Backpack Trader review: Pros, Cons and Traders Ratings.

I am not sure where to begin because there are so many concerns/complaints. I do want to say this review is primarily concerning those who trade Forex Pairs. It may or may not work with Futures, but I don't trade Futures at this time and have not been able to test it live.

First, the training.
He starts out saying "I've organized these videos so that you can learn the strategy in a step by step fashion". As I went through the first video, within ten minutes he jumps from the CPX2 indicator to the signal line. The signal line is not what I want to learn about since it is a common indicator available for free. I understand it is used in the process, but the CPX2 is what I paid for.
Almost immediately after this, he jumps to what is called the HTChop. Another pre existing indicator, which he calls a histogram, with added bells and whistles to make it work with the CPX2. Needless to say, after a month I am still lost in trying to understand this indicator.

When I mentioned something in one of the webinars, we had a a disagreement exchange. It is almost like he blames the customer if the indicator is not working rather than the Forex pair which has no centralized pricing. No centralized pricing means manipulation can and does occur daily with Forex Brokers. But he was not what i would call "friendly" in the exchange that took place in the live trading room.

As he goes through the charts in the training, he says he does not want to "show" which chart and timeframe he is using the CPX2 on because he wants to demonstrate it works on anything. But we should know the chart and timeframe he is using because the optics tell me he is picking and choosing what he knows looks better. I am not suggesting he is pulling a fast one, but indicators for Forex do not always work and have a high failure rate. If it works on a particular timeframe and chart, I would like to know so I can focus on that particular chart in order to trade successfully.

My next complaint is he uses primarily TradeStation for his charting. And this bothers me because I learned about this indicator via a NinjaTrader webinar. A couple of days ago I told him I could not change the colors on the NT chart, not could I identify the diamonds appearing on the chart. (This was after he boasts how easy it is to change colors and shapes but this is for TradeStation). Nevertheless, his response was" I am kind of a dunce when it comes to NinjaTrader" and then calls on another person who uses NinjaTrader, to help with my question, but the other person never responds. So I am not able to make the change at that time.

The CPX2 is very confusing because it has three different trade styles he has labeled as "White Trade" "Green Trade" and "Purple Trade." But this is not easy to follow because YOU have to decide what trade is best suited for which chart and timeframe. This is NOT easy. 28 Pairs and multiple timeframes makes this impossible with no scanner. And this is why the training fails. It is all over the place and not methodical for someone never using this indicator. It is almost as if he treats you like you already have a baseline understanding.

Another frustration, is the Live trade room used to find trades. He has six charts opened (only one Forex Pair-the GBPAUD) but is not really utilizing the CPX2. The chart timeframes? How do you put Momentum Bars on NinjaTrader or MT4? But all six of his charts are set for this timeframe.

And, he is displaying a completely different indicator he wants to sell. WHAT ABOUT THE CPX2? He does switch them around from time to time, but the focus is more on the newer indicator. So as a person trying to learn how to use the CPX2 on live charts, I dont get much help at all. As I said earlier, the training vides were not "step by step" and in my opinion, turned out more to be trophy vids than training vids. "see how this worked out" is what I heard.

As you watch in the live room, you will occasionally hear trade ideas provided, but they are for those who pay for the service. And if they do work for your advantage, they don't necessarily work on Forex Pairs. Several times I have heard a trade called out for the exclusive GBPAUD. (the only Forex pair I see every time the room is open) and I can have the same chart up, BUT, the CPX2 is NOT showing a trade on my charts. So I dont get to participate. Different platform or different Broker can make a difference. The point is, the room is not designed to keep people all on the same page.

I am really disappointed with this indicator and the way it is neglected as the other indicator is promoted in the live trading room. Why didnt he just sell the newer one if his intention was to use that as a standard?

The CPX2 indicator is not worth 500 dollars for Forex Pair trading.