Today I’ll be reviewing a new signal service that provides traders with trades for Forex pairs and crypto currencies, Snipe The Trade. The creators of the service claim to have a 70% win rate, and provide traders with an average of over 500 pips in profit every single month. With numbers like these, it’s important that we look closely at everything provided by this vendor, to ensure they have the adequate proof to back up their claims.
The head trader and creator of the service is Orlando Gutierrez, who launch this signal product in May 2016. It is unknown where the headquarters are, but Orlando does tell us that he has spent time in both Orlando and France. To get in touch with support, traders can fill out the contact form available at the top of the webpage.
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Snipe The Trade Review
Orlando believes in low risk trading methods, to ensure that the clients of Snipe The Trade are faced with any major drawdowns. Yet, in the same breath he promises that his service “generates an average of 500 pips per month for subscribers.” In looking at the results, this is not consistent or backed up by what we are seeing there. Regardless, I will elaborate more on the results in the results section of this review.
Every single day to signals are sent to traders the SMS and email. The trades include “the stop loss, target, trade amount, currency pair, price and time.” Basically, the vendor will tell you everything that you need to know in order to place the trade.
- Type: Signal Service
- Price: Broker Sign-Up
- Strategy: Undisclosed
- Timeframe: Any
- Pairs: AUDUSD, EURGBP, EURJPY, EURNZD, EURUSD, GBPJPY, GBPUSD, GOLD, NZDCAD, NZDUSD, USDCAD, USDCHF, USDJPY, USDMXN
The Snipe The Trade payment options are more in line with what we see in the binary options market, than what we see from Forex vendors. In order to gain access to 6 months of free trading signals, traders have to register with the new brokerage through this website. After the 6 months, it doesn’t tell us what the additional charge is, or whether or not we just have to keep signing up with new brokers every 6 months in order to keep accessing the signals.
Personally, I don’t like this approach, because I’m signed up with enough brokers, and I’m not interested in signing up with any more. Not only that, but there’s also the fact that there are thousands of vendors in the binary options market using this strategy to promote outright scams. So that is obviously influencing my judgment to some extent when it comes to sign up instead of pay services.
Orlando Gutierrez tells us that his Snipe The Trade signals are producing 500 pips or more every single month. To prove this, he has provided us with an unverified Myfxbook demo account. This account is currently showing a 61% gain since it was launched at the end of May 2016. The monthly gain is around 3%, and the monthly drawdown is 25%, which is significantly lower than the 15% that is posted about on the sales page.
In looking at the advanced statistics, we can see that the system has gained 2520 pips since June 2016. This is a period of 14 months, and if we were to average that out it would make the service average 180 pips per month (not 500 pips). All of these stats are coming from their own account.
We also have to keep in mind however, that the majority of these pips were gained in the first few months of service in 2016. The likelihood of earning 180 pips in a month now, is significantly lower. In looking closely at the monthly gain, we can see the 2017 hasn’t been a successful year with this signal service.
There are both positives and negatives that we can take from the Snipe The Trade service review, but at this point I’m going to have to pass. The main reason for passing on the service is because I don’t want to sign up with a new brokerage order to gain access to the signals. Also, I’m not totally enthralled with their current direction, as they are minus for the entire year of 2017.
Please let me know you think about this signal service by leaving your comments and questions below the article now.