FapTurbo51 SCAM

Stony

Sergeant
Messages
167
I can't help but wonder what is worse. Virtually every EA has a hyped up landing page that makes outrageous claims of performance that the EA fails to live up to. Most of them wont even replicate the claimed performance on a back-test or a demo account let alone alone on a live account.
How many suckers end up out of pocket the $149.00 for the EA or whatever it was, plus another 1k or 2k from their live trading account? Don't forget the cost of a VPS and wire transfers etc too.

IMHO the bigger crime is the mass marketing of EA's that the developers/marketers know full well will not perform as claimed. I am not specifically referring to FAPT, although that was my personal experience after 4 months of running FAPT on a live funded account. FAPT was roughly a break-even exercise for me, which is better than some but certainly not as claimed on their website.

I have suggested this before, I would love to see the FPA really sort the chaff from the hay and do some live tests using real money. Why not fund a live account for an EA after it has had positive performance on demo for several months? Alternatively, & I would really love to see this - the purveyors of the EA could provide the funds for a live account. Not a nano account either with a paltry $100 bucks in it - a decent deposit. It would be outstanding advertising for any EA marketer willing to put their money where their mouth is. Surely not that big an ask either, after all this is what they would have their customers do.

That´s not really necessary. Just go to "Performance Test" here in FPA and look at the EA´s which have been tested for more than 10 weeks (shorter tests don´t mean anything) and get aware of their poor performance in the long run.
 

Pyer2

Recruit
Messages
17
That´s not really necessary. Just go to "Performance Test" here in FPA and look at the EA´s which have been tested for more than 10 weeks (shorter tests don´t mean anything) and get aware of their poor performance in the long run.
It is necessary because Live EA performance is always far worse than Demo EA performance, so much so that some EA's are profitable on demo and not profitable on a live account. Especially true of scalpers.

Most brokers use a different data feed for their demo accounts to that of their live accounts. The demo account feed is usually more volatile which generally suits scalper EA's. Combine that with guaranteed fills, no re-quotes or slippage and the Demo environment is completely different.

If an EA performs profitably on demo then it is an indication that it may stand a chance on a live account, but certainly no guarantee.
 

nwcosmas

Recruit
Messages
2
Fapturbo 51 scam and Fabturbo49 settings

You guys at Forexpeacearmy are doing a great job, keep it up. Thanks.

Meanwhile, is there anyone that can assist me with the settings or whatever on Fabturbo49. I purchased the Robot last week in November 2009, downloaded it to my trading forexmeta platform (demo) with VPS, according to the instruction on the PDF manual. Since I purchased it, it has not traded any of the currencies specified.

Is there something else I am supposed to do apart from the settings/instruction on the PDF manual?

Thanks in anticipation.
 

Stony

Sergeant
Messages
167
@ Pyer2

I completely agree with you. You are confirming my opinion about EAs. Since the tests by FPA are conducted on demo accounts basis, this means that live-based tests would produce still worse results. So, it just doesn´t make sense to spend time and money on EAs.
 

Pharaoh

Colonel
Messages
19,777
Notice how EA turned blue? That means it's in the glossary. Click on it and you'll see the definition, which reads:

Short for Expert Advisor. This is an automated forex trading program for MetaTrader 4. Also referred to as a forex robot or autopilot trading system.

EAs can range in price from free to many thousands of dollars. Do your research before paying money for an EA, and test all EAs carefully before using them to trade real money.
 

Carlo Colombo

Private
Messages
25
Yes, it could be scam.
But .... some question.
1 - I buy a software from fapturbo.com, I buy this software from ... ??? Is not present an address, a company name, a country, a software house location, a ... tax subject.
2 - Did you know that fapturbo (original) is a bi-lingual software? English and Russian.
3 - Why, after at least 1 month from exit of fapturbo51.com the website is still active?
4 - Also, in the End User License Agreement of fapturbo is not mentioned the Owner company of copyrights, so I have some doubt about how they can defend legally their software ....
:unhappy:
 
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Pharaoh

Colonel
Messages
19,777
Good questions Carlo.

1. FapTurbo runs payments through clickbank. If you register there to get money, as a seller or as an affiliate, they collect info needed for taxes. On the other hand, FapTurbo51 was using paypal. They don't collect nearly so much information.

2. I didn't know that. Perhaps some of the programmers are Russian. In any event, it doesn't justify someone else selling a hacked copy.

3. The FapTurbo51 site has gone up and down several times. I think that FapTurbo's legal people keep getting it kicked off different web hosting sites, but they move to a new one as quickly as they can. Hopefully, the registrar for that domain name will eventually lock it.

4. Technically, copyright is automatic when you create something. As I understand it, an alias is acceptable under copyright law. (This statement Copyright 2009 by Pharaoh). It would be simple enough for the owners of FapTurbo to prove in court that they own their website and clickbank account associated with selling the software. They can also provide the court with data showing how they developed the code for the software.
 
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