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SCAM
PipsLeader
 

Updated: February 2009

Profitable: 5/10

Easy To Follow: 8/10

Honest Result: 5/10

Support: did not test support

Bonus Value: 5/10

Results: 1/5

The Good: According to backtest it worked good in 2008

The Bad: No stop loss trading with huge floating losses. Red flags on website

 
 

Pipsleader has a lot of red flags - scam signs on the website. First of all they have stolen the graphics from the popular FAPS website. Take a look and compare images. I doubt if honest company would steal the graphics.

The system itself does not perform good too. It trades without a stop loss on so called "basket trading" system and generates huge losses on the backtest. It worked good only in 2008. You will get a log of huge floating losses here.

Our reader Nigel wrote: "My problem is it opens so many trades in one direction before it opens the hedging trades that it could wipe your account out BEFORE it sets the hedge. It says in the manual that it opens trades with a zero stop loss and then manages them. However it doesn??t seem to ???modify??? the trade so you can??t see any revised stop losses in the MT4 Terminal window. I??ve asked repeatedly to Tom Geller what the SL parameters are and how they are managed but I can??t get a decent response, just the one that I??ve attached to this email and which was sent out a few hours after his ???offer??? went out."

Here is what Tom Geller, the president of Pips Leader, wrote in reply: Several of them specifically commented that it was opening long positions at the peaks and short positions at the troughs, etc. This is perfectly normal - the real issue is actually nothing more than a lack of understanding of the strategy being traded by the Pips Leader robot. Put simply, the Pips Leader robot is what is known as a "basket trader". The advantage of this type of strategy is that market direction is not especially important, only market movement. At some point, the combination of a shift in market price and an imbalance between the open long and short positions will allow the basket of orders to be closed and the target achieved. Until this occurs, there will frequently be a floating loss, however, that is a temporary situation but part and parcel of trading this kind of strategy.

Update June 2009 The 4xproject found out that Pipsleader is a scam. They have stolen free EA called Divergence Trader by Ron Thompson and resell it under Pipsleader name. Beware