raw order page without affiliate link.
Like I have stated in my first post, referral links and team building are some of the ways to earn money online, if you don’t like it then I think this online money making thing is not for you. I understand where you are coming from since there are many online bloggers promoting and writing reviews about GPS or other EAs which they are not even using or purchase. However, I will only do reviews and posts about things that I have personally used and experienced. If it’s good, you will hear about it, if it’s bad, you will also hear about it. You could even start promoting it yourself to get some extra online income! If it is something that is not working or you do not have passion about, would you be promoting it?
I am glad to have received these questions as my previous posts might not have been clear enough. I hope this gives you a better insight into GPS and more importantly, the forex world.