I’ve been looking for a good manual trading system to test as an alternative to the various trading robots I’ve tested so far. I’ve already studied the 10 Minute Forex Wealth Builder and Forex Avenger products and I plan to start testing them this week, but while these products are good for beginners, I’m also looking for a product that is more comprehensive and suited for the serious trader who really want to learn how to become a full time Forex trader.
I spent many hours evaluating Forex products and really battled to find products that has good reviews from actual customers (not affiliates). I was shocked to see how many Forex courses turned out to be total scams or completely ineffective, even at prices of $1000 or more. Just as I was ready to give up, I came across the Hectortrader Forex Course and was immediately interested. Everywhere I went I just read how customers rave about the quality of this course and how this is different from every other Forex course that is out there. After watching the free chapter on the site I became a fan of Hector and decided to make the $197 investment to get the full course.
I will write a full review of this product soon, but in the meantime I must say that this is by far the most comprehensive Forex Trading product I have ever bought. The course consists of about 15 hours of training videos, countless trading examples, custom indicators and one-on-one support from Hector himself. The trading method is incredibly effective and works on any currency, on all time frames, so it is suitable for the full time or part time trader. In the videos Hector teaches you everything about his trading methods in great detail, including the exact entry and exit signals, stop loss and profit targets, when to avoid trading etc. To be completely honest, I don’t see how Hector can sell his course for only $149..similar products sell for 10 times that amount.
I will practice the Hectortrader System this week and hopefully start posting some test results by next week. For those who are interested, here is a good intro video from Hector:
It was definitely not a good week for my live account and I’ve learned some expensive lessons over the past couple of days. On Monday night I traded with high risk settings, against the daily recommendation from the Fap Turbo team..as a result I risked 20% of my margin on a single trade on EURGBP that resulted in a $870 loss, effectively wiping out more than 20% of my account.
On Wednesday night something similar happened and I lost a further $100 on a EURCHF trade. Had I been more patient/conservative and followed the daily recommendations, neither of these trades would have happened. Perhaps I was a bit overconfident in this system and should have used a more conservative approach to start with. See the current statement of my live account below.
I still think that Fap Turbo is a profitable system, but I will definitely take a more conservative approach going forward. From now on I will not allow the system to trade if the spread is too high, or when the Fap Turbo team says it’s too risky, even if it means doing no trades for a while until the markets have settled down again.
In the meantime I am very excited about the Hectortrader Forex System, a product I purchased last week after many hours of research into Forex products. I have been watching the training videos all week and I must say that this is the best Forex product I have ever purchased by far. More on this in my next post.
January 2010 Update: Read my latest Fap Turbo Scam review here.
First of all I would like to apologize for being so quiet lately. Our second child was born on 5 January 2009 and life has been a bit chaotic over the last 2 weeks or so. Things have started to settle now and I hope to post regularly again soon.
Things have been very quiet on the Fap Turbo front since my last post on 2 January. The robot has only made 13 trades in the last 2 weeks and unfortunately 2 of these were significant losers, so my account balance is back at $3050. The fact that I haven’t really made money so far doesn’t really bother me, because this was a very difficult period to trade in due to the holidays and the Fap Turbo guys recommended to turn the robot off for most of this period anyway.
What does worry me a bit is the fact that Fap Turbo is finding it really hard to do any trading at the moment. Brokers spreads are now higher and more volatile than it was in November 2008, especially during the session when Fap Turbo trades at night, which makes it difficult for the scalper to find profitable trades. Many trades are also rejected due to “off quote” errors, so all in all the system is having a hard time making any trades. The same type of situation can be seen on the live accounts on the Fap Turbo Homepage and there is a lot of discussion going on about this in the member forum. The brokers say that all of this is just due to current market conditions and has nothing to do with Fap Turbo itself, but whether this is true or not remains to be seen. I will post another update on this soon. One thing I can say is that the Fap Turbo developers seem really committed making this a long term success story, so it would be interesting to see what happens.
In the meantime I’ve decided to kick off 2009 by testing some new Forex systems. Firstly I really want to start testing some “10 Minute a Day” manual trading Forex systems that will work for the average trader who has a full time job and limited time. I’ve already purchased 10 Minute Forex Wealth Builder and Forex Avenger for this purpose, but I’m also thinking of buying one of the following: Forex Virtuoso, Forex Assassin or Forex Massacre. There are many advantages to trading with your own manual system and I’m hoping to find at least one good strategy among these..more on this later. In addition to this I’m also thinking of testing at least one new Forex robot like Forex Miracle or Forex Boomerang. I’m hoping to start with all of this over the next few days.
I leave you for now with this funny Forex commercial I found at YouTube..
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January 2010 Update: Read my latest Fap Turbo Scam review here.
Since my last post 2 weeks ago things have been relatively quiet on the Fap Turbo front. Just to recap – in early December I discontinued my demo testing of Fap Turbo and activated it on my live account at Interbank FX, into which I deposited $3000. Things started of well, but then we entered the holiday period and trading slowed down significantly.
Due to lack of liquidity over the holiday period, many brokers had increased spreads and off quote errors appeared more often than usual, so the Fap Turbo support staff recommended to turn off the system between 22 Desember and early January. I mostly followed this suggestion, but couldn’t resist doing a few trades here and there.
Unfortunately this impatience cost me $60 due to a trade that was opened just before the market was closed for holiday on 24 December. This trade could only be closed when the market opened again 2 days later and $60 was lost on a trade that should never have been performed. Apart from this the Fap Turbo system has been quite successful with its trades so far and my account has grown by $163. I’m happy wth this result, considering that it was turned off most of the time. (See the full statement of my account below).
I will make another post this weekend with some more thoughts and plans for the new year. May everyone have a prosperous 2009!
January 2010 Update: Read my latest Fap Turbo Scam review here.
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