Forex Gump EA is an automated trading indicator software for Forex markets that comes with a choice of two license packages, trades on all timeframe and the HFT scalper trading strategy.
Forex Gump EA was first published on August 3rd, 2017 and is still running version 1.0. Owned and operated by Andrey Kozak, located in the Ukraine, this developer is behind 44 published products on the MQL5 marketplace.
Considering this large array of different products, it’s really no surprise that the development team hasn’t found the time to update the trading software that we are reviewing today. Read the whole review to find out the benefits and disadvantages in dealing with the expert advisor!
Forex Gump EA Review
Forex Gump EA is among the vendors of Forex robot that try so hard to convince traders but fails to provide enough evidence on how their software works.
Andrey promises the community that when traders sign up with any of his Forex Gump product line, that they get access to a “ready-made trading system.” This means that traders don’t have to modify the settings, or do different tests in order to find profitable settings.
The general strategy isn’t elaborated on, instead the creators of the software want to attract the average client so they make it seem very simple. They tell the community that traders have to simply follow along with the entry and exit signals displayed on the screen, or install the expert advisor that comes with the indicator system to automate the process completely.
During our review of Forex Gump EA, there are some features in which we came across. Andrey tells us that the software doesn’t repaint, that there are no delays, and that the system works on all currency pairs and time frames.
As for the parameters, there are only 4. Information which displace the extra info, as well as the logo. Shortwave which adjusts the trend wave amplitude, as well as a couple filters that adjusts the indicator period and the filter period. I’m unsure how these parameters relates to the strategy, as this information is not provided by the vendor.
Type: Forex Robot / Indicator
- Price: $47
- Strategy: HFT Scalper
- Timeframe: All Timeframes
- Pairs: All Pairs
- Minimum Deposit: Undisclosed
There are two packages of Forex Gump EA to select. One costs $199 and the other $399. The only notable difference is on the number of live accounts. The $199 package comes with only one live account and one demo accoubt. The $399 package allows upto 3 live accounts and unlimited demo. All the accounts come with free update and support.
It’s also worth noting in the breakdown that while the developers claim to provide a ready made trading system, the fact that the software is compatible with all time frames and all pairs means that the trader will have to do some work figuring out which of these are the most profitable.
there are currently 2 reviews that came near the end of 2017, one is a 5 star review and the other is a 1 star review. Instead of breaking them down for you, I will just provide you with a screenshot that shows you both of the reviews so that you can peruse them on your own.
At the SCAM EA, you will find hundreds of reviews of Forex robots, where we check to see if they are verified investment product, or simply a scam. The way investors properly compare a Forex EA result, is by checking to see if their results are published in a public statement sharing site, like myfxbook or FXBlue.
While the team provides an FX Blue account exclusively, we did find a Myfxbook account that’s been running for the past 4 months.
During this time, the software has gained 140% with a 67% drawdown. In one occasion, the account was up 50% but had so many losing trades open that the equity was at -45%. On another occasion, the account growth was 135% with an open equity of 7.61%. So, while the software is actively growing, it is taking immense risk to do so. Even right now the account has over -5700 pips open, waiting for the trades to turn positive to close.
With a strategy like this one, any major market spike could blow the account. We definitely recommend a lower risk approach if the vendor provides it. As, the account we are looking at is extremely risky, and not an approach we would use on our live accounts.
while the price is right, and it’s unique to have both the indicator and expert advisor versions of the Forex Gump software that such a low cost, I don’t see myself signing up with this product today. Without verified trading results I really don’t know what I would be getting myself into, and in this day and age, I always want to have a clear picture of a trading product before I purchase it. Stick to these highly recommended trading products.