Bought ForexAutoPilot (FAPS), now they're offering a mentoring program?
Has anyone heard or know the folks that sell the Forex Autopilot EA? They called me about a week after buying the software and are offering a mentoring/training program. We can't seem to find much information about their actual company or the people associated with it such as Marcus Leary, Andreas Kirchberger, Jeremy Woodard, etc. They claim to have had exposure on a couple news networks and some notable magazines. They haven't offered anything unbelievable or outrageous suggesting we'll get rich quick, but we'd like to know a lot more about them before we do business. Google searches keep coming up with their hyped-sales web pages and no "real" professional-like information. Thanks
If its all hype, run the other way.
That's the thing... The mentoring program has been remarkably absent of hype. I only hit hype when I try to research the company. I guess maybe that's my answer. I just really wanted to know if anyone really knew these guys or went threw the mentoring program.
Ea Scam Alert For Sure.
I'm back after much study, research etc... and here is the low down...Forex AutoPilot is garbage with a capital "G"! STAY FAR AWAY! It seems to buy when prices are rising into supply and sell when prices are testing demand. Great way to lose tons of cash quick! I find that if you take the trade in the opposing direction, it seems to profit quickly with minimal draw down.
I went to the Biz Radio event in Ft.Worth and watched Vince Rowe with "Online Trading Academy" and Sam Seiden. I think Vince is just Top notch 100% for real. I've talked with him at his free 1/2 day training class in Dallas and again at the Money Fair event. Sam Seiden started trading at the CBOT 17 years ago when they used phones and paper tickets and he explained the pro trader simply buys support and sells resistance while the novice does the opposite.
Go to pip school on support and resistance and it will serve you well. What I am doing now is looking (and patiently) waiting for price to hit support levels in an uptrend with a 50 bar MA and CCI or Stochastic. to confirm my entry and stop levels. Sam says you are looking for a 3:1 Risk/Reward Ratio.
Another thing I do is go to forex factory dot c o m and check (all) the upcoming news releases. If it is a major one I will actually sell or buy into an active news spike and look to short it back down again if going long on the spike initially. Or go long if shorting.
Yet another thing that I am making pips on is where they give you forex news events in real time with the #s like when a hot news event on CAD is coming out at 10AM it warns you over the Laptop speakers or your mobil device that a fed announcement is coming up in 1 minute, 30 seconds, etc... once the news comes , the announcer reads it to you fast! I then watch for the spike on the CAD/USD or whatever chart is involved and cash in on the momentum. After the spike it usually settles right back down to it's pre-news trade range. I use FXCM with great success
Well that's about it, Happy Trading and also check out samseiden ~Bruce
Last edited by PipDiddy; 05-11-2008 at 09:43 PM.
Reason: Link Violation
Be careful of the mentoring, I think it is total scam along with the auto pilot. If you need mentoring find a real mentor like online trading academy. I think they are legit as I here Vince all the time on the radio and he really gets into it.
Thanks. Great info. I'll keep doing my howework. Btw, Forex Killer is written by the same people/group as Autopilot. I didn't figure that out until I talked to these guys.
I purchased it and traded same with two huge negative ea trades. I contacted company about concerns and after several days, they responded back stating that it can take days or weeks before a profit shows. A $5,000 account went down to $2,000.
I then contacted company several other times and at one time, it took a week to finally get a response with an incorrect answer to the problem.
I requested a refund three times and company refuses to reply back.
As a professional forex trader, I see several red flags. A company should not take more than 10 days to reply back to problems whereas others respond back in only a few hours. This company has no contact phone number. A refund according to an associate is almost non-existent. Way too many complaints from other purchasers and youtube slams this company.
I strongly suggest not to purchase this EA.
"When life gives you lemons, make lemonade."