Is The Upcoming FAPturbo Forex Robot a Scam?
If you are anything like me you have probably been intrigued by Forex. Foreign Exchange. FX. Whatever.
I have also been sweet-talked by the various sales pages of the Forex Robots out there:
And there are many more.
The claim is that you don’t need to know anything about currency, candesticks, pips or anything else technical. You just install the software and go. The software will place your trades 24 hours a day 5 days per week.
The idea is that software is not swayed by emotion. Being too emotional is the quickest way to lose money in Forex…or any other market for that matter.
I will be reviewing the various Forex robots, and letting you know my thoughts. The main robot that I am interested at this moment is the NEW FAPturbo. What so exciting about it?
Well…I will be detailing this in upcoming posts, however the most exciting thing right now is that they have tested this software with LIVE accounts and they have doubled every month!
Many other Forex Robots present all these wild claims of their success, but they have only backtested it. That means they tested it on the trends on years past and did not test the trading with REAL money. I don’t know about you, but I could care less if it theoretically would have made money over the last 8 years. I am interested in how it performs NOW.
FAPturbo will release on November 25, 2008. I will keep you posted on all updates and will be one of the first to purchase the software and test it with a LIVE account and report my success…or lack of it 
Please sign up for my updates and check back often. Let’s keep our fingers crossed and maybe we can actually make some moeny off of this!
November 23rd, 2008 at 10:47 am
I don’t know about FAPTurbo, as it hasn’t been released yet. However, I did have experience with Forex AutoPilot. It managed to trade a $3000 demo account down to $0 in about 3 months. Did real well at first, then the bottom fell out. I think the major drawback to it is that there is no stop loss in place. You would do well on 5 or 6 trades in a row, for anywhere from 100 to 160 pips profit, then the market would move against you and your next trade would end up losing 300, 400, sometimes even 500 pips. So, it was, in effect, like taking 1 step forward and 3 steps back. What I couldn’t figure out was, since there was no stop loss in place, how the trades did end up getting closed eventually. I sent the developer an email asking some questions about it, and received somewhat of an obnoxious email in return, along the lines of “how dare you question me, I’ve gone over this time and time again…” Brought me back to the old Shakespeare line “Methinks he doth protest too loudly…” I’ve always heard it said that when you have done something wrong, or know you are in the wrong, the best defense is a good offense. That’s exactly what I got so, needless to say, Forex AutoPilot is no longer a tool in my trading plan.
November 23rd, 2008 at 11:39 am
By the way, with FAPTurbo, in the video, and teasers they have sent out, the one thing that I noticed to be conspicuously missing is their entry AND exit points. I might have missed something, but I don’t recall seeing the both of those, just dates trades went down, and the pip profit or loss generated. I don’t know about his account, but my account with InterbankFX has my entry points and exit points, as well as my profits and losses. Just a thought…
Another thing I have noticed is that it always seems to be the same crew of about a half dozen individuals that is always coming up with the “next best thing”. It seems to me that I hardly even get a chance to finish testing a new system (I have picked up about a half dozen or so, from most of these individuals, to check them out, and expand my knowledge of the markets a little), and they are in your email inbox with yet another system that claims to be even better than all the other ones you have recently bought.
I have to wonder, if these guys are doing so well with their systems, why are they online selling system after system for prices like $97 (Have you ever noticed these always seem to sell for roughly the same amount?) My question is, do you really expect me to believe that: a.) you are so altruistic that you are spending every waking moment trying to develop systems that will help the whole world make a million dollars a month in the Forex market, starting with as little as $500, and then you are willing to sell it for only $97? and b.) That you can actually have in excess of 90% winning trades on a completely automated system? There are a couple of things that make me suspicious right away: 1. You can “set up your robot to run on someone else’s server so it runs 24 hours a day, 5 days a week.” That makes me nervous in as much as my account is out there someplace over which I have no control. My question is, if you’re making $5k or $10k, and even more, per month, why wouldn’t you just have a t-1 line brought into your house and set up your own dedicated server? And 2. There was a comment made, inadvertently I’m sure, by one of the people in the testimonial section of the “independent testers”. This person said something to the effect of “when you have the robot running on their server, they are constantly tweaking and optimizing the system.” That doesn’t sound much like a panacea of a robot to me. My thoughts are, if this is so great a robot, why do they need to continuously optimize and tweak it, why do you need to run it on their system, when does the optimizing and tweaking stop (And, if never, how long are they going to support this system, and for how much extra, I’m assuming, monthly?),how much extra are they going to charge you to run it on their server, and where does the liability end should their server crash and burn at some point?
All in all, what I’m saying, based on past experience with all of these fellows (having bought several of their systems, without much success from any of them), is that it always seems to be the same guys hawking the next big thing. I’ve tried the next big thing several times now, and all it’s led to, up to this point, is decimation of a demo account, followed by multiple advertisements from all of them in my email inbox for yet the next big thing.
I’m not saying this is or isn’t a bad product. I’m just saying to approach it with a healthy dose of skepticism, and for God’s sake, don’t trade the thing live until you’ve tested it thoroughly. Who knows? Maybe by the time you are done testing this one, they’ll have one coming out that will triple your account monthly, instead of just doubling it… Just kidding…
In closing, I would like to say don’t get me wrong; a lot of people might think this sounds like sour grapes but it’s not. Although none of these systems has ultimately panned out to be anything near what the claims were, I have learned something from all of them. I will be checking this one out as well, and may even purchase it, if the price is right. It, too, probably won’t come anywhere near living up to the hype, but I will be interested to see how it works, and what I can learn from it.
Good luck in your trading, and remember, the only person you can ultimately really rely on to serve your needs in the trading marketplace is you…
November 23rd, 2008 at 11:53 am
You have made some excellent points! One of the best resources that I have found out there is the guys at: http://forex-systems-reviews.com/. They are completely unbiased (or so they say). They seem to love Forex Autopilot. It is interesting, because I have heard of many people losing money with it.
Generally the reason that is given for them losing money, is that they panic and overide the software and sell. As you mentioned Forex Autopilot did not have stop loss, however I believe they have integrated it now. FAPturbo is supposed to have it as well.
Everyone I have heard did recommend setting a 300 pip stop loss manually with the older version of Forex Autopilot. The people that didn’t sell out manually would often end up bouncing back, or at least making it up in later trades.
I don’t personally have experience Forex Autopilot yet, but I will probably test it out as well in the near future.