Forex Gump is an automated Forex expert advisor, which was released on August 3rd, 2017. This EA was created and developed by the Ukrainian developer Andrey Kozak. He has over 50 expert advisors on MQL5 and it is quite confusing whether it is the same or not. The developer of this trading software advertises his product as a good expert advisor “with trendy a candle and News Filter”.
Today in this Forex Gump review we are going to analyze this robot and find out the advantages and disadvantages in dealing with the automated trading software.
Forex Gump Overview
The EA uses 3 different settings and it is said that it adjusts to different market conditions and includes an in-built protection system that can protect traders’ accounts from big money losses. This robot as well as the other expert advisors available in the Forex marketplace, excludes any human interference, providing automated trading running on demo or real MT4 accounts.
The robot can be adjusted to High, Middle, and Low settings.
This EA is currently available in 2 different packages. One costs €199 and the other one costs €399. The first package includes 2 trading accounts (1 real and 1 demo), while the last one includes 3 live accounts and an unlimited number of demo accounts:
Both of them include 24/7 customer support, free updates, and 30 days money-back guarantee.
The minimum deposit to start trading on a standard account is $4000. This amount may be too high for most traders. They also offer a cent (micro) account, which requires at least $40 as a deposit. The recommended leverage is 1:100 and higher.
How it works
From the website, we know that it is a scalping expert advisor, which trades 9 currency pairs on M1 timeframe works on M1 timeframe:
It has 3 different settings – High, Middle, and Low. Therefore, the trader can decide what type to choose according to his trading presence.
It is odd because on the fxblue account provided by the developer we see that the average trade length is 4.1 days, and some last over 2, 654,2 hours.
The team behind this automated MT4 tool is quite vague when it comes to the trading approach. They tell us that Forex Gump is a profitable EA “with trendy a candle and News Filter”, can adjust to any market condition as well as can trade in 3 different settings: High, Medium, and High. What do these settings mean? How does each of them work? There is no information to go on.
There is no myfxbook account, but only fxblue one presented on the Forex Gump sales page. This account was created on August 3, 2018. From what we see on fxblue, this trading account has a total gain of over 2,186.4%, with a monthly return of over 12.0%. It is good, especially taking into account that they have a 0% drawdown.
The account has 15.4 trades per day with over 1300 pips per month.
It has a high-profit factor that equals 2.01. The win rate is 74.3%. That means that the robot can win with a loss rate of only 1 time out from 4 trading positions. With a total trade of 12539 positions to this day, more than 9317 positions are closed with profit:
There is a 67.4% risk of losing 10% of the account balance:
Customer reviews are a very important source of additional information. Therefore, we have decided to conduct additional research and find at least something from customers who have used this EA. Unfortunately, we have found no feedback from traders. We have visited different forums such as Trustpilot, Forex Peace Army, but found nothing about this robot.