Quote:
Originally Posted by cmtrader
I have been running FAP on a test account for the last 2 weeks using the default settings it comes with. During that time it doubled the $3000 account which can't be bad.
The only problem I have is with the stop management.
The EURUSD recently fell off a small cliff and the FAP had just bought into the market, I eventually killed the trade after 6 days where it had dropped nearly 300pips. I am not sure what sort of stop loss it is operating but that seems a bit high to try and recover from.
Now it may well come back into profit if you wait long enough but in the meantime I have already recouped most of the loss in a couple of days!
Looking at the majority of trades they rarely exceed $1000 against you before coming into profit.
Would setting a stop of 100pips just avoid those occassions where the autopilot walks off a cliff?
Can anyone give recommendations or explain the stops on FAP?
Thanks
Chris |
I believe I can help. This is my first visit so I apologize for the delayed response.
Due to a great deal of the garbage that is posted here, the simple process of getting FAP to work for you seems to be lost. First, FAP does not use a standard S/L. Why? One reason is that your broker can see your
stops and will do his best to hit it! That is common knowledge.
Another reason is that research surrounding the FAP
EA has shown that it is better to just close any open negative equity trades at the end of each month. Generally the loss will be made up in the next few trading days.
Just because it may be commonly believed to trade without
stops is financial suicide does not make it true. With proper money management, risk/reward ratios and use of margin and leverage, you can be successful with FAP over the long haul.
Since FAP does not come with money management or a strategy, Charles Floyd has combined his TS (Trading Strategy) with FAP to form FAPTS. This is the same exact
EA as FAP, only with different settings. FAPTS clearly works as advertised proven by the actual live accounts run by Charles.
As a member of FAPUG/FAPWINNER and as someone who has spoken to Mr. Floyd at length, I can say firmly that he backs up everything he says and does with facts--that is, if the naysayers are willing to listen and get the facts straight.
Personally I had been demo testing FAP alone since Feb. 2008 and had tweaked it to the point of being able to use it to successfully day trade. In the meantime, I found Charles' group and will now be using FAPTS as well. FAPTS is designed to trade fully automated, literally "set it and forget it" except for updating it once a week over the weekend.
I have the time to day trade and find FAP incredibly adept at choosing high probability trades. However, for newbies or those who cannot day trade, FAPTS works and works well.
Those who attack apparently have an axe to grind. I challenge anyone who has failed with FAP to prove that they have used it as directed. In my case, I
don't use it as directed so I have no recourse if it doesn't work. That's called "personal responsibility"!
I further challenge those who say FAPTS does not work to back up their fallacies with proof instead of empty words. In the end, make your own informed decision by going to FAPUG/FAPWINNER. If you join and use the
EA, then simply
follow the directions. Do
not re-invent the wheel. FAPTS stands on its own and the results can be followed in real time. Oh, and by the way, Charles
never stated that the hedging
EA was free. Any and all fees are clearly explained at the site.
The final challenge: if there is a better EA out there that proves it works with live results, please present it. I have yet to find another.
Good and successful trading,
Mark
To Bill from Australia -
07-15-2008, 02:07 AM
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