Sniper Forex System
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forexkunta
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Well, the results are in on the t/p projections. Cable just came back to the 38.2% retracement at a price of 1.5746, which was fairly close to the projection, but still a ways off. It did however, retrace back to the terminus of wave 4, of the move down, as allowed in EW guidelines. Guppy met expectations with a top at 141.40, which was within 35 pips. Not too shabby. It also retraced to the terminus of wave 4 of the decline. WOW. Just has to be something to this.
Kent
Re: pairs
:clover: Hello Andy, I have been trying forex out for only a couple of weeks not with real money ofcourse. I havent a clue where to start so I have simply been staring a the candles and jumping in and out of trades at random and just reading up on forex charts etc. This sniper thing, where do I buy it. Are you still using it, are you making a decent profit with it.
Cheers
:clover: Hello Andy, I have been trying forex out for only a couple of weeks not with real money ofcourse. I havent a clue where to start so I have simply been staring a the candles and jumping in and out of trades at random and just reading up on forex charts etc. This sniper thing, where do I buy it. Are you still using it, are you making a decent profit with it.
Cheers
Vaco
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thats funny because the way i now trade i would have entered where some traders would have been stopped out.
salvadorveiga
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It seems very few people are using Sniper Forex in it's original format now. I have a few regrets in my trading life and buying Sniper Forex is one of them.
really can't uderstand why... it's profitable...if it wasn't you would have a point...
Vaco
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It seems very few people are using Sniper Forex in it's original format now. I have a few regrets in my trading life and buying Sniper Forex is one of them.
if spending £100 is one one of your few regrets in life then you haven't live yet.
It seems very few people are using Sniper Forex in it's original format now. I have a few regrets in my trading life and buying Sniper Forex is one of them.
I'm assuming your regret is not the money you spent on the system, but the valuable learning time you lost, fooling around with this thing.
forexkunta
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Hmmmm, Sal has a point. If the rules had been followed to the letter last week and this week, you would have been profitable. A shame. Sniper only does what everything else on the market does, it gives you a history of price action. I say history, because everything that has happened form this second back, is history. Sniper only reports what it sees. It is comprised of moving averages. It cannot predict the future.
forexkunta
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Alan,
The people that are using Sniper Forex in it's original format, are generally using the system to capture pips from the market, and feel no need to try to make it better than it is. So in the process, they dont contribute in the forum much. Go back and look at the posts that Greenfield has posted. He uses it in its original format, and IS profitable. He also takes each and every Sniper valid signal, whether or not it turns out to be good. There is nothing out there that will be fool proof. It seems that only the people that are complaining, or running it down, here lately are the only contributors to this forum. I am guilty of trying to make it better myself, but have realized that I have only been in this forex world for less than a year, and who the hell am I to try improve on something that is good and that works, like I am a forex god or something. If Sniper is not something that you like, so be it, and have a good trading career, using something else, or nothing.
Regards
The people that are using Sniper Forex in it's original format, are generally using the system to capture pips from the market, and feel no need to try to make it better than it is. So in the process, they dont contribute in the forum much. Go back and look at the posts that Greenfield has posted. He uses it in its original format, and IS profitable. He also takes each and every Sniper valid signal, whether or not it turns out to be good. There is nothing out there that will be fool proof. It seems that only the people that are complaining, or running it down, here lately are the only contributors to this forum. I am guilty of trying to make it better myself, but have realized that I have only been in this forex world for less than a year, and who the hell am I to try improve on something that is good and that works, like I am a forex god or something. If Sniper is not something that you like, so be it, and have a good trading career, using something else, or nothing.
Regards
It seems very few people are using Sniper Forex in it's original format now. I have a few regrets in my trading life and buying Sniper Forex is one of them.
Vaco
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I actually found it to be very valuable as a learning tool.
system is a breakout one, (just like the turtles used and they made bucket loads)
it teaches
-to let your winners run
-to let the trend tell you when its over
like all break out systems it has
- a low strike rate
- missing the signal that becomes the big winner is disastrous (you must take every signal)
- a large stop (the other side of the range)
what it taught me about myself
- i am not comfortable with large stops
- i do not like to give back a large portion of paper profits.
so instead I trade
-pullbacks with much smaller stops
-aim for the daily range or previous high/low as my target
-have developed a style that i am happy with and learned that i could never trade someone elses system i have to make it my own.
I've not paid for many things in my trading career but i do not regret what i have paid for, even what now seems like the dafter purchases (i once paid surefirething for the camilla equation(pivot points) before it was widely available.
Have bought at least a dozen trading books some of which were a complete waste of a tree.
Sniper was my last purchase and i still use part of the system (sniper stops) I feel that I am doing well and have no regrets.
On the road to becoming a sucessful trader you will make many mistakes that you will learn from and these experiances (good and bad) will mould what type of trader you will eventually become, that is if you do not give up before you get there.
I can only imagine how many people have said to themselves 'I regret ever trying this trading lark'
Don't regret, learn and move on.
greenfield
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Possibly one reason that people get disillusioned is that most Sniper trades end in a loss. Out of the 258 trades I've taken, sticking to the rules, 44% have been winners, 56% losers. That's how it works. Forexkunta and vaco have made some good descriptions about how this system operates. If you stick to the rules, Sniper works. Despite the losing trades, you'll still gain overall.
Obviously this thread includes posts both from people using the system as per the rules, and posts from people adding/amending the rules. This has led to a very positive and helpful thread. With each signal, I take out 1 trade to follow as per the rules, and several other trades amending the rules. Actually, I don't go far from the rules, some trades with set TPs, and some with set TPs along with moving the SL to BE earlier than Sniper does. But just with TPs (based on TPs shown to be the optimum levels over the months) results are increased by approximately 25%. People who use other systems amending the rules may or not improve on the system. No one has ever published their results, so I don't know. I've regularly given updates on the results that I've achieved – proving that the system works.
One point I've made before is regards the results published on the website. I don't think that these results are achievable by using the system's rules. I've compared my results with those of GumRai in the past, e.g. during Sept-Nov, GumRai made 1074pts, I made 1094pts – Gary made 1653pts. It's a point worth making, but I see it as a secondary point. The main issue is that overall, by sticking to the rules, you will gain. That's why I'm staying with the system. In fact at the moment, things are going well: with yesterday's short, the TP160 trade closed this morning, 166pts up at the moment.
Obviously this thread includes posts both from people using the system as per the rules, and posts from people adding/amending the rules. This has led to a very positive and helpful thread. With each signal, I take out 1 trade to follow as per the rules, and several other trades amending the rules. Actually, I don't go far from the rules, some trades with set TPs, and some with set TPs along with moving the SL to BE earlier than Sniper does. But just with TPs (based on TPs shown to be the optimum levels over the months) results are increased by approximately 25%. People who use other systems amending the rules may or not improve on the system. No one has ever published their results, so I don't know. I've regularly given updates on the results that I've achieved – proving that the system works.
One point I've made before is regards the results published on the website. I don't think that these results are achievable by using the system's rules. I've compared my results with those of GumRai in the past, e.g. during Sept-Nov, GumRai made 1074pts, I made 1094pts – Gary made 1653pts. It's a point worth making, but I see it as a secondary point. The main issue is that overall, by sticking to the rules, you will gain. That's why I'm staying with the system. In fact at the moment, things are going well: with yesterday's short, the TP160 trade closed this morning, 166pts up at the moment.
alan5616
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Exactly right. The money is not the issue here. I suppose I could sum it up by saying "what did you expect for £100?" There are systems here, and on other forums, that are more profitable and cost zilch.
salvadorveiga
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llike so many things, people turn profitable systems into unprofitable ones...
Peter Lynch which was a fund manager displayed 43% annual returns for his 12 or 14 year career and he found out from a study 50% of his investors lost money with him... of course, those who lost always took money out of the fund on a drawdown and only put it back in when it was performing...
the same goes for systems... people just want the good stuff without going thru the bad stuff... especially trend following type of systems that have very low % accuracy so it may be a bit harsher than normal in termrs of psychology...
As you know, I stopped trading with Sniper on Cable H1at the end of November as I found that I was unable to dedicate the time necessary to take full advantage of the system.
I have since then been following it on Cable H4, candle close. I've been using the FXPro platform which is 1 hour ahead of Alpari. The results have not been good so far, but I appreciate that a sample of less than 3 months is not enough to be conclusive.
And this leads me to make the obvious statement that many people are incapable of pulling back and looking at the big picture.
When a system consistantly makes profit month after month, everybody is enthusiastic and raves about it. But 1 month with bad results and the focus shifts to that 1 month.
Then follows the inevitable tweaking of the system based on criteria that worked for the last week or 2. So a system that has worked for month after month can be improved by adjusting it to suit last week's price action??!!
People like Kent have adapted this system, incorporating their skill with reading Elliot waves. That is good. This is an example of adjusting to suit their own style of trading.
Greenfield has split take profit levels. This works for him because it reduces the amount of trades that will give back a large percentage of profits. A big help phsychologically.
Some experienced traders have the skill to adapt Sniper to their own style.
Some traders are unable to study the charts and make money based on their own trading analysis. They rely on a system such as Sniper. Yet when the losing periods happen, they think that they can improve it. Sorry to be blunt - but this smacks of arrogance!
I have been following Claudia's Breakout thread as well. Last year loads of happy posts about how simple and great this system is. A few losers and a lot of posts about what improvements could be made. A losing run and the thread is deathly quiet.
Most people can only stick with a system through the good times and are unable to cope with the inevitable bad times.
For me, Sniper as it is, is just not suitable. I am unable to dedicate the time. But that doesn't make it a bad system.
The one main thing that using Sniper has taught me is that when the market is trending, you HAVE to allow a trade to keep rolling to take as much advantage as possible while the movement is strong. This is finally imprinted into my brain. That alone is worth the cost of Sniper.
Good luck everybody
GumRai
salvadorveiga
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Gumrai I agree your timing to switch to the 4H charts especially if you're only trading GBPUSD is pretty bad... There have been almost no trends on GBPUSD for the past 2-3 months so I guess it's understandable the lack of performance... of course with higher timeframes one has to be more patient... it will give less profits and when in a drawdown, timewise, usually it takes longer to surpass
alan5616
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Have a look at these for some ideas :-
http://www.forexfactory.com/showthread.php?t=207012
http://www.forexfactory.com/showthread.php?t=172963
http://www.forexfactory.com/showthread.php?t=86766&highlight=inside+bars
http://www.forexfactory.com/showthread.php?t=40325 - great system!!!
http://www.forexfactory.com/showthread.php?t=2331 - master class
http://www.forex-tsd.com/suggestions-trading-systems/21823-mr-nims-renko-ashi-scalping-system.html
http://www.forex-tsd.com/suggestions-trading-systems/21030-trading-system-xard777.html
There's enough here to keep you busy for a while. I suggest you go through them and read the posts on each thread. Some threads are very long but, you will find good information within all of them.
alan5616
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I certainly have lived and, quite probably, for a good few years more than you. Unless your over 70 of course
forexkunta
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Ok guys, you have had your say. Start a thread to share these systems, and go elsewhere. This thread is dedicated to Sniper Forex, and if you are not happy here then leave.
