EA Review: Forex Gump EA
Today’s review is about a well-known EA called Forex Gump EA. It was first launched in 2017. The developers state that this is a very profitable EA with a trendy candle and News Filter.
This post analyzes this forex robot. We examine if this EA is truly profitable or just another scam. We look at the performance statistics, trading approach, user reviews, and finally, we give our recommendations.
What is Forex Gump EA?
According to its website, forex Gump EA is a robot that works on the MetaTrader 4 platform. This EA enters trade daily. An algorithm dictates the Takeprofit of each order, which is unique but adjusted according to the prevailing market conditions.
The robot offers three different settings, high, medium, and low. These settings dictate your risk appetite and try to protect your money according to the setting. The creators promise that the robot is 100% automated and stays operational 24/5.
Additionally, the robot trades 9 currency pairs: AUDUSD, EURCHF, EURGBP, EURJPY, EURUSD, GBPUSD, USDCAD, USDCHF, and USDJPY on 1-minute timeframe.
The website states that you can trade with a $4000 account or a minimum of $40 on a micro account. It also recommends a leverage of 1:100 or higher. Licenses for this EA start at €199.
Finally, the developers state that they do not sell this EA on the MQL5 Market. It is only available on their website or through their affiliate partners.
Claim to Check:
- Over 2000% total return over two years
- Risk control
EA Review: Forex Gump EA
This EA utilizes the MT4; therefore, your broker must be compatible with this platform. Backtests results are shown on FX Blue, with the creators stating a total return of 2000% over a period of 2-years.
We went further and checked for real accounts on Myfxbook. The account is a USDCent account, setup with the Forex4you broker. The Leverage for this account is 1:1000.
However, despite the account being available, it stopped updating in July 2020.
The results shown for the months the account was live are encouraging. The percentage gain for 3 months stood at 294%, while the drawdown averaged 27%. The monthly growth stood at a modest 6.37%.
The chart shows a monthly gain for this robot. The performance is simply outstanding for the first two months shown before tumbling into negative territory. It seems the account was blown out. Therefore, we can conclude that the strategy carries a moderate risk level.
We also found some customer reviews for this EA from reputable sources. Although not enough to be conclusive, we noted that traders were happy with this EA.
Tis shows that some of the traders have confidence with this EA. We believe that the secret to success with this EA lies with the trade settings. Get them correct and you could make some money, otherwise, you may lose your account.
The website state that it offers a 30 day money back guarantee. However we could not independently verify this statement. More so, the website does not state any extra conditions in which a trader must meet to qualify for a refund.
Version 1 of this EA was first released in 2017. From what we gather, this EA has not been updated since then. We found another version called Forex Gump Ultra but we are not certain if it is associated with this EA.
The creator of this EA is Andrey Kozak, an individual with 44 other forex products. Although he states that he does not sell this EA on MQL5 Market, we found traces of his other products on this marketplace.
We are pleased that Andrey offers demo accounts with the EA purchase. Traders can try out various settings before committing a deposit to a live account.
Claim to Evaluation:
- Over 2000% total return over two years: Looking at the real live accounts, it is difficult to see how this EA can generate such profits in 2 years. However, we will leave this as inconclusive since we only have live data for 3 months.
- Risk control: From the live data, it seems the EA does a poor job in risk management.
Forex Gump looks like a solid EA. However, we would not recommend it for forex beginners. The margins shown by the real accounts show great profit growth. But we are concerned that the real accounts have been inactive since mid-2020.
The analysis of this forex robot has proved that it is a solid forex robot. What’s more, the customer reviews we saw were positive. The downside is, customer reviews were all posted in 2020.
Finally, we hope that the owners of this EA continue to maintain a real money account to boost investors’ confidence. We recommend that forex trade beginners stay away from this EA until the developer rectifies the issues we have pointed out.