Thursday, February 26, 2009

Pipforia, Pipfloat Trend Following Indicator Review

To say the truth, I have somehow always liked the Pipforia trading company, specially because my friend Ck, a fellow ea reviewer, has been trading with them for a while and it seems that their trading tactics have worked miracles for his live trading. This of course, encourages me to check pipforia's webpage every now and then. This is how I found out about their new Pipfloat Trend Following Indicator. Since the indicator is under a monthly subscription of 29,95 USD, I decided to give it a shot and try and see how it works.

I have used the indicator for a few days now and I have to say that it is far from being as impressive as they want it to look like. Of course, as I thought, the trade samples placed on the website are a little bit more the exception than the rule and the indicator, as many other indicators in the forex market, does not work by itself.

The indicator does give signals, it does not repaint and it does let you ride the trend from time to time. What I am saying is that whether you are profitable or not depends highly on your own trading skills rather than on the signals of this indicator. Sure, if you are an avid trader who knows how to pinpoint support and resistance, knows how to swing trade, etc, you will most likely know when to enter, exit and ignore pipfloat's signals (or any other indicator's signals).

Overall, I personally would have made the same trades I did following pipfloat if I hadn't been trading with it. Just merely because the trades are signalled by price patterns, support and resistance levels, etc. So long story short, if you want an indicator that you only have to follow and it will give you profit, then this is not for you (neither is any other indicator since non of them can be traded blindly and be expected to give profit). If you are an already competent swing trader then this (pipfloat) could be useful for you but is most likely an unecessary purchase as most of it's entries can be seen with other tools/indicators.

If you would like to learn more about automated trading system and how to profit from them in the forex market (as well as commercial and free expert advisors I have reviewed) please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !

1 comment:

Improvedliving said...

Thanks for sharing reviews. It is simply awesome.

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