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:
Life has been really full of surprises and pretty hectic but I am squeezing this post as many of you have enquired if I am still running the GPS Forex Robot EA. Previously I was running the EA together with my manual trading account but I have decided to open another account to run this EA solely so that it is easier to share and analyze results. As my knowledge and experience in the forex market and EAs grew over the past few months, I decided that it is best to leave EAs (any) to be running on their own without having another EA or manual trading to mess up with the margin levels, which would affect how most EAs would work.
As we all know the past couple of weeks have been eventful with election and vaccine news, in other words not the best time to run any EAs, but definitely a good time to do manual trading. I did not run GPS the past few weeks but decided to run it again this week as it seems that the election news have cooled down a little bit but we still have to be wary of vaccine news which could cause hundred of pips movement suddenly too.
My current honest thoughts on GPS Forex Robot:
Why it is good:
- It has remained to be profitable all these while albeit very little profits on some days.
- Minimal trading (only 4 max per day). Honestly, you do not need crazy number of trades to make money from the forex market, less is often more especially if you do not know what you’re doing.
- Once the trade goes into the trend direction GPS has opened, your profits are secured with no chance of it going into deep drawdown.
- Even if the trade goes in the wrong direction, GPS has a unique feature which will cope with that to recover your loss…BUT (look at point 2 below)
Why it is bad:
- It opens trades at the same time everyday (supposedly at a time where there is low volatility and no true trend direction yet). This works as a double edge sword as sometimes this level could jolly well be at a major support/resistance level. For the layman, major support/resistance levels are psychological levels of the market whereby the price will bounce back strongly. This could be at a time where the trend is reversing.
- If you do not have good risk management, GPS can potentially blow your account. You might not like to hear this but this is the truth with this EA (or most, if not all EAs out there) and manual trading. Either you have a very large account to be able to take the swings of the trades or you play with very small lot sizes as compared to your account size.
Please find the results for this week below (16 – 20 November 2020):
Results (16 November to 20 November 2020):
Starting Balance: USD 20000
16 November 2020: USD 118.76
17 November 2020: USD 225.38
18 November 2020: USD 55.03
19 November 2020: USD 95.40
20 November 2020: USD 147.41
Total Profits: USD 641.98
Current Balance: USD 20641.98
Weekly Percentage Gain: 3.2%
Winning Percentage: 100%
For those with smaller accounts, just calculate the ratio accordingly. Using the same safe settings, your profits would have been the following:
$2000 account: USD 39.92
$200 account: USD 3.99
You can still run this EA if your starting investment is smaller than USD 200 (minimum USD 100), but please run it with only one pair, the EURUSD.
Some of the trades from 19 November 2020 were brought over to 20 November 2020, therefore 20 November saw more trades closed. A 100% winning rate for this week amidst a volatile market! Well done GPS!
Those who have purchased the GPS Forex Robot EA through my link, please drop me an email at email@example.com. I will share with you my settings and tips to optimize this EA. Many comments left here are filtered out automatically by wordpress as spam and I do not get to even see them.
Those who have yet to purchase it, you can do so by clicking on the image below: