The Forex Noob

FAPTurbo and Forex MegaDroid have been out for some time now, in the world of Forex Trading a lifetime of new products have hit the scene since their introduction (Triad Trading Formula, London Forex Rush, Forex Mentor, Forex Maestro, Forex Ambush, and more). Have they become antiquated?

We still see profits with both forex ea’s but are the new products better? Are they clones of these premier bots? Or are they, ss some have suggested, rehashed products that flopped previously and repackaged?

Every day I receive numerous emails selling forex tools, coaching and such. Most fade after a week or so of over hyping eblasts leaving little sign that they ever existed.

What are you using? Are FAPT and MegaDroid working well for you still? What are you looking at for the future of your forex trading?

Thanks for your time,
TFN

My purpose for The Forex Noob is to give my experience as a beginner to forex trading. I tend to veer off track a bit with the  FAPTurbo and Forex MegaDroid updates but that’s a part of the experience. I believe the robots on the market now are attractive to beginners, at least the promises made, and are marketed toward them. I don’t mind giving my updates, I’ve learned much from may who have commented and emailed. Thank you.

I want to continue to share my experience, good and bad, and hopefully help others.

I have suspended my live trading because I do not have the time to do it properly and have lost much of my initial deposit. Honesty time…I did a stupid thing and when moving offices left three trades open while my computer was dismantled. In my arrogance I believed that I know what I was doing and did not protect my trades well enough. All three trades lost big time!

Lesson #1 – Protect yourself  with stops and never leave yourself vulnerable to huge losses.

Lesson #2 – Unless you are trading live with the same or greater funded account be extra careful. My losses would have been huge profits had my live account had the same deposit amount as my demo accounts. Don’t over trade your account.

Lesson #3 – Trading well means giving it a lot of time, especially in the beginning. EA marketers want you to believe you can spend 15 minutes a week trading and make a fortune. The majority of us need much more time than that.

Lesson #4 – It’s going to take a long time to get good and make great gains. Baby steps is the key. Don’t get greedy.

My demo’s are still going with both FAPTurbo and Forex MegaDroid. I’ll get back to live trading in June but want to give it the attention needed to be successful. If you are thinking about forex trading or just started don’t get discouraged, read, learn and understand that it’s going to take time.

Your comments and suggestions are always welcome.

Thanks for your time,
The Forex Noob

I’ve been wondering why the EA’s I have running are inconsistent. It may be their nature, Donna informed us that FAPTurbo “has a ” ’scatter’ feature which means that not all trades are placed at identical times” which makes since. If all accounts running FAPT traded the same currency pair at the same time there would most likely be a huge swing in that pair.

I’ve also read where it is important to change your EA’s magic number frequently if your broker has a dealing desk. True?

The way I understand it a Magic Number is an optional and arbitrary number assigned to an EA via your Expert Adviser property settings. It allows multiple trades for a specific currency pair to be managed correctly.

From metatrader.info “The Magic Number is a unique number you assign to your order(s) as a reference enables you to distinguish between the orders that opened by your expert adviser and the orders that opened by another expert advisers or manually.”

So, we can change our magic number often and in theory DD brokers will not get used to seeing our trades and doing nasty things, not that they ever would.

Does that make since? Is this a valid reason why we see good trades early in EA installation and more poor or no trades after time?

Should we be changing our magic number every day?

Thanks for your time,
The Forex Noob

I’ve been out of Forex circulation for a couple of weeks. Sorry for the lack of updates. Getting a new business up and going takes a great deal of time, add family obligations to that and something has to give. I’ll work to make at least a few updated each week ’till things settle down.

My first task this morning was to process comments. A lot of spam, a couple good comments and one profanity filled rant. I deleted the later along with the spam and in retrospect am sorry I did. It has me thinking. I should have posted it sans profanity.

As I remember it two main points in the comment were 1) I was trashing robots that were good and allowed automatic trading along with live trading. No specific bot was mentioned. 2) I was “obviously too poor to trade forex”.

My first thought was that I don’t believe I’m trashing any forex product. I comment on personal experience using a number of products. I, and others, report on our results with products we are using or have used. I don’t believe we have found anyone at any level who is realizing the results claimed in these products marketing.

Because my background is Marketing I have commented on the marketing style adopted by most forex products I have come across. I may have trashed this. I am very opinionated when it comes to marketing campaigns for any product. I find most of the forex products marketing efforts offensive. They prey on the greed what festers in us all and desperation for many who can’t afford to lose the money they probably will end up losing. They also insult our intelligence with over hyped claims and testimonials.

As for being too poor it got me thinking about the forex trading market. Who is the typical trader? What was their initial deposit? How long have they been trading?

And now, what is the fastest growing segment in forex trading? How old are they? What is their typical initial deposit? Do they trade themselves or use an EA? Are they in it to get rich quick or for extra income or full time employment? What is “too poor to trade forex”?

My guess is that the complexion of the forex trader has changed and continues to change. Obvious right? Old timers are probably professionals who have been trading for a decade or so. But I bet the fastest growing segment of forex trading is me, the noob. I bet the complexion is  changing to a younger, second income seeking, family oriented person. They are the ones seeking and purchasing the bots. They are the ones opening accounts for $100, $200, $500(LiteForex has accounts that trade in US cents) in hopes to turn that into thousands. And the EA marketers prey on these people.

Now I’m interested in finding out Who is the forex trader.

Keep the comments coming. I don’t mind confrontation but won’t accept profanity. And if you comment please be as specific about product or subject so we can all understand and help.

Thanks for your time,
The Forex Noob

p. s.     I found the comment mentioned above in my email for aproval. It’s a comment on Forex Deal Butler by Lee. You can read it here, minus the profanity. Anyone have experiance with Forex Deal Butler? Anyone else believe as Lee does that anyone speaking negativelly about Forex Deal Butler is a loser?

j4j’s comment about all forex robots eventually failing is interesting.At first I thought “That Makes since.” but as I continued to think I started to change my mind.

I believe that forex systems are based on analysis of historic data and predictions based on the the relationship between events. It’s strictly analytical and as long as the rules stay the same the same systems based on these criteria should preform the same in a 100 years as they do today.What these robots and indicators can’t include is the human factor.

The human, emotional, factor involved in the market can never be predicted by an EA. The nonlogical herd mentality, fear, anti trend, attempt to time, elements that humans poses is not equatable and therefor the EA’s can not predict.

Forex robots should act the same at all times. Humans will not. EA’s will function on the data they are programmed to analyze. My mood can effect how I react to the same situation on two separate occasions.

Why would a bot eventually fail all things being the same?

Thanks for your time,
The Forex Noob