I was one of the first to jump aboard the FAP Turbo bandwagon.
There were a lot of things I liked about it: there were independent review sites available that provided weekly performance updates; the documentation was comprehensive yet understandable by someone who was not a computer whiz; you could get the system up and running in less than an hour, if that.
In fact, my main challenge was finding a broker who had spreads small enough to allow the system to trade every day.
Since starting with FAP Turbo I'm now on my fourth broker.
Some have started to go to five-digit quotes which they claim will reduce spreads.
One thing to look for is a US-based customer service center.
One broker I tried was located in the Baltic Republics with a customer service number in Switzerland - not exactly user friendly.
I was impressed, initially, with the performance.
Small, steady gains...
it all seemed to go along with the advertising...
forex profits on auto-pilot.
I found a good site that recommends specific settings...
not too hard to figure out.
Even though I'm thoroughly versed in MT4 and have used zillions of Expert Advisors...
this one seemed pretty good.
I have found that it tends to trade from the late afternoon to the early evening hours Rocky Mountain time in the US.
The literature says it's geared to trade during quiet periods of the day...
hours of low volatility...
and strive for just a few pips profit on each trade.
Makes sense to me.
The nightmare scenario for any trader is to get upside down in a trade.
You go short and the market takes off north.
As you see those green bars climb you watch the losses mount before your eyes.
I know I've been there.
Of course, we should all use a stop loss...
that's the only sane thing to do...
and a take profit target as well.
Watching FAP Turbo perform for a period of several weeks I noticed one significant weakness.
After a week or two of small steady gains, those profits are washed away by a tsunami-sized loss.
FAP Turbo gets upside down in a trade and losses your shirt, wiping out all the profits you've not worked too hard to accumulate in one fell swoop.
Then your balance is down below what you opened the account with.
I've seen this happen over and over.
You can reduce the Lot Risk Reductor, you can specify the lot size if you want...
there are a number of precautions you can take to manage the risk...
The...
a critical weakness" Achilles Heel with FAP Turbo seems to be that when it gets upside down in a trade...
it does not cut its losses...
it holds the trade.
Bad practice.
Artificial intelligence ~the ability to program a computer to think, reason and use logic as the human mind can do~ as it's applied to the financial markets has a ways to go.
Sure, Expert Advisors are supposed to eliminate emotion from trading...
and being objective is a good thing.
Now if we could just get FAP Turbo to abandon the nasty habit of hanging onto losing trades, then we truly would have an automated money maker...
and we'd all be Warren Buffet! I've documented much of my experience on my blog...
see the Resource Box below for a link.