subject: 4x Pip Snager Review - Does It Work [print this page] THE BASICS THE BASICS
First off, we want to make this clear, we used this system for 6 weeks and recorded all our Trade history - That's what makes SystemsForTraders reviews unlike others. We do not simply re-print marketing nonsense from a vendors website nor do we cut and paste affiliation sales copy. Our reviews are carried out by traders with experience that have actually traded the product, over a 6 week period in this instance.
This system sells itself as "Learn how to make 300 to 500 Pips a week with 87% accuracy" - 4 X Pip Snager is a "new Forex system that will change how you trade forever".
Three example videos on the website illustrate some trades and there are also over a dozen screen shots, all falling into the 87% accurate successful trades. There's then a dozen or so unsolicited testimonials.
This is really 3 Trading systems:
- 4x Pip Snager Scalper system
- 4x Pip Snager Day Trader system
- 4x Pip Snager Swing Trader system
As it's a Clickbank product this system comes with a 100% money back guarantee.
THE strategies
The manual, 69 pages of it, makes it clear that EURUSD is the best instrument to trade using the Scalper and Day Trader systems. The Swing Trader strategy was "Written on the spur of the moment" and is not much dissimilar to the other ones so we chose not to trade it.
Preferred time-frame is 08:00 - 10:30 UK Local time for Scalper (1 minute chart) and Day Trader (5 minute chart) so that's what we traded.
Entry is about 60-85% mechanical, Stops and Targets are less so. Stops for Scalper are not specified neither are Targets, Exit is discretionary based on a number of scenarios. Stops and targets for Day Trader are similar however there is an option of setting a Stop above the previous swing high/low and a 1:2 Risk:Reward Target.
OUR VIEW
Both strategies are overly discretionary, too much so for our liking.
Trading, mostly in real-time (some retrospectively) through August and September over a 6 week period our results were as follows:
Scalping System
- 24 trades, 12 winning trades and 12 losing trades
- A net P&L of 0%
Day Trader System
- 13 trades, 3 winning trades and 10 losing trades
- A net P&L of -8%
Thus, it's reasonable to say, neither system yielded anywhere near 300 - 500 pips a week mark and neither was near the 87% hit rate mentioned on the website.
Please note, your comments are important, if you have any comment in relation to this system we would be keen to hear it.
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