GPS Forex Robot is a well-known trading expert advisor or Expert Advisor in the Forex market. The creators of GPS claim that it has a success rate of 95%, but the actual success rate is much lower. Despite this, it is still considered one of the best robots in the market. If you’re interested in learning more about Forex Expert Advisors, we suggest reading the article “what Is a forex robot?“.
The installation process is almost the same in MetaTrader. Firstly, you must download the file of your desired expert advisor. Then, open MetaTrader and find the “Open Data Folder” from “File”.
After opening the “Open Data Folder” tab, you enter a new folder, click on “EXPERT,” and finally paste your downloaded file there.
This was a complete step-by-step tutorial on how to install a GPS expert advisor.
Regarding GPS, Forex expert advisor executes Its trades on main currency pairs based on scalp strategy, the best trading session for using it on the London and NewYork sessions. Especially during the overlap of these two sessions and when the Forex market reaches its maximum volume, you can run the robot.
The research shows that GPS Forex Robots mainly have the best performance and results on currency pairs. However, you can only run it on four currency pairs. It’s essential to notice that the GPS Forex expert advisor gains Its best results in EUR/USD. If you’re interested in automated trading on profitable currency pairs, check out Alpine EA.
The GPS Forex expert advisor has its time frame settings. It analyzes trades in long time frames and, as it’s said, executes trades on 1-minute, 5-minute, and 15-minute timeframes. Accordingly, the best time frame for using a GPS Forex expert advisor is determined and adjusted inside, and it usually executes its trades in 1 minute and 5 minutes.
One of the best positive features of GPS Forex Robot is that its live trades are available on the MyFXBook website, and users can observe it in different situations and times before buying it.
Overall, GPS Forex expert advisor is one of the most popular Expert Advisors, which has been performing positively for ages.
The creators of the GPS Forex Robot have not announced the trading strategy of this expert advisor clearly. However, the reviews show that the robot executes quick and short-term trades based on the Fast Scalping strategy. However, the major negative point of the GPS Forex Robot is that it uses Martingale during trades.
Perhaps it’s the reason for the high profitability of this robot; after each loss, it tries to compensate for the previous trade by increasing the entry volume of trade. Utilizing Martingale’s strategy is a hazardous method for investors, and it needs a big volume of capital.
In contrast, you can use other reliable robots that are not going to threaten your capital and have a high level of profitability; one of them is Alpine EA, created by an Experienced team that provides regular updates. The most essential issue that should be noted is that Alpine EA trades based on reversal points and does not follow the martingale strategy, which is a risky method. Also, it has many other advantages, such as a great support team etc, that you can see in the Products page.
Auto Analysis: Enabling Auto Analysis prompts the expert advisor to automatically evaluate market conditions and execute trades at the optimal time.
Pairs: you have access to four files by downloading GPS Forex Robot 3. Each file allows the EA to trade on different currency pairs.
Reverse Trade: Setting this option to “True” indicates that the expert advisor will execute reverse trades to help you recover from losses. Before enabling this setting, you must determine how much loss you can tolerate.
Trailing Stop: Setting this option to “true” means that the stop loss will automatically move after entering a profitable trade.
MM: When you use this option and set it to “True,” the software automatically adjusts your lot size based on the capital in your account.
When you purchase the robot, you will receive a ‘Set’ file containing predetermined default settings. These primary settings can be used without modifying other settings.
We will have a quick look at some of the advantages and disadvantages of the GPS Forex robot in the following:
As we read through the GPS Forex expert advisor review, this Expert Advisor is a product of the market, but its win rate is not about %95, which was announced by the creators. One of the disadvantages of the expert advisor is that it uses the Martingale strategy in its trades. Also, it’s recommended not to change the settings after purchasing the robot. You can check the MyFXBook website to check the performance and credibility of this trading expert. Also, if you’re interested in a safer robot that is not created based on Martingale’s strategy, Alpine is one of the best.
Generally, we can consider it as an average-level robot that has an acceptable performance.
The major disadvantage of the GPS Forex expert advisor is the use of the Martingale method to compensate for previous losses.
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