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Forex Autopilot System by Marcus Leary Review

Forex Autopilot System ratings:
3 votes, average: 3.00 out of 53 votes, average: 3.00 out of 53 votes, average: 3.00 out of 53 votes, average: 3.00 out of 53 votes, average: 3.00 out of 5 (3 votes, average: 3.00 out of 5, rated)
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Forex autopilot system
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.

Features

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:

  • Non-farm payroll robot
  • Ultra trend robot. This is used as a technical analysis tool to detect the trends, the strengths of those trends, and could calculate the support and resistance levels for you. It could also be used to ascertain Elliot and Fibonacci parameters.

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.

Conclusion

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.

Write your own review of Forex Autopilot System by Marcus Leary

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7 Comments»

Comment by bryan
2008-06-19 14:47:22

Works only on meta-trader! Whats that? I am not yet that deep in forex.Could someone tell me what that is?

bryan did not rate this post.
 
Comment by adil
2008-06-21 14:56:51

Bryan,its a trading platform thats more tuned to trading firms with dealing desks ans so on, and not exactly designed for the individual trader. This platform’s been created by Meta Quotes, but use it if you feel comfortable.

adil did not rate this post.
 
Comment by Miguel Angel Subscribed to comments via email
2008-09-13 21:28:49

Dear sirs,

I used FAP with the standard settins in a test account. At first it got many winning trades but later it went into loosing trades and completely blew up the entire account.

FAP does not uses stop loss at all and it uses 1 minute time frame with 20 pips taking profit, so you can get 20 profitable trades but this can be erased with just one losing trade if there is a strong change in the trend as we have seen lately in the market.

I am sure there are better settings but they want you to pay a membership to get more information about FAP.

Miguel Angel

Miguel Angel did not rate this post.
 
Comment by kevin
2009-07-05 11:50:16

FAPS gets going nicely on a 1-min time frame especially for the EUR/USD.That’s were the takings are and that’s were it works best in docile markets.

kevin ratings for this post: kevin gives a rating of 3kevin gives a rating of 3kevin gives a rating of 3kevin gives a rating of 3kevin gives a rating of 3
 
Comment by jeff
2009-08-23 15:31:52

FAPS or forex autopilot system is the one designed by Marcus Leary and not to be confused with Mark Copeland’s software almost by the same name.

After installing the software, I had to configure the settings. FAPS took on from that point. I tried the demo and felt sort of comfortable using it, although I wouldn’t say it is excellent piece of software as compared to some others around. It is a technical indicator based software, meaning that, after initiating the trade, it sort of waits till profits are reached, then exits the trade based on indicator induced exit signals.

I thought it worked well in the 1-minute time frame charts especially for the EUR/USD.I doubt this software relies much on stop loss tabs. So in real scenario, how would it work if you have a mini account with a few hundred dollars in it. Demo is good for EUR/USD in a 1-minute chart, and that’s all I can say about FAPS. Try it, but use it carefully.

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Comment by colin
2009-08-24 11:24:58

FAPS might not be one of those pathbreaking softwares out there, but it sure works,albeit if you have an eye on your account balance. Have seen several hundred pipsdrawdowns, and that’s makes me worry.

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Comment by Scally846
2011-10-05 19:06:28

I new to this and plan to get involve with Fab Turbo with a $500.00 account.
Also looking on have it install on their site so I don’t have to have my computer on all the time.
I appreciate all the comments on this software. Thanks a lot. Scally946.

Scally846 did not rate this post.
 
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