EA Indicator Review: Forex Gump

Today I’m reviewing a new system that can be used as an indicator or a Forex robot, as the developer is selling both for the price of one, Forex Gump. First published on August 3rd, 2017, the system is still running version 1.0, and has never been updated by the development team. Generally, we prefer trading systems that are updated on a more frequent basis, but that doesn’t mean that the software is instill a viable trading product.

Owned and operated by Andrey Kozak, located in the Ukraine, this developer is behind 44 published products on the MQL5 marketplace. Considering this large array of different products, it’s really no surprise that the development team hasn’t found the time to update the trading software that we are reviewing today. In this list of products, are quite a few under the “Gump” product line, including “ForexGumpUltra,” “ForexGump Professional,” and “ForexGumpXL.” In looking closer at these other iterations of the software, it’s clear that the developer is selling new versions, instead of providing free updates to the original software. The original system is the most comments and reviews, so that’s where we will be focusing our attention today.

Forex Gump Review

Andrey promises the community that when traders sign up with any of his Forex Gump product line, that they get access to a “ready-made trading system.” This means that traders don’t have to modify the settings, or do different tests in order to find profitable settings.

The general strategy isn’t elaborated on, instead the creators of the software want to attract the average client so they make it seem very simple. They tell the community that traders have to simply follow along with the entry and exit signals displayed on the screen, or install the expert advisor that comes with the indicator system to automate the process completely.

In terms of features, Andrey tells us that the software doesn’t repaint, that there are no delays, and that the system works on all currency pairs and time frames.

As for the parameters, there are only 4. Information which displace the extra info, as well as the logo. Shortwave which adjusts the trend wave amplitude, as well as a couple filters that adjusts the indicator period and the filter period. I’m unsure how these parameters relates to the strategy, as this information is not provided by the vendor. While this started out as an indicator, it’s now presenting itself as a highly rated expert advisor, in line with its competitors the BSS Scalping EA and Daily Waves EA.

Breakdown

• 

  Type: Forex Robot / Indicator
• Price: $47
• Strategy: HFT Scalper
• Timeframe: All Timeframes
• Pairs: All Pairs
• Minimum Deposit: Undisclosed

Going for $47, the Forex Gump indicator/robot, is one of the cheapest systems I’ve reviewed in quite some time. I believe the software is priced so low because the developer is charging clients another $47 every single time they update the software. I would rather they charge over $100, and then provide free updates for life.

It’s also worth noting in the breakdown that while the developers claim to provide a ready made trading system, the fact that the software is compatible with all time frames and all pairs means that the trader will have to do some work figuring out which of these are the most profitable.

Trading Results

There are 2 screenshots available that show a couple different profitable trades signaled by the Forex Gump system. The vendor is not providing us with any verified results, or longform trading statements verified by third-party websites. Andrey clearly needs to spend much more time working on these aspects, because it’s impossible to compete for clients in this market without verified trading results in 2018.

Hopefully the trading results are improved as we move closer to 2019, but I find that hard to believe.

Client Feedback

there are currently 2 reviews that came near the end of 2017, one is a 5 star review and the other is a 1 star review. Instead of breaking them down for you, I will just provide you with a screenshot that shows you both of the reviews so that you can peruse them on your own.

Gump Update

The Forex Gump system seems to be gaining in popularity, with multiple blogs recommending their service, and claiming that the expert advisor portion of the software is very effective.

While the team provides an FX Blue account exclusively, we did find a Myfxbook account that’s been running for the past 4 months. During this time, the software has gained 140% with a 67% drawdown. In one occasion, the account was up 50% but had so many losing trades open that the equity was at -45%. On another occasion, the account growth was 135% with an open equity of 7.61%. So, while the software is actively growing, it is taking immense risk to do so. Even right now the account has over -5700 pips open, waiting for the trades to turn positive to close.

With a strategy like this one, any major market spike could blow the account. We definitely recommend a lower risk approach if the vendor provides it. As, the account we are looking at is extremely risky, and not an approach we would use on our live accounts.

Conclusion

while the price is right, and it’s unique to have both the indicator and expert advisor versions of the Forex Gump software that such a low cost, I don’t see myself signing up with this product today. Without verified trading results I really don’t know what I would be getting myself into, and in this day and age, I always want to have a clear picture of a trading product before I purchase it.

If you’ve anything you would like to add to the review, please leave your questions and remarks below the article now.