The Problems With Forex Software FAP Turbo

If you have traded forex and searched around for forex-related information, I am sure you must have heard of the forex trading software called "FAP Turbo." According to what I heard from other forex traders, FAP Turbo seems to be the best trading robot available out here. With only $149 and 60-day money back guarantee, it looks like you got nothing to lose (if you trade demo, of course). So a few weeks ago I grabbed the software myself and tried it out. Here are my opinions:

Before I start, if you are looking for all the positive things about this software, you'd better read it from their website FAP Turbo (see link below). They did a pretty good job of listing out all good things about their product! I only talks about certain problems I experienced (or have thought of) with this forex trading robot.

First of all, it is an Expert Advisor (EA) that is designed to work with MetaTrader4 (MT4) platform. Now, most people stop there and say "So what?" But here's the big problem: what if your favorite forex broker doesn't offer MT4? Even at this day and age, many forex brokers do not provide MT4, or set certain limits in the option. So you may face other restrictions or lack of features that come with your broker's special trading platform. For example, you may want to start trading with a micro-account (where you can trade with only $50 or something like that). Finding brokers that offer such micro-account is already hard, finding ones that provide micro account on MT4 is even harder. So you may end up trading with at least mini-account instead. When people talk about forex trading software that works with MT4, they make it sound like MT4 is the universal platform utilized by ALL brokers. Nothing is further from the truth. I have known many forex brokers that do not use MT4 at all.

Here's another problem. This expert advisor seems to work well in range condition, not break-out situations. In other words, if there's nothing big going on in the financial market, this forex baby can quietly grab 4 - 7 pips at a time, which are pretty nice since you don't have to do anything. But if the forex market gets into a roller coaster ride (which I experienced a few weeks ago with GBP/JPY), your account could be wiped out! Why? Because this baby may get you stuck in a wrong-direction trade, then try to hedge it in the opposite way. There's nothing wrong with hedging, but if the market is unpredictable, both positions are closed in the red. I heard some comment before that FAP Turbo actually grabs the trend and gives you big gains, which can easily make up a few smaller losses. But I didn't seem to work that way for me.

And that's not all. This expert advisor is not that simple. If you have the impression that it's something you just need to click a few buttons and your trading account will explode with profit... then you'll be very disappointed. The software does provide different risk settings that you may have to think hard about. What risk option you should take for your account size and market condition, it does need a human brain. Then comes the question "Which currency pairs should I use this expert advisor for?" Currency pairs aren't performed equal. Some work better with the software, others don't. There're other factors such as market conditions and timing that the software works best, or doesn't work at all. The point is, it's not that simple.

Anyway, I didn't ask for a refund (or plan to do so), because I still think the software is helpful. At least, it saves me a lot of time that I don't have, doing what I wanted to do. I believe that as I get more familiar with it, and that if I set it up differently, things will be better.

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