GPS Forex 3 Robot Review
Track the progress of my own GPS Forex 3 Robot at the following link:
* Real time trading chart
So as some of you might know from watching my Youtube videos I have been messing around with the GPS Forex 3 Robot for the past couple of months. The test that I have done with my own account went very well and the robot actually made around $4,000 in a month on a 100k demo account before I did something dumb and restarted my laptop while it was in the middle of a trade.
Not to worry though as I now use the hosting services of ForexVPS.net to keep my bots up and running 24/7, and will not be running these on my home computers anymore where a disaster can happen. This was something I had been wanting to do over the past couple of months, and just got around to it. So far their VPS service has been great.
The price of the robot is on the lower tier of good expert advisor robots available in the broader market place, but still holds its own performance wise when compared to more expensive expert advisors. GPS Forex 3 Robot is one of the most tested expert advisors on the market today which a history going back over 10 years.
I plan on doing more testing of this robot in the future on a real live account but for this initial post and review of the GPS Forex 3 Robot I will go over my findings from testing the robot out with a 100k demo account. I will also show you the results that others have had including the owner Mark Larsen and his 650k account.
Mark Larsen, the creator of the GPS Forex 3 Robot, has been creating and developing Forex trading bots since the early 2000’s. Mark has also been running a real money account on MyFxbook since 2012 showcasing the GPS Forex 3 Robot’s capabilities. The robot has earned over 550% profit since that original account was created. Below is a link to the MyFXbook account if you would like to check it out. I will post some screen shots from his account below and describe just how the GPS Forex 3 Robot operates and makes the Forex investor money.
As you can see above the GPS Forex 3 Robot has made significant gains since it was started in 2012. 550% is nothing to sneeze at and you will not get that rate of return at any bank. Monthly return has averaged 1.81% per month over that time period which equates to slow, sustainable, yet steady returns. I look forward to updating this blog with my own returns in the near future. It should be a fun process. In my own setup I’m using the recommended “low risk” settings which I will post further down below. Remember that this is a marathon and not a sprint so you dont want to input crazy settings that will blow your account. Another pointer is to try and run 200:1 leverage or less incase your bot needs to make a reversal trade it has the free margin available to do so. Many Forex traders screw this up and blow their accounts. Remember slow and steady is what we are looking for here.
My Results with a $100k Demo Account
I mentioned above that back in September I had ran the GPS Forex 3 Robot expert advisor with a $100,000 demo (not real) account on FXChoice. The results I had for one month back in September were very similar to what Mark Larsen, GPS Robot creator, has experienced with his live account over the past eight years. I have provided a screen shot of my demo account results below.
As you can see from the screen shot above during the month of September the GPS Forex 3 Robot made me a clear profit of over $4,300 on the demo account. Great Results!!!
One interesting thing to observe on the demo account is the large reversal trade that was made to recover the loss on a trade that was made earlier. The reversal sell almost made the entire amount back then there was another trade the next day that recovered the loss fully. This is one of the powerful features of the GPS Forex 3 Robot.
I explain this in more detail below and how you can set your reversal trade to a certain number to cover any loss you might have. If I had set this setting a little higher to cover the stop loss number then I would have made the lost amount back on the reversal trade.
Please see video below on how to install the GPS Forex 3 Robot
If you follow the steps in the above video you will have the GPS Forex 3 Robot up and running in no time !
What Are The Best Settings?
Below is a snapshot of the setting you will want to use for the GPS Forex 3 Robot starting out. These are the safest and most low risk settings for the bot that I know of. If you deviate from these settings then you do so at your own risk!!!
These are the settings that a well known Youtuber friend of mine runs, and the same ones I run on my own GPS Forex 3 Robot accounts. The below settings have returned great results with very little draw down on the accounts.
As you do more research you will find that people do like to change some of the settings on the GPS Forex 3 Robot to be different from the ones I have provided above. Below is a description of what the most important settings do to help give you a better idea of what to expect if you change a particular setting:
- Pairs – When you download the GPS Forex 3 Robot expert advisor you will notice there are four files in the download. Each of these files allows the expert advisor to trade a different currency pair. GPS Robot support and many other users recommend that you only run the EUR/USD pair to achieve the best results possible.
- Use MM – This setting automatically adjust your lot size based on the amount of capital you have in your account. With the GPS Forex 3 Robot this generally equates to around $100 per .01 lot size. I would recommend keeping this on “true”.
- Auto Analysis – Searches for the best times to make a trade based on market conditions. I would recommend keeping this on “true” even though it will seem sometimes the GPS Forex 3 Robot does not seem to trade as often it is the safer setting.
- Trailing Stop – I would keep this on “true” because if it is off and the trade starts losing there will be nothing to “stop” the loss.
- Reverse Trade – This is set to “true” with a value of 5.9. You will definitely want to keep this value on “true” because if you turn it off there will be no reverse trade to get you back into profit after a loss. For example if you make a trade and the market goes south the trailing stop loss will end with a loss after the trailing distance of “6 pips”. This is when the reverse trade will kick in and make a buy to recover the loss that just happened. You can set this value at a higher value than “5.9” to recover a higher value than the “6 pips” you just loss. I have mine currently set on “6.5”
Who's the best broker to use the GPS Forex 3 Robot with?
Picking the correct broker to invest your hard earned money with is probably one of the bigger hurdles you might face. I personally use FXChoice as the broker to run the GPS Forex 3 robot with, and it is also the one that is recommended to use with the bot. You can run a demo account or a real money account with them.
Id recommend testing a demo account first before moving to a real money account to make sure you have the correct settings. If you are interested in signing up with FXChoice I have left a sign-up link below (just click on the banner ad). They will provide you with a 15% sign-up bonus for signing up today !
After you sign-up for FXChoice or your broker of choice you will want to download the MT4 terminal from that brokers website. I am using windows so I downloaded the windows operating system version. After the MT4 terminal is installed you can login to your account (demo/real) then proceed in setting up the GPS Forex 3 Robot expert advisor to run within the MT4 terminal you just downloaded and setup.
* I had made a video recently on how to do this and you can find it further up in this post if you have not already watched it. *
Pros and Cons of the GPS Forex 3 Robot
- Eight years of documented history with real results
- Developed by an experienced team of Forex Brokers
- GPS Forex 3 Robot ranks highly for an expert advisor compared to others in the same price range
- Low purchase price
- Very efficient with very few losses if ran with the correct settings(see above)
- Does not trade as often as other expert advisors but when it does it has over 90% rate of success
- Doesnt trade enough for some people and causes frustration.
- Reversal trade trade could possibly blow account if not enough capital exist for free margin. Its important to keep enough capital in account for the GPS Robot to utilize
- Trades can be quite large compared to other EA’s but they are usually successful trades if auto analysis function is left on “true” and other correct settings are followed.
Make Sure You Use A Good VPS......
I know I have covered a lot of material in this post and there is a lot of good info to read but if you are looking for a great VPS provider with very low latency and almost 100% uptime to run your expert advisors on then please check out ForexVPS.net
GPS Forex 3 Robot Rating149.99
- Eight years of documented results
- Large amount of set-up options
- Lots of previous user data to look at on myfxbook
- Low cost for lifetime license
- Doesnt trade much on recommended settings which frustrates many users
- Needs enough capital for reversal trades
- Sometimes there is high draw down on single trades