Forex Trading Systems : Sniper Forex, an Unbiased Review

A fellow trader emailed me a few days ago in order to ask me about my opinion on the sniper forex trading system. This trading system is not automated but simply a manual trading system. The guy at sniper forex simply sells you the indicators and the rules necessary to trade it. Today’s post will be dedicated to the analysis of the sniper forex strategy. Given the fact that the system has a free demo, it becomes pretty easy to analyze the system’s potential and uniqueness. At the end of the post I will tell you if I consider this system worth buying and testing. As always, this review is as unbiased as it can be as I get absolutely no reward for either positive or negative feedback about the system.

Well, let us start from the beginning. The sniper forex trading system is composed of a few indicators which you are supposed to follow. The trader is simply supposed to take long or short signals at the appearance of either a red or blue arrow on the screen. The system is of an obvious trend following character and uses mainly indicators which are freely available coded into a template which has them adequately colored and matched to display the signals. So yes, as a matter of fact, anyone who wanted to have their own sniper forex could pull it together from indicators available on the metatrader platform with some modifications. Mathematically and analytically this system offers you nothing which is already available for free.

But Ok, let us focus on the actual benefit you would get, the entry signals and the clear picture you get from the histograms and colored lines. From my analysis of the system, the trend following nature of its trading makes it lose significantly on ranging or consolidating markets. Sure, it would make profit in trending markets but the loses in ranging and consolidating markets are nothing short of excessive. I personally think that you would have a hard time getting over break even during these times.

Of course, it all comes down to money management as I have always said. This, as so many other systems, puts an excess of importance on the entry signals and too few on the money management aspects of trading. It is likely that people will have very different results when trading this depending on their particular money management, how they adjust their lot size, their TP and their SL, if they trail, use a break-even move, etc.

I also believe that there is an over hype of this system with tons and tons of positive testimonials but no one showing an account with a statement and investor access to verify that the system can achieve the profitability targets it claims. There is no reason why I have to think that the testimonials are real, many many times have I seen people post hundreds of fake testimonials on forums, websites, etc. I believe on hard evidence. On the website there are only a few pdfs with the trade result summary of the trades taken by the system but there is in fact no actual evidence that backs them up. There is no reason why we should take the word from a seller. If the system has the profitability this person claims, then he should be able to show us the live accounts with the statements. The same for the people inputting so many testimonials out there.

Also the fact that people in the testimonials never refer to long periods of time (usually only days or a few months) points out that the seller may have got very good testimonials on trending periods (which the system is favored in) and uses them as a way to promote the system. Again, I don’t ask for anything else as the minimal to believe in the profitability of any trading system, hard evidence showing profitability. If this guy says that the system has been profitable from 2004 then I would want him to upload his account statements and give investor acces to his account to prove his claims. I can also make a pdf with a bunch of numbers stating that a system is profitable. I am sorry for the lack of trust, but scams are just too common and demanding real evidence is the only solution.

I truly believe that the sniper forex trading system is nothing different from the other trading systems sold out there which put great emphasis on the entry of the systems and too few emphasis on the actual money management (lot size calculation and exit strategy) which is vital for success in trading. Would I buy this system ? Definitely not, there is nothing within it that I could not find out through analysis of the indicators included within metatrader and there is not even enough evidence to point out to it being profitable in the long term. For this reason, I consider the sniper forex system not worth buying.

If you want to learn how you can trade using automated trading systems instead of manual systems and design and program long term profitable strategies please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !
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