A Bad Week for Fap Turbo
Posted by | Posted in Automated Forex Trading Systems, Fap Turbo | Posted on 23-01-2009
January 2010 Update: Read my latest Fap Turbo Review here.
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.
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Hi Chris.
I live in South Africa and I am wondering if this mere fact can result in me doing wrong adjustments to the Robot due to the delay in time? Another question I would like to ask you is; How many people in our country is making use of Fapturbo? HOW ABOUT SOME REAL LIVE TRAINING IN OUR COUNTRY? The Robot is not that easy to make use of as what you guys are claiming it to be. I for one, would realy like to get more involved into the correct manner o using it to be able to show positive results.
Many thanks
Rian.
Rian – I really don’t think that the mere fact of living in SA makes much of a difference..a 500 millisecond delay in order processing is not nearly enough to influence anything. I have no idea how many SA users there are, but there does seem to be quite a few when I just look at feedback I receive on this blog. In terms of training the only option at the moment is to spend some time in the Fap Turbo forum, but I know that this can be frustrating.
Have you looked at the FapWinner service ? It comes at a cost, but they offer detailed trading plans and other training for Fap Turbo that apparently works very well.
Hi Cris,
I am a South African using the FapTurbo system, I have been using it for a week now and am having good results. I have a 77% trade win and a Max Drawdown of $1.72 so im happy. I do the forex as a hobby so I have not had much time to study how Fap works. Can you suggest the safest setting for me. Thanks
Hi Chris,
I am South African, living in BHS.
I am sort of stuck between a rock and a hard place.
I have a $100 to invest after purchasing FapTurbo, Demo account mean nothing, I have run them on various brokers and they do great…but!..live account it is difficult to fine decent brokers that need to me my specific requirments:
1. Microlot Trading
2. Deposit/Withdrawl with a credit card.
3. MT4 on Microlot trading.
I had a live account with FXPRO but, understandably I could not open a single trade with my Bot, because I had a Minilot account..with only $100 deposited…my quest to find a broker has been in vain. Do you have any sugestions?
Jean-Michel – In my opinion the safest settings would be to use the short term strategy only, on the EURGBP currency pair only. Set your LotRiskReductor setting to 5 and turn money management on.
Shaun – The broker question is a tough one and one that doesnt seem to have an easy answer. Most brokers have higher spreads at the moment (during night time GMT). I use IBFX and they definitely allow trading with microlots, but whether they are a good long term choice remains to be seen. The best thing I can suggest at the moment is to spend some time in the Fap Turbo member forums to see what people say about the different brokers.