New indicator just hit the shelves and we have the full scoop in this edition’s review of Pips Collector.
This software provides you with buy signals and sell signals meant for the H1 timeframe with the NZD/CAD, EUR/CHF, EUR/AUD, NZD/CHF pairs. The product costs $47 and is being sold on the Click Bank payment processor. The Pips Collector web-site provides a 2 minutes video, multiple back tests and example trades with the indicator.
Vendor Tagline: How much is success in Forex really worth to you?
Pips Collector Video
So now let me show you the quick video I made talking a little about this product and indicators in general.
So I am going to make this one a little quicker than usual. First, it is quite rare for people promoting indicators to back test so that is interesting that they have included one. I am really not an indicator guy but if indicators is your thing they have provided a decent amount of results with the backtests.
However, I was going to be picky which I always am I would again point out that there are no live or even demo tests by the developer of this software. Generally I would like to see the creator of the product prove that he can have success with it before I give it a shot.
I will conclude quickly, I do not fully support or recommend this Forex indicator. If you think I am wrong, leave a comment and tell me why.
I am interested to hear what you say and invite the creators of the product to try and convince me as well.
Furthermore, I received on 23 December an email summary of Pipscollector trades for the previous week, claiming “95% winners, 53 % reached profit target 2”. However, having purchased & then been refunded on the product I can quickly see that this “performance data” is nothing other than fantasy!
Eg for cable they claim 2 trades, both hitting target 2 & no losses. However looking at the 1h & 4h time frames (as they recommend), the reality is that for the 1h time frame there were 3 trades: 1 loss, one target 1 hit & 1 target 2 hit. For the 4h time frame: 1 loosing trade only !
SCAM ALERT !!
This product is useless junk pure & simple ! It trades on a 4h bar & looking back over the 6 months for cable probably says it all. From July 30th – 20 Dec 2012 there are 7 loosing trades & 5 winners. risk/ reward ratio 1:1 What an absolute waste of time !!