After trialling on Demo account that seemed OK (about 2%-5% per week profits on average), decided to go live with own money.
To my amazement, I now keep LOSING Money week after weeks!
To date (2 weeks), I have lost 10% of my money that I decided I have to stop before losing more money. Sure it makes small profits but then it lose so much that wiped all previously earned profits.
I am using FAP Turbo 4.7 build 224.
What could be wrong?
Maybe I need different brokers?
Or FAP Turbo is just plain scam?
Can anybody share your own experience?
p.s. By the way I set my Max Spreads to 7 for all currency pairs, otherwise it just won’t open trade.
um…not what you probably want to hear but most EA’s/Robots are bunk. Its no surprise that you’re losing money. Many times its because EA’s start of with much more capital than regular people usually do. That’s why their win rate is higher…they can stay in the trade until it get a profit. Other times the EA’s are optimized for current market conditions and can’t deal well when they change.
As for what you should do…ditch the EA’s and learn to trade for real. Read babypips school twice through. Open a demo account with the amount of money you’re actually gonna start with.
Read the forums and get a strategy that seems to work for you. After you demo for a couple months and get good consistency then open a live account with a couple hundred bucks.
Most likely you’ll need to relearn how to trade because trading with emotions is much more difficult than demoing.
Those are the steps that many have traveled…and even many who have end up quiting because forex isn’t as easy as they thought it would be.
They update their robot every few months… this is “supposedly” so you get a better version of the robot to trade with.
But what’s to say that they don’t just HIJACK the updated bot to make it STOP working, and then flood you with a whole pile of spam for yet ANOTHER affiliated robot that will make you money! I mean, once they’ve made their sales from the last robot, who the heck is going to buy their next affiliated bot if everyone using their last one is already filthy rich?
Not that I’m saying that this is what has transpired… BUT YOU HAVE TO WONDER.
You have to be very careful when trading with robots! Choose wisely! There is an awful lot of rubbish EAs out there, and they’re allowed to continue selling them because they really cannot promise that the robot will make any money at all!
Mmm, interesting, so many responses explaining why robots are bad and yet not a single constructive idea of what you should do.
dm93151, just stating that you are losing money does not give enough info. You need to analyse what is going on.
First off, your spreads are way too wide for EURGBP and EURCHF. There is this perception that you MUST widen the spreads to get trades. My spreads for a similar robot(I don’t use FAPt) are set at 3 and my slippage is set at 1.
FAPt has slippage set to 6 by default, so you potentially open up a position up to 13 pips down…just to make 5 pips. The price must move 18 pips for a close. Compare that with my maximum opening spread and slippage of 4, for a profit of 5 = 9 pips. So you must move up to twice as much to make the same profit. This translates into risk and ultimately loss.
If you are not getting trades at 3 pips spread, change your broker…pure and simple. You need a 3 pips spread for FAPt to work(I am specifically referring EURGBP & EURCHF her, can’t remember what else it trades but I think the other pairs are riskier and do require bigger spreads).
Also look at what the latency of your VPS to your broker is?
Also, have you been running the demo account and live account together? It is common knowledge that demo trading will produce different results to live trading, but you should still investigate. Are the spreads the same? Are the trades different? If so, how are they different…look at time of entry, price at entry, etc…
I have the source code for fapturbo. Tested it a lot on a demo account. Results… almost no drawdowns from feb 2007 and prior. but lots of big drawdowns after that date. Conclusion? The makers of fapturbo optimised and curve fitted it for the 2007 and prior time period. Well that’s my opinion anyway. I can post a graph or two to prove it if anyone wants to see it.
I wouldn’t trade it on a live account.
I’m still new but tradeing manually doesn’t seem that hard so far. It’s easy to see which way the price is moving and just go with the flow.
One thing you have to understand is brokers do not like bots. They can and will manipulate the chart to there advantage. I think what shot FAPT in the foot is that too many people are useing it.
I agree that all said that robot are a scam, but I think you should look what are you doing, if you are taking a lot of risk. Remember the robot don�t think they just follow orders, so if you program the robot to take a lot of risk that�s what he will do. Good luck.
Not all brokers hate EA’s or robot trading systems. FAP Turbo is a scalping EA so any broker running a dealing desk will most likely have problems with it. Those running on no dealing desk or an ecn will love that type of trading.
dont mean to be rude but did you really expect a robot that you brought for $100 would really bring you finacial freedom, i think you have already learnt one lesson in trading, DUMP THE BOTS
I am using fap on a live a/c with gomarkets and so far have no complaints. I only scalp with eurchf & usdcad and in conjunction with settings from donnaforex.com have been making solid gains with a small a/c. I am only new to forex but with assistance from the fap forum fapturbo.com/forum/ and donnaforex I have learnt alot.I am currently using v45pro & v47 on separate charts. Hope it continues. View my live a/c: hit4pay2009.mt4stats.com MT4 Stats - Share your MetaTrader 4 Statements with the world
I started a new thread with this question but I’ll ask it here too. Does anyone know what entry and exit logic fapturbo uses? how does it decide when to enter a trade and when to exit?
Your own worst enemy is greed and delusions of quick profits on small high leveraged account with BAD settings.
Do the math before you try trading EA or manual trading.
How can you expect to get a profit when you set MAX SPREAD to 7 pips indicating a volatile period and forcing FAPT to take trades that leave you in a loss as FAPT usually take around 5 pips profit?
A change of broker might see you get trades when you set Max Spread down to 2-3 pips.
Try some studying and spend some money on FX education.
You need a wake up call to save your dosh before you get wiped out!!
Not all EAs are complete junk, but the VAST MAJORITY ARE.
The really good ones will typically cost you several hundred dollars.
Using a commerical EAs is not really trading. It’s closer to visiting Las Vegas especially if you don’t know why the EA trades or how. You simply have to trust the EA, and with so many scams out there, its hard to know who to trust to begin with.
…and even then with a good EA, they are not completely hands-free systems. You will have to monitor them, and turn them off around major news releases (US non-farm payroll is a biggie). I can tell you that I have lost thousands of dollars because I did not mind news releases and the impact of the fundamentals from interfering with the EA’s technical analysis – which is all an EA can do, by the way.
I would like to point the newbies toward to trusted reviews of the better EAs, but if I did I’d just sound like some affiliate scammer, so I won’t. I’ve written in another post on the things to look for in a good EA which should help the novice spereate the wheat from the chaff.
Here’s a handy list of things to look for in a bot:-
Survives and massively profits from a 10-year backtest (this one is the most important one I look for)
Decent TP/SL ratio (won’t make many small trades only to lose them all to a single bad one, margining your account)
Doesn’t use a martingale system
Adapts to trading conditions
Good forward testing on live and demo accounts (they are different!)
Be wary of spread limitations with scalpers and your broker
If you eliminate EAs that don’t match the above criteria, you’ll soon see that most EAs are utter garbage. Very few pass all the above criteria that I have seen.
It is all too tempting for someone with basic programming skills to write a half-hearted robot, and market it like crazy to make a buck off suckers.
I am using fap on a live earn from the beginning but as the broker increased spreet to all profit the lost now test eaflowmoney
it and i am happy for now we’ll see what’s next I e/u end e/chf 5 tf
It is well known that robots have success only for a limited time. After that, usually the market “recognizes” their system, and they start losing. I think it is quite clear fapturbo reached that point. I think it is much too late for using it; from now on it will mostly lose.
now test eaflowmoney