FAP Turbo Review +Live Demo Testing
November 26, 2008 by Ben
Filed under Experts Advisers, Featured, Live Statements
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The newly release FAP Turbo comes from the same camp as the original Forex Auto Pilot Trading System (FAPTS) and their membership group FAPWINNER.COM. Although I do not have any experience with the FAPTS system or their trading group at FAPWINNER – one thing is for sure – these guys have some of the slickest marketing skills I think I have seen in the Forex Expert Advisor Niche.
Seriously – they have it all down on the marketing side: Fancy websites, backtesting, forwardtesting, testimonials, emails, ads, video testimonials etc. etc.
Their newest creation, again, is FAPTURBO and I thought I would jot down my initial impressions since their is so much buzz about the system (no doubt as a result of their powerful marketing machine). Here is one of the promotional emails I got with their claims:
————————————
Fap Turbo Triples A $ 10,000 Account
————————————
Hey Ben
I have even more proof the new trading robot has been
successful trading live accounts. This latest
statement I managed to get shows how a $10,000
account tripled. You can see it here:
http://wareswaldo.fapturbo.hop.clickbank.net
This new trading robot that doubles accounts inside a
month has been nicknamed Fap Turbo. The term turbo,
obviously refers to how quickly it increases your
account.
Here’s what you will like about FAP Turbo, you can
trade it with any account size big or small. In the
first video we saw how the robot turned $370 into
$3,100 in one month. In this latest proof you can see
how it took a $10,000 account and turned it into over
$30,000.
FAP Turbo is an automatic trading robot that trades
without you being there. It’s actually an amazing
thing to see. You can learn more about that here:
http://wareswaldo.fapturbo.hop.clickbank.net
Good Trading
[Name Removed]
1. Claims
Basically they claim that they can double accounts every 30 days. That is a huge claim to say the least – and you learn after you purchase that those results are achieved with much higher risk settings in the 5% range. Most traders (including most successful ones) are only comfortable with risks in the 1% to 2% range – and in fact, the default settings for FAP Turbo are 1.5% for Scalp Trades and 1% for the Long Term Trades.
2. Strategies
FAP Turbo is trading 2 different strategies along side each other. They have one long term strategy and one scalping strategy.
Long-Term Strategy
The long-term strategy is implemented on the 1-Minute EURUSD chart and enters buy and sell orders using equal lot sizes (up to 5 trades total). Default take profit settings look to be about 140 pips, but I am not sure how losses are managed. It IS NOT a martingale strategy, but it has that feel since it has both long and short positions open at the same time.
Scalping Strategy
The scalping strategy is implemented on the 15-Minute USDCAD, EURCHF, GBPCHF, and EURGBP cross pairs. The default risk is 1.5% and the system scalps during the low volatility of the Asian session starting around 21:00 GMT. This strategy requires low pip spreads of no more than 4 (or 5) pips, so if you have a high pip spread it may not make any trades. IBFX for example has a high spread on GBPCHF and may not make trades on that pair.
3. The Good and Bad
Good
- It trades two different systems and has many customization features (which could also be a bad thing). I’ve just left the default settings for the demo accounts below.
- It has a “Shadow” setting so you can hide the stop loss and take profit levels from your broker.
- The system seems to have good risk management, so you are not likely to blow up your account – that doesn’t mean you won’t lose money – just that it won’t blow up your account in two weeks (PID SP4 anyone?).
- They use ClickBank so you are guaranteed your money back if you want. They have an anti-piracy feature that may disable your software if you get your money back – so don’t buy this thinking you can get a refund and keep the system for free (as is possible with some other ClickBank EAs).
Bad
- I hate to say it, but the hype itself makes me skeptical. If you are reading this then you know that there are a lot of Forex EA scams out there (Ebay EAs anyone?).
- I don’t like the fact that the scalping system requires low pip spreads and at the same time only trades on pairs that are more likely to have the higher pip spread.
- I think this system, because of all of the customizable variables, may be extremely over optimized and may break down when conditions change (as do most EAs for that matter).
4. Live Demo Forward Testing
Although they have live forward testing statements built directly into their sales letter (which I have to admit is a brilliant marketing tactic), it is always best to get independent results when evaluating any Expert Adviser. So, without further ado, here are two live demo accounts for you to watch. One is running on IBFX and the other is MIG Forex:
UPDATE! I had to restart the InterbankFX Demo because something went wrong when the markets opened Sunday night and the Expert got disabled. Also, because of the success of the FAP Scalper strategy, I decided to up the Risk to 5% for the scalper strategy on both demo accounts.
- FAP TURBO InterbankFX Live Demo Statement - NOTE: Restarted 12/1 due to crash
- I discontinued the MIG account….