The Forex Noob

Yea, Things Have Been Quiet

The Forex Noob — Wed, 18 Nov 2009 15:51:28 +0000

I’ve been working too much and not posting enough. Basically since the new updates of both FAP Turbo and Forex MegaDroid trades have been very sparse. October ran with only a handful of trades the whole month. I’m running with the default settings and have not had time to tweak things to see if I can make them better or if the bots have run their course.

I’ll get updates up next week. For now is anyone seeing significant trading with either AE? Is there a new product you’ve found that is preforming well?

Thanks for your time,
TFN

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Yea, Things Have Been Quiet

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Morning Forex Update 9/11 – FAPTurbo & Forex MegaDroid

The Forex Noob — Fri, 11 Sep 2009 14:02:27 +0000

Should an artificial intelligence bot that can see into the future lose $132 in one trade?

For the most part my experience with both Forex MegaDroid and FAPTurbo have been confusing and full of I Thought So moments. Neither makes huge profits but instead churns away slowly making small profits and from time to time HUGE losses. I’ve seen both FAPT and MegaDroid follow the same pattern, although I was surprised to see the large loss made by Forex MegaDroid. I will note that the loss was on only one account, the other running MegaDroid did not experience the loss.

Here are the trades for the ForexMeta demo account with the large MegaDroid loss. Remember ForexMetaa has been a broker promoted by both FAPTurbo and Forex MegaDroid publishers yet for me it seldom trades.

Here’s the FxPro accounting for September. Not really much going on. It’s odd to see FxPro with so few trades. At least it’s in the positive. Notice that the trades are EURUSD, that’s MegaDroid.

And now for the my LiteForex (REALForex) account, always the most active. In addition the EURUSD is using FAPTurbo long term strategy instead of Forex MegaDroid.

Have not had time to test any of the newer EA’s that have come out over the past couple months If you have experience with Ivy Bot or any other please let us know how it is working. We all see the hype but wnat to know real experiences.

Thanks for your time,
The Forex Noob

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Morning Forex Update 9/11 – FAPTurbo & Forex MegaDroid

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Morning Forex Update July – FAPTurbo & Forex MegaDroid

The Forex Noob — Fri, 31 Jul 2009 14:24:12 +0000

I don’t get to post as much as I’d like but can still give updates on my FAPTurbo and Forex MegaDroid results at least weekly. Here is the month of July results with my three demo accounts.

My first instinct is to say ForexMeta does so poor with these EA’s that I would avoid using them as a broker. Oh yea, I have said that in previous posts. Truth is FAPTurbo and Forex MegaDroid made only three trades combined on my ForexMeta account but they were all positive. Check out the entire statement here. The EURUSD trades are MegaDroid. That means only one FAP Turboo trade the entire month.

My FxPro account fared better with The FxPro account statement is here. Like the ForexMeta account the EURUSD is running MegaDroid.

Mid month we had a bumpy ride with FAPT with some uncharacteristically large losses. Otherwise the bots preformed much as they do every month. Small profits with a handful of trades each week.

My LiteForex (REALForex) account has the FAP Turbo long term strategy running on EURUSD. There is currently one trade open long term. See the statement here.

This account has seen larger than usual losses in previous months. It was a relief to see it in the positive again.

I don’t analyze the date as closely as Ben does, read his comments on various posts, here’s one…I look at each broker account and each EA and how they work together. Since finding a good forex broker and finding a forex robot that works are two HUGE subjects in forex trading, especially for beginners, that is where I have focused.

After looking at, playing with and hearing others experiences I believe FAPTurbo and MegaDroid are two of the better robots available. Will others dethrone them, certainly, that’s the nature of progress.

In the mean time I want to move these bots from ForexMeta onto another broker account. ForexMeta just does not work well enough with the EA’s. I plan to trade that account myself using a few tools and systems I’ve collected.

Any suggestions as to what broker I should add to the test?

Thanks for your time,
TFN

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Morning Forex Update July – FAPTurbo & Forex MegaDroid

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Ivybot, The Newest Forex Wonderbot?

The Forex Noob — Tue, 28 Jul 2009 14:12:42 +0000

OK, the new wonder bot is Ivybot. My emails are stuffed with marketing letters saying how this is the greatest forex tool ever, like they all do. Right now here’s the scoop:

Ivybot costs $149. The plan is to use this as the introductory price and raise it to $179 in a few days. There is a 60 money back guarantee which is nice. A VIP membership is an additional $99. Sorry, I haven’t dug to find out what is included and the info was not readily available when I skimmed the web site.

As with most intro webinars Ivybot’s was short on concrete info. Knowing the algorithms that make a forex bot work is nice but give me something I can understand and sink my teeth into. The Ivybot developers/marketers have live results available but there seems to be something lacking, ya know, the feeling. Perhaps someone more schooled in forex can articulate it better than I. And then I may be overly skeptical.

If you try Ivybot let us know. I am interested but do not want to lose focus on the bots I have, Forex MegaDroid and FAPTurbo. When you have too many toys most never get played with.

Thanks for your time,
TFN

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Ivybot, The Newest Forex Wonderbot?

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FAPTurbo and Forex MegaDroid Excitement, Is It Over

The Forex Noob — Thu, 23 Jul 2009 12:22:43 +0000

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

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FAPTurbo and Forex MegaDroid Excitement, Is It Over

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Morning Forex Update 7/22 – FAPTurbo & Forex MegaDroid

The Forex Noob — Wed, 22 Jul 2009 12:40:36 +0000

What a terrible night for FAPTurbo. Large losses were seen with two of the three demo accounts, the third making no trades with FAPT.

ForexMeta outperformed the other accounts by not trading FAPTurbo. The one trade made, the first since July 2nd, was a Forex MegaDroid trade for a $40 gain.

FxPro made the same $40 gain with MegaDroid as the ForexMeta account. With FAPT it delivered large losses totalling $136.70. The one positive trade brought the account to a net -$120.59.

LiteForex (REALForex) saw similar results losing $94.24 on a EURGBP trade. It did gain on two USDCAD trades but ended up with a net -$62.04.

Last night Forex MegaDroid preformed as usual, a scarce trade but for $40 profit. FAPTurbo was uncharaastic with it’s large losses. Generally losses have been held under $25. Percentage wise it killed the month ot date preformance of the EA.

So, did you take the same hit with FAPT last night?

Thanks for your time,

TFN

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Morning Forex Update 7/21 – FAPTurbo & Forex MegaDroid

The Forex Noob — Tue, 21 Jul 2009 13:34:21 +0000

Well, I’m working to gt back on track with my forex testing, trading and reporting. After a business expansion, weeks camping trip at the beach and general life I may me near being back on a regular basis.

Here are my results for July thus far. All demo accounts have run equal time although not every day. You’ll notice an interesting thing in that ForexMeta has made only one trade in July.

Here is that ForexMeta statement. One trade early in July. No activity since. I will change the magic number today to see what effect if any that has. As far as I have seen ForexMeta is not friendly to either FAPTurbo or Forex MegaDroid.

This is the FxPro statement. Not bad considering the speraticness of me having it going. The EURUSD is MegaDroid. I see one trade early in the month for a positive $40. Droid seems to trade far fewer times than FAPT but usually has a decent profit.

This is the LiteForex (REALForex) statement. The EURUSD is FAPTurbo long term strategy. Like Forex MegaDroid it had one early month trade but also has one open trade.

FAPTurbo and Forex MegaDroid continue to make small somewhat consistent gains with most demo accounts I’m running . The odd situation is the ForexMeta account. Based on my tests if I was searching for a broker I’d steer clear of ForexMeta.

That’s the quick update. More later.

Thanks for your time,

TFN

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More Forex Observations for Noobs

The Forex Noob — Mon, 15 Jun 2009 12:53:10 +0000

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

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Magic Numbers and Forex Trading

The Forex Noob — Mon, 01 Jun 2009 13:02:05 +0000

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

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Magic Numbers and Forex Trading

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Revisiting Forex Deal Butler

The Forex Noob — Fri, 29 May 2009 22:58:00 +0000

I’m always interested in giving someone/something a second look so I revisited the Forex Deal Butler site. I believe the entire site has been updated, I’m not positive about that but that is my first thought. The site is refreshing in that it is not the typical spam-n-scam template that most like products choose.

Previously there was a $4.95 non refundable trial fee and the system cost $2100, charged to your account if you did not cancel within 10 days. Currently the trial is free for 7 days and if you do not cancel there is a $297 per month charge. Deal Butler appears to be more than an EA you load and let run it includes the software and coaching. The monthly fee seems to be more of a membership fee than the price of an EA.

Here’s the Free Trial Info from the Deal Butler site.

Free Trial Info:

What all can I do on my Free Trial?

Everything! You have Full Member Benefits. Access to the coaches, full access to the software, All-Access pass to the Membership site. We’re not holding back – after all, how can you decide otherwise?How long is the free trial?

You have 7 days from your order.

How much does it cost after the trial?

After your 7 day trial, should you decide not to cancel, you will be billed two hundred and ninety seven dollars a month. This will give you unlimited access to everything – the software, our award winning Home Business In A Box Forex Kit, and all of the coaching (FOUR times a week, with live real professional traders) and member support.

Here is the How It Works portion from the Deal Buster web site.

How It Works:

How does Forex Deal Butler work?

FXDB actually ’senses’ the energy in the market. For example, when trades are jumping into a market and grabbing everything they can – FXDB will report the exact moment it starts… and ends.

We do this by comparing how the market trades throughout the day and by checking to see if price is “following through”. Much like a good golfer or baseball player will hit the ball further if they use good follow-through.

Does the software do everything for me?

Well, not everything! This is one Butler that will NOT do windows. Seriously though, this is not a 100% automated system – it is a 98% automated system. That’s because we, like 99% of all professional traders recognize that the most powerful computer in the world is the God-given brain.

We can take nearly all of the hassle off your shoulders, but for the last 2%… Well that is where our professional coaching staff comes in. Your coach will take you by the hand to long-term consistent trading success.

Is this system suitable for complete trading newbies?

73.1% of our Members think so. Getting started is quick and easy and support is always there to help.

How long is the free trial?

You have 7 days from your order.

How much does it cost after the trial?

What all can I do on my Free Trial?

How fast can I start making money?

That’s up to YOU. We have some traders that are making money from day 1. We encourage everyone to make sure they have a plan and demo trade (with fake money) to start.

Remember, this isn’t a job or some pyramid scam. You make money trading by following the rules and using a good system. We give you the rules and the system, but we can’t push the buttons for you!

Can I cancel any time?

Absolutely! Our goal is to help you be successful and to reach your goals. We may be professional traders now, but there was a time we could use some hand-holding. We’ll never give up on you – but you can cancel at any time.

Can I access the software over the Internet on my PC or Mac?

The software needs PC software to run. I’m running Windows software on my Mac Pro and Macbook Pro without any trouble.

What are the system requirements on my PC or Mac?

If your PC computer is less than 5 years old – it will work. If you have a Mac, you need the Intel chip to run Windows.

I’m still unsure if it is automated or not. “this is not a 100% automated system” is a quote from their own site. It is stated within a quit that Deal Butler is 98% automated, “…it doesn’t do windows” (Careful, that can be confusing, Windows is the OS it functions on, no Mac).

I am now attempting to start a Free Trial but the site is not taking my info. It seems to reload the page with my info still in the entry fields. I’ll keep trying and we’ll see how it works.

If you have experience with Forex Deal Butler or any other forex EA or system let us know.

Thanks for your time,
The Forex Noob

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