The UK Budget Sinks In
8 FAP Turbo trades for a loss of -89.3 pips (-£125.42) and 1 manual trade for a profit of 10 pips (£2.78) for a total loss of -79.3 pips (-£122.72) which is an 11.4% decrease on investment. Click image below.
The green highlighted strip is a manual entry based on a FAP Turbo trade.
The EURGBP showed promise with its rise to stardom. It was always considered the best trading pair in FAP Turbo. Times have changed and over the past few months, the pair although it makes a few profits here and there seems to get tortured every few weeks. Over all I am currently down on the EURGBP over -£200. The majority of profits had, have been scalped from the EURCHF pair. The EURCHF has been doing amazingly.
All in all, FAP Turbo is dragging its heels. I don’t seem to be able to get away from the 750 – 850 profit area. Over a month ago I was up about £1200 but with these EURGBP losses I don’t think I’m out of line to say that it could be worth dropping this pair altogether. However, fundamental analysis of the markets might conclude that this loss is something to do with the UK budget that was unveiled on Wednesday. The fact of the matter is, the last 2 days should have been reason enough to lower risk, especially on the EURGBP currency pair. It seems it has taken a day or so for the budget information to sink in. Thankfully my risk was lower than normal. Going forward my strategy will stay the same and I will try and ride out my misfortune.
Hi Hank,
I’m sorry to hear about the unfortunate loss that happened on the EURGBP pair. You shouldn’t trade on friday!
All in all, i think it could be a good thing that my broker raised the spread of EURGBP which results in the inactivity of fapturbo on my account.
GBPCHF has been giving me profits, if you want to start on the pair, i suggest you turn it off before GMT 2300
I figured out I’m down a little on the week but it’s not too bad. The trade actually opened on Thursday, late in the evening. I won’t be trading the EA today. I’m looking into the GBPCHF at the moment. So far it’s doing well between the hours you mention 21:00 – 23:00 GMT same trading hours as USDCAD. I may well alter my strategy and add it very soon. Also I may alter the EURGBP to trade similar hours.
I see. What i meant was GMT friday. Be very cautious about trading on GMT friday.
Ah, I see. FAP Turbo used to be programmed in earlier versions of the EA so that no trade would open at all on a Friday. Maybe that was their thinking.
Great comments today. Thanks for sharing your experience. I was flat for the day so feel fortunate.
I am not sure my GMT Offset settings are correct. Please Advise!
I called the trading company after summer time started and they said my setting should be three and there is + or – to ever be put in front of the number. Is this correct?
I check all time this morning and they are as follows:
A. Server time 15:30
B. GMT 13:30
C. My local time 8:30
Question? What should be my GMT Offset setting.
Thanks
Wayne
Hi Wayne,
Your GMT looks like it should be 2. Don’t put “+” in front, I’m not sure what effect that might have. The reason it is 2 is because your broker looks to be 2 hours ahead of GMT so don’t confuse your local time, it has nothing to do with it.
Hi Wayne,
I have lost $700 on EURGBP the past week. It was one trade, opened Thursday and by Friday hit the stop loss. I compensated a bit by doing manual trades on USDJPY but still, I don’t think I will be trading this pair any time soon again.
Hi Jarko, I wouldn’t rule out the EURGBP entirely. I don’t remember losing a EURGBP trade on a Thursday/Friday before. I might have but not like this. Check my settings page. Keep your risk low on this pair until your confidence rebuilds.