I feel I owe you guys an apology. I completely missed a VERY important detail about the Fapturbo Evolution/Dukascopy brokerage setup. Thankfully a member of the Forex Autopilot Forum clued me in on this one and I owe him a big thanks (lookup the username “Limitup” on Forex Nirvana or Forex Autopilot Forum). Now here comes the kick in the gut. With Dukascopy “you have to prove that you have 100K net worth per year. If you can’t prove that then you can’t trade Evolution”
Yeah it’s true. Dukascopy is not a bucketshop that will take just anyone. Now notice that it says “net worth” and not net income which is a different concept. So my guess is that your house and other such assets will count toward your total net worth per year – and probably the majority of you own houses that easily push beyond $100K, so you just may qualify. But I’m not 100% sure about this so it would be best to get in touch with a Dukascopy representative. I’m gonna do the same and once I find out I will try to let you guys know.
Anyways, let me say once again that I’m sorry. Good luck to those of you who’ve bought this product, and to all those who didn’t.
Cheers,
Alan
One thing that I will point out is that it is possible to get away with lying about your net worth per year. This may get you an account. The question is how strict is Duksacopy going to be? My opinion is that people that bought are most likely 75% or more of a group that does not even come close to making that a year….just a hunch. So, Alan…it will be interesting what the rep has to say.
Yes I would agree with that hunch. The reality is that those who do have that much $ either a) are already successful MANUALLY trading b) just plain do not need to trade themselves and are fine with having other people invest/trade their money.
Hmm, now you say it’s possible to lie, but aren’t they going to request some sort of proof like a bank statement, maybe house value appraisal or something like that?
I’m going to skype chat with one of their reps and ask him that question a bit later on today.
Thanks for visiting my blog limitup!
Cheers!
You know Alan…this really pisses me off. They just want to sell another version and make more money from selling. Mike and the gang promised us they would come up with an a real ECN commission based solution with low very low spreads that could of been MT4 based. I continually pointed out that ATC would of been ideal. They spreads at ATC are just as good as Dukascopy….and the min to open an account is 5K! If the code is the same then why won’t it work well on my ATC account? Version 16 kicked ass with th euro/gbp at a 2 pip spread. I get that and lower at ATC. They changed the code. It is that simple. I going to decompile my legit copy of 16 and make it work like it did. FAPT Evolution can kiss my ass! They failed us. Evolution should be free at best.
Yep I agree 100% with what you’re saying. As a fapturbo owner I expected the new “evolution” edition to be a free upgrade/version but I guess the allure of money is too hard to resist.
What they’re really selling you here is just a new platform (Dukascopy) !
Yep, ATC would have been a great solution – heck even MB Trading too!
I am going to do the same as you. I’m going to hire a coder to make my fapturbo work with MB Trading’s or the ATC platform and that will be it.
See this post. Apparently Dukascopy isn’t really checking into any of the requirements (net worth etc):
http://www.forexnirvana.com/f19/fap-turbo-swiss-ea-793/index4.html#post10088
Be advised that FAPT will work at ATC and MB…but it will never be as aggressive as the first release nor as good. I suspect only a handful of people that bought FAPT on first release day have version 16. All others were forced to buy higher versions.
Yeah…Dukascopy don’t care if people blow out their life savings anyway…they just want the commissions from hundreds of new accounts that are ready to be Churned and burned. Reminds me of my days working at First American Discount Corp. At the time before Man Financial bought them out they were the second largest discount futures clearing firm in the world…..man, you should of seen all of the churning. Retail accounts at Dukascopy will be no different.
I got fapturbo 16 🙂 I’m gonna go setup a demo with ATC and see how it goes.
You’re right limitup about the Dukascopy account churning – they get some nice commissions and fapturbo traders will make them quite a bit of change as faptubo trades pretty frequently and the trades are not held on to for long period of time.
The main advantage of using FTv16 is that it did not have the trade scatter function. The subsequent versions after 16 (not sure which one) began this practice. What is the scatter function? Well, to put it bluntly, the EA delays opening a new trade from 0-7 seconds at the precise moment it identifies a scalping opportunity. In some cases, this results in a worse entry point that makes it more difficult to close in profit – it depends on how long your random delay was and how short the market stayed at the extreme end of the range. This is also the reason the trades are so different between users, even on the same broker.
Why is this scatter function built into all the modern versions of FT you may ask? Because of server-side problems with the brokers themselves and lack of liquidity during the time period in which FT trades. So many people were using FT, which caused a deluge of new order requests at the same moment that: (1) there was not sufficient liquidity at that price to satisfy all the requests and (2) the brokers’ trade management systems, which are based on FIFO logic denied and re-quoted many orders causing great dissatisfaction with their platform. By scattering the trades, 1/8 of the people’s orders were sent the moment the EA identified a trading opportunity, 1/8 of the people’s orders were sent after waiting 1 second, 1/8 after waiting 2 seconds, 1/8 after waiting 3 seconds, etc.
So, FT Evolution addresses these problems by only allowing a small number of people to run the strategy against a platform designed for extremely fast trade execution, hence no scatter function is required. This should mitigate the need for a scatter function on Dukascopy as well as providing a nearly uniform trade response, which will help to drive the market during the dead time after NY closes and before Asia opens.
I hope this information proves useful to you all.
Yes it was very useful indeed. If you don’t mind I’m going to reference your comment over at this forum post:
http://www.forexnirvana.com/f19/fap-turbo-swiss-ea-793/
Thanks for visiting and especially for commenting and sharing your wisdom!