After 2 months of live running Sniper Forex has been added to our "Systems We Use" list.

The system has been used by (one of) us and will continue to be used by us, this is an historic journal of our Sniper Forex trades in August and September 2009.

As always, we will continue to maintain and update this journal on a regular basis as we continue to use and trade Sniper Forex.

August 2009

Date Dir Entry Exit P/L
03-Aug long 16827 16935 108
05-Aug short 16925 16964 -39
05-Aug long 16989 16948 -41
10-Aug short 16624 16497 127
13-Aug long 16527 16575 48
14-Aug short 16555 16586 -31
20-Aug long 16573 16573 0
20-Aug short 16467 16520 -53
21-Aug long 16520 16492 -28
24-Aug short 16485 16513 -28
25-Aug long 16439 16340 -99
26-Aug short 16333 16236 97
27-Aug long 16221 16291 70

August Profit = +131

September 2009

Date Dir Entry Exit P/L
01-Sep short 16238 16238 0
02-Sep long 16166 16269 103
03-Sep short 16309 16343 -34
07-Sep long 16418 16386 -32
07-Sep short 16331 16403 -72
08-Sep long 16404 16485 81
09-Sep long 16520 16511 -9
10-Sep long 16623 16666 43
14-Sep long 16612 16556 -56
15-Sep short 16498 16470 28
17-Sep short 16459 16266 193
21-Sep long 16226 16359 133
23-Sep short 16357 16356 1
23-Sep long 16431 16359 -72
23-Sep short 16355 16000 355
25-Sep long 16029 15928 -101
29-Sep long 15954 16078 124

September Profit = +685

With an average losing trade of around 60 pips and 2% risk per trade, August profit = +4%, September = +22%.

As always, any others with experience of this system, your input is welcomed.


Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

October 2009 Trades

Note: This journal has since been revised as per the discussion below.

Date Dir Entry Exit P/L
05-Oct short 15931 15931 0
05-Oct short 15933 15979 -46
06-Oct short 15904 15896 8
07-Oct long 15920 16012 92
12-Oct short 15748 15818 -70
12-Oct short 15788 15820 -32
13-Oct short 15752 15815 -63
13-Oct long 15803 15922 119
14-Oct short 15922 16025 -103
16-Oct short 16262 16330 -68
19-Oct long 16355 16384 29
20-Oct long 16437 16370 -67
20-Oct short 16335 16400 -65
22-Oct long 16623 16623 0
26-Oct long 16324 16324 0
27-Oct short 16319 16394 -75
28-Oct long 16383 16529 146
30-Oct short 16530 16446 84

October Loss = -111

With an average losing trade of around 60 pips and 2% risk per trade, October loss = -4%.

Note: This compares (surprisingly to us) with a 606 pip profit on the Sniper website - we have asked Gary to investigate for us and will report back on this issue as it is quite a serious discrepency.


Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

Hi,

Been trading sniper forex for 10 months. The results posted by the review team for Oct 2009 showing a loss of 111 pips is way out. You have missed some big trades and wonder if you understand the rules with such a massive discrepancy. I bring this to your attention as i think Sniper is great IF you have the time to monitor 6am-10pm otherwise leave it alone.

Cheers.

Thanks for the input - We feel very humbled!

We were quite close to those results posted for the previous 2 months and are thus surprised, as mentioned in the October update, that we are so far apart from our actuals to the October reported.

All our trades are there for all to see, warts an' all, appreciate you taking some time to explain where the 700 pips we missed came from. In terms of "way out" our results are "way in", if that's an expression - they are our results achieved using this system on the same basis as the previous months. Training is an education and we, experienced as we are, are also sensible enough to appreciate we are always learning.

Look forward to your constructive input. We also have this issue raised with Gary, who sells Sniper Forex, and we will of course provide his input too once received.


Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

Hi,

Thanks for your reply. I wasn't trying to be clever just baffled at your results and wanted as I'm sure you do to give true results to traders out there. Looking at my results I have 23 trades in Oct including a few big wins which you haven't. That's trading 6am-10pm. I actually made +578 following strictly the rules of trading the trend. My results are not the same as Garys, never are as it depends on exact entry and exit and how many pips you place your stop from the dots although I'm nearly always fairly close to his results.

I have great respect for Gary whose system this is. He is so upfront and helpful. I had a discrepancy in my results to his one month, queried it and he sent me his spread betting A/C for the month showing his exact trades. How many people selling systems out there would do that and no I don't have any links to Gary other than buying the system 18 months ago.

Cheers

You are welcome and we didn't for one moment feel you were trying to be clever, we were interested in and welcomed your input, as we are sure do others.

As we have stated all along, we are usually close to Gary's results but as you say, never exactly the same. It is quite a surprise to be pips apart, in this case 700 of them in a month, hence the reason for highlighting it and also for contacting Gary.

We also have respect for Gary, we actually have respect for all those out there making a living from trading and also those endeavouring to make a living from trading.

At the moment, I guess we await Gary's response which is typically 24 hours to a few days. In the meantime feel free to post those trades of yours (from October) which we seem to have missed, it may help us better explain our "off target" results.

Thanks again.

ReviewTeam - www.systemsfortraders.com

Hi,

I've gone through my trades and I think you're not following the rules exactly, although I do understand why as this one I only found out about after I started sniper. If you open your charts at 6am and a signal was generated during the Asian session i.e overnight and the price is still fairly close (no strict definition of this) and still valid you can enter.

If you follow this in Oct you would have got the 9/10 entry at 1.6018 sell signal closed by myself on Fri 10/10 at 1.5836 for +182.

15/10 6am buy at 1.6069 stopped out 7am 16/10 at 1.6309 = + 240.

21/10 8am buy at 1.6445 out at 6am 22/10 at 1.6605 = +160.

You also have a short worth over 100 pips after the bad GDP figures on 23/10. Those are the main trades I have that you don't that make a massive difference to the figures.

Hope that helps.

Hi,

Firstly and most importantly, thanks for taking the time to do that, it’s appreciated and helpful.

We were aware of this rule (Asian session) and we do try our best to trade this system by the book. In reference to your “no strict definition of this”, this statement makes up part of our rule base for this system (you may find it helpful):

“An entry in the Asian session becomes a valid trade if at 06:00 GMT or after ALL conditions still agree and price is within the range of 30-50 pips maximum of the origional entry arrow price”

The above statement is from Page 7 of our version of the Sniper Set Up Guide. However, please note, we were using a flat 30 maximum for our trading.

Anyway, it’s rare we get to the screen at exactly 06:00 UK Local time but we do our best, typically it is no later than 07:00. We find the market rarely moves significantly between these times but it may be the cause of some issues from last month. We have commented below on the “missing trades” from memory.

9-Oct – This was over 30 pips from the original entry by the time we came to place our trade and thus, in accordance with our (old) rules (see below) we didn’t take it.

15-Oct – This was just under 30 pips from the original entry and is thus a trade we should have taken, a trading error on our part. Pips missed = 240.

21-Oct – This was a valid entry, however at the time the entry was validated, from memory, there were less 25 minutes to go until the MPC Meeting Minutes were announced. Bearing in mind we are trading GBP/USD we decided not to take this trade. Once again, this rule is based on the content of the Sniper Set Up Guide, page 4:

“Announcements with a RED flag can have a dramatic effect on the market and are to be treated with care, especially Non-Farm Payroll, Interest Rate announcements, and Housing Price announcements”

(As you are probably aware, the MPC Meeting Minutes are RED flagged on Forex Factory against GBP)

23-Oct – In accordance with the Sniper Set Up Guide we do not take these trades (the candle was >200 pips in size). This is from page 7:

“it is not advisable to enter in a situation such as this (big candle of say 170 pips) when the candle is very long. This often happens around major news releases”

So, what can we learn from October 2009?

• Consider getting up a little earlier.
• Ensure we take all (Asian session rule) trades that are within 50 pips of the original entry, not 30.

All in all, we feel we have a sound rule base and with the exception of the one trade identified above, that we are trading the system in accordance with the guidelines provided. In this instance our error cost us a profit for the month. We feel it is fair and apt to correct our October results to now reflect a positive outcome rather than a net loss, the revised journal is posted below.

We are really grateful and thankful for your input on this matter. We have gained a lot from it and we also hope that it has been of benefit to the collective as well.

As always, do feel free to comment on our responses and thanks once again.


ReviewTeam - www.systemsfortraders.com

October 2009 Trades

Note: This is a revised journal which we felt was appropriate to reflect a trade that we missed which we should have taken according to our rules at the time, see posts above.

Date Dir Entry Exit P/L
05-Oct short 15931 15931 0
05-Oct short 15933 15979 -46
06-Oct short 15904 15896 8
07-Oct long 15920 16012 92
12-Oct short 15748 15818 -70
12-Oct short 15788 15820 -32
13-Oct short 15752 15815 -63
13-Oct long 15803 15922 119
14-Oct short 15922 16025 -103
15-Oct long 16069 16309 240
16-Oct short 16262 16330 -68
19-Oct long 16355 16384 29
20-Oct long 16437 16370 -67
20-Oct short 16335 16400 -65
22-Oct long 16623 16623 0
26-Oct long 16324 16324 0
27-Oct short 16319 16394 -75
28-Oct long 16383 16529 146
30-Oct short 16530 16446 84

October Profit = +129

With an average losing trade of around 60 pips and 2% risk per trade, October profit = +4%.


Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

Hi,

Here's my Sniper trading journal for the month commencing 2nd November.

Hope it's of use to people using or considering using this system.

Week 1

Monday 2nd
long @ 1.6473
stop @ 1.6380
exit @ 1.6380
97 points loss

short @ 1.6377
stop @ 1.6476
exit @ 1.6369
8 points profit

Tuesday 3rd
long @ 1.6393
stop @ 1.6300
exit @ 1.6500
107 points profit

Thursday 5th
long @ 1.6590
stop @ 1.6514
exit @ 1.6569
21 points loss

End of week one shows a loss of 3 points (average stop 90 points approx)


Week 2

Monday 9th
short @ 1.6716
stop @ 1.6780
exit @ 1.6780
64 points loss

Tuesday 10th
long @ 1.6727
stop @ 1.6590
exit @ 1.6690
37 points loss

Thursday 12th
short @ 1.6536
stop @ 1.6598
exit @ 1.6580
44 points loss

long @ 1.6580
stop @ 1.6511
exit @ 1.6626
46 points profit

End of week 2 shows a loss of 99 points (average stop 80 points approx)

Running total so far for November shows a 102 points loss.