Hi there! A few posts back (over here) I talked about an forex robot that claims to have “achieved 100% profitable trades since January 2000″ After a few days of cleverly teasing people with an introduction video the actual product has finally been made available to what they call “a lucky few” The author of this product decided to call it “The Forex AutoCash Robot.” Sounds kind of catchy, doesn’t it.
Hoping on to The Forex AutoCash Robot homepage I managed to find out who created this product. The name of the man is “John Burroughs.” Honestly, I’ve never heard of this guy, and I’m not even sure if that is his real name (creators of these “hot” forex products have a tendency to hide behind pseudonyms) A Google search did not find anything relevant, so this guy’s name is not “out there” yet. If have some information about this guy you’re willing to share, please leave a comment.
Do you remember that “Automatic Forex Robot Achieves 100% Profitable Trades Since January 2000 ” claim? I found it a bit amusing how John tries to back up that claim. John has a copy of a letter from a law firm which supposedly conducted a third party review of his product. I searched the net to see if this law firm has a website and did not find anything. Scratch that out. I looked a little bit more diligently and found the website of this law firm over here. Have a look at the letter for yourself:
Whether it’s fake or not, I can’t tell at this point.
Now if you’re wondering how this forex robot works, you’re not alone. I too am curious to know how it really works. Judging by the following quote from its homepage it seems to me that it uses a market scalping technique, but I could be wrong:
“My robot simply doesn’t care… it only cares about small price movements…movements that usually occur within a few minutes throughout the day. Movements that will ALWAYS occur, no matter what happens to the world economy or the markets”
The equity graph you see on the Forex AutoCash homepage no doubt comes from a backtest. I always prefer forward demo or live testing, but apparently no such performance results are provided. As you all should know backtest results can always be faked by a process known as curve-fitting. Even if it’s a backtest I still don’t see any mention of the modeling quality used to conduct it. Well folks, that’s about all I can gather and surmise without actually owning the product.
Price wise this product is situated roughly in the middle range of the forex products spectrum on ClickBank. The is a twist to it though. This product is initially available at a fixed price but once the limited number of fixed-price copies are sold it can only be leased for a much higher price. The subscription fee seems a bit low for a product that supposedly never loses. If I had a forex robot that truly did not lose I’d lease it for a heck of a lot more, or maybe not at all ;) But anyways, here is what John Burroughs has to say about pricing:
Remember…the first 200 copies will be offered for a one-time payment of just $97 - no subscription - no ongoing payment whatsoever.
Once those 200 copies are gone, the price reverts to a monthly subscription of $119
I remain undecided whether to buy it or not, but if I do I will demo test it for the long term and report my findings here. I have a feeling that the 60 day money-back guarantee will definitely come in handy.
The Forex AutoCash Robot homepage can be viewed here:
http://www.fxautocashrobot.com/
September 30th, 2008 at 10:28 pm
Hi everyone. Just thought I’d let y’all know that I started a forum thread dedicated to this forex robot over here:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/20760-forex-autocash-robot.html
October 1st, 2008 at 2:10 am
Hello, So friedman and friedman are definitely legit. I am not sure how good your googling skills are, but they were number 1 on my search of “friedman and friedman” attorney. I shot off an email to them to see if they did do a review on its performance.
October 1st, 2008 at 3:09 am
Andrew, hmm I see why I did not receive the same results. I used “friendman & friedman attorneys at law” as my search term.
Anyways, I found the website. I’ll update my post accordingly.
October 1st, 2008 at 3:13 am
Let us know what the law firm says. I was going to do the same thing (contact them) but I see no point in duplicating effort. Thanks.
Cheers,
Alan
October 1st, 2008 at 9:04 am
Hello Alan
I have also received email relating to this forex robot. i am new to this forex and internet thing. how does one check that the 60 day guarantee will be honoured by john burroughs.
I hope that you will post your findings on this robot soon on your blog.
Rolly
October 1st, 2008 at 9:20 am
Of course I will post my findings. That is this blog’s raison d’etre!
The 60 day money back guarantee is honored by ClickBank, not John. So when you decide you want a refund you have to go ClickBank to get it. And trust me you will get it. ClickBank is great with the refunds, they don’t ask questions or hassle you - unlike what john may do if you e-mail him.
October 1st, 2008 at 9:22 am
Also I forgot to mention that if too many people ask for refunds ClickBank will remove this product from their system, and this will prove without a shadow of a doubt that the forex autocash robot is a scam.
October 1st, 2008 at 10:31 am
Alan, about your Forum: can you send me a new password to my email?.
I don´t remember my email or password in your Forum. My username was JoseLeon.
Thanks
October 1st, 2008 at 10:41 am
All done Jose. Check your e-mail (the one you used to post)
October 1st, 2008 at 10:53 am
Thanks a lot.
October 1st, 2008 at 11:56 am
It seems clear this is a scalping ea with some positions open for less than 1 minute. All well and good on a demo account but try it live and your broker will red flag then ban you, or should I say, his mt4 software plugin will do it for him…
It also uses a 650-pip stop to catch, say, 7 pips and one trade was open a couple of months to get the win…what sort of drawdown did it have…draw your own conclusions…
October 1st, 2008 at 12:06 pm
Oh yes, a bucketshop MT4 broker (the majority) will flag you and close your account if they notice you overloading their servers with scalping techniques. The majority of them have a no scalping policy in place.
The huge potential drawdowns remind me of the Forex Autopilot System. I’m still testing it (FAPS) on both demo and live and I can attest to the huge potential drawdowns.
On my live account I’ve set a SL.
Stay tuned to this blog as I will be posting some backtesting results soon enough.
October 1st, 2008 at 1:45 pm
Dear Potential buyers of this products you need to be aware of the potential major drawbacks of this product
2008.04.23 16:08 buy 566 500.00 1.5913
2008.07.11 16:31 close 566 500.00 1.5919 237303.62 4061509.42
2.5 Months Was down 617 Pips
2008.02.01 17:19 buy 544 449.59 1.4887
2008.02.26 20:00 close 544 449.59 1.4894 84400.62 3197844.89
25 DAYS Was down 448 pips
2008.01.15 19:06 buy 542 437.19 1.4859
2008.01.30 22:21 close 542 437.19 1.4865 59798.46 3086689.07
15 Days Was down 481 pips
2007.05.16 18:12 buy 524 370.05 1.3539
2007.06.05 15:19 close 524 370.05 1.3545 60085.82 2593104.40
20+ Days Was down 148pips
2007.01.03 18:06 buy 514 325.31 1.3196
2007.02.27 03:39 close 514 325.31 1.3202 111100.99 2331305.08
Nearly 2 months Was down 331 pips
This is taken form the forex auto cash website directly. When you look deeper into the figures you will see that certain trades did not last for minutes, hours, days or weeks but months on end. And at any given time the trades were down 100’s of pips infact up to 617 pips.
This is just from the back test data (which is not as we know accurate)
October 1st, 2008 at 1:45 pm
Good point Bandy :)
October 1st, 2008 at 4:51 pm
I agree. This EA seems just as risky (if not more) as the Forex Autopilot.
October 1st, 2008 at 8:56 pm
I, too, was snooping around the internet for more info on Forex AutoCash Robot™. I can’t find anything on “John Burroughs” either, the so-called developer of this software. I did, however, come across a website operated by Don Steinitz. Google his name and you will find his website. Steinitz also claims he developed a Forex Robot software program that has posted a 10 month performance with “100% no loss” based on back testing. He admits in one of his videos that he does not use stop losses in his trading program. Anyone who has day traded long enough should know at least one trader who uses (or used) “mental stops.” Yet Steinitz makes no such statement of mental stops, rather, he puts his full faith and trust in the reliability of the program itself. If I recall correctly from one of the videos he posted on his website (web conference to the Los Angeles Forex club), I think he said he does not trade his “Robot” program. I believe he charges $199 for his Robot program. I didn’t email Steinitz yet (does not offer a phone # on website) but I’m wondering if John Burroughs’ Forex AutoCash Robot™ program is the same product as Steinitz’. If anyone owns and trades either Steinitz’ product or John Burroughs’ Forex AutoCash Robot™ I would appreciate your honest, objective opinion. Please, no sales pitches. Thanks
October 2nd, 2008 at 12:11 am
Well like a fool i purchased this product,thought about it for a while,have read most of the feedback and have already requested a refund from Clkbank which they are honouring. I didnt bother even using this robot, the whole thing is just too over the top for me I have read that all the shows it has been shown on like CNN ect is not correct but I have no proof of that. Oh well we live and learn,in future I will trade as normal and give the robots a wide berth.
Cheers
Bruce
New Zealand
October 2nd, 2008 at 1:10 am
I too have tested two of the so-called TOP forex systems FAPS and Forex killer. Both are disappointing ! Huge potential drawdowns on FAPS, erroneous signals from F killer, and this was on the demo account. What a load of crap. FAPS
is not too bad. You can still use it to your advantage. I wrote an EA to supplement any FAPS open position and so far (1 week) shows some potential. Neither systems will get you positive
gains over short or long term. You will eventually bust, and lose all of your principal.
October 2nd, 2008 at 3:26 am
To H.C. (comment #16):
At this point nobody can tell for sure if it’s the same guy. I very much doubt it though. Steinitz bot is a MTF (multi time frame) EA and works on multiple pairs. This one trades only the EUR/USD. If anything this one is remarkably a lot like the forex autopilot. I have a hunch that somehow in somewhat “Marcus Leary” “Andreas Kirchberg” and John Burroughs are business partners or maybe the same guy - call it a conspiracy theory if you will.
October 2nd, 2008 at 3:37 am
Bruce, there is no way this thing has been on CNN. It’s a pure lie - a marketing trick. Haven’t you guys noticed that nearly all these hot EAs all say they’ve been mentioned on CNN Money and the rest. What a load of bullshit that is.
Let’s be frank here, the people who sells these EAs are good at marketing! THAT is how they make their money, NOT by trading with the product they offer.
FAP shows potential, but unfortunately it is NOT for those with weak stomachs or small bank accounts - sorry, fact of life.
As for this new EA, I don’t know what to make of it so far. I purchased it too and have it running on a demo account and as usual I will report my findings over here, bad as they may be. So far the thing is holding on to a minor floating loss.
October 2nd, 2008 at 5:40 am
“All results shown on this website are hypothetical, back-tested results”
The impression I got while reading is that he actually made 5 million! If he gets 200 suckers to buy his robot at 97 bucks, that’s close to 20k, and I am sure he’ll get much more than that! Maybe 400 clients, and 50% returns, then click bnak closes it down, half keep the product, he makes 20k…. pretty good business either way.
Think - if you have a brilliant system like this, large funds will pay you millions for it and you wouldn’t have to bother with cheesey marketing.
Also, any ’system’ is eventual arbed out by the market… January effect is now November effect! (if you know your history)
October 2nd, 2008 at 5:54 am
Please Sir don’t try to pretend to be John Burroughs. It creates confusion for new visitors to the post.
October 2nd, 2008 at 6:04 am
Yes definitely this could turn out to be quite profitable for John. That whole 200 people will get this for $97 is pure marketing BS. That’s like those forex clickbank sales pages that have a perpetual “only 9 copies remaining”
This John character is good at marketing and it shows.
Yes you’re right about the hypothetical back-tested results. I bought this thing the other day and after a little bit of demo testing I’ll make sure people know whether its real market performance results compare to the backtests.
Let’s just say that in no way do I expect this EA to achieve that “100% profitable” trade nonsense.
October 2nd, 2008 at 8:13 am
I bought this robot. Yes, I thought the hype was interesting. I really didn’t/don’t expect no losses but so far there’ll be no loss because in almost two days no trades (not a single one) on three seperate MT4 platforms have been initiated. I can get no response as the “normal” behavior by comparison and also, if you look at the affiliate site, you know there are more then 200 copies sold. They claim to have only sold 200 copies of their wednesday blaster robot but I couldn’t tell you as I didn’t attempt to purchase it. I don’t remember an offer for it when I was purchasing the FACrobot so maybe. Normally I don’t prefer clickbank but it this case it may be a good friend if nothing happens within a couple more days.
October 2nd, 2008 at 8:42 am
Hmm, that’s odd cause for me it opened trades on two separate platforms (FXDD & LiteForex)
I’m just about to put together another quick post realted to this EA and I will post a screenshot of it in action.
Yeah, for sure there are more than 200 copies sold already. Don’t buy into that stuff, it’s just a marketing gimmick.
October 2nd, 2008 at 12:37 pm
[…] Comments admin on The Forex AutoCash Robot Is Now AvailableIzzy on The Forex AutoCash Robot Is Now Availableadmin on The Forex AutoCash Robot Is Now […]
October 2nd, 2008 at 3:17 pm
2007.01.03 18:06 buy 514 325.31 1.3196
2007.02.27 03:39 close 514 325.31 1.3202 111100.99 2331305.08
Nearly 2 months Was down 331 pips
Which , according to my calculations, his account would have been $5.2 million in the hole!
October 2nd, 2008 at 4:22 pm
How did you come up with that number? The account was trading with 325.31 standard lots and that means the position size would have been in minus a total of $1,076776. Are you trying to say that at peak dips it was -5 mil?
October 2nd, 2008 at 4:23 pm
Update on my trade. My position is now -310 pips.
October 2nd, 2008 at 6:55 pm
How did you come up with that number? The account was trading with 325.31 standard lots and that means the position size would have been in minus a total of $1,076776. Are you trying to say that at peak dips it was -5 mil?
—————————————-
Yes that is correct
October 2nd, 2008 at 7:03 pm
Ah, ok. Those are some crazy lot sizes. I don’t know whether your typical MT4 bucketshop broker would let you trade with that much money - heck some of them don’t even have that kind of money (ie they’re not properly capitalized).
October 2nd, 2008 at 7:08 pm
So I take it that the concensus here is that Forex Auto Cash Robot is bunk? I was going to make a purchase until I found this site, and all of its great feedback. Has anyone here found a robot that lives up to its claims? BTW great site admin, Ive added this site to my list of favorites.
October 2nd, 2008 at 7:16 pm
Thanks Tim :) Glad you found my blog useful.
I’d say that yeah it probably is bunk. The reason I’m saying probably is because I haven’t really seen it trade extensively. I just slapped in on my demo account yesterday so that’s not much time to really form an informed opinion of it.
I’ll let you all know how my demo testing goes.
Btw, join this forum thread where you will find more opinions being expressed:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/20760-forex-autocash-robot.html
October 2nd, 2008 at 7:35 pm
We’ve heard from a few guys who have purchased forex “robots”. Apparently they are all disappointed. Has anyone checked out Steinitz’ program yet? I am curious if anyone believes that Steinitz has found the “brass ring” in forex trading?
Good Trading to you all.
October 2nd, 2008 at 7:53 pm
Hmm, well that’s basically what I do here, purchase them and review them. Some have not disappointed me, but the MAJORITY have - the bell curve theory applies perfectly here.
As for Steinitz’s EA, I don’t think he found any brass ring - maybe the drawdown ring. His EA has the SAME characteristics as this EA - large drawdowns and so called promised “no losing trades”
To get those “no losing trades” his account has to hold on to monstrously large floating losses.
Beside you can get an EA that does the same thign for FREE. His EA is based on the Heiken Ashi indicator. It basically monitors multiple time frames and buys DIPS on long trends. The problems is that when you’re opening a position in a so called “correction” or brief “counter trend” you sometimes end up being completely wrong in the sense that the correction actually matures into a sustained trend. This is how large floating loses are accumulated.
I’m of the opinion that nobody would offer to sell you that “brass ring” once they find it. The reality is that most commercial EAs are not really spectacularly successful - at least not for the long term. There is a natural boom and bust cycle to this whole forex trading robots market. Key here is to ride the boom and when market condition no longer favor the EA to know when to get out.
The hunt for the holy grail continues…stay tuned for the next episode…
Alan out..
October 2nd, 2008 at 7:54 pm
Update on my trade -246…maybe the euro is recovering slightly..so much rests on that damn House of Representatives vote…too much suspense..I can’t take it (pulls hair out) loool
October 3rd, 2008 at 1:41 am
Where is all this dollar strength coming from? I know oil is dropping, but I expected the dollar to be in a free fall now with all the mess going on now.
October 3rd, 2008 at 2:01 am
It’s coming from investors buying up safe-haven assets such as T-Bills. With the European economy now having problems as well investors are flocking to “safe” assets such as T-Bills and precious metals.
October 3rd, 2008 at 2:11 am
I swear I think if I had bought a funeral home this week people would quit dying. Im over 600 pips in the hole on a eur/usd long. Ive been hedging everytime the indicators say sell so thats keeping my losses to a minimum, but just when it looks like its going to start turning I close out my sells and sure enough the pair keeps dropping.
October 3rd, 2008 at 2:34 am
loool…So umm, what indicators are you using? Also what time frame are you using to generate your signals? I’d recommend you stick to the overall long term trend. Follow the Daily chart.
October 3rd, 2008 at 6:49 am
With all the economic crisis goin’ on, is it EVEN safe to be investing in FOREX at this time ??? After all, investors’ money has to be stored in some big bank in U.S.
October 3rd, 2008 at 9:24 am
True, but what else can you do? Put all your money underneath a mattress? Try asking your brokerage firm what bank they use. The problem is that even if you find out what bank they use sometimes it is not very obvious whether the bank is in any financial danger. Bank don’t release this info to the public for obvious reasons.
One way around this whole problem is to open an account in a foreign currency with a non US forex broker. Accounts in EUR, CHF, GBP or even CAD for example.
October 3rd, 2008 at 11:40 am
I agree jordanx,
that´s why I requested my entire funds from Mbtrading until the crisis has finished.
October 3rd, 2008 at 12:23 pm
Hmm, but what makes you sure that your local bank is not vulnerable? I don’t know, perhaps some people are panicking without due cause.
October 3rd, 2008 at 4:26 pm
In Spain the crisis is not so horrible as USA, and even Banco de Santander is one of the biggest now all over the world.
Very funny listening Maccain that they don´t want anything with Spain and we are in the OTAN lol (our new President told USA: NOT, to Iran war after Aznar lost the elections).
October 3rd, 2008 at 4:34 pm
Hmm, I get the impression that McCain is very much an isolationist. He would probably close America to the world considerably.
As for bank, I dunno, even Europe is starting to get hit serverely by the credit crunch. Take for example the Dexxia failure. I’m sure there are others, but I can’t remember them right now.
Open up a Swiss or Lichtenstein bank account. These two nations have upheld their reputation for private and safe banking.
October 3rd, 2008 at 9:11 pm
Yes, McCain appears to really be a xeno-morph. As I understand it, he did not look Obama in the eye anytime during the debate. LOL !!!
I see good ideas being offered on the bank crisis issue. I did check one FX broker, but after a “tossle” of words, the broker finally admitted that HE did not know where the broker’s money was being held.
The other problem now, is with the fact that if any OFFSHORE brokers decide to intentionally stiff the investors, who’s gonna PAY to jump on a plane to where-ever to wage war with the “defunct” broker. Obviously we would not be able to recover our monies via email. I guess its a coin toss either way, eh ???
October 3rd, 2008 at 9:25 pm
After looking at the Friedman and Friedman correspondence, I thought to myself, how is it that such a document has absolutely NO contact information printed on it ?????
It is standard operating procedure to have contact information on legal documents like those. Its usually close to the top or on the bottom OR both.
October 4th, 2008 at 5:02 am
[…] In one of my previous posts (this one) I introduced to my readers this new forex trading robot called The Forex AutoCash Robot. Since […]
October 4th, 2008 at 5:04 am
UPDATE: I asked for a refund so I won’t be testing this EA any more. There are way too many points of concern with this EA. It seems the consensus among many traders is that this EA is 90% marketing hype or worse potentially dangerous.
Time to move on…
October 4th, 2008 at 5:07 am
jordanx: you bring up a very good point..and the answer is (and I’m not expert on legal documents) it is most likely just a forgery - easily done with photoshop.
October 4th, 2008 at 6:13 am
“Yes, McCain appears to really be a xeno-morph. As I understand it, he did not look Obama in the eye anytime during the debate. LOL !!!”
hahahaha..mayebe he was intimidated by Obama’s statesman like demeanor…or maybe it was something *about* him..lol ok I’m throwing out speculations..don’t mind me.
As for offshore brokers, some of them are under stricter regulations than in the States for example. The key is to stick to trusted jurisdictions with a history of few scams and strong regulatory body oversight. I’d feel a LOT more comfortable with a Swiss broker or a UK broker than with one in Russia, Seychelles, Niger, etc.
The bottom line is to avoid countries what have a high level of government and social corruption. Also avoid countries with unstable currencies and financial systems - hhahaha funny enough I feel like adding the US on that list.
Also we must realise that in many cases even if the broker is in our neighborhood we can still be scammed and all our efforts at legal proceedings may not help at all.
What is smartest thing to do is to take heed of the old cliche - “do not put all your eggs in one basket” - and spread your balance across several brokers.
Additionally if your broker offers non commingled accounts - I forget what the term is for this - take it! This way if the broker goes under your funds don’t go with it.
October 5th, 2008 at 1:16 pm
Hey, sleeping with money as your mattress is good for your back !! LOL
October 5th, 2008 at 1:42 pm
Just came from another FX blog site, and someone reported testing FX tracer EA. He seems to be optimistic that he made a couple of dollars off several good trades so far. I’d like to remind folks
that you should thoroughly test your EAs - possibly as much as two months continuously. My personal EA has posted a whopping 62% net gains overnight. BUT did not hold out. It withered down to -37% later in the week.
An EA that lasts over time is a good EA. Still working on fine tuning it to reduce overall losses. Fingers crossed. I’m up +37% in one night.
October 5th, 2008 at 2:44 pm
I havent got around to testing FX tracer EA yet. Right now I have a bit of an EA testing backlog lool…
You’re right about that. An EA is not worth anything if it brings your account up %50 only to take it down -%70 later on. Consistency is they key. Consistent performance is the most important factor - even if it is low. Slow and steady wins the race ;)
Btw, once your EA is ready for prime time let me know as I can write a review for you. All I would ask is that you’d send me a demo account only version. I’d test if for a while and report my findings.
October 5th, 2008 at 9:24 pm
Sure, no prob. Keep my finger crossed, that it works WELL in the long run.
October 5th, 2008 at 9:51 pm
Hi Alan…
I have purchased both forex autopilot and autocash robot. I tried the autopilot first but i stopped using it when it almost wiped out my account. Now I am testing out autocash robot. What I like about it is there is a “risklevel” parameter you can adjust. i placed mine to 10 which means, IF the robot faces the maximum stop loss of 650 pips, I will only lose 10% of my account. however, i do not make much if it reaches its take profit level.
but i guess that’s a trade off i should get used to?
October 5th, 2008 at 10:42 pm
Hi Drake. I’m surprised to hear that Forex Autopilot nearly wiped out your account. Were you overleveraging ? What lot size were you trading with??
Generally if you leave the default settings and use a moderately sized account of say $2000-5000 you should be okay. The key here is to have a sufficiently large account to ride out the drawdowns AND a reasonable lot size that won’t blow up your account. I think using 1 mini lot per $5K in your account should be a safe setting.
Or you can let FAP do the money management for you and set the LotsRiskReductor to 1.0.
As for Forex Autocash, I bought a day after it launched but asked for a refund a day after. My gut feeling tells me this EA is nothing but hype. There are also inconsistencies in the backtest record offered on the website which are troubling to say the least. Spend some time and analyze it and you will see what I mean. In the long run it may or may not perform well - trade with it at your own risk.
October 5th, 2008 at 11:50 pm
Hmmm, apparently this thing is “sold out”…
October 6th, 2008 at 2:57 am
LOL: didn’t know electronic copies of software can be sold out ? Don’t worry folks, its a marketing gimmick. Give it 3-6 weeks and it’ll be on “SALE” again with BIG discounts !!
October 6th, 2008 at 8:30 am
Yeah I agree.
October 7th, 2008 at 6:54 pm
So will anyone be doing an extended test of Forex Autocash and posting the results here?
October 7th, 2008 at 7:03 pm
Yes Tim. I will be doing an extended test of it and I’ll of course post my results here and on the following forum thread:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/20760-forex-autocash-robot.html
October 7th, 2008 at 7:12 pm
Oh OK.. I coulda swore I saw a post where you said you were requesting a refund. Good deal on the testing. I purchased a copy of Forex AutoPilot back in April of this year, and tested it on a pratice account for two weeks. They recommend doing away with a stop loss, so the drawdowns were HUGE on my practice account. I actualy made about 20% on my practice account but Im not crazy enough to try that on a real account. Im trying more testing with a 20 pip take profit and 50 pip stop loss. Do you think my risk reward ratio is too high?
October 8th, 2008 at 11:53 am
Forex autocash vs Fx autopilot:
FAC, 1 trade, 1 win, NETS $200 in Six months.
—- comparison —
FAP, 30 trades, 20 wins NETS $1200 in six months.
Make sense ??
It makes more sense to go with FAP. Holding on a floating position too long is risky. The best strategy is to engage a hard and fast system, Big principal, and small lot sizes. Trading with small principals are too risky and you will bust too easily. Even if you dont, the lot sizes have to be small to factor a “large floating leeway”.
With that being the case a small lot size plus small principal equals very little NET gains per month. No likely even worth the time trading, if you care to factor the cost of time, effort, electricity, and computer wear and tear.
Remember, if it could be done those geniuses at MIT would’ve done it already.
(ie. Casino Blackjack)
October 8th, 2008 at 12:36 pm
Hmm, I think FAP is better so far. Btw, guys, join my forex autopilot forum at:
http://www.forexautopilotforum.com
Newbies can get free help and support and experts can bestow their wisdom upon them :)
October 8th, 2008 at 3:48 pm
What did you guys set your take profit and stop losses at in Forex Autopilot?
October 8th, 2008 at 3:56 pm
I trade with a TP of 25, TS of 15 and a SL of 300.
MA period 100 but switched to EMA instead of SMA
Change TypeMA_0_3 to 1
October 9th, 2008 at 10:20 am
1 trade Completed with the Autocash Robot
Closed Transactions:
Ticket Open Time Type Size Item Price S / L T / P Close Time Price Commission Taxes Swap Profit
41233536 2008.10.01 09:38 balance Deposit 3 000.00
42215771 2008.10.06 16:26 buy 0.10 eurusd 1.3586 1.2933 1.3588 2008.10.06 16:27 1.3588 0.00 0.00 0.00 2.00
0.00 0.00 0.00 2.00
Closed P/L: 2.00
October 9th, 2008 at 11:00 am
I had 3…you can see my results here:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/20760-forex-autocash-robot.html
October 9th, 2008 at 4:43 pm
Hey admin.. Ive tried your settings on my copy of Forex Autopilot..only difference is Im using a 100 pip SL. So far 8 trades… and no losses!
October 9th, 2008 at 4:45 pm
Ooops make that 9 trades
October 9th, 2008 at 6:15 pm
Good to hear :) In my opinion 100 pip SL is a bit too tight.
October 16th, 2008 at 4:58 pm
youre right about the 100 pip stop loss.. it was a bit tight.. going on a week with your settings and so far im up over 300 pips without a loosing trade!
October 16th, 2008 at 5:22 pm
heheh :) glad to hear that Tim, I’m in the same boat as you..FAPS is kicking ass and chewing bubblegum..hope it keeps up
Happy trading
October 16th, 2008 at 5:43 pm
Say, have anyone noticed that FAPS results are different on different brokers. I started using it simultaneously on two different brokers and watched it like a hawk. Sometimes Faps opened opposite positions on the two brokers using same exact settings and timeframe. Thats crazy. If people like me were NOT noticing it - we might have lost a small fortune.
October 16th, 2008 at 7:45 pm
actualy its quite possible to have both the sell and the buy take profit, especialy with the way the forex market has been up and down lately. I do a lot of hedging on one of my account and have made a nice chunk of change the past couple of weeks.
October 16th, 2008 at 7:50 pm
One of my FAP practice account was over 200 pips in the hole on a sell before it finaly took profit. Imagine if I had another FAP account that had opened buys at the same time taking 35 pips each time. I could have made a lot more.
October 16th, 2008 at 8:47 pm
I see, interesting. I am gonna try that. Sounds like another support EA I’ll have to write to automate this hedging process.
October 17th, 2008 at 6:26 am
Did anyone notice the registered address for the autocash robot - Seychelles - may as well be Nigeria!!!!
October 17th, 2008 at 6:51 am
yes craig I noticed it…however Seychelles is a commonly used offshore location. I bet the guy behind this product registered an offshore company (IBC) in Seychelles and using it to save on taxes or something of that effect.
October 21st, 2008 at 4:15 pm
Over 530 pips since 10/10 Havent had a losing trade yet!
October 22nd, 2008 at 11:27 am
Really? Hmm, I haven’t had one single trade since 10/10. Maybe my broker has something to do with it..I dunno.
October 22nd, 2008 at 3:15 pm
Ive had over 34 trades since 10/10 who is your broker?
October 22nd, 2008 at 4:07 pm
I’m running it on a LiteForex demo account (StraightHold FX)
What broker are you using it on?
October 22nd, 2008 at 4:44 pm
Im using a demo account with the Forex Meta Brokerage.
October 23rd, 2008 at 8:09 am
Hmm I see…I see no reason why it shouldn’t trade on my account as well.
October 23rd, 2008 at 5:58 pm
Im interested in knowing if any of you guys have gotten good enough at the forex or are having good enough success with an EA to actualy live off the earnings, and make monthly withdrawals? Anyone?
October 23rd, 2008 at 10:32 pm
Good question Tim. I have been trading consistently the last three months. 20+%, 64%, 212%. Aug, Sep, Oct 08 respectively and reset each month to 0%. My trading strategy is using both FAPS and my own gut instincts. I’ll be goin live in December 08 for a living. The bottom line is that if robots work for U and anyone else, GOOD! But based on my research, 8/10 usually bust out eventually. I really got impatient waiting for FAPS to TP quick enough. Those huge floating positions were too stressful !!
I would NEVER again have a robot trade big lots for me. I trade the big lots manually. I let FAPS trade in 0.05 lots max. I sometimes trade 3.0 lots manually. Well anyways, good luck to all!
October 23rd, 2008 at 10:43 pm
Oh by the way guys, to answer an earlier question I asked about having FAPS open opposite positions on different brokers. Well the answer is that different brokers receive different inter-banking information. Whilst the general graph may look identical (or near identical) the actual information IS different, and this results in FAPS interpreting the information differently. Thats why ten people using FAPS on ten different brokers will have a different experience with each. I’ve seen it first hand. I use both InterbankFX and FXDD and FAPS DOES open opposite positions at times ! So its no fault of FAPS. Its just how the information is been processed by the various interbanks (or something to that effect). The only way around that is to have everyone use the same broker !
October 24th, 2008 at 12:23 am
Hmm yes that is true. But according to your experience on which broker does FAPS perform best?
October 24th, 2008 at 1:45 am
Inconclusive i’m afraid, I always had to jump in and execute manual trades amidst FAPS trades, resulting in “Assisted” performance. So i cannot really tell, at that level which broker performs “better”. Following the more than obvious trends that either one would have busted out, if i had let it run its course. Are you one of those lucky ones, that use FAPS unassisted ???
October 24th, 2008 at 1:47 am
…..and win consistently over a long period ???
October 24th, 2008 at 9:54 am
I guess you can say I’m one of them. If you checkout this link:
http://alansmoneyblog.com/2008/10/23/forex-autopilot-is-kicking-ass/
This is purely unassisted trading with FAPS. I did not touch it even once and I’m using the default settings.
October 24th, 2008 at 3:29 pm
Well I finaly had a losing trade last night after running FAP for right at two weeks with Alans settings. Not bad. Here are my results over the past two weeks in case anyone is interested.
http://www.thepowerofpeople.net/Statement.htm
All purely unassisted, just letting FAP do its thing
October 24th, 2008 at 3:31 pm
493 pips profit over the past two weeks. I’ll take it. Gonna be interesting to see what the next two weeks hold.
October 24th, 2008 at 3:34 pm
Good for you Alan. I’m happy at least to know FAPS is not a scam. But looking at your statement, I would be a bald-headed man for the duration of those trades. (pulling my hair out). I simply cannot stress “assisted” trades with FAPS. My profit growth is legendary (as long as I keep a close eye on it, that is.) I never thought I could hit the 60% Net gains, but I punched through and went all the way up to 212% in less than three weeks ! Even with this VOLATILE market, i seem to be trading quite well. But I wish there was something more that could be done to make trading easier ! Oh well such is life.
October 24th, 2008 at 3:37 pm
….And good for you too Tim. Now I am jealous.
I have no patience for FAPS !!! sniffle, sniffle - tears rolling down my cheek…..
October 24th, 2008 at 3:53 pm
LOL yeah but this is with a demo account. Not sure If i have the guts to do it with a live account yet. I’ll try it out live in a couple of weeks.
October 26th, 2008 at 1:10 am
Wait a sec, who’s pretty NEW website is this ?
A pre-christmas upgrade eh Alan ?? hehe.
October 28th, 2008 at 8:43 am
heheh..:) well, yeah I guess you can say that. I am just experimenting a bit with different google adsense ad placement layouts and all that.
Out of curiosity, which blog theme do you like best?
This one or the previous “green” theme”?
October 28th, 2008 at 11:54 am
Sorry, dont quite remember what the other theme looked like. But I know they both look(ed) pretty good. I cannot definitively say one looks better than the other, since I cannot see them simultaneously. I can however say, that this one is refreshing, like a cold drink.
October 28th, 2008 at 12:06 pm
lool..glad you like the current theme :)
The previous one had an ambient green color theme, but I guess that doesn’t matter anymore.
Cheers
Alan
October 28th, 2008 at 5:42 pm
Frankly I couldnt care less about the color.. just keep the contrast bright enough and the fonts bigs enough so my old blind eyes can read it LOL. Hows your FAP trading going Alan? Ive already recovered 190 the 300 pips I lost back on 10/24 so I should be up close to 600 pips since 10/10
October 28th, 2008 at 6:01 pm
lool :) Ok, promise I’ll keep it nice and bright.
Tim, FAP is doing REALLY good. I almost can’t believe it. I haven’t had one losing trade in like what umm 2 weeks. This is both on my live and demo accounts.
My account is now at $7826 from $5000 (started on 2008-07-03).
Now as for the Forex Autocash robot it has opened another trade - a winner (but only 6 pips)
This thing trades slooow. Oh Oh, spoke too soon, I just checked on it a second ago and as I was typing that it opened a buy order lool…at 1.2513
October 28th, 2008 at 6:14 pm
I currently have a sell open at 1.2351
October 28th, 2008 at 6:15 pm
I figured I’ll give FAP the rest of the week and next week. Then see how it’s done over all before I decide whether or not to go live. So far Im pretty stoked.
October 28th, 2008 at 7:26 pm
Ah you’re talking about FAPS? I was referring to Forex Autocash robot.
Happy trading Tim.
October 28th, 2008 at 8:22 pm
I figured Autocash was just a a rehash of FAPS.. from what Im reading here it doent seem to be as good as FAPS
October 29th, 2008 at 5:36 pm
well I just had two 300 pip stops in the past two days. Thats gonna leave a mark. Heres hoping the next week and a half helps me bounce back!
October 29th, 2008 at 9:10 pm
See, I told ya’ll that would happen. Yesterdays rally killed my other small account despite my aggressive intervention (FAPS was sleeping/floating a huge loss) while all that was going on. I guess there are bad days and then really bad days. And it was only conincidence that I stopped trading on my GOLD account while it IS still at 223% in October.
October 29th, 2008 at 9:40 pm
Dang, it’s about to bite me as well. I took one 300 pip loss on one account and it looks like I’m about to see another major drawdown on my other account (this one I trade with no SL). I don’t know where this thing is going but superficially it looks like either a brief correction or reversal in the bearish eur/usd trend.
The Fed lowered the Funds Rate to 1.0% but the eur/usd still hasn’t picked up any steam. Technically it is up on the daily chart.
If it goes past 500 pips I’m closing my floating FAPS trade.
Best of luck to you all.
October 30th, 2008 at 10:50 am
Oh boy, what a night. Made another big one - +194% this a.m. This is just crazy. I lost one 3k account and doubled another account in one day. A big reversal in trend is coming, beware !!!
October 30th, 2008 at 12:02 pm
crazy isn’t it?!…big reversal as in long EUR?
October 30th, 2008 at 4:34 pm
Prophet jordanx says: Too late, trend reversal in effect. What a rollercoaster ride. Definitely makes me think twice about starting a live account in December 08. Damn the FOREX gods !!!!
October 30th, 2008 at 4:39 pm
Short term trend reversal is in effect, but I suspect a long term trend will be effected, due to the abnormally high rally in the last couple days. USD/EUR that is.
October 30th, 2008 at 5:15 pm
Well so far Ive made back 267 pips of the 600 Ive lost over the past couple of days. SO things are looking sunny again!
October 30th, 2008 at 6:40 pm
The eur/usd is all over the place. My eyeballs hurt from watching price action change directions so often.
Congrat Tim. I’ve regained a bit but to my horror FAPS is now sitting on a long position! :o…damn it I think this is going to be another losing position.
October 30th, 2008 at 8:40 pm
My FAPS is on STRIKE…….. no trade !!!!
Need Gov Palin to stimulate my FAPS. heheh
October 30th, 2008 at 9:17 pm
I am currently sitting on a long position too at 1.2970. Im thinking the Eur/Usd pair is going up
October 30th, 2008 at 10:07 pm
MY FAPS has been busier than a one armed paper hanger. Usualy averaging about a half dozen trades per day. It just cloed the long position for 6 pips and now opened up a sell 1.2956
October 30th, 2008 at 10:11 pm
Ohh, so Palin has been at your place, eh Tim ?
Your FAPS is very well stimulated. heheh
October 31st, 2008 at 8:27 am
wow this comment thread is getting huge lo..
hmm, long at 1.2970 eh…I dunno, I had a long but it got hit and now I’m short at 1.2764. I kind of have doubts about this position though as I have a hunch that the current price is just but a brief correction.
hahahah..so I take it you two are going to vote for the Palin/McCain duo?
October 31st, 2008 at 8:35 am
Never, Alan. …Just love the body, NOT the mind - Palin that is. AAAAAHAAAA !
October 31st, 2008 at 9:46 am
lol I see. I believe the comedian Bill Maher characterized her best.
October 31st, 2008 at 5:04 pm
My FAPS is working overtime. Ive already recovered 400 of the 600 pips I loss after getting stopped out twice a couple of days ago. All of this has been unassisted.
October 31st, 2008 at 5:53 pm
same here, except I got hit with 700 pips as I had my SL at 300 then that got hit..then I moved it to 400 and then guess what, that got hit as well…now I’m a little bit past the 400 pips mark, so my account is making a comeback.
Volatility still dominates though, but as long as the eur/usd remains in this tight range Forex Autopilot will continue to kick ass.
October 31st, 2008 at 5:54 pm
Oh I should mention that the Forex AutoCash Robot is doing well too. It made 10 winning trades in a row. In about a week or so I’ll post my performance statement over here for all curious eyes.
Good luck everyone.
November 1st, 2008 at 11:50 pm
Careful Alan, from my deep analysis, its not the amount of winning trades that make a EA good. Its the one that makes the highest NET profit. If I WON 50 trades that amounted to $600 and LOST 5 trades amounting to $700, all that trade time and money would have been lost (like in the TV show). Thats what really bugs me about most EAs. I am still refining mine, but its those big “single” losses that has me against the ropes.
November 5th, 2008 at 6:21 pm
Looks like I may be getting ready to experience my 2nd 300 pip stop loss in 2 days. Anyone think the volatility in the forex market will be over now that the elections are done?
November 5th, 2008 at 7:35 pm
Hey Tim. Sorry to say, I have mentioned that I have done deep analysis on the FOREX. One thing for sure, Using my built indicators, I have distinctly noticed, every - say 3-rd week we normally get a HUGE deep trend movement(either up or down, like 550 pips). So whether there is an economic crisis or NOT, we will ALL run into the losses every month. The only way to avoid it, is with human instincts. I was actually wondering when someone on the board was going to announce it, since I ran into it too with FAPS yesterday. The only other alternative to human instincts, is when a person enters LATE into a trade position, so that user sees a smaller negative floating loss than say you or I. But since I am always Early in those positions I usually end up bust !!! Its something FAPS users are going to have to get used to, until something better comes along. Robots that have short stops (less than 150 pips) are the ones I prefer. Well keep trying and maybe you can come up with a hybrid system - cause I’ve tried sooo many methods
that I am mentally exhausted. Cheers.
November 6th, 2008 at 6:55 pm
FAP has been working overtime the past 24 hours. 330 pips profit so far. I may have to take Jordans advice and sort of help FAP net more pips whenever possible
November 7th, 2008 at 4:21 am
to comment 129:
I know what you’re trying to say jordanx and you’re absolutely right. It all depends on how large losing trades are an how often they occur. With this forex autocash robot the SL is quite large (600 pips) so if you get even 2 losing trades you’re pretty much screwed as it will take nearly forever to regain the loses with its small 7 pip wins.
But then again isn’t this robot NOT supposed to lose? lol..yeah right..
November 7th, 2008 at 4:32 am
As for FAPS its trading like mad for me too, but there is still that big loss to recover from. I blame the volatility. It’s crazy out there. The EUR/USD keeps on moving in a very wide range (hence hitting my stop loss) We shall see what happens. Hopefully it will pick some direction sometime soon.
November 7th, 2008 at 5:01 am
Oh by the way guys, if you need a REALTIME percentage display module for your MT4 platform - I have a simple one available (for FREE). Its handy in telling the “investor” how much percentage (-/+) his portfolio has made/or is making/or is NOT making in realtime. I use it to constantly gauge how well my trades are going. Also good for people with bad eyesight - heheh.
November 7th, 2008 at 6:21 am
Neat! I think I saw some of those indicators on the forex-tsd forum somewhere.
If you’d like feel free to upload the indicator over here:
http://www.moneyguruforum.com/forex/metatrader-4-indicators/
and post back the direct link to it so visitors can dl it.
Thanks jordanx :)
November 7th, 2008 at 5:52 pm
Alan, I signed up to that site last night but getting a access denied to create a new thread. Can you send me an email and i’ll reply to it with the custon indicator as an attachment. Thanks.
November 7th, 2008 at 6:48 pm
hmm..access denied? That’s odd, nobody else has had any such problems. E-mail me at alan –at– alansmoneyblog.com
November 7th, 2008 at 9:29 pm
Please Abort my last comment. I finally got an activation reply - did that - and got in.
Everyone, here’s the link:
http://www.moneyguruforum.com/metatrader-4-indicators/24840-complimentary-percentage-display-mt4.html
Thanks Alan.
November 7th, 2008 at 9:41 pm
Also, please input your principal amount in the indicator. That is accessible in the indicator’s edit list and then inputs. The 3000 is default for what I normally practice with.
November 7th, 2008 at 9:48 pm
Good to know my forum is working as it should :) Also thanks for the indicator. I will slap it on my charts. It sure will come in handy with my EA testing.
Thanks once again jordanx
Cheers,
Alan
November 7th, 2008 at 9:52 pm
aham…gotcha :)…
November 10th, 2008 at 12:47 am
I got a hold of a copy of autocash robot, and after assessing it (using backtester) I noticed that it always busts in one or two single trades, toward the end after many, many winning trades. What a waste of time ! I have written robots that does pretty much the same thing - heheh. Alan, probably you should have a look at tracer, funnel, or silicon.
Anything with those huge SL are dangerous, especially if you factor overnight swap rates using live accounts.
November 10th, 2008 at 6:28 am
Hmm, yeah, I can see your point. So far on my demo account autocash robot has been on a string of winning trades, but that doesn’t necessarily mean that the bust you talk about won’t come - I shall see.
Btw, did you experiment with a different SL levels? How about optimizing the EA?
As or tracer, forex funnel, or silicon, I own only silicon forex and the thing so far has been noting but a disaster. I started with a $50,000 demo account and since that time (2008-08-02) it has made a string of losing trades that brought the account down to $38,000. The thing just keeps on placing only BUY positions.
My impression is that the authors designed it during the time when the EURO was in that long term bullish trend.
I will soon report on the performance of this EA. At the very least it will spare some people from buying it and ending up being disappointed.
November 10th, 2008 at 8:09 am
I think I earned a PHd in EA optimization. People may start to think I dont have a life. Been Programming several EAs and studying Forex trends for months. I am usually very thorough in testing - 1998-2008, then monthly, then yearly, etc. So If I say it wont work, it wont. IF it does work somebody changed the EA setting mid-flight, affecting the natural course of trading. FAPS from what i see has great potential - AS long as the user helps it along. So i am looking at integrating multiple strategies with FAPS. The funny thing about it, is that I think the solution is more simple than we might have thought.
November 11th, 2008 at 6:00 pm
Well after one solid month of running FAP using Alans settings, the grand total is………
(drum Roll)
406 Pips profit
November 11th, 2008 at 7:38 pm
Great. What principal are you using ? I always try to use something realistic in my case - $3000. Since thats the actual amout I’d use as LIVE.
November 11th, 2008 at 9:46 pm
406 is not bad…I bet with a bit of time and optimization we can improve that…also depends on the market conditions. I’ve noticed FAP kills the market when it ranges.
November 11th, 2008 at 9:47 pm
…I should say when it’s in a TIGHT range….
November 11th, 2008 at 10:03 pm
I actualy created a practice account with $3000 but it got whittled down to $1300 using FAPS with the default settings, then I started using Alans settings and worked it back up from there
November 11th, 2008 at 11:25 pm
Hmm, that’s interesting because my settings aren’t all the different from the defaults.
November 11th, 2008 at 11:31 pm
Im thinking maybe its the trailing stop that makes the difference? Not sure.
November 12th, 2008 at 8:40 pm
Tim, how did you calculate the number of pips profit. Please dont say you took out your calculator and tallied the entire month’s winnings - heheh.
Planning to add that part into the percentage display module.
November 12th, 2008 at 11:45 pm
No LOL I tallied up my winnings subtracted my losses and thats how I came up with the net profit
Here is a record of all my wins and losses since Ive been using Alans settings the past month. Ive made a few pips since My last post so the results are even better.
http://www.thepowerofpeople.net/Statement.htm
November 13th, 2008 at 9:54 am
Hmm, I’m not sure what it could be because I no longer trade with a trailing stop and FAPS still performs well. Could it be the broker? One thing different though is that I have my MA set to EMA (still MA 100 though, but not a simple MA but EMA)
November 13th, 2008 at 4:40 pm
How do you change your MA to EMA?
November 13th, 2008 at 5:12 pm
ooops..sorry forgot to mention..you set the TypeMA_0_3 to “1″
EMA is more sensitive…play around with different EMA combinations and let us know what you find :)
November 13th, 2008 at 10:44 pm
Oh ok gotcha.. yeah I had already had that setting in my FAP from the get go.
November 14th, 2008 at 12:58 am
Is this a “3″ man board ? Where’s all the other peeps ?
November 14th, 2008 at 4:30 am
Jordanx, I think they’re all chatting on my forex autopilot forum. Beside you must admit that commenting on a blog posting is not quite a very user friendly way of exchanging thoughts.
http://www.forexautopilotforum.com
check that out..
November 26th, 2008 at 9:16 pm
Greetings folks ! Hows the FAPS trading coming along. Mine is still up and down, not really Netting any noticeable profits. I guess FAPS is not for me. Has anyone tried a new Trading system Called Forex Dominion ? I bought it recently and started using it for a while - and I must say, what a piece of crap ! I requested a refund from clickbank shortly therafter. There seems to be a solid market of scams out there, beware. Peace !
November 27th, 2008 at 2:42 am
hi jordanx,
my faps is up and down just like yours…I’m hoping this market volatility will finally come to an end, maybe that will help.
Nope I never heard of this forex dominion…but I can tell you another piece of crap forex EA to avoid…it’s called Silicon Forex..
I’m done demo testing it and I will post a review soon…
Yes you’re right..there does seem to be quite a lot of crap forex products out there..thank god for clickbank’s refund really…
December 8th, 2008 at 8:27 am
Another crappy EA was released recently. FOREX Kingpin. Created by the same person who did Dominion - same hype, fancy promo, etc. LOL. forex EA market needs to be regulated.
December 8th, 2008 at 9:10 am
Hmm, really? I never heard of that one yet..I did come across some banners promoting Forex Dominion but I never bothered to check it out…
I don’t know about regulation, but I do think clickbank should ask for third party verification (preferably law office) of all financial claims. Way too many EA sellers fudge their backtests and other performance statements.
No on a different subject, there was a new version of the Forex AutoCash robot EA released today. Do you still own this thing or did you ask for a refund?
I still go it running on a demo account, and so far it hasn’t made one losing trade yet (except of course that BIG one at the beginning).
December 8th, 2008 at 10:58 pm
Had a “test” copy. But it seemed to autoscan the internet for a newer version and then self-disabled itself (the nerve of that EA!!! LOL)
So I never really had a good running test beyond two days !
So how much (%) has FAPS made for you LAST month ??
(NOV08) ??
December 9th, 2008 at 12:40 am
FAPS has lost for me last month. 3 of my SL got hit.
December 17th, 2008 at 9:43 pm
FAPS is getting hammered to a pulp. Turbo version is fearing a BIT better with some kind of “dormant mode” during volatile these times.
December 17th, 2008 at 11:51 pm
getting hammered? hmm…mine is working just fine, then again I’m using custom settings.
you can find them at the forex autopilot forum
http://www.forexautopilotforum.com
my once $5000 account is now at $10255
December 29th, 2008 at 7:03 pm
Happy holidaze mates !!!
Is anyone having a shutdown of faps ?? Mine just stopped trading since Last Friday a.m. - and reports no errors. I was wondering if the September version of faps has a secret expiration, forcing the users to upgrade to turbo ??? I’m very concerned, since the makers of faps and turbo are changing the rules of ownership behind our backs leaving us with little recourse. Mine always traded at least twice daily, EVERY trading day and now nothing….
The turbo version agreement now says, IF you activate your copy, you cannot request a refund. As a matter of fact the original faps website no longer exists ! No more downloads, no more activation ! Whatever happened to their agreement that says free lifetime upgrades ??? Turbo is the upgrade, marketed as their NEW product, that should be free to existing members and since there will never be anymore upgrades to FAPS, well that might prove a dead end for us users, if it has indeed expired !!
December 30th, 2008 at 3:43 am
Hi Jordan! Happy Holidays and Happy and Prosperous New Year! Hope you get lots of pips in 2009 :)
I’ve shutdown ALL trading over the holidays. I will resume starting Jan 6′th 09
Lol, really? you cannot request a refund? ha! that’s a joke really because that would be against clickbank’s terms!
Worry not, you can still get a refund as long as it is within the refund period.
The original faps website no longer exists? Are you sure about that?
I’m pretty sure it does as I have a domain that downloads or “duplicates” the entire forex autopilot website here at http://www.forexautopilot.ca and if you check it out it works just fine, so the .com address must work just fine as well.
December 30th, 2008 at 4:49 am
The faps homepage is still up, BUT thats not the page I need. The MEMBERS access page is not there anymore, so I cannot “activate” faps (not that i need to do that right now) anymore. Clickbank allows refunds - yes. BUT in their policy they state that “serial refunders” (people that requests refunds several times) can be denied. So getting the author to refund the money doesn’t count against you. Requesting a refund from clickbank DOES count against you (which is what i am trying to avoid).
I used up one of my refunds already with crap forex dominion, after the author never bothered to respond to my request for a refund.
But keep checking, turbo’s ever changing policy. You’ll see, those guys are out for every dime. I first noticed it from someone on your FAPS/Turbo Help site. So I took a peek at turbo site policy and then checked the faps MEMBERS site - what a shocker !
December 30th, 2008 at 5:37 am
You have to send an e-mail to faps support and they will send you a new members page. They personalized the members page so everyone has their own unique members page.
Hmm, dunno, to be honest I haven’t kept up-to-date on their policy changes. But I agree that is indeed worrying that they would change their policy in such an onerous manner.
What I wonder really is for how long FAPS will remain active. I haven’t seen an update in a long time.
December 30th, 2008 at 6:42 pm
Thanks for the info.
I think they should’ve sent out a advisory to that effect, rather than a user finding out like how I had to - about the “personalized members page”.
December 30th, 2008 at 7:16 pm
I agree. They didn’t handle it too well from a customer service point of view. Now they’ve got a whole bunch of angry customers on their hands to deal with.
December 31st, 2008 at 6:47 pm
Hey guys. Hope everyone had a great holiday. It’s been a while since Ive checked in on this site. How has everyones trading been going?
December 31st, 2008 at 8:06 pm
Tim……you’re alive! (LOL) Trading has been ok so far. I have been wondering though, since last Friday my FAPS’s have not been trading at all. Have you been experiencing that too ?
December 31st, 2008 at 10:40 pm
Hey Jordan. Actualy Ive kinda taken the advice you gave on here about micromanaging my FAPS and have been having great success with it. Here are the results of my trades in case any one is interested. This is on a live account BTW http://www.thepowerofpeople.net/Statement.htm
January 2nd, 2009 at 8:38 pm
WOWOWOWW!!!!. Please remember my consultant’s fee of 20% (LOL).
January 4th, 2009 at 9:57 am
Hi Tim. I’ve halted trading over the Christmas holidays but before that trading has been going pretty good.
20%! such a modest man ;)..lool
January 4th, 2009 at 9:59 pm
you’re toooo kind……. heh heh heh….
January 4th, 2009 at 10:13 pm
OH, by the way, i’ve been noticing over the past 2 weeks that IBFX has been having ridiculuous spreads for EURUSD. I compared it with FXDD and FXDD is far more stable but still a bit higher than norm.
FXDD high spread E/Usd = 4 pips
IBFX high spread E/usd = 4 ~ 18 pips !!!
So beware, most traders DON’t pay notice it until its too late. I’m upgrading my display dashboard to include a spread monitor so that we can see it constantly BEFORE, we trade. When i’m done i’ll post it for free download here. Since FXDD is still not yet regulated, that means BOTH FXDD and IBFX is off my LIVE trade list. Anyone having high praises for any other broker please mention it here so i can check them out, thanks !
January 5th, 2009 at 7:43 pm
Im hearing talk of the EUR/USD pair heading back to the 1.2300 level the first of this year.. anyone else hear of that?
January 6th, 2009 at 3:51 pm
I believe that’s a very likely possibility. The Eurozone economic data keeps on getting steadily worse. Take a look at Germany for example (biggest Eurozone economy), it’s exports are dropping like a rock. On the monetary side of things I hear there is fears of deflation. Thus it is very likely that Trichet just may lower the interest rate to maintain price stability.
There are some dissenters who believe that deflation is not a likely possibility. Check this link out:
Marketwatch.com news story
In either case I think the proposed economic stimulus package (public spending) put forward by President Elect Barack Obama will strengthen the USD.
Pay close attention to news related to this Bill.
January 13th, 2009 at 10:55 am
The IBFX spreads are rollercoasting like crazy. Stopped using them. Wasting my time. Test driving Alpari (US) and their spreads seem stable and looooow (great !!!). FXDD is just making the grade, but they are NOT yet registered with NFA, they did apply though. Their spreads are more stable, but still a BIT on the high side.
February 9th, 2009 at 7:43 pm
Greets ! How has the trading been goin’ for you guys ? Its been very stable for me but the drawdowns have been hard, as much as -40%. Have Two Demo accounts, one at +44% and the other at +130% in about two weeks trading. This is FAPS, NOT turbo. Just wanted to compare to see if this is uniform, across the board net winnings.
February 10th, 2009 at 10:51 am
hey there..I’m doing ok so far..at this moment I have stopped all EA trading - I don’t think the present market conditions warrant letting some EA loose on my live accounts, so I’m trading manually only. So far I’m having good success with my breakout strategy on the eur/usd. So far a few hundred pips here and there for the week, not so bad I’d say.
Good to hear that you’re having success as well jordanx! Keep it up! Just remember to keep a close eye on FAPS, it can be quite the drawdown hog as you mentioned.
March 14th, 2009 at 12:03 pm
Greetings guys ! Hows the trading proceeding. I have decided to bury the FAPs and was lucky to get a refund on the Turbo version. It just wasnt making a steady demo profit for me (over time).
I am now strictly using indicators and have been doing well since this week +48% (no losses). Spent a lot of time manually backtesting and it looks promising. Time will tell I guess. Peace out.
March 14th, 2009 at 5:35 pm
Hi Jordan…glad to hear you’re making profit trading manually. In the end I believe manual trading skills will NEVER be supplanted by trading robots - at least not until we get full blown AI.
For me FAPTurbo is doing hmm, okay. Like you said the profits could be better. The safest performance I’m getting is from fapturbo scalper. Please note that I do not trade USD/CAD as I deem this pair to be unsuccessful. Also I’m having doubts about the fapturbo long term strategy (eur/usd) as at the moment it is in a large drawdown position.
Jorday, check out http://www.forexnirvana.com
and look at the manual trading systems category. We’ve got some pretty neat systems members have developed.
Good luck and many pips to you, and everyone else!
March 14th, 2009 at 9:17 pm
Is this EA for free? Where i can find this EA? Please email me… thanks
March 14th, 2009 at 9:38 pm
No it is not available for free. The author has since stopped selling it. I’m still testing it however and so far it hasn’t made one single loss - except that first time -600 pip loss. Slowly I’m recovering back to my original starting balance. I’m quite surprised that the thing hasn’t made any loses since then. It takes small 3-7 pips profits out of the market and it trades only under specific market conditions.
March 15th, 2009 at 1:00 am
3-7 pips per trade, you say ??? Jesus-Godalmighty.
With a drawdown of 600 pips ??? Well, I know that my NEW system can hold up to that. What I am concerned about is that I have to make a good solid deposit - about 10kUSD to be ‘worthwhile’(decently profitable). I can expect, as i mentioned before, that a huge dip occurs once or twice every month for the usd/eur pair. So if i dont have enough principal to compensate for the monthly drawdown i’d run into trouble quickly. My sister went on a FX couse today, and she mentioned that the tutor revealed some special tactics about how to scoup a big bunch of pips - guaranteed. As soon as I get that info i’ll pass it on. Thanks for the site link….
March 16th, 2009 at 5:42 pm
Sounds interesting..once you find out the info feel free to post it in the forex education section of Forex Nirvana.
Yes a possible 600 pip loss relative to 3-7 pips per trade sounds scary. However one can easily change the stop loss to something more manageable like say 40-80 pips. I haven’t done so though as I’m still running this EA on a demo and I want to see how it performs of the long term with the default settings. I’m quite curious to find out if it will maintain this winning streak for long - so far so good.
Here is my performance statement so far:
16380393 2008.09.30 22:07 balance Deposit 50 000.00
16434875 2008.10.01 14:56 buy 0.72 eurusd 1.4091 1.3441 0.0000 2008.10.06 22:17 1.3441 0.00 0.00 11.16 -4 680.00
16648259 2008.10.06 22:45 buy 0.69 eurusd 1.3506 1.2856 0.0000 2008.10.06 22:47 1.3518 0.00 0.00 0.00 82.80
16788662 2008.10.08 16:49 buy 0.69 eurusd 1.3681 1.3029 0.0000 2008.10.08 16:52 1.3691 0.00 0.00 0.00 69.00
16860214 2008.10.09 17:01 buy 0.69 eurusd 1.3662 1.3010 0.0000 2008.10.09 17:08 1.3667 0.00 0.00 0.00 34.50
16961675 2008.10.10 15:53 buy 0.69 eurusd 1.3528 1.2876 0.0000 2008.10.10 16:22 1.3536 0.00 0.00 0.00 55.20
16961956 2008.10.10 15:56 buy 0.69 eurusd 1.3531 1.2881 0.0000 2008.10.10 16:22 1.3536 0.00 0.00 0.00 34.50
17949463 2008.10.27 16:36 buy 0.69 eurusd 1.2411 1.1761 0.0000 2008.10.27 16:39 1.2416 0.00 0.00 0.00 34.50
18106458 2008.10.28 17:37 buy 0.69 eurusd 1.2513 1.1863 0.0000 2008.10.28 21:17 1.2518 0.00 0.00 0.00 34.50
18221476 2008.10.29 14:33 buy 0.69 eurusd 1.2779 1.2129 0.0000 2008.10.29 14:34 1.2790 0.00 0.00 0.00 75.90
18365239 2008.10.30 14:24 buy 0.70 eurusd 1.3097 1.2447 0.0000 2008.10.30 14:26 1.3103 0.00 0.00 0.00 42.00
18509699 2008.10.31 14:50 buy 0.70 eurusd 1.2736 1.2086 0.0000 2008.10.31 15:26 1.2742 0.00 0.00 0.00 42.00
18598532 2008.11.03 15:42 buy 0.70 eurusd 1.2790 1.2140 0.0000 2008.11.04 13:48 1.2795 0.00 0.00 2.17 35.00
18788884 2008.11.05 14:46 buy 0.70 eurusd 1.2915 1.2262 0.0000 2008.11.05 14:51 1.2920 0.00 0.00 0.00 35.00
18890481 2008.11.06 14:03 buy 0.70 eurusd 1.2824 1.2172 0.0000 2008.11.06 14:05 1.2832 0.00 0.00 0.00 56.00
18998473 2008.11.07 17:06 buy 0.70 eurusd 1.2767 1.2117 0.0000 2008.11.07 17:09 1.2775 0.00 0.00 0.00 56.00
19066076 2008.11.10 16:36 buy 0.70 eurusd 1.2860 1.2210 0.0000 2008.11.24 17:29 1.2867 0.00 0.00 30.38 49.00
20015579 2008.11.25 14:46 buy 0.70 eurusd 1.2821 1.2167 0.0000 2008.11.25 14:53 1.2826 0.00 0.00 0.00 35.00
20114636 2008.11.26 17:40 buy 0.70 eurusd 1.2914 1.2264 0.0000 2008.11.27 03:42 1.2918 0.00 0.00 6.51 28.00
20216100 2008.11.27 17:57 buy 0.70 eurusd 1.2869 1.2219 0.0000 2008.11.27 17:59 1.2875 0.00 0.00 0.00 42.00
20268279 2008.11.28 14:34 buy 0.70 eurusd 1.2728 1.2078 0.0000 2008.11.28 14:37 1.2733 0.00 0.00 0.00 35.00
20815345 2008.12.09 15:26 buy 1.73 eurusd 1.2813 1.2163 0.0000 2008.12.09 15:28 1.2815 0.00 0.00 0.00 34.60
21848935 2009.01.13 15:16 buy 1.73 eurusd 1.3255 1.2605 0.0000 2009.01.13 15:26 1.3258 0.00 0.00 0.00 51.90
21897837 2009.01.14 14:55 buy 1.73 eurusd 1.3195 1.2545 0.0000 2009.01.14 14:56 1.3197 0.00 0.00 0.00 34.60
21955625 2009.01.15 15:43 buy 1.73 eurusd 1.3137 1.2485 0.0000 2009.01.15 15:45 1.3150 0.00 0.00 0.00 224.90
22014107 2009.01.16 18:30 buy 1.74 eurusd 1.3276 1.2626 0.0000 2009.01.16 21:39 1.3278 0.00 0.00 0.00 34.80
23343186 2009.02.12 16:14 buy 1.74 eurusd 1.2809 1.2159 0.0000 2009.02.12 18:16 1.2813 0.00 0.00 0.00 69.60
23414064 2009.02.13 15:06 buy 1.75 eurusd 1.2831 1.2181 0.0000 2009.02.13 15:23 1.2833 0.00 0.00 0.00 35.00
23864690 2009.02.23 15:39 buy 1.75 eurusd 1.2783 1.2133 0.0000 2009.02.23 15:41 1.2785 0.00 0.00 0.00 35.00
23937306 2009.02.24 15:06 buy 1.75 eurusd 1.2758 1.2108 0.0000 2009.02.24 15:10 1.2760 0.00 0.00 0.00 35.00
24013715 2009.02.25 13:48 buy 1.75 eurusd 1.2790 1.2140 0.0000 2009.02.25 14:57 1.2792 0.00 0.00 0.00 35.00
24083736 2009.02.26 16:49 buy 1.75 eurusd 1.2744 1.2094 0.0000 2009.02.26 16:51 1.2746 0.00 0.00 0.00 35.00
24139438 2009.02.27 15:21 buy 1.75 eurusd 1.2621 1.1971 0.0000 2009.02.27 15:25 1.2623 0.00 0.00 0.00 35.00
24921402 2009.03.13 17:24 buy 1.75 eurusd 1.2873 1.2223 0.0000 2009.03.13 17:25 1.2879 0.00 0.00 0.00 105.00
0.00 0.00 50.22 -3 038.70
Closed P/L: -2 988.48