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I'm completely new to the site and to forex trading

Discussion in 'Beginners Bootcamp' started by Paolo Fiora, Jun 23, 2009.

  1. Paolo Fiora

    Paolo Fiora Recruit

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    I'm completely new to the site and to forex trading, I recently came across an advert for an automated forex trading system called Forex FAP Turbo, can anyone advise me on whether they are serious traders or scammers?
    thank you,
    Paolo Fiora
     
  2. Pharaoh

    Pharaoh Colonel

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    You've come to the right place. You just need to look around to see where all the info is.

    FapTurbo has a review page here:
    Fap Turbo | FapTurbo.com reviews and ratings by Forex Peace Army

    There's a discussion thread for it here:
    http://www.forexpeacearmy.com/forex-forum/forex-software/3518-fapturbo-com.html

    And the FPA is running a copy on a demo account here:
    FAP Turbo Metatrader Expert Adviser Test by Forex Peace Army.


    Before spending your cash on any forex product, read this first:
    http://www.forexpeacearmy.com/forex...tting-scammed-when-buying-forex-products.html
     
  3. scott911

    scott911 Fxmoneymakers.com Representative

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    This is a pretty good web page and I am new on here myself. Lots of info I also use other sites that I go to for info that are free as well. Allaboutpips.net is one to check out as well.
     
  4. pakorafx

    pakorafx Recruit

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    hello Pharaoh, as someone who ain't done any trading on an MT platform before but is hoping to start soon when my broker offers it, I've read much about it, can you tell me if the positives outweigh the negatives? Also, can you tell me if the problems mostly originate from the EAs attached by traders? Ta much mate!
     
  5. Pharaoh

    Pharaoh Colonel

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    Personally, I like MT4. I find it very intuitive. I've tried a couple of other platforms, but they didn't appeal to me. I'm sure there are better platforms, but I haven't had time to try them all.

    There are some nasty stories around about some brokers using special broker-side plugins for MT4 where slippage can be "forced". I think it's quite possible, but don't have any proof.

    EAs are a big subject of debate. Some people swear by them, others swear at them. Using a huge SL and small TP in an EA can really drive up the winning percentages, but usually fails in the long run. Other EAs work well, but only under certain market conditions. I've experimented with some exotic ones under development, but haven't personally tried out any of the commercial ones.
     
  6. fxjg

    fxjg Private

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    I'm testing Fap turbo on demo account two mounts and my proffit is -112,38 :unhappy:.

    ( I started with 10 000 deposit)
     
  7. fxfrench

    fxfrench FXOpen AU Representative

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    That basically mirrors the performance I have seen being in the position of a Broker's IB and being able to see the accounts of my clients. Fap Turbo can make some profits, but they are soon wiped out when the market conditions turn unfavourable for Fap Turbo.

    You are better off spending the money on trading education rather than relying on EAs.
     
  8. Nancy Cheah

    Nancy Cheah Sergeant

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    Yes, I always advocated that but many seemed to want to rely on robotics more than one self.

    Regards.
     
    #8 Nancy Cheah, Jul 9, 2009
    Last edited: Sep 5, 2011
  9. fxjg

    fxjg Private

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    up to day my profit is -91,37
     
  10. scott911

    scott911 Fxmoneymakers.com Representative

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    Fap Turbo

    I have heard mixed results with Fap Turbo. Some just break even.
    The best thing to do in my humble opinion is learn a trading process
    use a demo account until you start seeing consistent gains with your
    approach. Then go live once you have consistent 7 successful trades
    out of 10.
     

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