Morning Forex Update 4/24 – FAPTurbo & Forex MegaDroid
Next week should bring a more regular schedule to my life and better posting. I’m just glad the weekend is here although that means soccer, yard work and all that fun stuff. I should have time to finish getting my new office arranged and my computer done. I did have all of the accounts running last night and had fun with one trade myself. I just want time to learn a little each day. This one day on, two days away from forex only confuses things. Oh well, that’s life.
As you may be aware I have had Forex MegaDroid is loaded on four demo accounts with different forex brokers and on one live account. Yesterday I replaced MegaDroid on my live account with the EURUSD long term strategy of FAPTurbo. My live account is the only one currently running FAPTurbo I just haven’t had time to load it on the rest and since Friday and the weekend were close I decided to wait and do it so it’s ready for the new week.
In any case Forex MegaDroid has made no trades on any of hte four demo accounts since the two initial trades on 4/22 (Morning Forex Update 4/22 – FAPTurbo & Forex MegaDroid). If you remember those trades were within minutes of the Droid being set up on the account. Nothing since on any account.
Last night FAPTurbo turned on for a bit. In the image below you’ll see the EURUSD long term strategy trade for $-3 and two USDCAD trades, $10.62 & -$3.27. The USDJPY trade was mine done while playing with an indicator I have loaded. Looks like it took me an hour to make $8.
All in all FAPTurbo was positive although just $4.35
At this point I am uncertian about forex robots. We all are looking for an automated way to trade that makes money. That’s not an easy with something as unpredictable as the forex market. My feeling is that settling in on a system that fits your time and life may be a great way to trade. Work that one system and forget all the hype about AI and hands free trading.
Now, where do I buy that system…….
Thanks for your time,
The Forex Noob
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April 25th, 2009 at 9:37 am
Hi Noob,
Meanwhile I purchased the “London Rush” through your site and installed it.
Was very easy. So, from this next monday I will give it a try and keep you posted about it.
Only, this All Russell is also so much pushing to use MIGG FX brokerage ….. must be again some nice kickbacks for All Russell from the spreads.
I am not going to use MIGG FX and I will try the `London Rush` with only 3 currencies ……. GBP-US$ – GBP-JPY – GBP – CHF -
You say that you are uncertain about forex robots …………and you are right.
Well, let me give you my opinion:
What the Fapturbo and the Megadroid are doing, we can do better.
Their systems are very very simple.
One hour after New York closes the robots start `trading`.
When they start the trading/volumes are very low, Banks and Institutionals are not trading for a few hours and there is NO economic news, so all is very relaxed and quiet.
New York closes and our robots start `looking`for about 1 hour for trading opportunities.
Mostly all kind of currencies start moving in a range of about 15 pips, slowly up and slowly down again and this repeats itself during the next few hours.
You can check this yourself.
So, the job for our robots is `easy`, buy `on the low`and sell att `the high`again. (in the range of the 10, 12 to15 pips).
This kind of scalping everybody can do and even much better than the robots, because the robots many many times are taking a profit from 5 or 6 pips (automaticly) but not even 1 minute later it could have been 4 or 5 pips more.
And this happens many many times.
I am still talking about my example (the 15 pips range).
When you start looking for 1 hour at your charts from the moment New York closes than many times you will know already if our robots will start trading or not. Very easy to see.
And I will advice EVERYBODY do NOT keep a position open when the robots stop trading. Take and accept the LOSS at that moment.
If you don´t do that, many times you will get really punished with very very big losses.
Even when you set your `risk/level` with the FapTurbo for example on 8% you can loose easy more than 15% from your account.
And with my accounts I am honestly !! talking here about 7 to 22 thousand dollars !!
In the recent past this happened to me already a few times and I had to recover the losses during the whole next day by manually trading.
Means, `a complete waste of time`because of the robots and again taking lots of risks !!
And believe me ALL THIS has nothing at all to do with wrong settings.
Further, the ONLY reason for me to have the FAPT is that it can work for me during 04.00 hr. till about 08.00 hr. (my local time) when I normally should be sleeping.
Still it is keeping me awake many times.
Regarding the Megadroid, probably soon I will ask for a refund.
I will try it for one more week, but till now I am not impressed ATT ALL, also `trades` only a few hours, 4 days a week (what 24 hours a day) ???
Yes, only 1 or 2 trades a week !!
Better we do this ourselves, there are many many good trading opportunities during the week with the Euro-US$.
Okay, any questions or comments, please let me know.
Good trading, Ben
April 29th, 2009 at 11:50 pm
I am a true noob. I haven’t traded Forex yet and just found out about it a week ago. Ben, since you seem to know what you are doing, do you have any advice for get me started? I would appreciate if you (or anyone else knowledgeable) can head me in the right direction. The robots seem to be a waste of time and money. Is there a good place to get info that will help with manual trades? Also, what is the best broker to go with? I would appreciate any help you or anyone else out there can give me.