ForexAutoPilot.com Review

Forex Autopilot is the EA that made me believe in Forex and the pioneer in Forex auto trading. This software could easily be the most profitable system if used properly. This system is a beast at making money but two things must be avoid: 1- Never trade the system on the first Thursday and Fridays of the month and avoid trading in the middle of the month, Regards.

Some of you asked for pointers.

First: Know how to trade the forex before using any EA.

Two: FAPS is a great EA. You must be able to analyze the market and set your settings on your EA accordingly. Works like a charm.

Three: FAPS does come with a manual. It's basic at best and is easily understood if you understand trading.

Hy all.
I purchased the software at 22/9/09 , and I think its a great ea.
I've seen comments of people about the S/L and I must say-trigger your brain and think , use a GOOD MM!! There is no such thing as perfect software.Do not forget that FOREX IS a gambling market and if you dont choose a particular approach, then you will never be satisfied.
The EA comes with a certain attitude, you do not have to agree with it you have a lot of ways to play with it just think and choose
your best approach.
Read the E-book that comes with the ea, there is a MM Chapter...
read it!!
Have fun ppl and Good luck
:)

If you have never traded a market before i.e. Stocks, Indices, Futures, FOREX etc., do not start now!

In order to trade successfully, you need experience and knowledge - which I have.

I bought F.A.P.S. (Foreign Exchange Auto Pliot System) who now, according to my latest emails, appear to have teamed up with Forex Killer; their latest mail was signed 'All the best Andreas Kirchberger & Marcus B. Leary, Andreas created Forex Killer and Marcus F.A.P.S.

The F.A.P.S. system is based on 'robots a.k.a. Expert Advisors' placing automatic trades on your behalf and it trades only the EUR/USD pair on a 1 minute chart. You can use the robots to trade other markets, but my experience is, that these trades have lost money!

On the practice account that I set up, F.A.P.S. turned $5,000 into $487.00 in 5 weeks. When I contacted Customer Support (based in Austria) and said "Hello, something is wrong here" I received an aggressive mail from someone who could have been a Storm Trooper from the second World War, telling me that I must have changed the settings and that it was all my fault!

I asked for guidance as to what the default settings were but was referred back to the never-ending and complicated manual. Needless to say, I exchanged emails with them which became more and more heated and in the end they stopped responding - at no time did they try to help nor, try to give me any support or guidance.

The major problem with F.A.P.S. is that it doesn't have any 'Stop Loss' built in. In other words, it will not take you out of the market if the trade is wrong but instead, allows the trade to remain open for as long as it takes to get back into profit - this can sometimes mean that the trade is open for weeks!

However, it is supposed to have an in-built programme which should recognise when the trade is wrong and close it - sometimes it works and sometimes it doesn't, hence the major losses.

In the end, I put in my own stop losses and every deal that the Robots made, turned out to be a loser. The stops were caught each time, meaning that they had tried to punt the wrong side of the market - they went against the trend!

As I watched the EUR/USD daily chart, the Robots would constantly enter trades that were clearly wrong, for instance, a number of times the market was making higher bottoms and higher tops indicating that it was going to go up but the robot 'shorted it' i.e. sold a contract in the belief that the market was going to go down. Because the trade was clearly wrong, it was 'stopped out' resulting in the trade being closed at a loss - but at a loss much lower than it could have been.

If you don't understand what I am talking about, then there is no way in which you should be considering buying this programme or, trading FOREX.

When I bought the system they added an extra $16.00 in U.S. tax to my purchase, but like a prat, I had hit the proceed button before questioning why - it was an omen in my opinion, another get rich scheme for people other than myself.

I had this system for over a year and kept on trying it with many brokers, even the broker that came with the package and guess what......it lives up to its name....drains your account time after time and support is the worst on planet earth. If someone knows how this is supposed to work after braging about it, the least they can do is point us losers in the right direction for support. Marcus B. Leary, just look at the name be leary!

SCAMMM...Okay. Weird thing is...when I started using this EA...I thought i'll read all the reviews I can and then make my decision on an EA. Well every single comment that I found on every single website about FOREXAUTOPILOT EA, was just amazing! That is such BSSS, so basically to start of with. They'll make you buy the product with a gurantee that you can return it within 30 days or whatever with your money back. Haa joke. You'll never be able to get in touch with them. This EA WILL WORK WONDERSS for you IFFF you are using it in a DEMO account with FXDD. It'll rack up money for you like noooo tommorow. Go to sleep next morning u'll make like crazyy amount of money. Opposite is true for the REAL ACCOUNT. I can go on and on. I know FOREX is a risky business. But believe me ANYONE IS better off GUESSING and PLAYING the market then using this piece of JUNK. Ohhh yaaa BTW I wondered why so many people left such good ratings, well that's because they are all getting paid for advertising the product. Sooo yaa go ahead try it with FXDD or with any other broker...u'll see totally different results. It will not bid or sell with any other broker BUT with FXDD it will almost certainly do it one after another especially in DEMO...and u'll just see ALL GREENS and be happy until u try to use it in REAL account then YOU ARE DONE MY FRIEND.

I set the software to only trade the EUR/USD M1 with a maximum of 5 trades open at 1 lot per trade. Otherwise the system is on factory default settings. Oddly, I had 2 margin calls early on and then it tripled the balance of my account in less than one month. This is very bad and very good at the same time, hence the 3 star rating. This product has potential, but I would not have the guts to use it on a live account.

Yes, Many things are wrong.

1. customer service. I have been trading for over 15 years and your customer service is the worst I have encountered in that time.

2. Forexautopilot does not perform as advertised. Even when I follow your exact instruction and position size ratio to account size.

3. I trade for a living. I average 83% per month.

4. If I do not place a stop, sooner or later the loss will be bigger or I will make my $200 within the month, locking up capital. I have watched FAPs go to a $2392 loss in less than a week and with a expected gain of $200 is unacceptable in any trading account.

5. Many times FABs has gone long/short against the market to incur huge drawdown's and losses. I have gone against Faps buys/sell and made more money.

6. Faps does not recognize pattern formations; such as double bottoms/tops and head and shoulders etc. Which are deemed to be very powerful indicators.

7. If you can prove to me or even show me how you get results maybe then I may reconsider my position.

8. Have read on alot of forums about your customer service as non-existence.

9. Please, do not refer me to Charles and ask for more money.

10. Forexpeacearmy.com, T2W and many more abhor you attitude.

11. I have a very large network. I even consult to a bank in Singapore on when and not to enter the AUD/JPY. My opinion is valued and reach's many people.

12. Prove me wrong PLEASE.

13. Even if I tried to trade this bad I couldn't.

cheers,

2008-12-01
Review: This is the second review i have wrtten about this software. The first was never published, due to the negative review I gave the Forexautopilot. So I guess this will not be either.

On a live $5000 account it lost nearly $2500 in less than ten days. I made money trading against its signals more often than trading with them. (contraian to faps)

Put easily: Its a waste of money and the support is the worst I have encounted in 15 plus years of trading.

Have asked for a refund.

Review Moderation Team Note: Reviews can take 3-5 business days to be approved. Posting a followup "You won't publish my review" 4 days later only makes the review moderation queue that much longer. It should be VERY obvious that there are both positive and negative reviews published for this product.

I did not read all these reviews before I bought mine, otherwise I would have been perhaps very discouraged. After I installed it three days ago, my demo account balance has gone up by about $3.5K. I would not make any comment if the EA is good or bad, watch this space after I switch to real money. Please note that I traded on 4 different currency pairs although FAP suggest that it is optimised for EURUSD, M1. On all trades, only three of those were EURUSD, it made money. So you might ask if this is optimised at all or the author is telling you to trade only on one currency for some unknown reasons. Note currency pairs are negatively correlated. The support was well well above my expectation, received replies within hour to 6 hours, but always got a reply. So please post authentic reviews and not ones which do not tell the truth. Please evaluate within the specs provided and then give feedback. I could have been easily discouraged in first 6 hours of turning on the EA as it was going about $5K down, but it eventually closed the trades in +$1.8K in following 6 hours, all automatically, I just watched.

Many thanks, watch this space,
Sid

i don't why people are giving it bad reviews. like any trade style there's a method to the madness and it you zoom out to a longer time frame, you see that it does work on the Elliot wave principal. the first two waves usually pan out fast but sometimes the third may not come and that trade takes a a lil longer. i won 60/60 trades on multiple pairs making 1300 dollars on a 3000 demo account in 24 hrs. i will be going live in a couple of weeks and will trade till the end of the year, then switch over to FX options. much safer than spot fx and same profits. but heres some advice for those who can't profit

1. demo for 30 days, why longer? if you're gonna trade, just trade and learn for real!

2. only trade the EUR/USD GBP/USD

3. This is very important. only trade the first 2-3 hrs of the london session and don't trade friday! you should know better than to leave this thing running 24-7! shame on you who do that!

otherwise, good tool for trading and there is a stop.