What is FAP Turbo?

For those who don't already know, FAP Turbo is an automated forex trading system or EA, that runs on the Metatrader 4 platform.

Who's it for?

Well, I'd say absolutely anyone who can spare a little cash and who is sensible with money management. I would very much include here, beginners. FAP Turbo is extremely conservative out of the box and can be tweaked to make great returns, but that's a whole new topic in itself. The EA does not expect you to know anything about forex, but it's in your best interest to learn a little and there are plenty of great resources on the internet for this.

How it works?

FAP Turbo has a short and long term strategy and currently trades on 5 currency pairs.

The short term strategy or scalping strategy trades the EURGBP (excellent track record), EURCHF (not a bad record), USDCAD (not been great for me) and GBPCHF (spread has always been too high) currency pairs. It attempts to make a profit of 7 pips each trade.

The long term strategy trades the EURUSD. There are many settings that can be tweaked here depending on what you want. I wouldn't recommend this strategy straight out the box. So test it on you demo account first.

The method for deploying the EA is simple. You simply drag & drop the advisor onto the chart you want to trade and off it goes.

Cutting to the chase

Now to get stuck in, if you really want to benefit from this EA, you don't have to just sit back and watch it do its thing. You can be a little bit more pro-active and hands on. The Tip & Trick to follow have only been tested on the short term scalper strategy. Now I understand many of you won't have the time to do what I'm about to talk about, but many of you might.

Tip

This is the easy and relatively safe option if you are confident with placing orders in Metatrader 4. All you need to do is:

1. Wait for an order to be placed, i would generally only choose EURGBP for this and then wait a moment to see if it goes against you further.
2. Then place a similar stop loss and profit take as the original FAP Turbo trade.

You can make more than the FAP Turbo trade itself by doing this. Now the win ratio on EURGBP is excellent only 3 trades went bad last month out of 34. So the odds are you will succeed. Start out small at first to build confidence.

Trick (only for trades that have gone against you for several hours+)

Now this is where I need a disclaimer. I don't want you blaming me for this one! It's probably not seen as very clever, so be careful. If you've done the necessary research and are confident that the trade is going in a particular direction and that the trade has gone against you for several hours, you can do the following:

1. As the chart reaches your take profit line(green), turn off the EA (but remember to save all your EA settings so you can load it quickly again).
2. Keep monitoring as FAP Turbo will no longer monitor the trade for you.
3. When the trade goes past the take profit line load up the EA and it may close the trade for you, if not you can close it out manually.

This scenario will not happen very often. However, whenever a trade goes against you for a long period, lets say a few hours (long period in scalper time). The scalper will just look to get out with minimal loss and you will nearly always take a small hit.

From:Blogger Tips And Tricks