Discuss SniperForex.com

[Gumrai]

You may have read my review of this system in the review section,

My review is under my real name, Keith.

My 1st entry...

2009-10-23 4 Stars I can only really comment on my experience with Sniper Forex over the last 2 months since I subscribed.
I believe the system works, but the one thing that I do not like about it is the entry alerts. You get a string of "imminent entry" alerts when 2 sniper lines are the same colour. Then you will get an "entry" alert when all 3 sniper lines are the same colour.
The problem? - this entry alert is not a signal to enter the trade unless the 2 histograms also match. You do not get any sort of alert when the sniper lines and histograms match.
This means that after getting the "entry" alert, you may have to sit and watch the histograms for many hours and often they don't match and you will then get an entry alert in the opposite direction.
It would be a big improvement if you would get an entry alert when all conditions are satisfied and dispense with all the irritating imminent alerts.

Since the beginning of September, according to my results, 1 in 3 trades have resulted in profit. (17 winners, 34 losers). But the market has not been ideal for a system like this.
More importantly, because of the bigger wins than losses, that 7 week period shows a profit of 667 pips. Using proper money management, risking 3% per trade equates to an increase in the bank of 12.36% and anybody should be happy with that.

This is a good system, but if it offered the option of just alerting when all conditions were satisfied, it would be a great system.

and my 2nd.......

2009-11-30
Review: Having now completed 3 months with Sniper, I basically find it impossible to trade with as recommended by the owner.
In November I studiously followed the rules, but so often that meant spending hours at the screen waiting for the histograms to confirm a trade entry.
One big winning trade cancels the losses of the many smaller losses, but if you miss that good trade it can mean the difference between a winning and losing month!
It really needs improvements to the trade alerts if one can trade the 1 hour chart without being stuck to the screen for 16 hours per day.
So far Sniper has performed well, it seems to be a good system -IF you can dedicate the time to it!
Having faith in this system, but finding the H1 too demanding of my time, I'm now switching to the H4 timeframe at candle close and going to see how well it does

Probably, most people (me included) when first trying Sniper will look back over the charts and be quite impressed with the hit rate.
But trading it real time, there are a lot of confirmed entries that disappear after repainting and so by looking back over the charts, you will not see these losing trades.
Sometimes Sniper signals a trade and the trade is stopped by an arrow appearing. Then another arrow appears in the same direction as the first as a re-entry into the same position, but with perhaps 30 to 50 pips difference. After repainting, the stop arrow disappears and it just looks like one winning trade.

I've attached an example of a long trade that lost 66 pips and disappeared after repainting. This was a fully valid trade, where everything matched, yet that 66 pip loss does not appear in the SF results sheet!

I think that Sniper does do well overall, but trying to trade with it manually is just too time consuming

 

[Soweus Weiekapis]

Thank you Keith! Yes I have read your reviews about the repainting and that one have to sit and wait for confirmed entries. It takes really alot of time. I think it's ok if there is a positive result. But so far out of 6 trades I have just 1 winning trade and a huge drawdown of over -600 pips after 2 weeks. If sniper will do well over a longer period of time its ok for me.
Btw. I just posted at t2w also, saw your name there too, sorry, didn't saw that I got an answer here.

 

[soumenghosh83]

Is December a Trading Month?

Hi Soweus Weiekapis,

Actually yes. Since 7th December, cable is not generating any long trand at all. Whatever trend is generated, it reverses very quickly. Hence, Sniper Forex turns out to be late to enter. Sniper Forex is failing as a result.

My question to more experienced trader is whether one should really trade in the month of December? Does volatility increase in December?

 

[soumenghosh83]

November Performance

Thank you Keith! Yes I have read your reviews about the repainting and that one have to sit and wait for confirmed entries. It takes really alot of time. I think it's ok if there is a positive result. But so far out of 6 trades I have just 1 winning trade and a huge drawdown of over -600 pips after 2 weeks. If sniper will do well over a longer period of time its ok for me.
Btw. I just posted at t2w also, saw your name there too, sorry, didn't saw that I got an answer here.

In October and November though, it generated profit for me. Basically I look for entries between 03:30 GMT and 11:30 GMT. I look for 50 point of profit and religiously follow SL mentioned in Sniper Forex.

But December has been dismal. Lot of SL.

 

[hyper]

Fake results?

I received the following screen capture of Gary's trading results on 2009-05-28 21:43 UTC. I presume he had sent it to his subscribers and potential subscribers.

I entered the numbers into a spreadsheet and found that some numbers don't add up. So the HTML page may have been edited so that the results look great.

Can someone please confirm my suspicions?

 

[hyper]

Here is a screen capture of my spreadsheet of the numbers.

Column G is the profit column that is calculated by the spreadsheet.

I have highlighted the profit values that are not consistent with the profit numbers in the screen capture that was sent by Gary.

Notice in particular the trade that was opened on 2009-05-04. If you short at 14936.9 and close at 15015, the profit should be negative, right?

 

[kola8701]

2 cents

I once used sniperforex back in the days but i have moved on now but i guess i could add 2 cents here... I usually add a customize cci called fx sinper's cci ( set it to 84 ) to filter out bad trade it works best on 1 hour time frame.

Hopefully this would be little useful.

 

[Gumrai]

Hyper,

I've have long suspected that Gary's results are partially fabricated. I had an email last year that claimed a big win. It was a rollover, so showed as 2 trades. The 2nd day was a loser, but he missed out the minus sign and claimed it as a winner!
Strange thing is that the results with this system are quite good (not so much lately) , so he has no need to doctor them!?
I have abandoned this system, not because of performance, but because I cannot commit the time and sit waiting for confirmed trades for 16 hours a day!

 

[Tigerboy131]

hey buddy
so what are you actually using right now ? instead of sniper ?

 

[Gumrai]

hey buddy
so what are you actually using right now ? instead of sniper ?

I'm not using anything except technical analysis nowadays - been trying to improve my skills.
I hope that some time I will be able to include Sniper as an aid in my analysis, but for now I am concentrating on using my own judgement.