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Viper Trading Systems Indicator

  #73 (permalink)

United States of America
Trading Experience: Advanced
Platform: NT
Posts: 1,149 since Aug 2009

The vendor isn't a crook, simply unethical.

This is on the AT homepage:

"The EminiAutotrader® virtually eliminates your need for intervention and emotion in your trading. Speed of execution and with preset profit target and stops let the automated trading software take the lead for you. The software can both signal and execute high probability trades. "

Again, I have no objection against trading around news--I do that as a discretionary trader. But when the vendor starts to say things like, "according to Rob, he has got better results trading 6B between X and Y and A and C, on Mondays, but on Tuesday, that's not the case. And Sarah says she trades 6B only between J and L on Fridays and Wednesdays and Josh moves his profit target to 16 ticks 30 seconds after news etc. , etc. , etc." I know these guys don't have a clue and all they want to do is sipin all the negatives into positives and create an illusion they have their shit together.

This vendor doesn't have any notion about what an AT should do and Charles, doesn't even know what it's results are, let alone trade it himself. He comes late to these webinars and asks Gary how the scripts performed that day. All he cares about is how much money came in to his PayPal account on renewals. That's super comforting isn't it.

So, because this thing hasn't been back tested for optimal results, the users are paying $299 a month to beta test on behalf of the company. Now, they have introduced pivots and are instructing people to override the stop and profit parameters based on this, which also hasn't been back tested. During the webinar, they cherry picked a chart that shows a trade that worked better if one moved their stop to a floor trader pivot. But what happens when a trader moves his target to a pivot and the price blows through it, so instead of making 40 ticks as the AT was designed for, he made 8.

When someone noted the pivots on NT are different from eSignal, they were told not to worry about a few ticks here or there. That's real comforting too, isn't it.

All of this simply confuses the subscriber and makes him MORE INVOLVED in the trade. And when the trade doesn't work, they can point to some extraordinary thing thats not part of AT to show why the trader, not the AT, screwed up. What happens if the AT takes a trade right on the pivot? Should the trader immediately close the trade? The possibilities for tweaking this are limitless and all this will do is cause the subscriber to loose more money.

Also, let's forget these guys have a history of lying and using unethical marketing practices. For example, they claimed the Viper indicator was proprietary and didn't use any conventional indicator and posted their own testimonials on the website. You can get the whole story at the mypivots forum.

If I can save a few novice traders from getting highjacked by these guys, it will be a good thing and that's what this is all about. Traders helping other traders. Traders who have no interest in selling crap to other traders. Is that clear?

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