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.
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 was there, but it stopped updating in July 2020. However, the results are 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.
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.
Verdict: 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.