Forex Gump is one of the most popular Forex signal providers. Forex Gump is a semi-automated EA that doesn’t execute trades itself, but it shows enter and exit trading signals rapidly. To make it more clear, Forex Gump is an indicator that provides trading signals. The creators claim that Forex Gump has no repaint and offers a high percentage of success, over 70%, to their users. For more information about Forex Gump and its details, please keep reading and stay with us.
In the following, we will answer the question, “What is Forex Gump?”. However, the review shows that Forex Gump is a practical EA but not as much as it’s claimed, and many users complained about the awful performance of the robot. Also, the robot is priced around $199 to 399$.
Forex Gump EA installation training:
The installation training of Forex Gump is really simple. Firstly, in MetaTrader, click on “File” and then “Open Data Folder” to go to the MetaTrader file section. Then, copy the robot file to the MQL-Expert path.
After that, close and reopen MetaTrader once it is refreshed, then go to the navigator section, enter the expert part, and click on the Forex Gump robot to launch it.
Generally, all robots have a simple installation method, which is the same path mentioned above. However, you must press the Auto Trading button to activate the robot on your chart.
Forex Gump EA work training
The method of using Forex Gump EA is very simple. After downloading, installing, and running the robot on the chart, you can see blue and red colors that are entry and exit trading signals. Forex Gump has a simple system.
Although the settings will be provided as a file named “set,” you can adjust some of these settings based on your desired trading strategy and capital management. Let’s have a quick look at them:
- Risk level
- Stop loss
- Take profit
- Type of trades
The best trading session for using the Forex Gump EA
Most users who use Forex Gump EA usually use this system for executing trades in short timeframes. If you want to make trades in short timeframes by Forex Gump EA, you should choose a trading session that adjusts the lowest spread on symbols. We recommend you trade during the overlap of London and New York sessions. It indicates that when these two markets are open at the same time, the market volume is very high.
The best trading symbols for Forex Gump EA
Forex Gump EA can be run on all major and minor currency pairs, but as it’s said by the users, the robot has performed excellently on the currency pairs that we are going to mention in the following:
Overall, it’s better to use the Forex Gump robot on symbols with high liquidity and low spreads to achieve satisfactory results.
The best time frames for using the Forex Gump EA
Forex Gump EA is designed to work on charts from 1 minute to 4 hours; it depends on your preference to choose your desired timeframe. It’s essential to mention that if you want to trade on short timeframes, such as 1 minute and 5 minutes, you should have an ECN trading account with the lowest spread and commission. Still, using this robot in higher time frames will not be sensitized about the type of account and broker.
Forex Gump EA performance
There is a graph of the robot’s performance on its official website that is not as reliable as the MyFXBook website.
Also, these types of graphs are much more manipulated. Overall, there are various doubts about Forex Gump EA, so we can not confirm it as a practical and reputable robot.
Forex Gump trading strategy:
Forex Gump EA has not made certain the exact trading strategy of the robot, as it is based on trend by using specific indicator settings and filters such as Moving Average that provides trading signals. Forex Gump expert advisor is one of the most popular automated EAs in the Forex market, which didn’t satisfy the users; also, many of them reported that the reality is far from what it’s said about Its performance.
Forex pros and cons of the Forex Gump EA
One of the most essential advantages of the Forex Gump is Its multi-user capability. The version that is priced at $399 works on three separate systems which can be shared by other people. Let’s have a look at some other good pluss of the Forex Gump expert advisor:
- Works on the standard and micro account
- Offer 30-day money-back guarantee
- Provides trading settings
- Easy setup
Disadvantages of Forex Gump:
- Forex Gump does not allow backtesting; this issue is disappointing for those who want to test the trading EA.
- Forex Gump, for unclear reasons, can not be used on all brokers.
- It has no free or demo version. You must buy the EA to get a short-term test from this robot.
However, you can find the best Expert Advisor on Express Advice.
The best alternative for Forex Gump EA:
As we mentioned, Forex Gump EA is one of the most popular trading Forex EAs in the market. But it has some negative points that need to be considered.
- The robot doesn’t perform as well as it’s said.
- There is no free demo version and ability to get backtesting.
- One of the most negative points of this robot is that its performance is based on the martingale strategy, which increases the risk of the whole account and tends to lose all the capital during fluctuations.
Therefore, we recommend using reputable and professional EAs that are fully automated. Alpine is one of the best in the Forex market. In this case, you don’t need to be worried about the risk and capital management; it will be done for you perfectly. Express Advice, as a reliable company, provides you with profitable and fully organized robots. The Express Advice website is the best option for buying Forex expert advisors and also an excellent substitute for trading robots. For more information about how to buy an Alpine robot, visit the buy forex EA page.
What we read in this article about Forex Gump EA:
As we read throughout the Forex Gump review article, Forex Gump is a trading signal robot that is displayed as an indicator on the chart. You can decide whether to enter that trade or not after adjusting the settings. The best performance of this Expert Advisor on ECN accounts for relatively short time frames of 5 to 15 minutes.
It is recommended that users do not trust the graphs provided by this expert advisor because many Forex users are complaining and reporting about the provider of this robot. Overall, there is an excellent alternative EA for it, which is called Alpine EA. You can purchase the Alpine EA from Express Advice.