News FapsT User with some questions

Jimerson · #1 01-25-2009, 01:14 PM

First and foremost, I want to give all of you thanks for this wonderful forum. I have done quite a bit of reading on here, and am impressed with the amount of content, and how nice the members are.

I just purchased FapsT and was wondering if anyone could point me in the right direction.

Let me preface this with the fact that I understand the fact that the market is in a volatile situation at the moment. I intend to trade demo for a while until things level out some and I have a better hang of how FAPS works.

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I intend to open a mini account with FXDD with $500. I have opened a demo account for the time being and would like to know what settings are reccomended. I have read in most of the forums, that it should be set to use no more that 5% of your capital, do most of you follow this?

Looking forward to your comments,
~Jim

loumt123 · #2 01-25-2009, 02:05 PM

I, too, would like to know what settings are recommended for a noob. Settings that enable a lot of trades while minimizing risk and staying away from margin calls would be great. Also, what broker would you recommend using fap turbo with? I do not have a forex account yet, and will open with a broker that is most compatible. And, recommended starting account value for the noobs? I'd wager the low $100s is too small to do anything with and may actually cause problems if the program can't close out losses....so how does $500 to $1000 sound?

mystikdragon7 · #3 01-25-2009, 04:58 PM

Hey guys I'm going to move this thread over to the FAPT section because you'll get a lot more answers over there. This section is for FAPS.

Also if you're new I wouldn't trade with an LRR of 5%. Bring that down to 2% especially with a starting balance of $500.

dynamo · #4 01-31-2009, 02:46 AM

Hi

I would agree with mystic on this one. This market is not kind, last monday/tuesday saw a lot of people lose all the profits they had built up over the rest of the month.

When you are first starting, keep it small. It is very tempting to follow every trend, and that is the fastest way to blow out your account. Keep your lots sizes small. I would suggest 1% until you have learnt how it all works properly, and learn how you deal with drawdowns yourself. Demo accounts are good, but they are also like playing poker online on a demo account - you don't react the same way unless it means something real, and it is actually your money on the line. You will take bigger risks that is advisable, which you cannot do with real money.

FAPT has automatic lot sizes, and I would use that for a while on your account, learn how much real risk you are taking with very small lot sizes (0.01 trades can blow out an account just the same as bigger ones), and watch your drawdown based on the automatic settings. It is quite scary the first few times you see your account run low on equity to chase a small profit.

The main advice I would give is do not over trade. if you want to last more than a week at this (particulary on a small account), resist the temptation to open trades because you think you see a trend, you will blow out your account with over exposure. This kind of thing cannot be learnt on a demo account because the amount of money is too large, and you can always open another one if it goes wrong. Let the robots do their job, and watch and learn the good and bad.

moneydream · #5 02-26-2009, 11:08 AM

For long term setting read this thread: http://www.forexautopilotforum.com/s...ead.php?t=2200

For scalper, default setting is good. Just have to make the correct GMT setting with UseMM true then you are ready to go. These long term and short term setting combined can minimaze risk while maximize your profit level. If short term strategy always not open trade with default setting then it is time to find another good broker.