FAP Turbo Problems
Have you ever continually beaten your head against the wall? Increasingly that’s what FAP Turbo users seem to be doing. I’ve mentioned the overzealous nature of the FAP Turbo creators to pump its Expert Advisor (to the point of claiming no losses), but there are fewer people who are reporting that it actually continues to work.
Something “else” always seems to get blamed – in this case the brokers. The following is part of a dizzying email that was sent out by Lynne Faulkner to her group – not exactly the easy, money making EA that it was really made out to be – is it? Or am I completely missing something here?
Lynne is a nice, but at what point do you stop the insanity? If you just want to skip the reading, focus on the last sentence. Would it not be easier to just learn to trade on ones own instead of figuring out the intricacies of what someone has done and how you have to find ways to beat the broker?
It’s time for another shift with the FapTurbo robot. As soon as we think we have something figured out and we are making a profit the brokers change things up and it stops working. We know this will happen, we just never know when or with what broker.
Well, I-Tradefx is now manipulating our trades with the FapTurbo and the results are that we only get a few trades a day, and usually small losses. This just started happening this week. The last 2 days, I only had a few trades and most of them were small losses. Compare this to a few weeks ago when I was averaging between 6 and 18 trades a day, with almost zero losses.
It’s important to understand that the retail brokers make money trading “in house” with your money. They don’t pass it out to the central banks, and you are not trading with people around the globe. You are trading against the broker. And therefore if you have an EA that is consistently pulling in profits, they have ways to change the success of the robot, because if you win, they lose. They are not in this for the spread. They are in this to win. And a profitable EA can only be allowed to run for a short time before they start to see their daily profits drop so they have to do something about it.
Here are some of the things a broker can do to stop a robot:
1. Spread Size.
By increasing the spread size from a normal 3-4 pips to 8-15 pips without any normal reason (such as a news events) this will cause FapTurbo to miss opening some trades (Fapturbo filters automatically miss trades with invalid spread size). That’s not a big problem if you miss few trades. However, if the spread is increased when the trade is already open that could cause trouble and prevent the EA from closing the trade correctly.2. Disconnection errors.
By disconnecting your terminal (platform to broker connection) during the time when FapTurbo tries to close the trade, the broker can easily turn your winning trade into loser.3. OffQuotes/Requotes Errors. Especially exit offquote errors.
Exit [offquotes] is a real way brokers can fight against FapTurbo and all profitable EA’s. You might see offquote errors when the request to close the trade comes in, and then finally it will close ONLY when the trade comes out of the profit zone to zero profit or a loss.Here are a few things you can do:
· If you are trading a large lot size you can call the broker and ask them to close the trade. They are supposed to manually close at the requested price for you, without getting an offquote as you would with the computer request.
· You can increase your slippage amount that you are willing to close the trade at
· You can increase the Max Spread to allow the trade to enter and exit with higher spreads.
· You can manually trade on your live account using the signals the robot gives on your demo account.
· You can switch brokers until the robot is no longer functioning at your current broker
· You can use the Fap Manager to monitor the trades, and close the rogue trades at a max stop loss. The FapTurbo has stop losses set from 55 to 115 pips, depending on the pair, and you can minimize these losses with the FapManager.
Currently, the robot is working on FXDD and FXCM. My accounts at FXDD are still producing a few winning trades every day. The demo accounts do fabulously, but you will not see that same thing happening in a live account. The brokers don’t manipulate the demo servers. They are only concerned about the real money, so that’s why you see such a remarkable difference when you compare the two. We don’t know how long we’ll have at FXDD – but for now it’s still trading. Some brokers have banned the EA entirely from their platforms. So we are just working with limited time and trying to make as much money as we can.
We are also going to keep looking for any other brokers that might be good for the robot. We are also keeping our eyes out for new robots that might work. If we can keep up with the new technology out there, we may just need to find a new robot about every 4 months just to stay ahead of the brokers.
5 Comments
Subscribe to comments on this post with RSS.
.
To paraphrase Mark Twain, the rumors of FapTurbo’s demise have been greatly exaggerated. Please take a look at the attached statement. It shows seven trades taken by FapTurbo yesterday afternoon. They are all positive for a profit of 63 pips or $53.83. It is a live account with FXDD (I know you don’t approve of them) and with a balance of approx. $1,600 it represents a return of almost 3.5%…in one day. I sincerely wish for all of us to achieve these kind of returns.
Happy trading,
P.S.
I wasn’t going to discuss this robot anymore but since you brought it up again…
2077241912 2009.02.09 23:00 sell 0.10 gbpchf 1.7342 1.7503 1.7299 2009.02.10 01:45 1.7333 0.00 0.00 -0.74 7.73
2077242757 2009.02.09 23:31 sell 0.10 eurchf 1.5147 1.5313 1.5104 2009.02.09 23:57 1.5141 0.00 0.00 0.00 5.16
2077245376 2009.02.10 00:50 buy 0.10 eurchf 1.5131 1.4981 1.5172 2009.02.10 00:57 1.5136 0.00 0.00 0.00 4.30
2077248520 2009.02.10 01:22 sell 0.10 eurchf 1.5143 1.5302 1.5103 2009.02.10 01:45 1.5130 0.00 0.00 0.00 11.15
2077250342 2009.02.10 01:45 buy 0.10 gbpchf 1.7332 1.7169 1.7385 2009.02.10 01:58 1.7343 0.00 0.00 0.00 9.43
2077250550 2009.02.10 01:46 buy 0.10 eurchf 1.5130 1.4962 1.5172 2009.02.10 02:00 1.5135 0.00 0.00 0.00 4.29
2077252313 2009.02.10 02:05 buy 0.10 gbpchf 1.7335 1.7182 1.7384 2009.02.10 02:18 1.7349 0.00 0.00 0.00 11.97
Robert … Without saying it I guess I’ve indicated that FAP Turbo has a limited shelf life – but you are one who put the disclaimer out to begin with too. The fact that it would work until the brokers caught up with it.
I think it’s great that it’s working for you. But it needs to always be taken into context. What’s the performance of this been for you since the beginning? I do realize you probably went through the whole ODL thing, but at this rate the challenge to you is to put all your trading funds into an account that FAP Turbo trades.
To reiterate like I have over and over, you are different than most people who are just starting out trading and come across FAP Turbo. And I don’t wan anyone to be under the assumption that FAP Turbo is the easy way out to riches.
I’ve actually seen more success of traders who trade Forex Funnel more than FAP Turbo, interestingly enough.
Now this isn’t me that is raising the FAP Turbo paranoia flag. I took the Lynne newsletter which I posted unedited. The most read blog post is this one (out of the past month) and the majority of readers are coming through Search Engine results for terms similar to “FAP Turbo Not Working.”
So it’s interesting. The fact that there is conflicting opinion isn’t surprising, otherwise they wouldn’t be able to keep selling. I just wonder why there is such widespread results.
And regarding FXDD, it’s not just me that doesn’t approve of them, but neither does the NFA, IIROC or BCSC (or any other type of regulatory body). Just think of your other finances – would you deposit any significant money in a non-regulated financial institution? There are too many regulated brokers to do business with that there isn’t good enough reason to do business with one that isn’t.
Hello Sam,
Unfortunately we will have to agree to disagree…again.
The last word on FapTurbo. In my opinion the fact the
brokers are so scared of it that some have banned it (ODL) saying it was “abusing them” and others are playing games with the spreads during robot’s trading times (FXCM, IBFX, FxPro, I-TradeFX) is the best endorsement for this EA. Who exactly is a villain here? If the brokers (some of which you so heartily recommend) were being true to their claims that they only make money from the spread
they should love FapTurbo which trades frequently for small gains and pays a lot of spread. Instead they are screaming “bloody murder” because this little piece of sofware has totally exposed their dirty little “secret” ( to those who never bothered to read their contract as it is clearly stated there) which is that they trade against their clients and are therefore motivated in making sure 95% of them lose money.
As far as non-regulated institutions are concerned I’m sure Bernie Madoff’s clients ( http://money.cnn.com/2008/12/11/markets/madoff_fraud/index.htm ) are really comforted by the fact that his operation was totally regulated by the plethora of agencies and him being a former chairman of NASDAQ to boot.
Or the investors in ERON Mtg Corp which was operating under supervision of the agency that you so fondly bring up on these pages namely BSSC ( http://www.bcsc.bc.ca/release.asp?id=892 )
One of the funniest/scariest moments in my forex career
happened a FEW DAYS after the president of the predecessor company to Trading Post spent a big part of a two day conference talking about their key partner
REFCO which was the LARGEST broker at the time. He showed us the statements showing millions of dollars they had on deposit (compared to other firms) his point being that they are the safest company and we should be happy to hand them our money. Literally in a few days we found out that they declared bankruptcy due to fraud that ultimately reached $2.4 billion. The funniest/scariest thing is that they got listed on the NYSE only two months prior to that and went through all the rigorous checks by the top accounting firms.
So I’m a little amazed that you seem to put so much faith in the regulating agencies especially in view of what is being exposed daily about the whole financial industry.
In conclusion I’m all for safety of funds and the CAD$ 1 million insurance offered by MFG or Questrade (not for American clients though) sounds wonderful but you have to be able to make money in the first place in order to have it protected and this is nearly impossible with most forex brokers that trade against you.
Happy trading,
Robert
P.S.
I hope you don’t mind my occasional polemic with your views as stated on these pages. I value our friendship and wouldn’t want to do anything to put it in jeopardy.
Robert:
I have very thick skin, and don’t take any offense. You can disagree all you want with me, but I try to be as fair as possible here and base my comments on fact.
So that’s where I need everyone’s understanding of my perspective.
There is no guarantees with regulatory agencies. None. But there is a higher standard that brokers are held to when they are regulated. They are forced to be more transparent.
It is easy for anyone to bring up Refco because it was a regulated entity. So obviously there is no guarantee. But you don’t see or hear of the many smaller unregulated brokers that close up shop and move on – often with client funds because there was no oversight on them to begin with. When it’s especially big, we’ll hear about criminal proceedings – but those are rare.
Again, anyone can bring up the few high profile instances of how regulatory agencies have been fooled, but should we wish for a society with NONE of these agencies?
The faith that I have is not that the system is perfect, but that it will progressively offer better protection to those who want to do business with good firms.
If anyone can point out where I have heartily recommended brokers point it out to me. There are broker partners we have, there are those I have and do trade with, and aside from mentions with my experiences, I’m not here to persuade one to open an account with any of them.
At the same time traders are more than welcome to share their experiences with their brokers. I have only ever censured one comment post and removed another in the history of the blog.
I can take grief on this too, I have no problem with that. Someone needs to take these topics and bring dialogue out about it. As long as there is dialogue, that’s what really matters. Not to prove that I”m right and someone else is wrong.
So with that Robert, I will always thank you for your comments. I thank you for your friendship – although you live so close by, we need to huddle together at a Starbucks soon
.
Hi Guys,
I have read this article with interest and note that “Lynne Faulkners” heart is in right place… i can only commend peoples commitment to helping others succeed in trading the forex markets.
However, can someone please communicate to Lynne that FapTurbo is NEVER going to make anyone a consistent living from the markets. (apart from the people who sell the FapTurbo EA, buy hey, thats software sales and NOT forex trading)
FapTurbo must be a co-creation of the “3 Tech Geeks” and the the various bucket shop brokers out there who MUST have a conveyer belt of new forex trading accounts to stay in business. These “Brokers” must love it when new traders are using FapTurbo as they will know the traders whole account will be theirs in a matter of 20 trading days
If you are considering buying FapTurbo, then a simple answer is dont… Ask yourself this: Do i want to be yet another clueless “EA Baby Sitter” … sitting there hoping that FapTurbo will behave itself and not trash your account? OR do i want to be a Pro Forex Trader who actually understands *WHY* price moves the way it does and someone who can *consistently* take profits out of the market?
If you answersed yes to the latter question – then please educate yourself in “Forex Price Action”
That is all. Thank you.