Forex Gump Review Update: Another scam that claimed to offer accurate signals that were later discovered as inaccurate.
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Forex Gump is a semi-automated trading system and an expert advisor as well. The developer tells us that if we purchase the indicator, we will automatically qualify to get the EA for free. In other words, the developer is selling both trading system for one price. From the MQL5 profile of this developer, we see that the system was first published in August 3rd, 2017 and has never been updated up to now. It is still on version 1.0.
This is absurd considering that good developers selling in the MQL5 market place and also independently on their sites usually update frequently. Generally, we do prefer trading software that are updated quite frequently as opposed to those that are updated after a while. If the developer updates quite frequently, it means they are quite engaged with the product and are looking to make it a better tool for trading.
The Forex Gump Forex indicator and EA is owned by a developer known as Andrey Kozak. They are located in Ukraine. When we investigate their background and selling record, we find that this developer is also responsible for publishing some 44 trading systems on the MQL5 market place. Therefore, the Forex Gump trading system is not the newest that they have introduced to traders who frequently visit the MQL5 market place while hunting for good trading EAs and indicators.
Considering the large number of products that this developer has channeled into the market place so far, it's no surprise that they hardly find time to update some or all of their products. In their line of products, we find the word ”Gump” used in many of these products. These include products like ForexGump Professional, ForexGumpUltra and ForexGumpXL. When you look at the iterations of the Forex Gump, you will understand that the developer is just selling new versions of the same product instead of updating and providing the software for free.
The original Forex Gump seems to be the most commented of all. That's why we want to review and see whether it's a viable product to trade with.
The developer tells his customers that when they purchase any of his Gump product lines, they will gain access to a ”ready made trading system”. What this essentially means is that when traders purchase his products, they do not have to tamper with any settings in order to find the most profitable settings. The trading strategy for this product has not been elaborated, and that means the developer is only focusing on the less technical client who will go ahead and make a purchase without asking many questions.
Instead of elaborating on the trading methodology used by the Gump line of products, the developer just tells us that we should follow along with the buy or sell signals that will be painted on the chart by the indicator. However, if this is a tedious thing to do, we should just install the indicator that comes with this product to automated the entire process. This will make trading 100% automated.
The developer also reassures us that the Forex Gump is an indicator that won't repaint or lag behind. It works with all currency pairs and in all time frames. The software is also equipped with filters to adjust period of the indicator and that of the filter. We are not sure how this relates to the trading strategy being used by the Forex Gump product.
Whereas the developer first started out by developing a Forex indicator, things have since changed and now the product is being presented as the most highly rated expert advisor in this market place. Direct competitors of the Forex Gump include the Daily Waves which we have reviewed here and BSS Scalping EA. Both products can be found on the MQL5 market place.
We have already discussed the various aspects of this product. We realize that this product is a scalper as the developer says it uses HFT scalper. The Forex Gump is now selling for $47, and we think this is one of the cheapest trading systems we ever reviewed from the MQL5 market place.
Upon investigating the pricing model of this trading system, we realize that the reason as to why the developer has priced it so low is because each time they release a new update, they charge their clients another $47. It would be better if the developer charged $200 and above so that updates can be done for free thereafter.
While the developer tells us that this is a ready to use trading product, we doubt that statement because the product is meant to trade all time frames and all pairs. That means the trader will have to do some adjustments or at least figure out what will work best.
There are no satisfactory trading results that the vendor is providing us with. They are only providing screenshots although these are not valid ways of proving that a system works. In this day and error, they need to use a statement sharing service like myfxbook or provide us with a redacted broker statement so we can know that indeed they are trading as opposed to just developing trading systems.
What we can recommend the developer to do is to work on providing results that can be verified. Without working on this aspect of the selling process, it wouldn't be justifiable selling this product to customers at $47 and charging for every new update that comes forth.
The Forex Gump is just an indicator and an expert advisor. If you are a fun of indicators, our advice is that you should be careful about them because most of them simply lag behind and will repaint signals. This means that making money with most indicators that suffer this setback will be almost impossible. But still there is hope for someone like you who would like to use automated trading tools. Just click here.
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Hola, la verdad he utilizado el Forex Gump y no repinta, quería saber si alguno de ustedes podría pasarme este buen indicador, de antemano muchas gracias.