Forex Gump EA Review

Forex Gump EA Review

Before this forex Gump, there was another Forex EA going with just the same name. The indicator/EA was created by a Ukrainian developer named Andrey Kozak. He has over 50 EAs in MQL5 and it’s quite confusing whether it’s the same EA or not. 

The most apparent assumption one can make is the owner of this EA is in no way Andrey himself. Rather, it’s someone who created (or maybe not) his own robot and decided to peddle it as Forex Gump due to the already made publicity of the original Gump. Besides, the pricing is also vastly different.

How it works

It trades 9 main currencies namely AUDUSD, EURCHF, EURGBP, EURJPY, EURUSD, GBPUSD, USDCAD, USDCHF, and USDJPY.

From the website, it’s a scalping robot which trades M1 timeframe. 

Which is weird because, from its Fxblue account, the average trade length is 2.6 days. And some last over 500 hours (20 days)

They’re quite vague when it comes to strategy. Only saying it’s created with ‘trendy a candle and news filter’ and can be adjusted to high, low or medium risks. Whatever that means. 

Trading Results

There’s not much in results one can compare with. Like earlier said, the fxblue account present was created in mid-2018 and there’s no myfxbook account. 

It’s not clear why they don’t have a myfxbook. From the account, this forex trading system has a monthly return of 20%. 

This is impressive. Especially considering they have 0% drawdown. They average 1500+ pips per month. But have more than 20 trades per day. 

Considering they have a win rate of 75%, then each trade has about 10 pips. 

The risk-reward is 1:85 which is fairly impressive too. Especially with how small the profit is. 

Pricing And Refunds

The Forex Gump has 2 price packages. One costs €199 and comes with 1 real and 1 demo account. The other costs €399 and comes with 3 real and unlimited demo accounts. 

Both of them are available with free updates and 24/7 customer support. You also get a refund within 30 days of purchase. 

Minimum Balance And Recommended Broker

The minimum balance is $4000 on a standard account. This is quite high than most people can afford. But sort of logical because it’s scalping and opens more than 15 trades per day. 

With such activity, you need a large account to give your trades allowance to play out. They also recommend leverage of 1:100 or more. And can work with any forex broker. 

Pros And Cons

Pros

1: Stable trading history

From their account, their forex robot is quite impressive. Their win rate is good. The risk-reward is also good for that timeframe. And above all, they’ve made substantial profits

2: Fair Price.

The price is quite a good range. For a lifetime product, this is quite a great price. Especially the €399 seems like a steal because you’re getting 3 real account licenses. 

Cons

1: Questionable owner.

There are reasons to believe the owner isn’t Andrey. And if it isn’t, then the owner of this EA is peddling his EA on the publicity of another EA. This isn’t right. Like, why choose a name that’s already in the market? It creates confusion for someone who purchases this EA thinking it’s from Andrey. 

2: It’s a M1 robot

Scalping on M1 is not profitable. That’s a fact everyone agrees to some point. It’s too volatile and most of the trades carry very few pips. Chances are, this isn’t a M1 robot. That’s why it can hold trades for more than 2 days. And since it’s not, then why do they claim it is?

3: No Myfxbook account

One assumption that can be made here is, they’re assessing their performance on Fxblue so that if the fx robot flops, they’ll vanish easily without responsibility. 

Why else would a developer choose to remain anonymous, choose a name already in use and publicize the account through a NOT so trusted source?