As I have mentioned a few times over the past few weeks…these are tough times. Anyhow, Fap Turbo has been providing me with a light at the end of the tunnel! After a few large losses, I am now making gains again. In fact I have had 7 trades in a row that have all been profitable!
I haven’t cranked my risk level to the max yet, but I am very optimistic. The thing that I like best about Fap Turbo is that they are constantly working on it. Some robots would be dead in the water in this economy, but Fap Turbo releases an update ever month to help keep making gains.
My main frustration this month has been with my broker, IBFX. Call me a conspiracy theorist, but I started thinking that they were out to get me! Anyhow, this is what FapTurbo said about IBFX recently:
Interbank fx has problems pulling trough trades and promised to add more banks to increase trade capability and lower spreads.
Can I hear and “Amen?”
The Church of Forex
Speaking of saying “amen” I just watched this video from some hedge fund manager, Kishore M, and I felt like I was in church! The church of forex that is! This guy will have you raising your hands and shouting in no time! I don’t know if he knows what he is talking about or not, but the videos were fun to watch. Also, if you sign up then send you a few others with the same vibe, you gotta see the one with Robert Kiyosaki’s ambassador, Bellum Tan!
If you are already happy with your trading results, then you DON’T need to watch this video. This is really only for serious traders (beginners or experienced) that have been looking for a hands-on, step-by-step, A to stinkin’ Z, trading method designed to work in any time frame in any market (not just forex). If that’s you, check out the video, if not…then why are you reading my blog in the first place?
The thing that I liked best about this course is that it is a very realistic and sober approach to trading. No pie-in-the-sky claims here…speaking of which have you EVER seen a pie in the sky? What the heck does that mean anyway??
Anyhow, I reviewed the course and was impressed with it’s no-frills, step-by-step methodology. The production value was very professional as well, but that doesn’t matter nearly as much as the content.
So, with that brief intro, go ahead and check out this “sneak peek” video. In fact, it actually reveals some of the secrets that are included in the course.
Onto other things. Well, with Fap Turbo’s “black monday” behind us, the software is slowly making progress again. Many people have been upset that they lose some money in January…I guess I was upset too. But, look around…our world is in economic crisis. You can’t blame software for that.
That being said, I am proceeding cautiously, and I would suggest you to do the same. Set your LotRiskReductor to a “reasonable” level and you should do OK. You have to determine what reasonable is, but personally I am going with:
EURGBP (10)
EURCHF (5)
GBPCHF (5)
However, depending on your particular goals you may choose to set it differently.
OK…let’s take a short break from Fap Turbo…I just got through watching a pretty cool video about trading forex and figured I would share it with you.
Apparently last year one of the industry’s most respected trading educators made a discovery about day trading Forex that he’s finally ready to share with you. From what I’ve seen, I don’t think anyone is trading Forex like this (yet)… not to mention this completely turns traditional “day trading” on its ear.
He recorded a training video recently that “pulls back the covers” on this discovery & reveals how you can shield your portfolio from risk. This supposedly works even if you’re inexperienced & have little time.
During this video, he makes some wild claims such as:
The collapsing global stock markets and economies are creating pressures that, in turn, are creating more profit potential than we’ve ever seen before in the Forex markets.
That may come as a surprise… but his logic makes sense and he explains in his training video why this is happening, and how you can get in on it.
I am not going to bore you with all the details of the video, just watch it yourself…it will take about 30 minutes or so to see the first one.
With all of this talk about automated forex robots and such I have noticed that many people out there do not have a good understanding of how the forex market works. Sure, software like Fap Turbo can make great profits without you knowing anything about forex…but I think it is best to also have the knowledge of where that money is coming from and how the market works. Who knows, maybe you will also decide to start trading manually as well!
I have spent a lot of time researching the best training programs out there, and I have come up with the two that I think are the best. I literally looked at over 150 different products!
The Newbie Training Course
This course is for you if you think that a “pip” is that bratty kid that lives next door, a “swing” is an outdoor toy, a “spread” is what you do when you get arrested, and a “profit” is someone that can predict the future!
“Forex Secrets Exposed” will teach you everything you need to know about the forex market and will help you to start trading profitably in the shortest possible amount of time.
The course consists of the following 12 videos:
Intro to Forex
Margin Trading
Pip, Points and Spreads
Announcements Crash Course
World Clock
Charting Package and Demo Account
Charting Package Intro
Setting Up Your Charts 01
Setting Up Your Charts 02
Trading 10 Pips Live
Live Follow Up
Final Review
They also include several indicator files for you to learn how to use as well as an 8-part Advanced Fibonacci Trading Course on video.
So, if you are just starting out in the wonderful world of forex, this is the place to start!
OK…so, for those of you that were totally bored by that review, here is the course that will help take your trading to the next level! Be warned, that this is NOT for newbies, you should have some basic forex skills before jumping into this course.
The 3SMA Forex System is an incredible course that covers Hector’s 3SMA trading strategy. This is basically how to use 3 simple moving averages: 30 SMA, 50 SMA and 100 SMA.
I was amazed at how huge this course is! It is a bit on the pricey side, but I felt it was well worth it. The course includes 8 chapters and an Annex which feature about 60 different videos…it totals to about 17 hours of video, so don’t expect to finish it in an evening!
Chapter 1 – Analyzing the Trend
Chapter 2 – Pattern Breakouts
Chapter 3 – Swing Trades
Chapter 4 – Stop Loss and Targets
Chapter 5 – Blending the News
Chapter 6 – Trade Management
Chapter 7 – London Open Breakout
Chapter 8 – The Golden Rules
Annex – Hector’s Custom Indicators
The course also includes Hector’s custom trend-scanning indicator which will allow you to see solid trends across any currency pair and any time frame…with just a glance!
So, if you are interested in taking your trading up a few notches check out Hector’s course:
Oh yeah, both courses have a full money back guarantee so if you get the course and find out that you already know more than they do…you can just well, get your money back…then contact me and we will make our own stinkin’ course!
New Year
So…2008 was a crazy year wasn’t it? Well, I hope that 2009 will bring you and yours happiness and prosperity! Be safe & God bless!
Was it just me or was last night a roller coaster ride?
It was the first day in my personal trading history with FAP turbo that I sustained a loss after a trading day. It was not a huge loss, but but enough to get me thinking if trading during the holidays is a wise decision. One part of me wants to milk every trading second available…the other side of me wants to be safe and sound during the holidays.
Most brokers are reporting an increase in spreads during Christmas and New Years.
The spreads are reported to increase before 12:00 PM (noon) EST on December 24th and stay that way until the first of the year. During this time the spreads will be wider than normal. On January 4, 2009 the spreads should be back to normal.
Note: Spread increases during the holiday season is a lovely tradition and should be embraced. This is not an issue with FAP turbo.
Traditionally forex trading is not advised during the holiday season. Most professional brokers will generally stop trading the end of December and beginning of January to spend time with family, friends and put together those insane toys!
FAP turbo’s official recommendation is:
“You can still trade, however we suggest to reduce LotRiskReductor to minimum conservative level possible.”
For beginning forex traders in particular, holiday trading is very tempting. It can be difficult to pull yourself away from the excitement on the market and take a break from the action. Let’s examine some of the reasons to avoid trading on holidays.
1. No Liquidity
Banks are usually closed on holidays and professional traders and big institution are on vacation. Because of this, two way trading is very limited. That means that prices can move very easily in one direction if any surprise large orders come in.
2. Unexpected Behavior
Building on the previous idea about liquidity, sometimes a surprising event will happen and because the markets are not liquid, they will move very quickly and sharply. These moves can take place in a blink and if you are trading, the market can make a move against you before you even have a chance to act.
3. Inactivity
The unexpected behavior is usually the exception rather than the rule. Most of the time, there is very little action in the forex market on US holidays. For daytrading purposes, technical analysis usually fails. The market is usually so slow that even if you can make money, it will probably be so little that it isn’t worth it.
4. Everyone Needs Personal Time
Above all, you shouldn’t be trading on holidays because you have to rest sometime. It’s better to take time off and spend it with your family. That time does not come around often and it’s better to take that time off while you can. The forex trading markets are busy most of the time. Holidays are a perfect time to rest , reflect, and recharge.
So, there you have it. Trade at your own risk during these holidays…or better yet shut off the computer, grab a mug of eggnog and watch “It’s A Wonderful Life.”
Some people have been wondering why their trades differ from someone else’s. Or why their trades differ from the trades on FAPturbo’s site.
I am not a programmer, and I don’t know the logic of their software, but I am going to take an educated guess to help shed some light on why one person’s FAPturbo will make a trade and someone else’s will not.
First off, you must realize that FAPturbo is not a piece of software that is getting commands from a centralized location. In other words, some guy isn’t sitting in some dark room making trades and telling all of the FAPturbos in the world when to trade and when not to.
From how I understand it, FAPturbo watches the market and makes it’s decisions based on that. Since there is really a huge amount of variables in play it makes sense that it would trade differently on each machine.
Some of the variables that MAY influence the decisions that it makes are:
How large the spread is. As you may know the scalper mode is very sensitive to this.
Your broker. Perhaps your GMT settings are wrong?
How long FAPturbo has been running on your machine. FAPturbo supposedly watches the market and then “learns” the trends and begins investing. This is why several people have complained that the software takes a couple of days to start trading. It ISN’T a flaw, it is just educating itself.
Lot size. This seems to be a hot topic and everyone is treating it differently…that’s probably a good reason why people are getting different results.
How much money you invested in your demo or live account.
And all of the other settings that are contained in FAPturbo itself…which I don’t have the time to go into right now, but I have talked about some in previous posts.
I hope this helps to shed some light on this. I am not positive that this is what is happening, but it what I am guessing.
This is why I am building a forum. That way we can test settings is a logical manner and share our results.
So far my experience with FAPturbo has shown that if it is not making trades or it is making poor trades it is generally due to improper settings.
Have a great weekend!
Oh by the way…there is rumor that the price is going to increase again…so if you want to test it you may want to pick it up soon. Besides you do have a 60 day warranty.
You probably already know that Forex can be traded 24 hours a day 5 days a week, but when is the best time to trade?
Forex is a highly dynamic market with many price movements every minute, this characteristic of Forex allows traders to enter the market several times a day and hopefully pull some profit from most of the trades. In order to find the most amount of profitable trades it is wise to enter at the best time, or when the volume of transactions is the highest.
The main timing characteristics of the Forex market are as follows:
Forex is a 24 hour market. It starts on Sunday at 5 PM EST through Friday 4 PM EST.
Forex trading first begins in New Zealand, then Australia, Asia, the Middle East, Europe, and finally America.
USA and the UK account for more than 50% of the market trades.
The major Forex markets are: London, New York, Tokyo.
Almost two-thirds of the NY activity occurs in the morning hours while the European markets are open.
Forex trading is heaviest when the major markets overlap.
From these facts it is easy to see that at any given time, someone somewhere is buying and selling currencies. As one market closes, another market will be opening.
During each day, the total Forex volume is determined by the number of markets that are currently open and the times that they overlap each other.
Forex volume will generally stay high all day, but it is especially high when the Asian market (including AU & NZ), the European market, and the USA market are open at the same time. These are the hours that you should target to find the most amount of profitable trades.
Here is the schedule of OPEN markets:
London Market: 2 AM – 12 PM EST.
Great Britain Market: 3 AM – 11 AM EST.
New York Market: 8 AM – 4 PM EST.
Tokyo Market: 8 PM – 4 AM EST.
Australia Market: 7 PM – 3 AM EST.
If you looked closely at the above schedule you will see that there are two times when two of the major markets overlap during trading hours: between 2 AM and 4 AM EST (Asian/European) and between 8 AM and 12 PM EST (European/American).
So, there you have it. If you want to find the greatest number of profitable trades, focus on the hours when the markets tend to do their biggest moves.
