FXTradingReviews Forex BlogReal Reviews of Forex Trading Systems

I’ve been using Fap Turbo for only a day and a half now, but so far I am impressed with what I’m seeing. The long term strategy has made some big profits and the $5000 demo account I installed it on is already more than 500 pips in profit for a net profit of over $1000. There are many settings that can be customized inside Fap Turbo, but more detail on this in a later post.  See my full review here: http://fxtradingreviews.com/fap-turbo-forex-robot-review/

January 2010 Update: Read my full Fap Turbo Review here.

Fap Turbo was launched today and I must say that I was very excited to get a copy.. a few minutes before the launch time I was already sitting in front of my pc refreshing the Fap Turbo homepage every couple of seconds, afraid that I would somehow be too late.

Well I got my copy and as of 10 minutes ago the Fap Turbo robot is activated on 5 currency pairs in my demo account at Interbank FX. I have spend a couple of hours reading the manuals, watching training videos and checking out all the various settings of the system. So far I am VERY impressed with what I’m seeing.

The Fap Turbo system basically consists of 2 seperate trading strategies – Firstly, a long term strategy that is basically an improved version of Forex Autopilot, but with much more detailed documentation, a fixed stop loss strategy and various other changes that make it more profitable. Secondly, a short term strategy that is something completely new, very profitable and very low risk by the looks of things.

I will try my best to post a detailed review of Fap Turbo over the next day or so, but in the meantime I would definitely recommend that you check it out for yourself, because they are apparently only selling a limited number of copies. I have decided to suspend my testing of Forex Autopilot for now so that I can focus on testing this product for a while.

January 2010 Update: Read my full Fap Turbo Scam review here.

Is Fap Turbo Just Another Scam?

January 2010 Update: Read my latest Fap Turbo Review here.

There has been an incredible buzz around the launch of the Fap Turbo Forex trading robot and like many others, I have been caught up in the hype. The question is, am I going to waste my money or will this robot be the real deal ? The reason for all the hype is quite simple: Fap Turbo offers solutions to the problems that are commonly experienced with other Forex trading robots. The common problems with trading robots are:

These are the main reasons why I decided to buy Fap Turbo. I have spent the last few days reading their promotional material, watching their videos and checking out the live accounts that they have on their site and so far haven’t come across anything that raises the alarm bells yet. At the time of this post they have not launched the Fap Turbo yet, but I will be one of the first in line when they do. I dont know if there will be a limit to the number of copies sold, but this time I’m not waiting around to find out. I will post more detail as soon as I have had a chance to see how the product works.

January 2010 Update: Read my latest Fap Turbo Scam review here.

January 2010 Update: Read my latest Fap Turbo Review here.

During the last week there has been a lot of hype about the release of Fap Turbo, a new Forex trading robot that promises to be the best there ever was. The main reason why there is so much expectation around the release of Fap Turbo is the fact that they use live trading accounts to prove how well their system works.

A very impressive 9 year back testing report is given that shows a success rate of 95%, with a maximal drawdown of only 0.35%, but because of the bad reputation that back testing has in this industry, the creators of Fap Turbo have really gone out of their way to prove that their system works on live accounts of all sizes, trading with real money. The fact that Marcus Leary, the creator of Forex Autopilot was involved in the development of this product tells me that this is not just some poorly written robot that doesnt work, so I’m interested to see how thing develop towards their launch date.

I have read all their pre-launch material and watched all the videos and I have to admit that I am sold already. The product launches sometime over the next week and I am definitely going to jump on it as soon as it becomes available. I will make another post about this closer to their launch.

January 2010 Update: Read my latest Fap Turbo Scam review here.

January 2010 Update: Read my full 10 Minute Forex Wealth Builder Review here.

During this week I made contact with Dean Saunders, author of the popular 10 Minute Forex Wealth Builder system and he agreed to answer a few of the questions that I had about his product. See his responses below.

• Are the techniques taught in 10 Minute Forex Wealth Builder effective under all market conditions, including the current economic crisis ? In other words – is 10 Minute Forex Wealth Builder a good long term strategy that can withstand the type of volatility we are seeing in the markets today? Answer: Yes it is performing better than ever right now, especially the swing system. Stops have to be larger at the moment but it’s just a case of controlling the risk on each trade by using the correct lot size.
• What are the advantages of using a manual trading system like 10 Minute Forex Wealth Builder over an automated system like Forex Autopilot? Answer: One thing a Trading robot will never get is experience and a feel for the markets. Nothing can substitute real trading experience, it gives you a further edge on your trading system.
  
• Do you still personally trade with the techniques taught in 10 Minute Forex Wealth Builder on a daily basis? Answer: Yes, I have been trading them for many years.
• Besides the 10 Minute Forex Wealth Builder, do you use any other trading systems on a regular basis? Answer: Apart from the 10 Minute Forex Wealth Builder strategy, I also do day trading with my Blade Forex system.
• Lastly, do you have any advice for new Forex traders? Answer: Make sure you demo trade until you are consistent for at least 3 months. Focus on daily time frames and stick to only the best setups.

I did some trades with the 10 Minute Forex Wealth Builder system this week and so far this really looks like a very solid system. I’m only about 20 pips in profit at the moment, but I made some mistakes and really should have been up by at least 150 pips.

I’ve done 2 Breakout trades and 2 Swing trade so far and I have to say that the swing trade is my favourite so far..it occurs lesss often, but it seems to be a very accurate trading technique and the logic behind it makes a lot of sense. The mistakes I’ve made so far have been with my money management – Dean suggests spesific stop loss and take profit values for each currency pair, but I’m already learning that common sense should always prevail.

For example, in a Breakout trade on the USDCHF, I placed my take profit target 100 pips away at 1.2001. The price moved up by 99 pips to 1.2000 and then hit strong resistance, because 1.2000 is a signififcant round number that the USDCHF hasnt broken since 2007. Instead of expecting the price to break through 1.2000 to hit my target at 1.2001, I should have just put my target below 1.2000 at maybe 1.1999, but instead I was later stopped out by my trailing stop and made 50 pips profit instead of 99.

The 10 Minute Forex Wealth Builder system definitely requires a bit of practice before you go live, but after working with it for a week I really have high hopes that this is a very effective part time strategy. Next week I will start posting some trading logs and results for this system.

January 2010 Update: Read my full 10 Minute Forex Wealth Builder Scam review here.

I have come to the end of my first month of Forex Autopilot testing and I am very happy with the results I’m seeing so far. Week 4 was another good one, with 11 winning trades and 0 losers. After one month of testing the situation looks as follows:

Week 1: +409 pips
Week 2: +100 pips
Week 3: +86 pips
Week 4: +220 pips
Total: +815 pips

Total Trades Executed: 58
Winning Trades: 56
Losing Trades: 2
Success Rate: 96.55%

Some people say that the Forex Autopilot is a scam, simply because it does not use a stop loss and while I agree that not having a stop loss is risky, it is also very hard to ignore the high success rate and for now I’m not going to write off this system just because of that.

I have been tempted to start trading with this system on a $500 mini account, but I think I’m going to test it for another couple of weeks before taking the big step. I first want to learn as much as possible about how this system works and possibly join FAP Winner before I enable this on a live account.

I have also made some trades with the 10 Minute Forex Wealth Builder and Forex Avenger systems, but will post more details about this later this week.

Here’s a small bonus for my readers. I recently came across the Big Ben Trading Strategy while looking for systems that trade the London opening and I’ve been meaning to learn more about it. In a nutshell, this is a breakout strategy that is used to trade the pound during the volatile 2 hours after the London opening. You can download the strategy here: http://fxtradingreviews.com/guides/BigBenTradingStrategy.pdf

The Big Ben Strategy is the basis of the London Forex Rush System, a popular commercial trading system with indicators, automated entry and exit calculations etc. Personally I have not tested either of these systems, but the concept does have a lot of merit and I would like to look into this in more detail in the future. Please feel free to comment if you have tried any of these 2 systems.

January 2010 Update: Read my full 10 Minute Forex Wealth Builder Review here.

As I mentioned in an earlier post, I recently purchased the 10 Minute Forex Wealth Builder product in order to test its profitability as a part time trading strategy. I finished learning and back testing this system and started forward testing it yesterday. Unfortunately there has been no trading opportunities so far, so I have nothing to report on yet. In the meantime I have written a detailed review on the product, which you can find here:

http://fxtradingreviews.com/10-minute-forex-wealth-builder-review/

Reviewing a manual trading system is not easy, because you can’t reveal much information about the product itself, but I hope that the above review will be helpful to anyone that is interested in this system. Please leave a comment here or sent me an email if you have any questions about this system at all.

January 2010 Update: Read my full 10 Minute Forex Wealth Builder Scam review here.

Forex Autopilot started the week with its first real losing trade, making a loss of -234 pips on Monday. As I explained in another post, Forex Autopilot closes losing trades at month end in order to have a “fresh start” in the new month. The above trade was still open at month end and closed accordingly. After that the system has made 16 winning trades of +20 pips in a row, resulting in a net profit of +86 pips for the week. Here are the current totals:

Week 1: +409 pips
Week 2: +100 pips
Week 3: +86 pips
Total: +595 pips

In the 3 weeks that Forex Autopilot has been running in my demo account, it has executed 47 trades, of which 44 were winners and only 2 were losers, including a trade that I closed manually when I switched accounts. This is a success rate of 95.7%. Considering the current worldwide economic volatility, I am very pleased with these results so far. It seems that many users are seeing excellent results with the new Forex Autopilot that was released in September.

Over the last 5 days I’ve spent a lot of time learning the Forex Avenger and 10 Minute Forex Wealth Builder trading systems and I’m going to start trading with both of these systems today in a seperate demo account, dedicated for manual trading systems. The two systems are completely different, but I’m very impressed with both so far and will post full reviews of them over the next couple of days.

There’s been some questions about Forex Autopilot settings, so I decided to make a seperate post with some more detail about this. I believe that some of the Forex Autopilot parameters can make a big difference in terms of minimizing the losses and maximizing the profit of this system. For this reason I believe that joining a Forex Autopilot user group like FAP Winner could be essential.

FAP Winner is a specialist Forex Autopilot membership site run by Charles Floyd, a successful Forex Autopilot trader. The Fap Winner membership includes things like a personal trading plan, more information on custom parameters, 1 on 1 coaching, discussion forums, a hedging system and many other services all focussed on achieving success with the Forex Autopilot system. It also seems as if Charles has direct access to Marcys Leary and the Forex Autopilot developers.

Personally I would not trade this robot in a live account without joining FAP Winner first and I’ve been very tempted to join already, but I’ve spent a little too much on this blog over the past few weeks, so I’m going to delay my FAP Winner purchase for a week or two and continue testing the basic Forex Autopilot for now.

See More Detail About FAP Winner Here

Back to the Forex Autopilot settings. Below is the list of parameters that the user can modify. The ones in bold are explained to some degree in the manual, but the rest are not documented anywhere.

The manual recomends that a lot size of 1 is used for accounts over $10,000, with 0.1 for smaller accounts. I’m using a $5000 demo account, so I stuck with the default of 0.1

The LotRiskReductor setting can be used to enable automatic lot management and allow the robot to dynamically decide the lot size of each trade. This setting specifies the maximum percentage of capital that the system can risk on a trade. The current value of 1 effectively disables this feature.

The TrailingStop parameter is disabled by default, but could possibly be used to maximize the winning trades. This is one of the settings that I would like to experiment with.

I am tempted to say the a static StopLoss should be specified, even if it is a high number like 400 pips, but for now I’m going to leave this setting on the deafult value and see how the system handles the big losers.

Apart from things I have already mentioned, the documentation really doesn’t give any information on most of these settings, but I will do some digging and report back if I find anything interesting. One thing I do know is that many people mess around with these settings, but end up going back to the defaults..so improving a system like this is never as easy as it may look.