Sniper Forex System

[Soweus Weiekapis]

Thank you for the hints 2be, and luckily I traded only micro lots.

 

[forexkunta]

SW,
Trying to determine the worth of a system based on 9 days of trading does not do the system or yourself justice. This week on Cable was a very trying week, as an ascending triangle set in at the end of the trend, and really hurt the profits. This system, as with all others only shows you what the market is doing. It can in no way predict what it is going to do in advance. You must have the experience in front of the charts, and learn learn learn, about forex. I would suggest that you trade a demo account with Sniper until you can become profitable, and then go to your live account. Take the time to get a good feel for the system, and adapt it to the style of trading that suits you. No one can tell you what your style is, and only you can tell if Sniper suits you. Take the time on demo to find out what works for you.
Personally, I don't even trade Cable. Just don't like the pair. I prefer the JPY crosses, and stick with them 100%. But that is what suits my style.
Hope you have a good weekend, and hope you have a good trading week next week.
Kent

Hi,

I just came across this forum and thread.
I'm new to sniper forex, I've purchased it after reading all the positive reviews on forexpeacearmy. I'm trading the strategy since dec. 2nd but so far I'm not happy with it. I was wondering if you achieved similar results for dec. so far.
Problem are the many false signals. My stats since dec. 2nd until dec. 11th:

19 signals (some of them are disappeared now from the chart), 3 of them won some pips but 16 of them were wrong signals and endet in SL (or were closed when the arrow changed). The won signals gained 168 pips, the lost signals added up to -816 Pips, so overall its a loss of -648 pips.
Anyone of you achieved similar results for december? I followed all the rules. I don't know if this strategy will ever make up this drawdown when the usual month will just bring 400-500 pips. At least it seems you will face large drawdowns with this strategy.

 

[Soweus Weiekapis]

Thanks forexkunta for the tips. I know its too short to really get a clue if its profitable. It just would be good to know if drawdowns like I had are common with this system and if others made similar results.

 

[forexkunta]

SW,
I am actually up 360 pips for the month so far, but as I said, I prefer the JPY crosses with my trades on GBP/JPY, and USD/JPY.
Kent

Thanks forexkunta for the tips. I know its too short to really get a clue if its profitable. It just would be good to know if drawdowns like I had are common with this system and if others made similar results.

 

[GumRai]

Hi,

I just came across this forum and thread.
I'm new to sniper forex, I've purchased it after reading all the positive reviews on forexpeacearmy. I'm trading the strategy since dec. 2nd but so far I'm not happy with it. I was wondering if you achieved similar results for dec. so far.
Problem are the many false signals. My stats since dec. 2nd until dec. 11th:

19 signals (some of them are disappeared now from the chart), 3 of them won some pips but 16 of them were wrong signals and endet in SL (or were closed when the arrow changed). The won signals gained 168 pips, the lost signals added up to -816 Pips, so overall its a loss of -648 pips.
Anyone of you achieved similar results for december? I followed all the rules. I don't know if this strategy will ever make up this drawdown when the usual month will just bring 400-500 pips. At least it seems you will face large drawdowns with this strategy.

19 signals in 8 trading days! That's choppy. This must be one of the worst periods for Sniper ever!
I'm glad that I have abandoned the H1 chart as trading like this would have made my head explode!
I believe that there was a good winning trade on the 1st December, just proves my point that missing just one winning trade can make a big difference to the results.

Sniper tends to have a run of bad results (not usually as bad as yours though) and then rescues itself with a few very good trades.
It's possible that you will make 3 or 400 pips with one trade and just 2 results like this will put you back in the black.

I think that a lot of people get excited about Sniper initially and then become disillusioned when the inevitable drawdowns happen. Also the fact that it is just too time consuming.
I think if you read this thread from the beginning you will see many posts saying what a great system it is when they are getting the good wins, then it goes a bit quiet and then these new posters are never to be seen again.

It would be interesting to see the results of the EA for this month so far and see how they compare with yours.

It does seem to me that the people who do best with Sniper are those who use their own discretion to filter trades, those with some experience of trading.

I don't think that this is a good system for newbies as the periods of losses are just too painful for them to stick with it.

 

[alan5616]

It does seem to me that the people who do best with Sniper are those who use their own discretion to filter trades, those with some experience of trading.

I don't think that this is a good system for newbies as the periods of losses are just too painful for them to stick with it.

The above points are very valid. As we know, Sniper Forex is a trend trading system and, in range bound markets, it will diminish your trading account. Some discretion is, certainly, needed at present.

This is one of the worst periods, I can remember, for trading forex. We seem to be moving in 2 day, alternating cycles. Filtering Sniper signals is a must, certainly for the time being. Hopefully, the New Year will bring back the type of volatility that we experienced in the latter part of 2008. Oh, happy days

 

[forexkunta]

GR,
I must respectfully disagree about this not being a good system for newbies. Just what system does a newbie need to trade these kinds of markets. I guess that I would have to say, NONE! Sniper teaches the very simple principle of price action, lower lows lower highs, higher highs, higher lows. You just have to realize that.
Every trader can look at the current market conditions as a learning period, and pay attention to what the market is doing, and learn to recognize these markets early, or they can trash a system, all systems, any system, their own system during these types of conditions. These types of conditions are required for a trader to learn anything about what should and shouldn't be traded. There is no way a person can learn what to trade or not trade without seeing them in real time, and experience the emotions that they bring up in the process of losing money. That is inevitable, and if you think you can't lose money trading forex, then you are in big trouble. There is no way to learn to filter trades, other than to have enough time looking at charts to learn what you should be filtering. The markets are more than happy to provide that education to the traders. I have taken the time to learn the Elliott Wave principle, and when this market got crazy this week, I recognized what was happening pretty quickly, but not before I got hit on an 88 pip loss. That is just gonna happen. Like it or not, system or not, live or demo. I would suggest that the pip university at babypips.com be learned and the lessons followed by trading demo for at least 6 months before going live. And even that is not enough time to properly prepare for what the market is going to throw at you. Sniper is a very good system, but it is not for everyone.
Regards,
Kent

19 signals in 8 trading days! That's choppy. This must be one of the worst periods for Sniper ever!
I'm glad that I have abandoned the H1 chart as trading like this would have made my head explode!
I believe that there was a good winning trade on the 1st December, just proves my point that missing just one winning trade can make a big difference to the results.

Sniper tends to have a run of bad results (not usually as bad as yours though) and then rescues itself with a few very good trades.
It's possible that you will make 3 or 400 pips with one trade and just 2 results like this will put you back in the black.

I think that a lot of people get excited about Sniper initially and then become disillusioned when the inevitable drawdowns happen. Also the fact that it is just too time consuming.
I think if you read this thread from the beginning you will see many posts saying what a great system it is when they are getting the good wins, then it goes a bit quiet and then these new posters are never to be seen again.

It would be interesting to see the results of the EA for this month so far and see how they compare with yours.

It does seem to me that the people who do best with Sniper are those who use their own discretion to filter trades, those with some experience of trading.

I don't think that this is a good system for newbies as the periods of losses are just too painful for them to stick with it.

 

[greenfield]

........................Anyone of you achieved similar results for december?.......................

Hello SW,
Sorry to see you starting with so many losses. I know it won't be of any consolation, but the previous 4 trades to your starting date would have given you 4 winning trades – up 452 pts! That's really the issue with Sniper – if you want to do well (that is if you plan to stick to the rules), you need to take every trade. As has already been said above, the period you've been trading – 9 days – is much too brief to come to any conclusion about. We've just finished a run of 6 losses. The last time that this has happened was in April (i.e. 8 months ago). If the next run of 6 losses (now +8 months) is in July, then I think we can put up with that. But who knows what might happen. Monday may give us 7 in a row and make a new record of losses (at least since April when I started using Sniper).

This is the worst month since I've been trading Sniper. I've got an idea that Gary 'shuts up shop' early in December, so even the official figures may give a loss in December. That will mean the 2nd month, since 2004, that there has been a losing month. I suppose it may have something to do with the fact that I've been involved with equities for the last 15 years that my attitude is – 2 losing months in 6 years isn't bad at all – we've had 70 winning months (assuming the figures before I started trading are correct). But it's possible to have the opposite view – a month of losing money is unacceptable. Of course, the month isn't over yet.

This thread seems to comprise of 2 mini-threads. 1/ Using the system's rules, looking at the results etc, and 2/ Applying the rules, tweaking the system and using it to suit the individual trader. There have been some very useful and helpful posts giving ideas on this. Actually I do both 1/ and 2/. With using the system as per the rules, I'm up 3082 pts since mid April. Someone has posted that he doesn't think this is enough. But there was a subsequent post with the point – 'do the maths.' You can earn a living from this. So I'm sticking with this. The gains are modest – but that's fine with me.

But (sorry to bore people who've been on this thread a while), with a each trade, I take out another trade, my version of tweaking the system. This trade is divided into 3 with TPs 115, 135 and 160. I filter some trades out. On the account that I use, so far this month I'm up 52pts. OK, that's nothing to get too excited about, but in a month that may become the 2nd losing month in 6 years, that's quite a positive outcome. I may amend this trade by moving the stop by using the method outlined by Kent in his 23 Nov post (thanks Kent!).

My figures don't correspond with yours (this is with my trades following the rules). From the 2nd, I make it 14 trades, down 347pts, 3 wins, 11 losses. Are you using GBPUSD 1HR?

GBPUSD 1HR is the recommended pair/time frame. But I've been experimenting with GBPJPY for the last 4 months. I was trading 30M for a while, but I found I was missing too many trades. Also, my paper trading suggested that 1HR was more productive. I have now (re-started) trading 1HR. The figures I have are not enough to give any real idea, but, for what it's worth – 24 days of paper trading = 40.6pts a day, 9 days of real trading = 54.8pts a day (obviously bigger SLs, therefore smaller amounts per trade). All this may change of course!

Anyway, good luck with your trading. Please feel free to post ideas/comments/criticisms. I think this is a really friendly and productive thread. Welcome aboard!.

 

[Soweus Weiekapis]

Hi,

thank you all for your replies guys, this is really a big help.
And I really made a little mistake in my stats, I counted four trades that I opened just for testing. So I had 15 confirmed entries on GBP/USD 1HR, 3 wins, 12 losers, but still -632 pips down. Don't know why there's such a big difference in pips to your stats Greenfield. I always moved the SL according to sniper stop or closed the trade after a new arrow appeared.
I had one short trade I opened after the previous bar went 120 pips down, so according to the rules I maybe shouldn't had to open this trade. It counts for 100 pips SL.

Knowing that you all think its a really bad month in forex and for sniper gives hope. So maybe the next weeks or the new year will bring better results again.

Wish you all a relaxing sunday evening! Cheers! :cheers:

 

[GumRai]

GR,
I must respectfully disagree about this not being a good system for newbies. Just what system does a newbie need to trade these kinds of markets. I guess that I would have to say, NONE! Sniper teaches the very simple principle of price action, lower lows lower highs, higher highs, higher lows. You just have to realize that. ........
Kent

Yes Kent, you are right
I suppose that there really is no suitable system or strategy that will give a newbie confidence.
I wrote that because over the period that this thread has been running, I've seen many newbies to Sniper and to Forex suffer a few losses and then start taking profits at 30 pips or thereabouts. They suffer the losses and don't get the full advantage of the big wins. A lose/lose situation.
I don't think that most newbies have the discipline to cope with a system like this, but I have to agree that it is probably true with most systems and strategies.

 

[forexkunta]

Yes Kent, you are right
I wrote that because over the period that this thread has been running, I've seen many newbies to Sniper and to Forex suffer a few losses and then start taking profits at 30 pips or thereabouts. They suffer the losses and don't get the full advantage of the big wins..

GR,
That may be very true. But if they continue to come to this thread, which is the most active Sniper Forex forum thread on the planet, then they will see us talk about the good and the bad, and will realize that they have been missing something. I was a newbie, and still am, for that matter, when I purchased Sniper Forex, and I guess I was lucky to see that the wins can overshadow the losses pretty quickly. I hit 3 big trends on different pairs the first week and was hooked. There are worse things on the internet for a newbie to get involved with that is going to take their money, so Sniper is certainly a good way to get started and get them pointed in the right direction. As you know, I have furthered my forex education much more than just Sniper, and even with that knowledge, Sniper is still a good tool to have in the toolbox. With an ascending triangle for a correction, it takes knowledge and experience to know just how to trade until the correction is over with. When I caught on to the correction, I just decided to stand aside until it was over. It just takes the experience of the charts to know what, when, and how. There is no system that can teach that. I hope you have a good trading week this week.
Regards,
Kent

 

[jshear]

Another 120 pips on GBP JPY short from late friday!! That is 2 big GBP JPY trades in a row!!

 

[The Stockman]

Kent & GR,

Well spoken and clearly explained for any newbie, like me!!:clap:

I have closed down the Sniper EA at present, until I can properly monitor and filter the trades, as it is currently working against me.

The Stockman.

 

[dave114a]

Hi all, excuse my first post on this system. Purchased but I have not been trading it (mainly time constraints at present - and currently using a couple of other systems).

From what I have read it seems interesting that a number of people end up getting quite wildly different results. I've been following the log that the guys on systems for traders are using (www.systemsfortraders.com) and they seem to be struggling to agree the results. I guess there are a number of factors that can vary the returns, but it's not something thats just plug in accept the profits i.e. needs some interpretation?

 

[dave114a]

EDIT Not of course suggesting that any system is plug and go!

 

[The Stockman]

Hello Dave114a,

I believe contained in this forum is a full PhD on how to get Sniper to work in your favour.

Welcome. The learned here will certainly be willing to help.:smart:

The Stockman.

 

[dave114a]

Hello Dave114a,

I believe contained in this forum is a full PhD on how to get Sniper to work in your favour.

Welcome. The learned here will certainly be willing to help.:smart:

The Stockman.

Thanks. Plenty of study time on here reading through this me thinks! :smart:

 

[forexkunta]

Here is a thought about Sniper and the ranging nature of the market right now.
15M chart and Sniper period=130, s/l +10 on Sniper dot. See what you think.

 

[forexkunta]

Eric,
Just so you and everyone will know, if you pull up the Sniper settings, and change arrow shift=30 to 15, it will paint your arrows closer to your sniper lines and won't be so likely to draw off of the screen where you can't see them.
Kent

Hello Greenfield,
The lines cahnged at 3.00am and so did Trend A/B, but no signal fired. MAybe I need to check the on-screen alerts a little closer.

The Stockman

 

[jshear]

Another big win on GBP JPY again over 100 pips and a new trade now short !!!