According to Marcus Leary, the Forex Autopilot System creator, FAPS has a win rate of about 96%. Live testing by many FAPS users have borne out this statistic. However, to achieve that win rate, the EA can sometimes goes through a 20-30% drawdown while waiting for market conditions to reverse.
The FAPS EA has no fixed stop loss as a default (you can actually set a fixed stop loss if you want) but rather relies on internal indicators to decide when to close trades. The EA will continue to carry a loss until it eventually hits the Take Profit target or finds a signal to close a losing trade. I've yet to see the EA close a losing trade but that's another matter.
More importantly, the FAPS EA will automatically close all open trades at the beginning of a new month. You can already see this in backtesting. If you test from Feb 08 to Mar 08, you will see the EA closing the open trade on 1 Mar 2008.
The FAPS EA has no fixed stop loss as a default (you can actually set a fixed stop loss if you want) but rather relies on internal indicators to decide when to close trades. The EA will continue to carry a loss until it eventually hits the Take Profit target or finds a signal to close a losing trade. I've yet to see the EA close a losing trade but that's another matter.
More importantly, the FAPS EA will automatically close all open trades at the beginning of a new month. You can already see this in backtesting. If you test from Feb 08 to Mar 08, you will see the EA closing the open trade on 1 Mar 2008.
What does this mean to you as a Forex Autopilot user? Well, first you need to monitor your open trades at the end of the month, especially if it occurs in the middle of the trading week. You may want to manually close your open trades a few hours before end of the month midnight (based on your broker's MetaTrader server timing).
Also, you need to have sufficient funds to cover the EA drawdown while running. The recommended trading lot size are shown below:
Also, you need to have sufficient funds to cover the EA drawdown while running. The recommended trading lot size are shown below:
- 0.1 lot for US$1,000-2,000
- 0.5 lot for US$5,000
- 1 lot for US$10,000
Happy trading!
4 comments:
Concept and value of drawdown are seldom really touched upon by so called "gurus" and "experts" but a drawdown is essential to winning trades. Stop/Loss really is a bad idea thought up by risk aversive type of people. Those types seldom make winning trades because their conservative Stop/Loss always stops the drawdown before it gets too harsh. Only to discover not too much later on that the price reversed and they would have made a nice win. So, making sure you won't get a margin call by making smart lot trades, making smart money management calls, and keeping your greed in check are the more important goals to strive for; not what, when, where, how, etc to set the Stop/Loss. If Stop/Loss is the primary thought raging through your head; FX trading is NOT for you so just accept it before you get started.
Well said, myoptions.
I just bought FAPS last Saturday and on monday started my first trading using this EA.
Monday was doing well as all position was opened and closed nicely with profit.
On Tuesday, 2 position was opened and closed nicely too. But strangely, the 3rd position was a BUY during the day HIGH, it is still floating after 24 hrs.
I've email to contact the support but no one seem to reply anything.
(today emailed another time)
Does anyone know what is the meaning on all those setting in the EA and how it work?
Furthermore, I also wonder how this EA going to close our floating position.
I'm curious if this EA can still handle floating position without margin call since I didn't see how it perform the Stop Loss thru it's internal indicator.
Anybody can help?
I have recently set up a forex autopilot review site where customers can post their thoughts on it..if you own it please feel free to write a review at
http://forexautopilotsystems.com
you can even leave your website link and it will be posted
-john
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