Fap Turbo Review
A great many of the Forex robots available today can only be used to deal with one or two currency pairs – usually USD/GBP and/or USD/EUR. That is not the way many successful “live’ forex traders like to play the game though, ask many of them and you will find that they like to deal with at least four. FAP Turbo is an EA that can deal in up to five. But is it right for you?
Strategy Overview: As mentioned you can use FAP Turbo to trade in up to five or six currency pairs – EUR/CHF (that’s the Swiss Franc if you are new to this stuff) GBP/CHF, EUR/GBP, USD/CHF and USD/CAD. The newer versions can also support USD/EUR. Essentially that means that all the major North American and European currencies can be handle d by FAP Turbo, opening up your trading possibility considerably.
The FAP Turbo comes with default settings for both short term scalper trading and long term trades. Although there is a possibility that a first time Forex trader could simply leave all the settings as they are, open and fund an MT4 friendly brokerage account, fund it and let the robot go to work that is probably not a way to make more than a very small profit if at any at all.
The FAP Turbo does come with a very detailed PDF manual that covers the ins and outs of all the possible settings and trading options and a few hours spent going through it before you begin anything is certainly advisable.
Installation is also a little harder than that involved with some of the other Forex robots as well so you should not be too surprised if you do end up having to call on customer service for help. In addition the FAP Turbo robot is updated every month or so and with each update you will have to install them and reactivate the robot, which while not a huge deal would I think become a bit of pain.
Backtesting: Ever since Forex trading became popular with the man (or woman) in the street as a way to make extra money “on the side” a lot of different EA robot products have hit the market. And as more than a few poor souls discovered more than a few of them were not at all what they claimed to be but it took until someone had their account decimated on a single trade to realize it. The backtesting results provided by the vendors had looked good but unfortunately it turned out that for these “bad bots” the results had been doctored.
Therefore more than a few of the well known surviving EA s now provide live results in an attempt to prove their products worth. My problem with the live account results on the sales page itself for FAP Turbo is that they are only verified by another service which seems, if you go to its sales page, be a very similar company.
So it pays to have a look at some independent back testing (as it does with any EA) An open demo account on myfxbooks.com shiows some pretty decent results, with 81% of trades made since the test began in December 2010 coming up winners. There seemed also to be very little difference between the success of long versus short term trades as 81% of the longs were winner versus 80% of the short. The average win was at 5.90 pips and the average loss at -9.58. If you are interested in seeing the full results you can find them here.
Price: A great many Forex robots have come down in price in recent months but Turbo FAP is not one of them. The price remains $149 which a year or so ago would have seemed fair but with other big robots now being offered for $67 it FAP Turbo now stands out as one of the pricier offerings.
On the other hand because of its ability to trade in multiple currencies that FAP Turbo should cost more seems fairly reasonable. And there are those frequent updates, which while they may be a little annoying at least proves that people are still actively working on fine tuning their EA (although the developers post photos of “themselves” on the sales page with their faces blacked out which is a little weird)
Conclusion: As mentioned back in the beginning of this review most “real life” Forex traders like to work with – or at least have the option to work with – multiple currency pairs. FAP Turbo allows its users to do the same thing if they wish.
FAP Turbo is a more serious little EA, designed really for someone who wants to take their Forex trading endeavors a little more seriously than many and is willing to risk a little more both in terms of financial investment and effort as to say that FAP Turbo is a set it and forget it robot is not quite true. And for these people it is an EA probably worth giving a try and if things don’t seem to be going as well as you liked there is a 60 day money back guarantee attached to FAP Turbo so your investment is relatively risk free (the money you invest in the robot that is, Forex is never risk free!)