Im relatively new to forex. Ive got 6 months of demo experience and showed some good profits on the demo. However, I have no live experience as such and I was thinking of getting some live experience soon.
I stumbled across something called FAPTURBO PRO and it somehow seems too good to be true. But im a newbie and am in no position to pass judgment. I read some posts about it in this forum and the overall opinion was divided.
I was just wondering if the FAPTURBO bot or any other automated forex bot is worth it or is it just a scam? Secondly would anyone recommend it for someone in my position as I have a small amount of money i.e. $500 to invest and no real live experience?
I’m a beginner like you, so I can’t offer “pro” advice.
However:
Like you said, FAPTurbo seems to good to be true, and as we all know - that most likely means it is.
Second, would you think it clever to start using a calculator before you learn to add and subtract? Don’t place your trust in a robot. Learn to trade for real, there is no substitution for this. Kind of like either giving a hungry man a meal or a fishing rod - guess which is gonna be the best help for him through life?
In my opinion you are asking a very puzzling question. You state that you are new to fx and have been trading demo for 6 months with good profits. I am going to make the assumption that you were using discretionary trading method of a setup or manual system to learn fx trading and earn these demo dollars. So I now must ask, why do you inquire about a robot?
If you are going to fund a micro account with $500.00 why wouldn’t your burning desire be to trade your manual system with a tremendous amount of confidence that you will have the same success you did with the demo account?
I have no problem giving you my opinion about the robot/automated trading method but I would like to know your response to the above before I give that opinion.
I do have a system and truth fully speaking, it is very similar to the one highlighted in the baby pips school in the eleventh grade. By good results I meant, not a whole load of pips in profit, but more consistent returns i.e. my trading was a more slow and steady system.
The reason I inquired into a bot was, well basically why everyone else looks into bots, the lure of better prospects. The ability to turn my meager investment into something more over a considerably shorter period of time.
Thats all really and I was wondering if I was on the verge of becoming a victim of my greed/naivety.
I do have a system and truth fully speaking, it is very similar to the one highlighted in the baby pips school in the eleventh grade. By good results I meant, not a whole load of pips in profit, but more consistent returns i.e. my trading was a more slow and steady system.
The reason I inquired into a bot was, well basically why everyone else looks into bots, the lure of better prospects. The ability to turn my meager investment into something more over a considerably shorter period of time.
Thats all really and I was wondering if I was on the verge of becoming a victim of my greed/naivety.
Everything I’ve heard about FAPTurbo is that it’s bunk. It has large drawdowns, which is something that someone with limited funds can’t withstand.
Honestly, EA’s, unless programmed and controlled by you for your trading experience and level, will be useless.
As some have said, you can have 5 people trading the same exact system and all of them will have different amount of profits and loss.
The system from the 11th grade is a great starting system but not one I would personally recommend for a long term trader.
I always recommend demo testing all the systems posted here on babypips and then play around with Fibs and support and resistance. Once you do that you can figure out what works best for you.
I’ve been trading for about a year and i’ve only just started to make really good profits. I don’t have a large tp but my plan has a 80-90% win so even modest pips can add up with compounding.
This business is a self-discovery kind and will only work when both you and the system work in sync.
I agree with PipPocketer 100%. If you are going to open a micro-account, why not trade it with your own set of rules and own your success?
If you were profitable during the demo sessions, why not apply that same system to a small micro account?
Just make sure you can afford to lose the 500 bucks. Think of it as a learning experience. Of course, why not just practice for a bit with a 500 dollar practice account?
My two cents of advice:
Trade very small lots ((.01)).
Only risk 2-3% of your account per trade. Do this by setting a stop loss that factors in the spread and lot size you are using.
Only lose 6-8% of your equity per month. Of course, this can vary based on your risk appetite. But in this way you might be able to gain more experience and stretch out your learning experience (unless you’re profitable, which I’m sure you will be).
Decide on a specific strategy, whether it be scalping or long-term.
Generate a sensible risk/reward ratio based on your strategy.
Just relax and have fun. If the 500 bucks isn’t vital to your survival at the moment, don’t worry about it. Just try your best.
BTW, I plan on doing this exact same thing very soon in the future. But my life is too chaotic right now to give it my full attention.
I can’t stress these points enough. You will be tempted to try many “systems” at the same time because you just feel there must be a way to make profits come quicker. DON’T! Demo one system at a time until you are quite familiar and comfortable with it. And by that I mean you’re OK with the times it takes a loss and all the times there are no valid entries so you aren’t actively trading. Stick with that method and don’t tinker with it too much.
If trading isn’t fun, you shouldn’t be doing it. I don’t mean that every day is a +500 pip day and the sun is always shining. I just mean that, no matter how much work it takes, it should still be enjoyable.
As to my overall opinion of FAPTURBO et al…stay away. The calculator analogy was great. My feelings are, if someone out there can put the time, effort, and testing into a system that becomes profitable, then so can I. I wouldn’t want to rely on someone else’s claims or work if I couldn’t produce results myself. There’s a lot of good information here and over the past few years, I feel I may have finally gleaned enough to begin making consistent profits with my own system. You can get there too.
Hi I know how you feel because I was there not so long ago. I had tried both ways and let me tell you. I now work with a robot trading, forexmegatrion, and I am very happy because I can work 24/7 and also I have increase my account. I had some loses but most of the time I win, and at the end of the mont my balance is always positive. So keep working hard and good luck.