Forex Sniper System Review

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 come across. We do not re-iterate marketing nonsense from a vendors website nor do we cut and paste affiliation sales copy. Our reviews are produced by experienced traders that have actually traded the system, for over half a year in this case.

Introduction

As stated on the website, Sniper Forex is a product which "uses a precision algorithm to provide precise entry and exit points". The purchase price is USD 97 - USD 297 based on the license agreement.

There is a two 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 comes with "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 useful 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 available to respond to the (email/audible MT4) Entry alerts, which can occur at any moment. Over time you do get a feel for when this may happen and time commitment reduces considerably.

As well as the Entry alert, there are also some discretionary aspects applicable to actual Trade entry, e.G. Imminent news, re-entry after chop, missed overnight opportunities, etc. It is rarely 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).
- Unstressful, nowhere near as time consuming as we thought it would be assuming you make use of the (email/audible MT4) Entry alerts.

Con's
- Requires a lot of presence, not necessarily a lot of time at the screen, 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.
- opportunities that trigger overnight are occasionally missed (but there are very few of these as it's by and large a quiet period for GBP/USD).
- Due to chop a lot of Great 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.