Hello to you!
On May 9, 2006 I subscribed to Pipraker and wrote the following message to the developer:
"Hello to you! I just subscribed to your currency trading system.
I know, of course, that your last trade was on 4/3/06- 2:52. Now 5 weeks are gone and no more trades. Are you developing something new or what's the reason? Thks your kind reply.
My above mentioned message has been viewed by him (ie Olumuyiwa Ojo) at Thu May 11 12:05:36 2006.
But he didn't give any replies to me. Now one more week passed by and no reactions. Very strange.
Would be nice to know what happened to this system. It's completey quiet for almost 7 weeks.
Thanks in advance.
This provider is not responding to forum messages or e-mails, even though they promise to do that on their website within 24 hours. There are no stoploss - the strategy is "buy and hope". They also don't follow their own strategy description - they are currently max out on both NQ and ES and in a very big drawdown, so they just started trading YMM ( which is a highly correlated instrument) while holding ES and NQ positions. For subscribers this is a disaster, because they now do require over $150k to just follow their signlal with minimal ratio 1/1
No stops, no hedging, averaging down, new all-time max drawdown, major break of historical trend, very risky, one bad move (like mid-May) can wipe it all out due to these issues. I am very concerned with these issues but still watching.
Seems he enters positions and if the market turns against him he adds another leg to average in until he gets 3 legs into a position. At that point I have not seen any stop loss provisions which can be "very" dangerous in a market that starts trending against you fiercely and could wipe you out. So far I am watching his most recent trade on 5/5/06 and it looks ugly. I e-mailed him about a stop loss "last resort" option and he never replied. Does not feel safe. You must have down side limits in futures I feel.
Don't be fooled by the results. Look carefully at how long you carry a loosing trade. Though initially the system looked good on paper when I went to trade it live signals were sent that could not be filled, the vendor is very difficult to work with, no stops and way to long to carry the loss hoping for a turn around.
Buyer beware! There are no stops with this system. Some good trades of small profit, but it seems that if the trade doesn't become profitable, the vendor just lets it sit open. Currently there are 4 open trades totalling over $120,000. Can your account stand this drawdown? Mine can't! With open trades, the vendor didn't login on 2 consecutive Fridays (4/28 & 5/5). In fact a USDJPY trade had a $2000 profit that could have been taken had the vendor only logged in. With losses, the vendor's strategy is hope. If you want more evidence of unmonitored drawdown, look at the trades closed on 4/21.
i'm subscribed to this system for more than two wks with no beneift at allllllll. i think it does not worth trying it at all. Moreover, the last trade for FATS was not filled. as the volume was about 26k while it was showing that it was filled with 50k????... there is something fishy here!!!!!!!!!
I tried this system for nearly 4 months and I am very disappointed. I don't think it is good to initiate a position in the morning and close before 4PM.
There is a chance to follow the recommendations and to make some pips if the market is relatively quiet.
However, I am a bit surprised that this obvioulsy 100% computerized system (ie no manual interference) does not catch some pips in a large market movements (either up or down). Actually under these circumstances this system did not react at all.
Nevertheless as said: in "normal" market situations there is a chance to make these pips which are recommended.
There is something strange! people's reviews shows that its not a good system, but when you the records of fx-hawk you find thats the trade were perfect. So where is the true?
The idea that the system takes a position after the open and holds it until the close without any stop loss or money management reminds me of a coinflip. The results shows, with a 36% DD. You are better of if you flip the coin yourself...
This is the type of system EVERYONE should consider. A diversified set of commodities is much better in the long run than one that just trades S&P or Nasdaq. So far, system looks very good!
During the 9 day trial period, I received to trade signals -- hardly enough to tell whether this system is any good. On the first trade, I lost over $400 in 35 minutes. The second trade was open for 4 days. The stop loss was at 77 pips, 7 more than the 30 to 70 advertised. During the course of the GBP/CHF short trade, the system was up 80 pips. Of course, there was no limit order issued and the system ended up closing the trade for a lousy single pip. When you factor in the interest to carry the trade over four days, you actually lost money. This system isn't worth it's subscription price.
