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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.

Steve, one of the creators of Fap Turbo wrote this in a newsletter a few days ago and I thought it might be worth posting it here for those who have doubts about the long term usability of the system.

• Fap Turbo now has over 25,000 happy traders and questions and concerns were raised regarding its profitability with such a large user base. Interbank fx has problems pulling trough trades and promised to add more banks to increase trade capability and lower spreads. We decided to let again speak the numbers for themselves.Below you will find two PDF reports.. again real money trading only, no backtests and no games.

  Report one – Report Two
  
  Several people questioned our reports (if they are real or not??) so we decided to upload the publishing to the 3rd party server http://fapturbo.mt4stats.com (that is the most profitable account from our PDF reports – it was nearly doubled in January. You can verify every single trade and see that our pdf report was real.
  
  Fapturbo’s Future? Custom Fapturbo versions are being worked on to fit special Brokerages needs… and lower spread dependence + allow people to use the fapturbo success formula even outside the Metatrader 4 platform. Direct ECN trading is being looked into heavily as well. We can`t go into detail (yet) but you can stay tuned for a lot of happy surprises!

Personally I have recovered some of the losses I experienced earlier, but I will post more details regarding this a little later.

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.

January 2010 Update: Read my latest Fap Turbo 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.

January 2010 Update: Read my latest Fap Turbo 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.

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

I receive many questions regarding Fap Turbo and because many people have the same questions I decided to put together this FAQ to which I can refer visitors with questions. Please note that there is an FAQ at the bottom of the Fap Turbo Homepage that already contains answers to many of the common questions customers have, so remember to visit them if you can’t find an answer here. This page will be a work in progress and continuously added to as I receive new questions.

1. What should my Fap Turbo settings be ?

Fap Turbo has many settings and new users are often unsure about the best settings to use for their accounts. The Fap Turbo support team suggests the following settings for the best results:

• Don’t run the long term strategy on small accounts (less than $10,000)
• Run the short term strategy only on EURGBP and EURCHF
• Enable auto lot management for the scalper (Scalper_UseMM = true )
• Set the percentage risk to be 20 for EURGBP and 10 for EURCHF (using Scalper_LotRiskReductor)

The only other setting that should be changed is the GMT Offset, all other settings can be left on the defaults.

2. What should my GMT Offset setting be for the scalper ?

It is important to understand that the GMT setting has nothing to do with the country you live in.. it is all about the timezone that your broker uses. The timezone where I live is GMT +2, but this has no relevance to the GMT setting of the scalper. My broker (Interbank FX) uses the GMT timezone, so my GMT Offset setting will be 0, NOT 2. The easiest way to determine your broker time is to look at the time displayed in the Market Watch window of your Metatrader client:

Market Watch

Many people who don’t live in the US or UK wonder if Fap Turbo will work in their country. The answer to this is simple – yes it will. Forex trading is a global industry and most Forex brokers are global companies that support customers from all over the world. No matter which country you live in, you can open an account and start trading within days through most of the popular brokers. Live accounts normally work in US Dollars and can be funded using credit card or wire transfers.

4. What are the tax implications if I have a Forex trading account in another country?

Usually you will only pay tax in the country you reside in, so if you live in the UK and have a Forex account in the US, then you will pay tax on your profits in the UK just like you do with any other local income you have. The only complication is that your profits will probably have to be converted to your local currency for tax purposes. Please note that I am not a tax expert, so please confirm this answer with a consultant from your own country.

5. What are the best Forex brokers to use for Fap Turbo and will it work with broker x ?

Fap Turbo can be used with any broker that uses the Metatrader 4 trading platform. Some of the most common Metatrader 4 brokers are: InterbankFX, Alpari, FXDD, FXCM, Forexmeta. If there are any doubts, then the support desk of your broker will be able to confirm if they use Metatrader 4 or not.

6. Why do the results on the Fap Turbo Homepage look different from my own results ?

The settings used for the live accounts on the Fap Turbo Homepage are changed frequently to test new versions, so it is never a good idea to compare these accounts with your own. These accounts also use lot settings that are too risky for the average trader, so lot sizes will be much bigger than what you are likely to use in your own account. Another thing to keep in mind is that Fap Turbo will never perform exactly the same trades for all it’s users..even accounts with the same broker will differ slightly from each other due to a variety of factors.

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

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

For those that are considering buying Fap Turbo.. in a newsletter that was sent to their subscribers this morning they mentioned the following:

• FAPTURBO POSSIBLE PRICE INCREASE TO 399 USD
  We are totally overworked and we are thinking about increasing the pricing of Fapturbo to 399 usd.. just to limit the purchases.. please understand we do not want to close anybody out from this opportunity but the price increase to 149 usd did not help .. as people realize how good the robot works once the settings are in place word of mouth drove even more to our site..

I dont know if they are serious about this or not, but I can imagine that this has turned into a support nightmare for them, so keep this possible increase in mind if you are thinking of buying in the near future. Check the latest price here.

Fap Turbo is up and running in my live account and I am happy with the results so far..it’s been rather quiet the last day or so, but it has made some profitable trades and my account has grown with $88, so there is nothing to complain about. I will make a more detailed post about the live account and the settings I’ve used over the weekend. Below is a screenshot of some of the trades that the scalper has performed in the live account so far (with personal information removed).

Click to Enlarge

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

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

It has been 2 weeks since I installed Fap Turbo and even though I expected good results, I have to admit that I am blown away by what this robot has achieved so far. In fact, I have decided to stop trading in a demo account and switch over to my newly opened live account today. I will post more details about this once everything is up and running. In the meantime, here is a detailed report of the performance of Fap Turbo over the past 2 weeks.

My $5000 demo account has almost doubled to $9466 over the 2 week test period. A net profit of +1818 pips were achieved, consisting of +1468 pips from the long term strategy and +350 pips from the short term strategy. At first glance the long term strategy of Fap Turbo seems a lot more profitable, but it is important to note that the short term strategy is incredibly safe and has a very high success rate, so it’s a much more conservative strategy. The long term strategy of Fap Turbo has bigger profits, but also bigger drawdowns and ultimately presents more risk. Both strategies have a success rate of roughly 92% so far and there has only been 7 losing trades out of a total of 91.

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

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

There’s been some requests for testing results, so I decided to post the results for week 1 a bit early and then maybe post an update after the end of the week. I installed Fap Turbo on a $5000 demo account on 25 October 2008 and let it trade using the default settings. I enabled auto lot management, but apart from that all other settings were left on the defaults.

Over the past 5 trading days the Fap Turbo robot has made a number of profitable trades using both the short term and long term strategies and the account has grown to $6940. The detailed statement for this account can be seen below. As you can see, there is 1 big losing trade of $598 at 2008.12.01 00:00. This trade was closed as a result of the setting that specifies that all losing trades should be closed at month end. This setting can be disabled, but I’m not sure if this is a good idea yet.

As of yesterday, the long term strategy shows a status of “NO Trade Today”, which means that according to the internal indicators, the market is not safe to trading. This is a good example of how Fap Turbo is different from the original Forex Autopilot.

I have decided to take my testing of Fap Turbo to the next level by opening a live account with InterbankFX. This will take a few days to process, but if all goes well I will be live trading with this system early next week. More detail on this later.

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

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/