Australian (ASX) Stock Market Forum

Forex Robots - legit or scam?

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Re: Forex

Would anybody be trading Forex and have had an experience trading using FAP Turbo Robot???
Click to expand...

As a matter of fact yes.

We actually have FAPTURBO himself on this forums!!:eek:
 
Re: Forex

Trembling Hand said:
Yep and it deserves it too. :eek:utthedoor:
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Actually this might be a genuine question from Babka:eek:

@Babka....Fapturbo has been discussed in the Forex section of ASF.

To cut a long story short:

Wide stops+small profit targets=broke, don't waste your time.

The developers launched fapturbo in Nov last year and from what I have heard have already sold 5 million $AU worth.

The $$$ is in selling the dream, not in using Fapturbo.

If Fap worked why would you sell it???

You wouldn't!
 
I have tried Fapturbo out on a live account.

I started with a $500.00 USD account with FXDD. I tryed it first using a demo account first just to see how it works. FapTurbo will refund your money if you don't think it is working as you expected within 60 days.


Anyhow. I have results on my personal webpage.

So far I have nearly made a Gross Profit of $352.37 in two weeks using a modified long term strategy. The scalpers do work but the spread is way to high to make it worth while with most currency pears.

I did over trade by the way, just after I posted the outcome another 20 trades opened just before a freak price spike on that Friday night. And to make matters worse I panicked and opened another trade (that lost me $75.00 USD). That was due to the fact that I had run out of margin, and so the broker closed all trades.

I lost a total of $211.00 USD that night. $630.94 - $211.00 = $419.94.

How did I over trade? I had 4 long term FapTurbo robots set to open up a maximum of 10 trades each. Each trade is meant to open every 60 minutes if FapTurbo thinks it is good to trade.

So that is my fault since the FapTurbo money management system does not take into effect that if it has more then one robot running at the same time on the same account. :eek:

Opps. That teaches me to be a cowboy. yea haw lol.

I was expecting that to happen too. I had money on standby to inject back into my account if that did happen.

So please see attached for the latest results.

PS: Fapturbo does not open trades at the same pip. Each trade will differ by 2 to 5 pips depending on the lot size used and/or the LotsRiskReductor setup.

Also, Fapturbo has a Scalper_StealthMode setting that protects you from cheating on the broker side.
That would be why Gomarkets won't be able to do anything about the scalper.
 

Attachments

  • DetailedStatement.gif
    DetailedStatement.gif
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Guys, the only trading robots that work are the arbitrage systems used by the big investment houses to skim a few ticks when an opportunity arises.
 
Mate your not trading futures
Might want to change your website.:p:

Can you post the closed trades?

Good to see some real account results at least , some guys think running it on demo yields the same results as a real account.:D
 
juw177 said:
Guys, the only trading robots that work are the arbitrage systems used by the big investment houses to skim a few ticks when an opportunity arises.
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You sure about that?

Traders that adapt them to market conditions can make money.
Checkout Norms Bunjip thread.

As requested. Here is the Statement at this time.
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Thanks EM.

Good luck with it mate:xyxthumbs
 
juw177 said:
Guys, the only trading robots that work are the arbitrage systems used by the big investment houses to skim a few ticks when an opportunity arises.
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i beg to differ.

just cause theyre not out there to be bought for $199 doesnt mean theyre not out there!

re: FAPTURBO - id believe the opinion if it wasnt a sales pitch with attached referral link to purchase said EA.

it was making loses for me even on demo. itd go fine then bust up. ive looked at the code behind it. its quite simple. PM me if you want to see what's under its hood.
 
electronicmaster said:
As requested. Here is the Statement at this time.

EDIT: Also note that I have closed one trade that was going on for too long and had a Silver trade in there too that did not go as planed.

I've updated the statement to add more details (with chart ...) too.
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Well done for putting up the statements but WTF!!

Avg win 3 to avg loss 12.8.

Is this a friggin joke!
 
Trembling Hand said:
Well done for putting up the statements but WTF!!

Avg win 3 to avg loss 12.8.

Is this a friggin joke!
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Most of that is due to human intervention. The way I have set it all up to the amount of capital I had used in the first place.

And I made one manual trade.

You can't use the long term strategy if you only have $500 or $800 USD, you can only use the scalping strategy that currently won't work with high spreads up to 8, 9, 10 and 11. (It is set up to have a stop loss of 500 pips)

And I don't have $10,000.00 USD risk capital for any EA.

That is why I have played around with the long term strategy so it trades almost like a scalper. Give it two weeks and well see if it does any good from here.
 
This is a post I found on the member forums that details the settings I have tried out myself:-

OK, the settings I am using now on my live account are (if not mentioned, they are default):

LRR: 1 (can use 2 or 3 but it gets really risky)
MaxOrders: 10
StopTime: 60 (Helps spread out each of the ten trades by 60 minutes)
TP: 50 (or whatever you like, I use 50 or 20)
SL: 0 (but with the understanding you will take care of your own trades and close them manually if necessary)
TS: 15

CloseXMonths: 0 (if you leave this on, all your trades will close on the first of each month at midnight. YUCK!)

CloseMrktChange: 1

And more to try out as well as the above from the same post:-

CloseMrktChange: 0 <- I have not tried this.
Prudent: 1 <- I have not tried this.

SpanGator: 5 <- I have not tried this.

Lot size depends on how much capital you have to trade with. I have to use 0.01 or 0.02. If I had $3000.00 to $5000.00 USD, I would use 0.10 lots. If I had 10,000.00 USD I would use 1.00 lots or more. In any case, you can increase the lot size when you have more capital to play with.
 
electronicmaster said:
You can't use the long term strategy if you only have $500 or $800 USD, you can only use the scalping strategy that currently won't work with high spreads up to 8, 9, 10 and 11. (It is set up to have a stop loss of 500 pips)

And I don't have $10,000.00 USD risk capital for any EA.

That is why I have played around with the long term strategy so it trades almost like a scalper. Give it two weeks and well see if it does any good from here.
Click to expand...

Doubling your account every few weeks should see you up there fairly quickly.:p:
 
electronicmaster said:
This is a post I found on the member forums that details the settings I have tried out myself:-

OK, the settings I am using now on my live account are (if not mentioned, they are default):

LRR: 1 (can use 2 or 3 but it gets really risky)
MaxOrders: 10
StopTime: 60 (Helps spread out each of the ten trades by 60 minutes)
TP: 50 (or whatever you like, I use 50 or 20)
SL: 0 (but with the understanding you will take care of your own trades and close them manually if necessary)
TS: 15

CloseXMonths: 0 (if you leave this on, all your trades will close on the first of each month at midnight. YUCK!)

CloseMrktChange: 1

And more to try out as well as the above from the same post:-

CloseMrktChange: 0 <- I have not tried this.
Prudent: 1 <- I have not tried this.

SpanGator: 5 <- I have not tried this.

Lot size depends on how much capital you have to trade with. I have to use 0.01 or 0.02. If I had $3000.00 to $5000.00 USD, I would use 0.10 lots. If I had 10,000.00 USD I would use 1.00 lots or more. In any case, you can increase the lot size when you have more capital to play with.
Click to expand...

ill have another test with those settings. thanks for sharing :)

that works on the 'long term' FAP strategy?
 

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