Sniper Forex System

[GumRai]

Hello i hope you can help me. I have a problem i think with my money managment. I risk every trade 2% and have a fixed Stop loss of 30 pips( because i can´t sit all the time in front of my PC and move the stop loss like the sniper stop) and at 30 pips my trailing EA closes 50%. If the stop loss will hit then i lose 3 winning trades can anyone help me please?

john225

sorry for my bad englisch

It is very rare that sniper will indicate a trade with a stoploss of around 30 pips. Mostly the stoploss is between 70 and 100 pips. If you use such a small stoploss, without setting a take profit target, you will be stopped in most trades.
Yes, you do have a problem with your money management, because you are not using reasonable stoplosses. If you are entering a trade using a 30 pip stoploss that should have a 90 pip stoploss, you are actually trebling your risk per pip.

It is an unfortunate fact that the Sniper system, using H1 time-frame requires either you or an EA to monitor the market for 16 hours per day. If you cannot do this, then Sniper is not suitable for you.
I am still monitoring Sniper, but not actively trading with it simply because I cannot spend the time staring at the computer screen and I cannot trust my internet connection enough to use an EA.

 

[goose4]

Hey guys,

This threads seems to be quiet these days! How is everyone getting on with their trading?

I had been using 4H on GU but have now switched back to 1H and using 4H to confirm the trend. 4H was good but I found that I lost quite a few pips by the time the opposite signal was given. Hopefully this will allow me to get more pippage per trade and also reduce the whip-saw caused by Sniper signals against the main trend. Anyone else using something similar?

Im on the 1hour too.With the research I have done,the 4 hour needs to be done on multiple pairs to increase frequency of trades.

Im just researching on which other pairs would suit this principle.I think 4-6 would be at optimal level.

 

[GumRai]

I notice that there are a lot of new posters in this topic lately, so maybe new to Sniper as well?

November has started very badly for Sniper users trading the recommended Cable H1 timeframe.
There have been 9 trades indicated if you stick to the rules and 8 of them have been losers. An overall loss of 274 pips resulting in a 11.4% loss on the bank risking 3% per trade.

A common theme that I've noticed in many threads is that whatever system people are using, many will try to change it after a run of a few losing trades. Experienced traders are able to adapt, but new traders who keep changing strategies from one week to the next will lose their bank. That is almost 100% guaranteed

Many of you have probably been attracted to Sniper by the impressive claims in the results on the Sniper website. Now, I believe that trading Sniper as recommended will return a profit, Greenfield's results testify to that, but don't expect the same as is claimed on the website.
The claimed pips profit on the website have consistently been higher than Greenfield's and certainly higher than I have seen over the last 3 months.
The Website claims 606 pips profit for October and my results sheet actually shows 623, so even better on the face of it. However these results include 2 trades that didn't really conform to the rules.
In the early hours of the 15th October, there was a long entry, but the rules dictate that you do not enter a trade before 6AM GMT. At 6AM, the price had risen by 60 pips and so according to the rules, it was not a valid trade. This trade went on to earn 237 pips, but if you had stuck strictly to the rules, you would not have taken it.
On the 23rd October, there was a short signal. This was right at the end of the recommended trading period. This short signal followed a very long candle of 230 pips. Gary does not recommend taking a trade following such a long candle. This trade went on to make 156 pips profit, but again, if sticking to the rules, you would not have taken this trade.
If I remove these 2 results from my spreadsheet, then pips profit for October will be a more realistic 230 pips, nowhere close to the 606 claimed on the website.
Pips profit actually mean nothing if you are using risk management properly. A 100 pip profit with a 50 pip stoploss will give you double the cash profit than the same 100 pip profit with a 100 pip stop.
That trade on the 15th October was indicated with a stop of 85 pips and so would have returned nearly 3 times the risk. Risking 3%, it would have increased the bank by nearly 8%. My results sheet, with all trades since the 1st September show an increase of 4.5% of the bank, so if this one trade was removed from the results, it would show a LOSS of 3.5% over the 10 week period, despite still showing 350 pips profit.

I am not in any way alleging that the Sniper results on the website are total fabrications, but I have serious doubts that they are the results of actual trading. It seems more likely that they are compiled with the benefit of hindsight.

Of course, you have all read the disclaimer on the website. If the claimed results were from actual trading, there would be no need for it.

“Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particularly trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk. Variables such as the ability to adhere to a particular trading program in spite of trading losses as well as maintaining adequate liquidity are material points which can adversely affect actual real trading results.”

Sorry for this very long post. I have taken the time to write it and hope that it will encourage new traders to take things slowly.
I am not rubbishing the Sniper system as I DO believe that it will make profits for those who stick to the rules and can devote the time. Just keep your expectations at a realistic level.

Good luck

 

[smithani]

so even in 15 min chart all lines and trend A and B have to be of same colour.
BTW why do I need to then trade 1 hour timeframe and not just 15 min. I can trade using 15 min and confirm trend by looking at 1 hr and 4 hr charts in the same direction. What do you suggest?

I am trading GBP/USD and GBP/JPY. But stay first with GBP/USD. I am using 1 hour chart and check on the 15 min. From the opening of the London Market 3am est until 3pm est time is the market moving the most, if it is not in a ranging area. But you get signals on the 1 hour chart for 24 hours. If the settings are at 40 you get less signals, less false signals and you can also trade outside London and US session. You just have to stay in the trend until MACD is crossing zero, or the 3 trend lines changing color, or the 15 min shows you a signal against the trend. Try to check settings 40 for the last 4 weeks and just follow the 1 hour chart open a trade when the signal comes and only in the direction of the MACD. Don't look at the 15 min chart for now. Close your trade when the 3 lines change color or MACD is crossing zero again, or sniper stop is touched. Just look at it. You can see losing trades, but much bigger winning trades. You need to look at this to get a better feeling. And believe me, it will take a while to get this feeling about the market. I lost money too, a lot! But now I am back and it is working!!! Sniper Forex is the best strategy I ever used, thanks to Gary!

 

[greenfield]

....many will try to change it after a run of a few losing trades. Experienced traders are able to adapt, but new traders who keep changing strategies from one week to the next will lose their bank.....

Hello GumRai,
That really is a first class post. All I can do is support and endorse the points you've made, particularly the quote above.
Thanks for spending the time making these points.
greenfield
(can't say any more - time for bed!)

 

[goose4]

Hello GumRai,
That really is a first class post. All I can do is support and endorse the points you've made, particularly the quote above.
Thanks for spending the time making these points.
greenfield
(can't say any more - time for bed!)

Agreed...

First class post.

A real Gem,fantastic :clap:

 

[GumRai]

Hello GumRai,
That really is a first class post. All I can do is support and endorse the points you've made, particularly the quote above.
Thanks for spending the time making these points.
greenfield
(can't say any more - time for bed!)

Agreed...

First class post.

A real Gem,fantastic :clap:

Thanks Gents,

I do think that it is important for new traders to have realistic expectations and realise that, whatever system they are using, there will be inevitable losing runs.
Greenfield, I remember that you did once post your longest losing run of trades using Sniper. Can you remind us again please?
It is important that traders try to imagine how they will cope with the losing periods, especially if they have no proper risk management strategy.

 

[goose4]

Thanks Gents,

I do think that it is important for new traders to have realistic expectations and realise that, whatever system they are using, there will be inevitable losing runs.
Greenfield, I remember that you did once post your longest losing run of trades using Sniper. Can you remind us again please?
It is important that traders try to imagine how they will cope with the losing periods, especially if they have no proper risk management strategy.

Using blocks will stop any losing runs....

The key to sniper is stopping losing runs.

Only play when you have a winning trade.

When you get a loss,you play theoretical bets until you get a win,then play.

Or the other variation is when you win your units is 3 and after a loss is 1 until you get a win.

My betfair background Synergy!!

 

[alan5616]

Thanks Gents,

I do think that it is important for new traders to have realistic expectations and realise that, whatever system they are using, there will be inevitable losing runs.
Greenfield, I remember that you did once post your longest losing run of trades using Sniper. Can you remind us again please?
It is important that traders try to imagine how they will cope with the losing periods, especially if they have no proper risk management strategy.

I've been using Sniper for about 3 weeks now. I started with a losing trade off the 1 hr chart but have since switched to the 15 min tf, although I still refer to the 1 hr for the slightly longer trend indication.

However, Sniper is a trending system and in choppy markets, you will suffer frequent losses. I overcome this by only trading Sniper signals that coincide with break outs, breaches of S & R levels or accelerating price action. I trade every day and haven't had a losing trade since applying this method as a form of filter for Sniper signals.

Today was very choppy and had I taken every signal as per the manual, I would have lost money. By being slective as to the trades I took, I ended the day 38 pts up. Not wonderful but, better than losing

 

[goose4]

With the 15 min,how often do you get alerts??

cheers buddy...

I've been using Sniper for about 3 weeks now. I started with a losing trade off the 1 hr chart but have since switched to the 15 min tf, although I still refer to the 1 hr for the slightly longer trend indication.

However, Sniper is a trending system and in choppy markets, you will suffer frequent losses. I overcome this by only trading Sniper signals that coincide with break outs, breaches of S & R levels or accelerating price action. I trade every day and haven't had a losing trade since applying this method as a form of filter for Sniper signals.

Today was very choppy and had I taken every signal as per the manual, I would have lost money. By being slective as to the trades I took, I ended the day 38 pts up. Not wonderful but, better than losing

 

[GumRai]

Using blocks will stop any losing runs....

The key to sniper is stopping losing runs.

Only play when you have a winning trade.

When you get a loss,you play theoretical bets until you get a win,then play.

Or the other variation is when you win your units is 3 and after a loss is 1 until you get a win.

My betfair background Synergy!!

In my opinion a very dangerous strategy that requires consecutive winners.
With sniper,in the last 10 weeks, this would have really multiplied the losses as there has been only one winner in three trades.

 

[goose4]

In my opinion a very dangerous strategy that requires consecutive winners.
With sniper,in the last 10 weeks, this would have really multiplied the losses as there has been only one winner in three trades.

Its something Im looking into,as this principle works on other forms of mathematics.I will have a firm answer soon.

It look like sniper achieves 40% winning rate,that means lots of runs of losses.I don't want to be on them.I cant see how this is dangerous,you know how hard it is to get a series of losses using these blocks....Its solid as....

You don't need consecutive wins on this.The win loss,win loss series is a big winner with sniper.

Winning series must happen with 40%.Series of 2s are common.Short series will happen.This method requires discipline as its boring, as most of the time your not playing with real money.

However,im new to sniper and truly respect your word my friend.

 

[GumRai]

Its something Im looking into,as this principle works on other forms of mathematics.I will have a firm answer soon.

It look like sniper achieves 40% winning rate,that means lots of runs of losses.I don't want to be on them.I cant see how this is dangerous,you know how hard it is to get a series of losses using these blocks....Its solid as....

You don't need consecutive wins on this.The win loss,win loss series is a big winner with sniper.

Winning series must happen with 40%.Series of 2s are common.Short series will happen.This method requires discipline as its boring, as most of the time your not playing with real money.

However,im new to sniper and truly respect your word my friend.

I don't want to put down other people's strategy and maybe your method may work. It certainly would have been a disaster the last 10 weeks
If you think about how the markets, and in particular the Forex pairs Cable and Guppy, you will know that they tend to range before making a break in a new/continuation trend.
While the price is ranging, Sniper struggles and will give wrong signals and the price is ranging about 70% of the time. What generally happens is that Sniper will signal a few losing trades, but will follow with a big winner that usually makes up for the losses.
From my experience of Sniper, you have to take every trade as missing just one winning trade can make the difference between a winning and losing month. That is why I am no longer actively trading Sniper as I was catching most of the losers and missing the big wins.
Your method does require consecutive wins and probably streaks of 3 to make a profit. If Sniper is correct 40% of the time, there will be a 16% chance of 2 winners in a row and just a 6.4% chance of 3 winners.

 

[davechilde]

I agree with Alan5616, Sniper is an impressive tool, but it is just that, one tool. To use it in isolation is not likely to be that effective.
I've been using it for a couple of weeks, but only take a trade if it also complies with 3 Ducks and looks from recent S & R like having the legs for a decent move.

So far it is helping, but it's early days.

Dave

 

[greenfield]

I do think that it is important for new traders to have realistic expectations and realise that, whatever system they are using, there will be inevitable losing runs.
Greenfield, I remember that you did once post your longest losing run of trades using Sniper. Can you remind us again please?
It is important that traders try to imagine how they will cope with the losing periods, especially if they have no proper risk management strategy.

Ok. Looking at 148 trades since April (using Sniper GBPUSD 1HR as per the rules), the longest losing run of trades was in April – 6 losers running = 430 pts; the 2nd longest – 5 losers in October = 304 pts; there have been 4 running losers twice, 3 running losers 9 times.

But on the other hand, the longest winning run was in June – 6 winners = 682 pts; the 2nd longest – 5 winners in May = 430 pts. Can't find any run of 4 winning trades, but a few 3 winners = 515 pts (May/June), 335 pts (June), 183 pts (June), 395 pts (July), 141 pts (July).

What generally happens is that Sniper will signal a few losing trades, but will follow with a big winner that usually makes up for the losses.
From my experience of Sniper, you have to take every trade as missing just one winning trade can make the difference between a winning and losing month .

That's exactly how I see it.

The average daily gain is showing 20 pts. (These are my trades; other people may have different results.)

 

[GumRai]

Thanks Greenfield
you're a diamond to keep responding when we can't be bothered to try to find your other posts - but this topic is rather large now.
Hope that you are still making the pips.

Not heard much from Kent lately, I hope that you are still doing well?

 

[alan5616]

With the 15 min,how often do you get alerts??

cheers buddy...

Hi goose4,

This is an impossible question to answer, I'm afraid. I have set ups for 11 currency pairs plus Gold and the Dow. Sometimes, I might get 10 alerts in an hour; another time nothing for an hour. Sorry I can't be more helpful.

 

[goose4]

Is this playing the sniper pure gary style or incorporating and tweaking the system,for example using elliot wave ETC??? Appreciate your input here.

An average of 20 pips per day is good,thats pro level.

My concern with this system as gum mentioned earlier is if you miss that one winning trade your months stats could be poor.So you really do have to put them 14 hours per day in.

I mean when you compare this with sport arbitrage when you are guaranteed to make 10% of your capital per month working 4 hours per day,not easy,but no stress,as you never loose.Compared to this makes you ponder,the best options to build money.

But....and this is the but,when you creep your pip to £50 per pip..Averaging 20 pips per day,that some serious money,that gives true validation and a goal.

Ok. Looking at 148 trades since April (using Sniper GBPUSD 1HR as per the rules), the longest losing run of trades was in April – 6 losers running = 430 pts; the 2nd longest – 5 losers in October = 304 pts; there have been 4 running losers twice, 3 running losers 9 times.

But on the other hand, the longest winning run was in June – 6 winners = 682 pts; the 2nd longest – 5 winners in May = 430 pts. Can't find any run of 4 winning trades, but a few 3 winners = 515 pts (May/June), 335 pts (June), 183 pts (June), 395 pts (July), 141 pts (July).



That's exactly how I see it.

The average daily gain is showing 20 pts. (These are my trades; other people may have different results.)

 

[forexkunta]

Thanks Greenfield
you're a diamond to keep responding when we can't be bothered to try to find your other posts - but this topic is rather large now.
Hope that you are still making the pips.

Not heard much from Kent lately, I hope that you are still doing well?

GR,
I had a death in the family recently, and my time has been taken up with that, so my trading has suffered, and have been trying to get pips when I can. That has proved to be a run of losing trades for the last few weeks. Not entering on the alerts, etc. I have to say that the emotional aspect of things have not been conducive to good trading habits, and should have just closed metatrader and focused on the things that matter most. I am still around and watching the forum, just not had to time to contribute. I also have gone to trading pure elliott wave theory, and have not been running Sniper, so, my input would have been skewed and not entirely on topic, so have stayed as a observer.
For all that are new, Sniper is a very good tool to use for trading. As Greenfield has shown, stay the course, trade the entries, and you will be profitable. You will have bad runs, as you would with any system, but the trends more than make up for the bad runs.
Regards,
Kent

 

[smithani]

Is there a way to avoid trading 14 hours a day as sniper requires that.