Forex Gump Robot Review
In this review of Forex Gump, you can learn everything you need to know about a well-respected FX trading robot. Forex Gump launched in 2017 and its backtesting data shows a profit of over 1,000% in the last year. This sounds very promising, which is why our trading experts were keen to take a closer look at the software.
The robot works with MetaTrader 4 and supports nine currency pairs. It boasts three different risk profiles to choose from and automatically changes its approach to trading depending on the market conditions on a given day
With a low purchase price, and needing only a $40 trading balance to function, Forex Gump also stands out as a great budget option. Read our in-depth review of Forex Gump to learn more about each feature and to decide whether it’s right for you.
Pros
Historical performance clearly displayed on the websiteThree different risk profilesStart trading with as little as $40Works in conjunction with MetaTrader 4Cons
Not many contact optionsLimited to 9 currency pairs
Forex Gump trading strategy
Forex Gump trading strategyOur review team was happy to find that Forex Gump works with MetaTrader 4 EA. This makes the robot highly accessible as most popular forex brokers support this platform. Depending on the plan you select, you can run the EA on three different live trading accounts.
With the robot, you can trade nine different currency pairs. These are:
- AUD/USD
- EUR/CHF
- EUR/GBP
- EUR/JPY
- EUR/USD
- GBP/USD
- USD/CAD
- USD/CHF
- USD/JPY
Forex Gump is fully automated, based around which parameters you set and which risk profile you choose. You can choose between high, medium and low risk and all trading is completed in 1-minute time frames.
This EA will work on a 24/5 basis and will look for opportunities until such a time that you deactivate it. You can start using Forex Gump EA with as little as $40 in a micro trading account, or with $4,000 in a regular account. Our review team also found that Forex Gump works best with leverage of 100:1 or higher.
Forex Gump backtesting data
Forex Gump provides you with both historical and live performance data. You can view everything from how many times certain currency pairs were traded, the level of margin used, to a total breakdown of the returns.
At the time of writing, the data shows an excellent return of +1,459.9% profit for the year or +14.7% every month. You will be hard pushed to find these kinds of returns anywhere else.
Our review team, however, was a little disappointed to find that no backtesting reports are supplied by the developer. This stops you from comparing the results of each test and identifying irregularities.
Forex Gump plans and prices
Forex Gump plans and pricesThere are two main types of Forex Gump accounts to select from. The first requires a one-time payment of $199. With this account, you can use the robot on one live account and one demo account.
The second account option costs $399. For this price, you can activate the Forex Gump forex robot on three different live accounts and an unlimited number of demo accounts.
With both account types, you have access to 24/7 customer support, free updates and a money-back guarantee lasting for thirty days.
Who should use Forex Gump?
Who should use Forex Gump?As both account types are reasonably priced, and you can set your own risk profiles and parameters, our reviewers think Forex Gump is suitable for both intermediate and experienced traders. Of course, however, you will need to be happy with only trading the nine supported currency pairs.
Although Forex Gump is a budget option it may not be suited to absolute beginners. This is because the EA works best with quite a high margin (100:1 or higher). Beginner traders should avoid trading with leverage of this size, as it means amplifying risk. Moreover, within the EEA, this type of leverage is only offered to ‘professional’ traders due to ESMA regulations.
Forex Gump is also a good option for scalpers. Our review team analyzed the Forex Gump trading data and found that, in the past, the robot has opened up to 111 positions per day. This means that it is suitable for high-frequency trading.
Forex Gump download and setup
The process of downloading and activating the Forex Gump forex robot is straightforward and quick. It only takes a matter of minutes to get everything in order. Once you have registered and paid for the EA, you can then set up the parameters through the website dashboard. You will then need to download the robot and load it into the Expert Advisor section of the MT4 platform.
Forex Gump mobile compatibility
Forex Gump mobile compatibilityOnce you have added the Forex Gump system to your MetaTrader 4 trading account, you can use it on mobile devices via the MT4 mobile app. This is, however, dependent on whether your broker is also mobile compatible.
On mobile, your experience will also depend on the given broker. Luckily, the Forex Gump EA system is light and without too many moving parts. This means it should run smoothly with a good Wi-Fi or mobile data connection.
Forex Gump – Our verdict
Overall, our Forex Gump review team agrees this EA is a good fit for lots of different types of traders. It is very easy to install and, thanks to its compatibility with MetaTrader 4, it can be used with almost all popular and reputable forex brokers.
As the robot is reasonably priced and you can start using with just $40 in your trading account, our reviewers also agree that Forex Gump is an excellent introductory robot. The live trading results also show that the developer is transparent and trustworthy.
The 30-day money-back guarantee should calm any final worries so, if you feel like this robot would be a good fit for your style of trading, why not try it out now?
Frequently asked questions (FAQs)
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