Does Fap Turbo Still Work?
Posted by | Posted in Automated Forex Trading Systems, Fap Turbo | Posted on 16-03-2009
January 2010 Update: Read my latest Fap Turbo Review here.
It has been a while since I posted any updates regarding Fap Turbo and since I received a number of emails regarding this I decided to post some details about this today. The question that everyone asks me is this – do people really make money with Fap Turbo ?
The short answer to this is yes, people do make money with Fap Turbo. This question is asked on the Fap Turbo forum every week and there are always many happy customers responding with positive results. However, there are also people (like myself) who have lost money with Fap Turbo over the past couple of months. In this post I will list the key reasons why I lost money with this system and what you can do to prevent the same from happening to you.
- Choosing a Broker
It is absolutely essential that you choose a broker that offer a spread of 5 or less on EURGBP between the hours of 21:00 and 01:00 GMT. This is critical to the success of Fap Turbo and the main reason why I have lost money so far. Interbank FX has a spread of 7-12 on EURGBP at the moment and because I grew impatient I allowed Fap Turbo to trade under these conditions, which resulted in unnecessary losses. The following brokers are seen as Fap Turbo friendly at the moment: Alpari, Forex.com and FXCM. - Using a VPS
While a VPS solution comes at a cost, it is an important option to consider when trading with a live account. I have lost a significant amount of money due to untimely power failures and reboots and now firmly believe that a VPS solution is a key component when it comes to minimizing risk, especially if you live in a country that has unreliable power and internet infrastructure. - Market Sentiment
Fap Turbo is an automated system that you can run 24/7, but sometimes it is just safer to turn it off under certain conditions. This system performs brilliantly under narrow, ranging type conditions, so if the markets are very volatile with huge price fluctuations it is normally safer to just stay out and wait for the next day. It is also advisable to avoid trading on days when big news announcements are made. Judging the market sentiment is something that is discussed in a lot of detail in the Fap Turbo member forums.
All in all I believe that Fap Turbo is still a profitable system, provided that you are not greedy and take a low risk approach..the opposite of what I have been doing so far. Right now I don’t want to go through the pain of moving my Forex account to another broker, so I’ve decided to disable Fap Turbo on my live account for a while and see how things turn out. In the mean time I hope to post some test results using other systems soon.
Please feel free to comment with your own Fap Turbo results below.
January 2010 Update: Read my latest Fap Turbo Scam review here.
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Hello Chris -
Hope everything’s going well with the new baby!
I just wanted to thank you for this blog – it’s a great help to someone like me (I bought a license to FapTurbo a few months ago, but haven’t implemented it yet for reasons of brokerage concerns, no experience, and limited funds).
Your info, as well as the Fap member area, should help me to “pull the trigger” pretty soon.
Thanks.
Tim
Fargo, ND, USA
Thanks for the comment Tim, I appreciate your feedback.
Hallo Chris, just returned from a visit to Capetown, can the wind blow there! No wonder you have a lot of power failures there. I was a sucker for al the fantastic trading systems and robots in the past. Most of them are b..s.
Fapturbos live accounts on their website will convince most people to buy it. Most of them have the same problem as you have experienced.
I think a semi auto system, where I still have to make the decision is the best option. Like Able Trend or that system by Currant, I think that is his name. They even have a bleeper now that calls you when the system is giving a trade signal.
Or else we all have to belong to expensive live trading rooms like Puretick or some other. To trade on your own is not an option, you will won and loose. You will never be able to do this fulltime for a living.
So Chris you test the stuff for us as a trader, and I will be the first one to pay you a fee, or a monthly fee as our honest and reliable tester.
Thanks for listening to a sucker. Giliam
Thanks for the comments Giliam, I will keep on testing and see how it goes. I have a friend who is using Fap Turbo and his account is actually in the profit after a few months, so the above points play quite a big part.
Hi Chris, thanks for your blog! I have been running fap turbo demo account for two months now and made significant gains. I want to activate my live account now. Your opinion of fap turbo since you started? Is it still an option or do you have doubts about the success of the system? Another thing, where can I get info on the tax implications for trading forex in South Africa?
Thank Chris!
Danie
Danie – Personally I think that Fap Turbo is still the best choice of the Forex robots out there. The most important thing to me is to use a broker that has a spread of 5 or less on the EURGBP. I broke this rule and lost money as a result of that.
With regards to the tax implications – I’m no expert at all, but I believe you pay tax on any earnings just like you do with any other investment..but it would be good to speak to a tax consultant regarding that.
I hope that helped a bit.
Hi Chris
Thanks for all the info you provide. I am considering purchasing FAP turbo. I see you need to open an account with a broker. Interbank FX give 3 account options a standard account and then 2 mini accounts with different leverages. Which would you suggest. I have never traded forex before.
Thanks
Chris
Jason – I would suggest a standard account with 100:1 leverage, but I can’t really say why though. There is no real difference between standard and mini accounts, except the default size of a lot. Leverage above 100:1 is always considered to be very risky.