Overview
FAP (Forex Auto Pilot) Turbo is the best selling Forex trading robot on the market. More than 55,000 copies of this MetaTrader4 EA have been sold. FAP Turbo features a high spread protection system and a loss prevention system. FAP Turbo’s long term trading strategy works only on EURUSD M1 timeframe, while its short term (scalping) strategy works on 4 pairs: EURGBP, GBPCHF, EURCHF and USDCAD, M15 timeframe.
High Spread Protection Feature
This feature enables the trader to set limits on the spread. If the currency pair is trading outside of the acceptable spread limits it will not open an order.
Loss Prevention Feature
FAP Turbo employs a Stealth Mode to protect against the broker stop hunting. In Stealth Mode, stop loss and take profit levels are not displayed to the broker. An emergency stop loss, which is placed with the broker to protect the trade against disconnection, but the Stealth Mode stop loss will be reached before the emergency stop loss.
FAP Turbo Scalper Strategy
The scalper strategy is optimized for the EURGBP, EURCHF, GBPCHF, or USCAD currency pairs on the M15 (15 minute) timeframe. It only runs during specified trading hours on certain trading days (it does not trade on Fridays). In scalper mode, FAP Turbo was designed to take profit between 6-15 pips. Scalper mode works best in low volatility, ranging (non-trending) markets. It has a fixed (stealth mode) stop loss in order to prevent large drawdowns.
FAP Turbo Long Term Strategy
FAP Turbo’s long term strategy may perform well in most market conditions provided it is optimized effectively. It utilizes several readily available MT4 technical indicators (Alligator, Fractals, DeMarker, William’s Percent Range) to develop entry and exit signals and manage trades. FAP Turbo’s long term strategy is optimized to run on the EURUSD M1 (1 minute timeframe). Although not published in any FAP Turbo documentation, the strategy seems to be loosely based the chaos theory principles developed by Bill Williams and later described in his book “Trading Chaos”.
Price
FAP Turbo costs 149 dollars (USD) and offers a two (2) months 100% money back guarantee.
Positives
While FAP Turbo’s documentation is rudimentary, written for inexperienced traders, their support system is excellent. Premium support (FAPWINNER) offers Live Chat, Phone Support, personal trading plans, weekly Mentoring and Coaching Class and Seminars/Webinars.
Negatives
FAP Turbo’s long term strategy is sometimes subject to stay in drawdown for long stretches of time before it reaches profit. The drawdown is limited to a fixed stop loss but inexperienced traders may panic waiting for a trade to reverse its trend. The short term (scalping) strategy is both spread and volatility sensitive and it may be difficult for an inexperienced trader to determine the optimal spread settings for a volatile market.
Verdict
Forex trading is not for the lazy, ignorant or faint-of-heart and FAP Turbo is certainly not a solution for anyone with those qualities looking for a money machine. The long term trading strategy cannot, and should not, be used out of the box with default settings. The strategies must be understood fully in order to make FAP Turbo a profitable EA. If you’re going to pay $149 dollars for FAP Turbo, take the time to learn how it works. Understand all the Bill Williams technical indicators and how to optimize them.
If you’re willing to put in the time to learn its nuances and have reasonable expectations, then its worth spending the $149 for FAP Turbo. Its an excellent piece of software in the right hands.
Summary:
Author: Marcus Leary
Cost: $149
Currency pairs: EURGBP, GBPCHF, EURCHF, USDCAD, EURUSD
Updates: Free updates
Guarantee: 2 Months 100% Money Back
Positives: Excellent customer support including a FAP Turbo forum and training videos. Both long-term and short-term trading strategies.
Negatives: The marketing hype is misleading and leaves the impression that FAP Turbo can be profitable with the out-of-the-box default settings.
