Forex Gump Review: Things to Consider Before Investing

Forex Gump

Forex Gump is an expert advisor that uses a trend-based approach and news filter for its trading. As per the vendor, the FX EA is highly profitable and trades daily with a unique TP level that allows the EA to adjust to the prevailing market condition. The vendor does not furnish details related to the company, its founding year, developer team, and other info. Neither location address nor phone number is present which raises doubts concerning the reliability of the company.

The highlights of Forex Gump

Here are some features that according to the developer set this FX EA apart from its competitors:

Money management

The vendor provides minimal info on the features and settings of this ATS.  For money management, a unique TP is used according to the vendor. The level is altered based on the current market conditions.

Drawdown control

To ensure the risk is minimal, the vendor provides three different settings. The high, low, and middle settings help to prevent loss of money over the limit you have set even if there is a system crash. 

From the lack of info on the EA, its features, settings, and other details we suspect this is not a reliable ATS.

Trading strategy of Forex Gump

Strategy and features of Forex Gump
Strategy and features of Forex Gump

The M1 timeframe is used by this EA and it works on 9 currency pairs namely, USDCAD, EURUSD, AUDUSD, USDJPY, USDCHF, EURCHF, EURJPY, GBPUSD, and EURGBP pairs. Vendor recommendations for using this EA include a minimum of $4000 on the standard account and $40 for the micro or cent account with the leverage starting from 1:100. Other than mentioning trend candle and news filter features, there is no info on the strategy used by this FX robot. The lack of strategy explanation raises a red flag for this expert advisor.

Backtesting reports

No backtesting reports are present for this EA. Strategy tester reports help gain a better insight into the approach used and the efficacy of the product. Although backtesting relies on historical data and is not really relevant to the future performance of the system, traders still prefer it to optimize a chosen trading strategy. Thus, the absence of backtests raises suspicion on the reliability of this FX EA.

Trading results in real time

A couple of real trading results verified by the FXBlue site are present on the official site. Here is a screenshot of the real USD account that started in September 2020. 

Real trading results for Forex Gump
Real trading results for Forex Gump

From the above report, we can see a balance amount of 142,546.64 is present for the account which began with an initial deposit of $50,000. A total profit of 185.1% and a monthly and weekly return of 9.9% and 2.3% respectively are present for the account. For the trading history of 417 days, the profitability is 87.5% and the profit factor value is 2.02. While the profits and balance look decent, the lack of info provided by the vendor makes us suspicious of the results.

Forex Gump price

Pricing packages of Forex Gump
Pricing packages of Forex Gump

To buy this FX EA, you need to select from the two packages available. One of the packages cost €199 and offers one live and one demo account, 24/7 free support, and free updates. The other package costs €399 and offers 3 live accounts and an unlimited number of demo accounts. A 30-day money-back assurance is present. Compared to the cost of similar competitor systems, we find the price is expensive.

Customer support

An online contact form is the only support method the vendor provides. The lack of sufficient support makes us suspect the dependability of this FX EA.

Are traders happy with Forex Gump?

We found a single user testimonial for this EA on the Forexpeacearmy site. Here is a screenshot of the user feedback:

Customer complaining of the losses with Forex Gump
Customer complaining of the losses with Forex Gump

From the feedback, we found that the EA does not use an SL which can result in big losses. However, the user later explains that he found a way to use the SL from the settings. The lack of info on the settings, and strategy which is also cited in the feedback is a big drawback that corroborates with our analysis of the system.

Forex Gump

Forex Gump
3 5 0 1
From our evaluation of this FX Robot, we find the system is lacking in several aspects. The lack of vendor transparency, insufficient support methods and absence of strategy and backtesting reports explanation are downsides that make us suspect this is an unreliable EA. Further, the minimal info on the settings and parameters and suspicious-looking trading stats in the real account trading are other shortcomings that confirm our doubts concerning the reliability of the ATS.
From our evaluation of this FX Robot, we find the system is lacking in several aspects. The lack of vendor transparency, insufficient support methods and absence of strategy and backtesting reports explanation are downsides that make us suspect this is an unreliable EA. Further, the minimal info on the settings and parameters and suspicious-looking trading stats in the real account trading are other shortcomings that confirm our doubts concerning the reliability of the ATS.
3/5
Total Score
  • Profitability
    4/5 Good
  • Strategy
    2/5 Bad
  • Reliability
    3/5 Neutral
  • Price
    3/5 Neutral
  • Customer Testimonials
    3/5 Neutral

Advantages

  • Fully automated system
  • Verified trading results

Disadvantages

  • No strategy explanation
  • Lack of vendor transparency
  • Suspicious-looking trading stats in real trading
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