Forex Gump EA - Should you try?
According to Traders Union’s experts, the pros of Forex Gump include a demo account, customizable risk management, and a 30-day money-back guarantee, while cons can be the lack of backtesting, limited broker support, and no free Forex robot option.
Forex trading is a dynamic and fast-paced industry that demands constant innovation and adaptation. As the market evolves, new tools and strategies emerge to help traders stay ahead of the game. One such tool is Forex Gump EA, an automated trading robot that claims to generate consistent profits in the Forex market. However, with so many options available, it can be challenging to determine whether this EA is the right fit for your trading strategy. So, in this article, the experts at TU will take a closer look at Forex Gump EA and assess its features, benefits, and drawbacks.
Key points from the article:
-
Forex Gump EA uses trend filters, price action and a news filter in its trading strategy to generate signals and adapt to different market conditions.
-
It offers high, medium and low risk modes that can be customized.
-
Traders can test it on a demo account before trading live with no minimum deposit required.
-
Pricing plans are ₤199 for one live account and ₤399 for three live accounts, both with a 30-day money back guarantee.
-
Experts say Forex Gump has proven effective, as shown in its verified 4-year trading history results.
What is Forex Gump EA?
Forex Gump EA is an automated trading robot designed to operate on the MetaTrader platform. It can trade on a broad range of up to 25 currency pairs, including popular options like AUD/USD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/USD, USD/CAD, USD/CHF, and USD/JPY. This diversity is a testament to the thought and consideration that has gone into the trading strategy implemented by the Forex Gump EA. Traders have the option to trade all or a select few of these currency pairs, with major pairs being a popular choice due to their high liquidity and lower spreads.
The Forex Gump EA can operate on either the 1-minute or 4-hour chart timeframes, making it a versatile option for traders. To ensure the best trading conditions on the 1-minute charts, an ECN Forex broker with tight spreads and quick execution speeds would be ideal. However, on the 4-hour charts, the sensitivity to broker conditions may not be as significant.
The Forex Gump EA uses trend filters, price action, and a news filter to generate trading signals. It also has high, medium, and low risk modes that can be customized to suit traders' individual preferences. This adaptability to different market conditions is an appealing feature that shows the EA's ability to adjust to a trader's specific trading style.
Another advantage of Forex Gump EA is that there is no minimum amount required to start using it, and traders can test it out on a demo account to ensure they are comfortable with its performance. The developer has also shared verified Forex Gump EA results, providing valuable insight into how the EA has performed over a period of around 4 years of data.
Free Forex Robot - Best Forex Trading Bot for Free DownloadForex Gump features review
Forex Gump is a powerful Forex robot that offers a variety of features designed to enhance users' trading experience. Let's take a closer look at each of its features:
Runs on both MT4 and MT5 platforms
Forex Gump is compatible with both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, providing users with the flexibility to choose their preferred trading platform. This feature is particularly beneficial for users who already have experience using one of these platforms and are looking for an automated trading solution.
Money-Back guarantee
Forex Gump comes with a money-back guarantee, which provides users with the confidence to try the system risk-free. This guarantee ensures that users can request a refund within the specified time frame if they are not satisfied with the product. This feature is particularly useful for users who are hesitant about investing in a Forex robot and want to test its capabilities before committing fully.
Three different settings
Forex Gump offers users the option to choose from three different settings: high, middle, and low. This technology protects users from losing more money than specified in the EA settings, even if the system crashes. Essentially, the three different settings allow users to choose the level of risk they are comfortable with, ensuring that their trading experience is tailored to their preferences.
Account options
Forex Gump has a minimum requirement of $4,000 in the trading account, or a minimum of $40 on a micro (cent) account. This feature provides users with different account options to choose from based on their budget and trading needs. The minimum deposit is lower than what some other Forex robots require, making it more accessible for users with a limited budget.
Demo account
Forex Gump offers users the ability to test the system with a demo account. This feature allows users to experience the platform's capabilities and performance without risking real money. The demo account feature is particularly useful for users who are new to Forex trading or are unfamiliar with Forex robots.
Are Forex Robots Profitable?Forex Gump costs
Forex Gump is a popular Forex robot that offers users different pricing plans based on their trading needs. Here are the details of each pricing plan:
€199 Plan
The €199 plan provides users with access to one live account and one demo account. This plan includes free 24/7 support, free updates, and a 30-day money-back guarantee. Payment is made through SendOwl, a secure and reliable payment processor.
€399 Plan
The €399 plan provides users with access to three live accounts and unlimited demo accounts. This plan includes all the features of the €199 plan, including free 24/7 support, free updates, and a 30-day money-back guarantee. Payment is made through SendOwl for this plan as well.
As you can see, both pricing plans come with a 30-day money-back guarantee, which provides users with the confidence to try the system risk-free. This guarantee ensures that users can request a refund within the specified time frame if they are not satisfied with the product.
In addition to the money-back guarantee, Forex Gump offers free 24/7 support and free updates to all users, regardless of their pricing plan. These features are designed to ensure that users have a seamless and hassle-free experience using the platform.
How Much Does A Forex Robot Cost?Is Forex Gump worth it? Is it effective?
According to experts, Forex Gump has proven to be an effective Forex robot that offers traders the ability to automate their trading and earn a profit with ease. One of the key reasons for its effectiveness is its powerful trading strategy that uses a combination of trend filters, price action, and a news filter. This strategy allows the EA to adapt to different market conditions and adjust its trading style accordingly, ensuring that users can earn a profit even in volatile market conditions. Additionally, the EA's high, medium, and low-risk modes provide users with flexibility and allow them to choose the level of risk that suits their trading style.
Forex Gump's effectiveness is further demonstrated by its impressive trading history. The robot's developers have shared verified results that show a closed account with a total return of +2,711.4% over 1058 days. These results demonstrate the robot's ability to deliver consistent and profitable trades over an extended period, which is a testament to its reliability and effectiveness.
Another reason for Forex Gump's effectiveness is its ease of use. The robot is user-friendly and easy to set up, making it accessible to traders of all experience levels. Additionally, its compatibility with both MetaTrader 4 and MetaTrader 5 platforms ensures that users can use the platform on their preferred trading platform. The robot's ability to trade up to 25 currency pairs, including the major currency pairs, further enhances its effectiveness by allowing users to diversify their portfolio and minimize risk.
👍 Pros
•Demo Account: Forex Gump offers users the ability to test the system with a demo account. This feature allows users to experience the platform's capabilities and performance without risking real money. This is particularly useful for traders who are new to Forex robots and want to test its effectiveness before committing to a live account.
•Easy Set-Up: Forex Gump is easy to set up, making it accessible to traders of all experience levels. Its user-friendly interface allows traders to customize the robot's settings to suit their trading style and preferences.
•30-Day Money-Back Guarantee: Forex Gump comes with a 30-day money-back guarantee, which provides users with the confidence to try the system risk-free. This guarantee ensures that users can request a refund within the specified time frame if they are not satisfied with the product.
•Works with Both Standard and Micro-Accounts: Forex Gump is compatible with both standard and micro-accounts, making it suitable for traders with different budget levels. This feature provides users with flexibility and allows them to choose the account type that best suits their trading needs.
👎 Cons
•No Backtesting: Forex Gump does not offer backtesting, which is a crucial feature for traders who want to evaluate the EA's performance based on historical data. Without this feature, traders cannot assess the EA's effectiveness under different market conditions.
•Not Supported by All Forex Brokers: Forex Gump may not be supported by all Forex brokers, which can limit its accessibility to some traders. This can be a significant drawback for traders who prefer to work with specific brokers.
•No Free Forex Robot Option: Forex Gump does not offer a free Forex robot option, which may deter some traders who are hesitant about investing in an automated trading solution.
Is Forex Gump safe?
TU experts suggest Forex Gump to be safe. Moreover, the platform offers its users a 30-day money-back guarantee, which provides users with the confidence to try the system risk-free. This guarantee ensures that users can request a refund within the specified time frame if they are not satisfied with the product. This feature adds an additional layer of safety for traders, as it minimizes the risk of losing their investment.
Are Forex Robots Legal?How to start working with Forex Gump EA
The experts have prepared the following step-by-step guide on how to get started with Forex Gump EA:
Choose a broker
The first step to using Forex Gump EA is to choose a reputable Forex broker that supports the platform. Forex Gump is compatible with several popular Forex brokers, including IC Markets, Pepperstone, and RoboForex. It's important to choose a broker that offers competitive spreads, fast execution speeds, and reliable customer support.
How to start working with Forex Gump EA
Open a Trading Account
Once you've selected a broker, the next step is to open a trading account. Most brokers offer different account types, including standard and micro-accounts, which cater to traders with different budget levels. It's crucial to choose an account type that suits your trading needs and budget.
Download and Install the Platform
Forex Gump is compatible with both MetaTrader 4 and MetaTrader 5 platforms. Once you've opened a trading account, you need to download and install the appropriate trading platform on your device. Most brokers offer download links and installation instructions on their website, making the process simple and straightforward.
How to start working with Forex Gump EA
Purchase and Download Forex Gump EA
After installing the trading platform, the next step is to purchase and download Forex Gump EA from the official website. The developers offer two pricing plans, a one-time payment of €199 for a single live account or €399 for three live accounts. Once you've purchased the platform, you'll receive a download link and installation instructions.
How to start working with Forex Gump EA
Configure Forex Gump EA Settings
After downloading and installing Forex Gump EA, the next step is to configure the platform's settings. The EA offers a range of customizable settings, including lot sizes, trading hours, and risk management parameters. It's crucial to adjust these settings according to your trading preferences and risk tolerance.
Which Free Forex EAs Are The Best?Best Forex brokers to work with EA
RoboForex
RoboForex is a brokerage company that was founded in 2009. It provides services to financial markets in 169 countries. More than 3.5 million users are RoboForex clients. RoboForex is the leading software developer in the Forex industry.
RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize, and a European license from CySEC (license No. is 191/13 Robomarkets Ltd).
IC Markets
IC Markets is an excellent choice when it comes to trading with expert advisors. Established in 2007, IC Markets is a versatile and trusted Forex broker headquartered in Australia. This broker offers a comprehensive variety of tradable assets, such as Forex pairs, CFDs, and cryptocurrencies, making it an ideal platform for EA trading.
To start trading, you only need to deposit a minimum of $200 and choose from one of the three available platforms: MetaTrader 4, MetaTrader 5, or cTrader. You get a great deal of zero withdrawal or inactivity fees and a broker regulated by multiple regulatory bodies, including ASIC. With such features and more, IC Markets certainly provides great value for EA trading to its users.
Best Algorithmic Trading Platforms in ForexGlossary for novice traders
-
1
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
-
2
Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
-
3
Forex Trading
Forex trading, short for foreign exchange trading, is the practice of buying and selling currencies in the global foreign exchange market with the aim of profiting from fluctuations in exchange rates. Traders speculate on whether one currency will rise or fall in value relative to another currency and make trading decisions accordingly.
-
4
Cryptocurrency
Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
-
5
Backtesting
Backtesting is the process of testing a trading strategy on historical data. It allows you to evaluate the strategy's performance in the past and identify its potential risks and benefits.
Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).