Feedback about this fully automated trading robot has been positive, with most users reporting profitable trades using it. Before investing real money in it, however, it’s best to experiment with it first using a demo account; fine-tuning settings to your trading style, strategy and preferences could take some time. Company transparency is another strong point of this bot; potential buyers can access verified GPS Forex Robot 3 performance data for review by them before purchasing.
The GPS Forex Robot software program contains pre-set trading strategies for various currency pairs and brokers, and uses built-in coding algorithms that will identify lucrative trading opportunities and execute trades automatically for you. However, this robot does not make scalp trades; nor does it limit how much money can be invested per trade; also it does not impose limits on maximum amounts invested per trade; additionally it must be remembered that automated trading software such as this still requires your input; you will still need to monitor market charts closely while considering volatility forecasts for at least 10-20 days in advance before taking action based on this robot’s outputs.
Once you’ve downloaded and installed GPs Forex Robot software, the next step should be selecting a broker compatible with it. GPs Forex Robot works with any MT4 broker that supports the use of Expert Advisors; STP / ECN brokers with tight spreads may provide better trading conditions; it is preconfigured to trade EURUSD but this can easily be altered so it works with different currency pairs as well.
Adjust the default settings in the software to suit your individual requirements, such as setting how much of an initial risk per trade you want to accept or whether or not reverse trades should take place after losses occur. Furthermore, trailing stop can be enabled for protection from excessive losses.
Other settings that you can adjust are Auto Analysis – setting this option to “true” will cause the software to analyze market conditions and select optimal trading times for you. Furthermore, you can define which currency pairs to trade as well as set your broker into their appropriate trading zone before initiating trades using the robot.
Other features of this robot include a news filter to avoid trading during high-impact news events and a money management system to control risk exposure. Furthermore, the software also comes equipped with a comprehensive user guide providing detailed instructions for its usage. Furthermore, you may choose to run it on a Demo account first in order to learn the ropes before investing any real funds into forex trading – typically run for as little as $100, though your broker may require minimum funding amounts before permitting use.