Piptastic (Final review)
I am going to take a wee break from trading; I have been going almost all year and need a week or two to recharge. So this seems like an opportune moment to wrap this trial.
I have been looking at a ForEx trading service called Piptastic, specifically the “Trading for Maximum Profit” product that sells for £49.99, which is run by Damon Elliott. The PDF is well written and the supporting videos are very helpful.
New traders should also consider investing in “Trading Psychology for the Home Trader” selling at £19.99 as the correct attitude is a major component to successful trading.
Further the Piptastic membership, 6 Months Subscription £69.99 (equal to £11.67per month), is well worth the investment too as this gives access to forums, live chat rooms, 1-2-1 Personal Coaching, webinars and a whole host more. Yes, you could do it off the PDF but so much more support is available for just a little bit more.
Other options such as full membership and weekend seminars are also available.
On the main account I have been using “Trading for Maximum Profit”. I took Damon’s advice and aimed for 10 pips per day. As per cash masters standard though, I used £10 per pip and did not compound profits. I only used EUR/USD and FTSE for the trial.
Usual caveats applied: Trading ForEx is discretionary; I’ll see trades other people won’t and miss trades that they take. We all read the market differently; therefore your results will be different from mine. Further, I am experienced trader with over 4 years’ experience. Although I try my best not to colour my trials with this experience it is impossible to remove it completely.
I am very impressed with the product. Entry and exit rules are easy to spot. I managed £3, 616 (361 pips) over the 2 months of the trial, which as we had a 10 pip target is none too shabby. Some days, it is almost impossible to get a trade on a particular market, the entry and exit are too close together. I could have switched to other markets, say GBP/USD or Dow, but I chose not to do so. With a little practice I think these market conditions are easily identified. Please note that I didn’t close trades at 10 pip profit, I let them run to the exit target then stopped trading for the day if 10 pips was achieved.
There is a wealth of systems available that operate on different timeframes. So if you want system that work off longer timeframes so you can fit them around your work and social life, these are available. You should be able to select at most two systems that work for you and with your attitude to trading. This is important as what works for me may not work for you as we are all different.
With this in mind I also operated a secondary account using the MM2 method. As much as I like “Trading for Maximum Profit” it is MM2 I am going to be using going forward. I was discussing with one of my trading partners yesterday, and we are taking MM2 and Bullpips (https://www.cash-master.com/bullpips.php) forward as our preferred method of trading for a daily target of around 25 pips for our intraday strategies. I will still be using my own system for swing trading, only because I am comfortable with it as I have been using it for several years now.
Anyway, I digress! Using MM2 in a similar way to “Trading for Maximum Profit”, I managed to make £4,045 (404 pips).
There are dangers to over trading, stopping at 10 pips is a good target. I am sure higher pip returns are possible but also sure that it would be easy to wipe them out too. 10 pips is all you need, and this is the subject to one of Damon’s videos. To illustrate using MM2:
The average stop is 15 pips (this is also the average on Trading for Maximum Profit). So, at £10 per pip we are risking £150. Using a 3% risk (beginners should use 0.5% to 1%) we need a £5000 bank. Even without compounding MM2 nearly double the bank in 2 months! We could look at trading at £20 per pip now, and similar returns would start seeing a significant income in very short order.
You have probably gathered by now this service is approved, with bells on! An excellent way for people to break in to ForEx, and for experienced traders to add something new to their arsenal. It will take a little work to identify the product(s) that are right for you, Damon is there to help.
You can get Trading For Profit here:
Or all other Piptastic products here: