FAPS Turbo Robot discussion

[omalljd]

I realize this is not a thread for FAP Turbo, but I wanted to comment on my experience so far. I bought the FAP Turbo EA the day it was released and I am trading it on a $2500 live account. I am running the short term and long term strategy at the same time. I have it set at 1% money management on each chart. So far the results are very promising.

I'm not sure how to do it, but I would be willing to post my results on this site. I have my Metatrader 4 platforms loaded on a dedicated server at my house. I have several of the commercially available EA's loaded on live accounts.

Don't get me wrong, I am a newbie and could take a lot of heat for doing this with live accounts. I started doing this before I found this site. Forex is a new investment strategy for me and I believe that someone needs to be educated before taking this kind of risk. I have been doing a lot of learning and using EA's will be a small % of my total Forex strategy.

I was also trying to help many of my friends who were losing a lot of money with EA's (robots) that promised the moon and rarely delivered.

Anyways, if anyone is interested or knows how I can post my account details let me know.

Thanks,
Jeff

[PipCop]

I had previously allowed members to post their statements but then had to discontinue the practice. There were several issues that came up, such as withdrawls and deposits affecting the balance and Quick Stats, security and access to my server, and maintaining standards of quality in the statements. So, while I do REALLY appreciate the offer to help out, for now I am going to have to decline.

However, you are more than welcome to post screenshots of your results in a new thread (if you'd like to create one in the General section) and get a discussion going about FAPS. I am sure many other folks will join in.

I have to say it - all these folks with live accounts, losing money ... you should donate that to me so I can improve the site, which will in turn find the best EA, and then you'll have made a good investment.

Anyway, have a good weekend, I'm signing off!

[Ken Long]

PipCop, Can you start a regular link for FAPS Turbo? Even though you are not testing it yet. I'm sure I'll have plenty to say!! If I can set these up an dedicated accounts, that means a dedicated computer too, I'll post the password for others to check the account. It wont be soon, I'm already over my head with new projects.

[PipCop]

You can start one ya know ... Click the giant "New Thread" button at the top of the page and start one in General!

[Ken Long]

FAPS Turbo is running extemely well so far. Just 3 1/2 days, so nothing conclusive yet, but my $2500 demo account is up $1200, with -300 in open drawdown . None of the scalper trades have remained in drawdown , and the only 1 losser was well managed, very small loss.
The regular FAPS however runs a 500 pip stop and 5 trades simultaneously, by default, I havent changed anything yet, which is very overleveraged for my account.

The only complaint I cant understand at this point is the trading restrictions they impose. The FAPS only trades the EURUSD, and the scalper only trades the EURGBP, EURCHF, USDCAD, and GBPCHF. I would like to be able to trades the FAPS on some currencies with wider spreads, and the scalper on more currencies, expecialy those with tight spreads. Also the scalper only trades directly before and after 5pm eastern time, within 2 hours on all trades listed. This sets it up for a lot of rollover interest, so it might pay to only trade with positive interest, and a broker that has good rates.

[Ken Long]

PipCop, I was interested in a link under the EA reviews. But if we have to we can go to the general forum. Eventualy youll probably wind up sending us there.

[PipCop]

The only new threads I start under the reviews are ones that have a live statement, all others have to go into General for now. I've moved this one for you, but next time go ahead and start a new one, because that will help visitors find focused discussions, and saves me from having to move things around.

[Fariborz]

Hello everyone, my name is Fariborz and I'm new to this forum. I just purchased the FAP Turbo about a week ago and I've been running it on a $3000 demo account (with ForexMeta) for several days now. Well, let me tell you, this robot is scaring the Hell out of me! As of right now, it has an open drawdown of over $2000 on five or six positions on the EUR/USD. I contacted the company about this and they said that's normal. They told me to just let the robot run and it will eventually close in profit, but I don't know how it could do that if suddenly a spike in the EUR/USD causes a margin call (since there's only less than $1000 left). They also said that the robot does have a stop loss on all the positions, but I can't figure for the life of me where that stop loss could possibly be. On two of the positions (the first ones) the open loss stands at about $600 each. These are each two (2) mini lot positions, which means that the currency pair has moved 300 pips against the positions. So, where could the stop loss possibly be, at 500 or 1000 pips? I don't know, maybe I'm doing something wrong. I know I set the parameters correctly (as I was instructed in the mannual). I set the money management at 5%. Anyway, maybe somebody can tell me what's going on? The robot did make about $40 on the scalper trades in one night, but still, those EUR/USD positions are killing the account.

By the way, I've been trading Forex for about five months now and I've lost about five thousand dollars so far. That's why I thought I should perhaps try an EA for change. So, I would really appreciate it if any one of you guys/gals could point me in the right direction as far as EAs, systems, methods, etc. Thanks!

[omalljd]

Pipcop, thanks for moving this over to a new thread. I think we will see quite a bit of interest in this EA since it has been marketed and hyped very well. Time will tell if it is the "Holy Grail" of robots. I am still a Forex newbie, but I can already see that the "Holy Grail" of robots may not exist. It appears that all EA's need to be tweaked as market conditions dictate. Some of the author's may do this already, but if they could either update the EA as conditions change or have a real time update to know how to set the parameters. I don't know if you can change the parameters of current trades as they are happening but maybe that would be beneficial. From reading many different threads and posts, it seems that most people buy robots so that they can set it and forget it. I could see doing that if I was trading a demo account, but I am trading live accounts. I can't imagine only looking at the trades once or twice a week but I have always "micro-managed" my investments. Maybe I just don't trust anyone but myself.

Now to my question/observation. I have the FAP Turbo robot on and when the signal came back about 30 minutes ago, it closed out the open trades that were live on Friday afternoon. I was a bit shocked because none of them were close to hitting the T/P or S/L. I had 5 trades that closed. I will give the details below:

EUR/USD .10 Lot Price:1.2908 T/P:1.3048 S/L:1.2405 Closed:1.2709
EUR/USD .10 Lot Price:1.2903 T/P:1.3043 S/L:1.2400 Closed:1.2709 EUR/USD .10 Lot Price:1.2727 T/P:1.2587 S/L:1.3230 Closed:1.2712
EUR/USD .10 Lot Price:1.2750 T/P:1.2611 S/L:1.3254 Closed:1.2712
EUR/USD .10 Lot Price:1.2730 T/P:1.2870 S/L:1.2227 Closed:1.2709

I should have mentioned the first 2 were long, next 2 were short , and the last one was long. Does anyone have any idea why they were closed out? My account is still positive equity and I wasn't even close to a margin call . Is the robot set to close a trade after a certain timeframe? I have triple check that all the parameters are correct.

I have seen people post account screen shots into the threads. How do I do this?

Jeff

[omalljd]

Fariborz,

I have no idea why your demo account is experiencing that much DD. Are you sure all of the parameters are set correctly? I haven't seen that kind of DD. I believe that the default S/L is 500 points. I guess you could just let all open trades continue as long as you had enough money in the account, but that seems like a risky long term trading strategy to me. I am trading .10 lot size on a live account and I am not using the money management feature. I think possibly some of the parameters need some fine tuning as well. Again I am a newbie so take what I say as such. If I had a small account I would limit the number of open trades more and possibly change the S/L. I have no idea what I would change the S/L to because I know these trades need breathing room. For me, after I understand all the ins and outs of the EA I will set a plan in place and trade off of that. I don't think I can just let it just run by itself.

Jeff