Welcome to F.A.P.S (Forex Autopilot System) review page. Forex Autopilot is software designed by Marcus Leary who was himself a forex trader. This software works by recognizing trends in the market using mathematical models. What you have to do is just install the software in your computer, configure the settings and simply let the software do the rest. Don’t confuse this software with the Forex Autopilot System developed by Mark Copeland.
They have a cheesy marketing page and while you may not exactly approve of their selling tactics the software is certainly interesting. Forex Autopilot system works on opening trading orders based on some technical indicators and lets the order exist till the profit level is achieved or some indicator based exit signal tells it to get off the trade.
It comes at a cost of $99.5 with an 8 week 100 percent money back guarantee. There is a demo account feature and you can use the software until you get fairly comfortable with it.The autopilot is easy to set up and comes with additional features like instructional videos to help you get started.
Forex Autopilot System has an arrangement with a particular forex broker who gives up to US $500 for each Forex Autopilot user provided you have a real forex trading account with them. However Forex Autopilot website does not specify the name of the forex broker with whom they have this arrangement.
The advantage with this software is that it is simple to operate and it can monitor several forex markets at the same time.
This piece of software is very selective in that it doesn’t open more than two to three trades per day. Generally for the Euro/USD it is seen that it operates in a 1-minute time frame.
The bonus products when you buy this software are:
The exit signals generated by this software for certain trades seem to give you the feeling that the software doesn’t really use a stop loss as they seem to be comfortable with a draw down of even 300 to 400 pips. So in a mini-account with a few hundred dollars it remains to be seen if this software would work. May be you could take this as a distinct disadvantage.
I wouldn’t recommend this piece of software to a person new to forex trading. But for the expert trader yes it’s likely to be of use alongside other tools.