Pajama Money Attempt 1 - Forex Autopilot

I've decided to try Forex Autopilot as my first attempt to make 'Pajama Money'. Currently, I am only playing with a couple of demo accounts to become familiar with the program, but here is what I know so far:

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Forex means Foreign Exchange, and Forex trading is pretty much buying and selling currency pairs, EURUSD or EURGBP for example. For about 100 USD, at the time of this post, you will get a FAP EA (Forex Autopilot Expert Adviser). The FAP EA is a robot that is designed to do all the buying and selling automatically, you just set it and forget it. The robot will do all the trading 24/5 (when the market is open), the only catch is the computer must be left running and must have an internet connection. Buying the product also grants access to a members area and some basic instructions and guidance on how to get started in the world of Forex Trading.

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Not much more is given from the company, though they do have customer service available after purchase; though I have yet to utilize the service. After joining, you will need to find an online broker that allows you to buy and sell online. Fortunately enough, they have a recommended broker, http://www.forexmeta.com/ that offers a 500 USD bonus (at the time of this post) to get you started. No matter what broker you choose, try a demo version first.

So far, my initial attempt hasn't been too much of a success, here is the load down of what I have done so far:

• Signed up with Forex Autopilot .com (~100USD)
• Started a 3000 USD demo account with http://www.forexmeta.com/ (Free to Demo and I will get 500 USD if I open and account)
• Set the FAP EA to trade on the following currency pairs: EURUSD, USDCHF, GBPUSD, USDJPY

End result, I let the whole thing run over night and I am now about 1500 USD poorer, glad I wasn't using real money yet! I feel the problem is, I really don't know much about forex trading and have no strategy, the FAP EA is optimized for EURUSD, but for all I know, is not compatible with other currency pairs. Its also possible, I just need to weight longer than one night, I just don't know.

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As a result, I decided to Join a Forex Auto Pilot Group, FAP Winner .com, in hopes of more support and success. I signed up for a Gold Membership, costs 400 USD. Gold membership includes:

• Access to the members area
• FAPTS Trading System (another Expert Adviser that is further optimized) and Personal Trading Plan
• Hedging EA
• Support and Forum Access
• Live Chat Meetings

The instructions and guidance are much better with FAP Winner, they also recommend a different broker, as this is the broker that they have used for all the extensive testing of the FAPTS EA; http://www.interbankfx.com/. I am now operating another 3000 USD demo account with InterbankFX after following the step-by-step instructions of FAP Winner.

So far this first attempt has cost me about 500 USD, if the new demo account shows promise, I will probably try a real account with the same amount, 500 USD.

Wish me luck, Pajama Monkey