subject: Sniper Forex By Gary Pavkovich Review [print this page] Please note, we used this system for well over half a year, recorded and reported all our actual trades. So, this review is different to others you will read. We do not re-iterate marketing bumf from a vendors website nor do we cut and paste affiliation sales copy. Our reviews are carried out by experienced traders that have always traded the system, for over half a year in this case.
Introduction
As per the website, Sniper Forex is a strategy which "uses a precision algorithm to provide precise entry and exit points". The cost is USD 97 - USD 297 based on the license agreement.
There is a 2 week demo version available for those wishing to try before you buy.
Some back-ground on Gary, "a veteran trader of ten years", "learnt from the school of hard knocks" and is now "offering you the opportunity to benefit from my hard work". He has also "took all the courses, bought all the systems, traded demo then live, wiped out a few accounts and experimented ad nauseam".
Sniper Forex is based on "an arrow telling you when to buy and when to sell - Simplicity in itself" and "over the past 5 years it has proven to be highly accurate, especially when allied to the best time frame, currency and time of day". Historically the system claims more winners than losers (2:1) with the winners being almost 3 times bigger than the losers.
Results are supplied on the website in the form of a graph showing monthly performance for GBP/USD on a 1 hour chart since 2004. This is the instrument and time-frame we traded between 06:00 and 22:00 GMT, as recommended.
Important: A Meta Trader 4 (MT4) account is necessary to trade this system to accommodate its custom indicators.
The system
The guidebook is well written and provides clear instructions on how to set up your MT4 platform. Additionally, there is direction on how to set up the handy email alert function which is also quite a straight forward process.
Entry, Stop and Exit rules are wholly dependent on the custom indicators which are basically:
- Two histograms
- Three Moving average type lines (on the price chart)
- An Entry (arrow) indicator
- A Stop level indicator
To trade this system you do need to be around and on hand to respond to the (email/audible MT4) Entry alerts, which can occur at any point in time. Over time you do get a feel for when this may occur and time commitment reduces considerably.
As well as the Entry alert, there are also various discretionary aspects applicable to actual Trade entry, e.G. Imminent news, re-entry after chop, missed overnight signals, etc. It is seldom a straightforward case of, get an alert, enter your trade and walk away.
When a position is open it is also necessary to be around every hour to adjust trailing stops as necessary. This means being able to access a PC between the hours of 06:00 and 22:00 GMT if you wish to trade the system during the recommended time-frame and by the book.
Can It Work
Pro's
- 95% mechanical, some discretionary rules, as mentioned above, are applicable.
- Was initially profitable (but not consistently enough for a longer term commitment).
- Quite laid back, nowhere near as time consuming as we anticipated assuming you make use of the (email/audible MT4) Entry alerts.
Con's
- Requires a lot of presence, not necessarily a lot of screen watching, but you do have to be around to respond to those (email/audible MT4) Entry alerts from 06:00 - 22:00 GMT.
- Overnight trades have to be trusted with the 22:00 trailing Stop until the next morning.
- signals that trigger overnight are occasionally missed (but there are very few of these as it's more often than not a quiet period for GBP/USD).
- Due to chop a lot of significant trends can be missed, e.G. A 1,000 pip move in GBPUSD in May 2010 yielded no return.
- We didn't achieve the 2:1 win/lose ratio and it was rare that a winning trade was 3 times larger than the average losing trade.
Do remember, your comments are important, if you have any feedback in relation to this system we would love to hear it.
