PipsCloner.com Review

Forex pips cloner, I paid for this software or whatever it,s supposed to be, the instructions were not at all clear, then I was bombarded with offers for other software that they recommend. I decided it was not for me as it didnt seam to work, I have wrote email after email for refund that they say in the add, is a full money back guarantee, no reply to any other than auto mail with no reply to my request at all, I am going to pursue this through my card company now.I wouldnt recommend these and would be very wary of a firm that ignores email. Do not touch with a pole stay away from them.

After 3 months of my account in serious drawdown, it has climbed back to near break-even(not counting the $49 monthly fee). I manually closed all positions, some positive some negative. They did not open or close a trade in my account since April 22. I cancelled my subscription. They are very poor traders I risked very small lots and still endured very reckless drawdown. They would open several different positions on same pair even though trade was going against them. My advice. STAY AWAY!!! Smells of scam!

" Do not touch this system" If I can let as many people know of my negative experience and the fact my account went from $2200 to $200 in a matter of days, then this review will be worth it.
If a system seem too good to be true then it probably is, and this is one of those! "Don't touch it"
I bought it and all the upsells to go with it. The promise of expert advice and a professional relationship fromTim Grant the designer of this system to impart his knowledge with the buyer was absolute rubbish. The support people would never answer a question but send an email for the user to check out the frequently asked questions section on the members website. The members section has a lot of negative reviews and no question was ever answered properly.
When i discovered that these so called experts of which i was paying for 3 so called experts to place trades were placing no winning trades and my account was being wittled away, the alarm bells started ringing.
I am not normally niaive but on this occassion i have been severely stung.
When i sent an email to the pipscloner support airing my annoyance and wanting an honest answer as to why all the trades made were losing trades, i was fairly told where to get off. I requested an honest answer from Tim Grant but appears he has gone silent so I assume I am only 1 person in a long list of people who have been burnt by Pips Cloner.
I would appreciate any person on this site who can tell me of something out there that is fair dinkum and not a scam like this?
In the meantime I will make sure I let as many people know of this scam called PipsCloner and that if you invest money with them be prepared to say goodbye to it very quickly

I'd like to share my experience with you all.

--------
IN BRIEF
--------
I'd give PipsCloner a miss. From all the evidence I see, and the reviews of many others, it's just another scam (out of the UK this time). Read MY EXPERIENCE below for more info.

-----
NOTES
-----
1) Online forums discussing PipsCloner are
http://www.forexmachines.com/reviews/pips-cloner/
http://www.forexfbi.com/forex-robots/pips-cloner-review-pipscloner-scam/
http://www.forexpeacearmy.com/public/review/www.pipscloner.com

2) PipsCloner FAQ (their own/controlled FAQ) can be seen here
http://www.pipscloner.com/faq/

3) For those reading these forums, who have not yet purchased PipsCloner (don't), PipsCloner isn't your traditional EA (automated robot). Traditional EAs are computer programs that constantly analyse the market and enter and exit trades based on a (generally proprietary) algorthym. The PipsCloner EA simply copies trades from another trader (Tim in my case) and replicates everything he does. It's one of the features that convinced me to purchase PipsCloner in the first place. Another Forex system that copies trades (also out of the UK) is Pro Trader CopyCat. Don't buy this one either - it's rubbish and they never answered any of my emails and they don't have a forum to discuss issues with them.

4) I'm not a Forex Trader. I'm a computer (web) programmer, experimenting with Forex robots (EAs) and Signal Services, with the initial hope of finding an honest system that would help me generate a little passive income (I'm not foolish enough to believe in the promises of riches overnight thankfully). I'm cautious by nature. Everything I've done so far has been using demo accounts on the MT4 platform. Thus far I've tried some dozen EAs and signal services over a period of around 2 yrs. I've managed to obtain a refund for most of them. I don't think there are any honest traders online willing to share their systems. So I've reached a conclusion that I should invest in a proper forex trading course at a reputable Further Education institution, like TAFE - I'm from Sydney, Australia - when I can afford the time and investment. Clearly I'm never going to get anywhere with the EAs on offer. They are clearly out-right scams. But I live in hope of finding a solution one day (foolish me no doubt, but I must have faith in my fellow man wanting to sincerely help others, especially in these days of increasing financial diffuculties).

5) Some of the systems I've tried (and would not recommend from my personal experience):
- FapTurbo
- PipsCloner
- PipsGeek
- Automated Pips
- Pro Trade CopyCat
- Forex Auto Scalper
- Forex Killer
- Forex Robot Trader
- FX Loophole
- Push Button Pips
- Forex Arbitrages

-----------------------------
MY EXPERIENCE WITH PIPSCLONER
-----------------------------
1) I purchased PipsCloner on 3rd March 2011 for US$47.00 (with a recurring US$47 pm subscription thereafter).

2) Alarm bells went off as soon as I got to the 2nd page of ordering - which was an up-sell offer. Then the next 3 pages were also up-sell offers. Then somewhere along the line a link to an affiliated program (obviously to make the PipsCloner people more money). And a few days ago an email disguised as free membership (to something undisclosed) which, when clicking on the link, took me to an affiliate program called Forex Arbitrages. Again, PipsCloner team making money from promoting affiliate programs in disguise.

2) I didn't buy any of the up-sell offers.

3) I installed the PipsCloner software (on my IBFX.com.au MT4 broker) with little problem. My risk profile in the EA was set to PipDeviation=10 / TradeLotMultiplier=1.0 / RiskMM=false / RiskPercentage=5 (as per their instructions).

4) I was surprised when I had to choose a trader from a list - the PipsCloner sales/squeeze page had a guy called Tim Grant doing all the talking, saying he'll trade for us - there was never any mention of other traders. So I chose Tim as my trader. He seemed like a sincere and honest guy in the video.

5) Non of my PipsCloner FAQ posts were ever acknowledged or answered.

6) Non of my (detailed) emails (with screen shots) were ever answered.

7) The "proof" PipsCloner offers, regardng it's performance, is a live report of their actual trading account (available on the MT4i platform). This was a new concept to me and helped "seal the deal" for me when I was watching the PipsCloner sales page. As someone else has pointed out in one of the forums, the live online account could be just a real-time view of a demo account running any old rubbish EA!

The MT4i accounts you can see are:
- http://mt4i.com/users/pipscloner2 (back statement)
- http://mt4i.com/users/pipscloner2 (live statement)
- http://mt4i.com/users/clonerpips (live statement)
- http://mt4i.com/users/clonerpips2 (historical statement?)
- http://mt4i.com/users/timpipscloner (rcvd via email 17 March)
Trying to make head or tail of what's what gave me a headache. Tim seemed to generate new MT4i accounts at the drop of a hat (to cover his tracks perhaps?).

8) I have not attended any of the webinars.

9) Today is the 30th of March. My demo account (which I've never touched - Tim has had full control over it and I've not interfered) looks like the following:

Open: USD 3000.00
Close: USD 3206.53
Nbr Days: 27
Nbr Trades: 19 (17 positive, 2 negative)
Lot Sizes: a mixture of 0.02, 0.03, 0.05, 0.07

Ok, to me this looks ok, but as of today there are 22 open trades floating around -302.00 Last night they were sitting around -435.00. All 22 open trades have a +swap amount (which I think means they've been active for longer than 24 hrs) so they are not intraday trades. Only 4 of the open trades have a Stop Loss set. None have a Take Profit set. Margin Level shows 233.75% I'm not sure how to read this. 14 of the 22 open trades are in negative territory. The pairs currently with open positions are USDCHF, USDJPY, AUDUSD, EURUSD, GBPUSD, USDCAD. The oldest open trade is 11 March.

I'm also not sure how to obtain draw-down and max draw-down numbers and if my demo account has been close to a margin call etc. I don't understand enough about these things (I've read several articles but it's not quite clear to me as I'm not a forex trader).

I just don't have the experience to be able to understand the info (implications, impact, good/bad, etc). I understand that you can't have 100% winning trades, and that trading is largely about a sound risk/money management plan.

What I do see is:

a) Most trades don't have a Stop Loss in place (not good from what I understand).

b) Trades are kept open (indefinately) in the hope the market will recover to make the trade a successful one. In the meantime, without any Stop Loss in place, these trades will keep going south, until all my margin is used (forcing a margin call).

c) It seems that as a position worsens, more trades (on the same currency pair and in the same direction) are opened, without a stop loss, in the hope of a market reversal. This doesn't seem to be a sound strategy to me, but I am inexperienced.

From what I've been reading, it's not so much the actual account balance I should be watching (closed trades have netted me +206.53 but there is -302.00 on current open trades), but the style in which the trades are being performed (are they following low risk principles? using small lot sizes? minimal draw-downs? etc ... stuff I just don't have a handle on).

----------
CONCLUSION
----------
After everything I've read about others experience with PipsCloner, and my (limited) understanding of the Forex market (and how Tim Grant is conducting his trades), I'm going to cancel my subscription and seek a refund as per their 60 day no-questions-asked money-back guarantee.

do not touch pips cloner i had half my account wiped out yesterday thanks to the reckless trading fortunatly it was only a few hundred dollars which i could afford to lose. but the style appears to be if you are in a losing trade open another one in the same direction on the same currency pair and keep doing it and thinking you can beat a central bank is downright stupid. however we all take this risk when we go for this type of account i put it down to experience and lessons learnt. their support could only say go to clickbank to stop your subscription.

I've run this for about two weeks and I'm tossing in the towel. Support is as poor as it gets. For the most part, I've been ignored by them on multiple issues. They did respond to my email stating that I had 8 active trades running that were nowhere to be found in their online statement for their account. I sent them a screenshot of my 9 active trades, one of which matched their statement. This was the only EA running on this MT4 account and I had not intervened in any way. They wrote back and asked if the screenshot I sent was of my account statement and could I send a screenshot showing the discrepancies. I'm not sure how I could have clarified the matter further. They had a screenshot of the trades I had running. All they had to do was compare it to their live statement. I emailed them back stating that what I was trying to relay was that 8 of the 9 trades in the screenshot didn't match their live statement. It's been over 48 hours and I've had no response. So I'm not sure if the signals are not getting through, or if their online statement is inaccurate. The account was up roughly $250 at it's peak but has fluctuated wildly from that to being down $150 since I started the service. Maybe it will work out for some, but for me it's been a disappointment. I've requested a refund. I'm done with automated trading services.

Seems Tim or his Reps know how to answer questions,they thank you for joining the family and then refer you to their FAQ system which does not have an answer to your question.I also believe none of his Reps understand how to trade Forex or his system.No stop loss is used in their trades and I guess I have no one else to blame when my account crashed today because no S/L was used.Last week Tim had 630 winning pips, today he had a 1818 lost pips which blew my account.I would take my business somewhere else.They are BAD BAD

When a promo software package is first sold free, then sold $49.95, then price drops to $4.95, and then the seller changes names to FX Elite, on top of all the up-selling etc.....then you know the service or software is not selling based on integrity and honesty. My suggestion - dont touch it. This is yet another internet trend of pumping FX EA packages to try to make a fast buck.

Badly documented, badly explained, difficult to see how to control risk. I've had mostly losing trades, and I can do that for myself - I don't need to buy help for that.

Download was easy enough, like the other posts I was suprised to have to pick a trader, I chose Tim because the ad claims he had very little drawdown. Its been just two days so far I have 8 pending trades and 1 trade triggered it drew down 437 pips! At this writing it is -97 pips, fortunately I only risk a penny a pip for trial.