Sniper Forex System

[dervishtanz]

Hi everyone,
I'm having a good long ponder about adding the Sniper EA to my trading armoury. I currently trade Sniper manually during the London and New York sessions (I'm based in the UK trading GMT hours). Although I work from home and can monitor my trades manually, I am often engaged with my web design work and other things, so would like the advantage of having the EA to sniff out and execute trades for me and to make sure I don't miss good trends. I've been looking at both the EA developed by Donna Forex and Funyoo http://www.tradingsystemforex.com/commercial-expert-advisors/2414-sniper-forex-ea-v3.html. The Donna Forex version looks good but I'm struggling to find out - have posted on the Donna Forex forum but had no response - whether their EA enables you to specify a % of risk based on the equity and the position of the Sniper stop. From what I can ascertain, it looks like you can only enter a fixed lot size. On the other hand, the Funnyoo (v3) does seem to offer this facility and looks promising in its v3 incarnation. However, looking back through earlier posts on the tradingsystemforex.com site, it would appear that people were having some problems getting it to work in properly in earlier versions. You now also have to pay $99 for annual sub to get hold of that one. So, I was wondering if any of you guys with experience of either of these EAs could shed any light on the matter.

Many thanks, Dervish.

 

[forexkunta]

Dervish,
I have the EA from Donna's forum, and no it does not calculate risk. You have to enter a fixed lot size. I personally use it for trade management. I enter the trade manually, and it takes over and manages from there. Moves s/l as appropriate, etc..
I really like it for that, but as far as entry, I am not using Sniper per exact rules.
Regards,
Kent

Hi everyone,
I'm having a good long ponder about adding the Sniper EA to my trading armoury. I currently trade Sniper manually during the London and New York sessions (I'm based in the UK trading GMT hours). Although I work from home and can monitor my trades manually, I am often engaged with my web design work and other things, so would like the advantage of having the EA to sniff out and execute trades for me and to make sure I don't miss good trends. I've been looking at both the EA developed by Donna Forex and Funyoo http://www.tradingsystemforex.com/commercial-expert-advisors/2414-sniper-forex-ea-v3.html. The Donna Forex version looks good but I'm struggling to find out - have posted on the Donna Forex forum but had no response - whether their EA enables you to specify a % of risk based on the equity and the position of the Sniper stop. From what I can ascertain, it looks like you can only enter a fixed lot size. On the other hand, the Funnyoo (v3) does seem to offer this facility and looks promising in its v3 incarnation. However, looking back through earlier posts on the tradingsystemforex.com site, it would appear that people were having some problems getting it to work in properly in earlier versions. You now also have to pay $99 for annual sub to get hold of that one. So, I was wondering if any of you guys with experience of either of these EAs could shed any light on the matter.

Many thanks, Dervish.

 

[dervishtanz]

Dervish,
I have the EA from Donna's forum, and no it does not calculate risk. You have to enter a fixed lot size. I personally use it for trade management. I enter the trade manually, and it takes over and manages from there. Moves s/l as appropriate, etc..
I really like it for that, but as far as entry, I am not using Sniper per exact rules.
Regards,
Kent

Thanks Kent. That's interesting about the trade management aspect and I also wondered about this, because like you, I'm not using Sniper per exact rules. I'm using a couple of other indicators recommended on this forum to filter signals. So, do you only engage the EA once you've entered a trade, to stop it interfering with the entry point, and then tweak the settings from there once the trade is open?
Many thanks again, Dervish.

 

[forexkunta]

I use trading time = true, set start time to 21:59 and end time to 22:00, so trading time only equals 1 minute per day. I set the other options to how I want the trade managed, as close to sniper rules as possible. When the trade is entered, it automatically sets the s/l for me according to the EA options. This way I dont have to keep an eye on the trade to set stops every hour. I check on it as time permits. I have to say that the management of trades makes this EA worth every penny that I spent to get it. I prefer to enter trades per my judgment.
Hope that helps.
Kent

Thanks Kent. That's interesting about the trade management aspect and I also wondered about this, because like you, I'm not using Sniper per exact rules. I'm using a couple of other indicators recommended on this forum to filter signals. So, do you only engage the EA once you've entered a trade, to stop it interfering with the entry point, and then tweak the settings from there once the trade is open?
Many thanks again, Dervish.

 

[dervishtanz]

I use trading time = true, set start time to 21:59 and end time to 22:00, so trading time only equals 1 minute per day. I set the other options to how I want the trade managed, as close to sniper rules as possible. When the trade is entered, it automatically sets the s/l for me according to the EA options. This way I dont have to keep an eye on the trade to set stops every hour. I check on it as time permits. I have to say that the management of trades makes this EA worth every penny that I spent to get it. I prefer to enter trades per my judgment.
Hope that helps.
Kent

That is really helpful, Kent. Thank you.
Just to get a better idea of how this works in practice. When you enter a trade at market do you just set your lot size based on where the Sniper Stop currently is without actually entering a stop loss in your order and then once the trade is open the EA detects it, inserts a stop and then manages it from there? Or do you also include a stop loss in your initial market order and then the EA takes over once the Sniper Stop begins to move? Sorry for all the questions!
Thanks again, Dervish.

 

[forexkunta]

It would probably be good to enter your s/l initially, then allow the EA to take over then.
GBP/JPY will enter the s/l automatically, but USD/JPY won't for some reason. Just make sure the s/l is set before you leave the computer after you enter the trade. If the EA doesn't put it in, then just modify the order and do it your self.
Kent

Throw it on a demo account and play with it a little. That is what I did.

That is really helpful, Kent. Thank you.
Just to get a better idea of how this works in practice. When you enter a trade at market do you just set your lot size based on where the Sniper Stop currently is without actually entering a stop loss in your order and then once the trade is open the EA detects it, inserts a stop and then manages it from there? Or do you also include a stop loss in your initial market order and then the EA takes over once the Sniper Stop begins to move? Sorry for all the questions!
Thanks again, Dervish.

 

[rdjo]

I have been testing the "FunyooV3".
It's very feature rich, with just about any feature you could ask for.
As a matter of fact, if you do ask Funyoo for a new feature, he usually promptly adds it!

However, this EA shares what seems to be the common weakness, which is the entries.
Funyoo provided several versions with filtering features such as TF, however the results vary.
You can also choose whether to enter the trade on the official entry bar or the next bar (to avoid the repaint problem).

Doing lots of backtesting I achieved the best result by setting the TP's for unit 1-4 very small so that they quickly cash in a profit that can compensate for a possible TSL loss on unit 5

 

[dervishtanz]

I have been testing the "FunyooV3".
It's very feature rich, with just about any feature you could ask for.
As a matter of fact, if you do ask Funyoo for a new feature, he usually promptly adds it!

However, this EA shares what seems to be the common weakness, which is the entries.
Funyoo provided several versions with filtering features such as TF, however the results vary.
You can also choose whether to enter the trade on the official entry bar or the next bar (to avoid the repaint problem).

Doing lots of backtesting I achieved the best result by setting the TP's for unit 1-4 very small so that they quickly cash in a profit that can compensate for a possible TSL loss on unit 5

Thanks Rdjo. I presume that TF is Time filter? The issue about correct entry is one to be considered and I understand why Kent prefers to do this manually and then use the EA to monitor the trade. I think I'm inclined to go that route as well. However, it would also be good to have the option to open trades automatically if need be and at the correct lot size as well. By the way, does Funyoo include a short description of each parameter? Also, is it possible to set a distance in pips behind the Sniper stop? I noticed on the Funyoo page that the stop appears to be placed right on the Sniper stop.
Oh, much to reflect on over Xmas!

 

[wilczek]

Interesting to see how people are getting on with Sniper - I do not own it yet - I am following the journal (which dates back to August) over at systemsfortraders who seem to be having a terrible time in December - Will be keeping an eye on their progress and you guys - please keep the updates coming - might treat myself to Sniper as a wee xmas present.

 

[RuMouR]

I have been testing from the beginning of v2 and still going strong (I have literally spend complete weekends indoors backtesting on several computers and analyzing data). In backtesting, demo and/or forwardtesting on several pairs, systems and combinations, I was never able to get the entries/exits right and with the EA I have never had solid pofitable months that were purely EA based. Take that in mind; it might seem that the EA does exactly the same as a human being, but I have found that that is absolutely not the case, strangely as that might sound. Tweaking with all the settings too much will also do you no good. Also the advices that have been crossing this thread for the past months: some might work better than other, based on your EA settings (only 1 way to find out..). Just my $0,02 for all you who are putting hours in this 'holy grail'. Be prepared to get hooked.

Looking back from where I started and my current EA/Sniper setup now has been a dramatic change. I first learned how to code an EA and after that I developed 2 different EA's that are based on Sniper input and have a general look and feel of the EA's that can be found on the various boards (and here also, btw). I guess the current situation is the result of 'trying to fix the shortcomings of the EA and still use the Sniper system'. (and for those brilliant minds that think 'I can reverse trades on the EA!': that was step 15 of 325 I did, )


@ rdjo: the small TP's will be ok in a trending market, but in a ranging market you will open 5 trades that will hit SL over and over again and you will need 1 trade with a gazillion pips to make up for that. And starting the test period of the EA over the last couple of weeks, like Donna did, will not provide you with a solid testcase as the market was rather optimal during that timeframe. The news was also pretty forgiving during that time...

I have been testing the "FunyooV3".
It's very feature rich, with just about any feature you could ask for.
As a matter of fact, if you do ask Funyoo for a new feature, he usually promptly adds it!

However, this EA shares what seems to be the common weakness, which is the entries.
Funyoo provided several versions with filtering features such as TF, however the results vary.
You can also choose whether to enter the trade on the official entry bar or the next bar (to avoid the repaint problem).

Doing lots of backtesting I achieved the best result by setting the TP's for unit 1-4 very small so that they quickly cash in a profit that can compensate for a possible TSL loss on unit 5

 

[john225]

Is it true that the December is a bad trade month?

 

[wilczek]

Is it true that the December is a bad trade month?

I only reported on here what is reported on systemsfortraders and they seem to be an honest site. I cant personally comment as as I said before I am waiting to see.

 

[The Stockman]

Hello Kent,

Thanks for the info. I haven't logged on since my last post, as I have moved to a new position in work, which means I do not have a desktop any longer. Need to get either a netbook or laptop so I can monitor my trades.

Regards

Eric

 

[forexkunta]

Whew, kinda slow on the thread lately. Hope everyone has had a profitable year and good luck in 2010. Hope everyone has a Merry Christmas and a Happy New year. I will talk to everyone after the 1st of the year.
Regards,
Kent

 

[fx_eagle]

Whew, kinda slow on the thread lately. Hope everyone has had a profitable year and good luck in 2010. Hope everyone has a Merry Christmas and a Happy New year. I will talk to everyone after the 1st of the year.
Regards,
Kent

thanks Kent, yes I'm on holiday

hope you also has had a successful year!!

I will come back in the second new year week.

:cheers:

 

[fx_eagle]

for everyone

with best wishes for the new year

and a successful 2010

from fx_eagle arty:

 

[ms119]

I stumbled across some Indonesian information on the internet. They use the Sniper System with some new filter indicators. Looks interesting!:cheesy:
I share with you, tell me what you think!

ms119

 

[forexkunta]

If anyone wants to look at the stats of the donnaforex Sniper EA, the new stats page is located at the following link.

http://www.mt4i.com/users/donnaforexsniper

This is set up on a demo account.
Regards,
Kent

 

[70news2]

Don't pay for Forex Trading Robot Software, there is a free one here:

 

[The Stockman]

Mr Newbie,

Don't post your junk EAs on this forum.

It is dedicated to Sniper, so if you don't feel like paying fine, but go somewhere else.

Oh, btw, merry Christmas

The Stockamn