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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!
I’m sorry that it has been over a week since my last post! I have been going to therapy to help me to cope with this past Monday’s performance! I encouraged everyone to NOT trade during the holidays, but I guess the Forex still wanted to party.
I have also been increasingly frustrated with the spreads recently. On Thursday Fap Turbo went short on a currency, and as you may know you pay the spread when you buy…not when you sell. Anyhow, Fap Turbo must have seen favorable spreads and sold the currency…then the spreads widened to about 22 pips! Fap Turbo pulled a gain of…I don’t know…18 pips or so, but I still lost money because of the spreads!
This past week wasn’t all bad though…I did make some good trades, and I am happy about that. In fact, I decided to record on of my live trades…that’s the video above…and I’m the handsome guy…thank you very much! Anyhow…I am very hopeful that the spreads will go back to normal this coming week.
[[Side Note: How about that Non-Farm Payroll thing! 632,000 people lost their jobs in December! Crazy times]]
The Bots Are Back In Town
The internet has been buzzing about the NEW forex robot that just came out…and guess what!! IT’S FREE! Wooohoooo! It’s called Forex Auto Scalper and it promises great gains.
I have been testing it on a $50,000 demo account (it’s nice to dream!) and it has made 3 trades. Two of the trades were for about 6% each! The main issue that I have at the moment is that it opened a trade BEFORE close on friday and is still open and in drawdown…i guess you get what you pay for!
Seriously, this looks like it does have some potential. I know some people tested it right as it came out and were miffed that it had losses…well, I think EVERYTHING had losses during the holidays, so it will be nice to see how it performs as things get back to normal…whatever normal is!
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.”
That’s right folks. Last week my live forex account had gained 10.4% and now it is down to 3.5%!
OK, I guess I am not really telling you the WHOLE story. Yes, my account was up last week 10.4% from $500 USD to $551.94. However, I decided to throw an extra $1,000 USD into the account today bringing my total to $1,551.94. So my total gain is still $51.94…but my percentage of gain is now 3.5%!
OK, please stop rolling your eyes at me!
Last week my live account did very well, so I decided to add a little more money into it. I am still using IBFX for my broker and have been having good success with them. I am currently trading these three currency pairs:
GBP/CHF. Gained $17.69
EUR/GBP. Gained $17.52
EUR/CHF. Gained $15.18
So, as you can see, GBP/CHF was the winner by a very slim amount. All of these pairs are running with FAP turbo money management set to “false.” Many people have been having success with it set to “true” but with my small $500 account it was only bringing returns of less than a dollar a day.
Oh yeah….one more thing. The VPS (Virtual Private Server) that I have been telling you about, ForexAlive, will be launching in the next couple of days, so if you are interested in it, go ahead and get your name on the list, because the spots are limited.
I felt inspired yesterday to throw together a short video showing my results so far, as you may be able to tell it was unrehearsed! Since the video was made yesterday it doesn’t include my trading results from last night, which increase another $13.44 USD. So, that brings my total accumulations to about 10.4% interest in just a few days!
I haven’t checked my demo account in a few days. The last time I had checked it I was up from $3,000 USD to over $4,500 USD! WooHoo! I only wish that I could spend that virtual money! When I checked it again I was dismayed to see the account down to $3,500…what gives?? Well, I am glad you asked…
The silent and deadly EUR/USD long-term-monster had struck again! I tried to snap a picture of this fabled beast, but it came out blurry. I have posted results that show that the long-term-monster should be left alone…but I was lured by it’s sweet blue eyes…and then it struck. Two losing trades of $500 each. I guess it’s a good thing it was only a demo!
The Live Account
So, how is my live account going? Just fine, thank you!
I put $500 in last week and started trading. I changed my strategy a few times and by the end of the week I was up 1.5% or…$7.50. I changed my strategy again over the weekend and now I am up another $7.50 but after only one night of trading. I think I am going to leave the settings here for a while.
All in all, 3% in a week’s time isn’t too shabby…still not enough though to convince my wife to let me have more funds to play with. But, that should come soon enough.
The Upcoming Guide
Someone tracked me down last week and asked if I would put together a short guide to help people set up FAP Turbo. It seems that some people have better things to do than pour over my blog and the forum! So, I am not making any promises, but I did start to outline the steps to set everything up. I will try to make it as straight-forward as possible, so whomever would decide to purchase this guide would not have to go through all of the trial and error that the rest of us experienced.
If anyone else is interested in such a guide please let me know, because I certainly am not going to put the effort into it if no one cares
The long-awaited forex forum is now up and running! Please go to ForexPosts.com, sign up and start discussing any and everything forex!
Hopefully, there aren’t too many bugs, but if you do notice any, please let me know.
I just heard that FAPturbo will also be launching a FAP Turbo forum in a few days. So feel free to support them as well, but I will humbly say that my FAPturbo Forum is better!
New Forex VPS
A few days ago I announced the new Virtual Private Server (VPS) that my friend is launching. Well, it is not quite ready yet, but he is taking names down for when it does launch because there will be a discount for the pre-launch. Consider yourself fortunate, my dear reader, because YOU, yes YOU, are the very first people in the whole world to hear about this incredible VPS.
The cost is comparable to the others on the market, but there are some big differences.
It runs on Windows. Many forex VPS run on Linux and that is NOT GOOD. MetaTrader4 was designed for Windows. Also, there are ways for evil people to slip malicious code into a Linux VPS shutting down the whole server.
Unlike most VPS there will only be about 2 accounts per server, further reducing your risk.
You can install ANY forex software you choose. You don’t have to contact tech support to install a new broker. If you can operate Windows, you can use these servers.
Tech support. Yes, my friends, there WILL be good, solid tech support…unlike so many we have seen recently.
Whew, that was a mouthful! If you are interested please head over to ForexAlive.com and put your name on the list.
Anyhow…I am very hopeful that the spreads will go back to normal this coming week.
