Forex Gump EA is one such expert advisor which promises to be profitable and user-friendly towards both novice and experienced traders. It is designed in such a way as to help a trader in gaining consistent high returns.
The website, though professionally designed lacks some basic information related to the people behind it or the developers of the platform which is a definite red flag. The site offers some explanation on the strategy used by the forex EA in question. Overall, the level of transparency provided by the website is questionable and not encouraging.
About Forex Gump EA
|Pairs Supported: GBP / USD, USD / CAD, USD / CHF, USD / JPY, AUD / USD, EUR / CHF, EUR / GBP, EUR / JPY, EUR / USD|
|Broker Compatibility: Can work with all brokers|
|Strategy Used: Scalping|
|Platform Used: MetaTrader4|
|30 Day money back guarantee available|
|Minimum Deposit: $40 USD in a Cent Account; $4000 USD in a standard account|
Forex Gump EA provides a host of features that are associated with high-frequency Scalping. IT utilizes a one minute time frame where the forex robot works 24/7 to ensure that the trader gets the best trading opportunities available on the market.
Forex Gump EA provides two types of accounts for its users as shown in the screenshot above.
The €199 Account provides one live and one demo account, while the €399 provides 3 live accounts and an unlimited number of Demo accounts for traders.
- Forex Gump supports multi-currency strategies, allowing traders to work with the aforementioned 9 currency pairs.
- Forex Gump EA also provides its users with an effective money management function to protect their capital.
As mentioned before, the website does not provide a proper explanation of the strategy implemented by the EA. It only indicates that it uses a candle chart and a news filter.
After looking at some of the trades completed by the EA over the past year, it appears that it implements a type of high-frequency Scalping Trading or HFT. HFTs are a collection of several strategies which have a high frequency entry point in the market. Thus, various short-term and scalping strategies fall under this category.
For a Forex EA to be taken seriously, it has to provide trading results for real accounts on authoritative sites such as Myfxbook.com or Fxblue.com. In the case of Forex Gump EA, they have provided screenshots to their FX Blue account, which shows a balance of $13,964.
As shown in the screenshot above, the total return amounts to a little under 1000 % which looks a bit unrealistic. The peak drawdown levels are surprisingly not provided. An area of concern, however, is the lack of a hyperlink which would allow visitors to check and confirm the test for themselves. There have been incidents in the past involving fake Fxblue accounts and fraudulent Forex EAs and this certainly raises some suspicion.
Pros and Cons
|Works with multiple Currency Pairs||Unproven Backtesting Results|
|Money Back Guarantee||Lack of Transparency|
After evaluating the benefits that this EA provides, it is safe to say that Forex Gump EA does not live up to its high price. There are many other alternatives traders can get which have proven test results and are far less expensive than this EA.