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Oct 05

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Review : Surfing The Pips (Forex Education Service)

If you’re consistently losing, come here and maybe stop the habit 😉

After many months of just keeping my head above water sticking to my strategy on 5mins I decided I needed a change or frankly get back to the rat race. “Do what you have always done and get what you have always been given” an old adage from a business mentor I once had. So I had to re-look how I was tackling the market.

I had been watching some chaps progress on Forex offline for about 2 months and I liked his style. Problem was the blog marketing was slick and everything looked too much like a scam to me to take part in the 150 eur’s per month webinars and signal service. I thought, to myself I’ll give it a go for 1 month, it is a fraction of what I have given other educators and I least I will get 4x3hr live sessions per week for my money.  I started middle of August and have not looked back really. I am sure it’s not for everyone, but when it’s quiet at 0700 its good to have a bunch of people looking at the same chart you are – with the same puzzle to crack for the day!

The big positive takeaways for me are :

a) It’s very OK to be flat

b) Not to scan charts of different pairs all day searching for that 1 trade. Analyse deeply into 1 pair and you will find your trade. Maybe not every day……..but you will if you are patient.

c) You do not need any indicators except a few pivots to guide your intuition

d) Taking into account the bigger picture on the 4H, daily and weekly charts

e) Taking time to understand price action patterns

f) Taking time to understand horizontal price points of price resistance and support

What is the webinar experience like ?

It is not rush rush, place trade here place trade there, as you might expect. It is a relaxing experience and StP talks occasionally about what he is thinking and possible trade ideas for the day. Somedays we don’t place a trade…and this is because the market is not ready, maybe as it is to risky to place. Money Management………think of your account.

Can I give any criticism ? Sure…..

I don’t like his trade sizing, as its very risk advserse for me and he talks alot about PIP growth vs Account Equity Growth which is the most important objective. We all know you can be PIP positive and at the same time be equity negative.

StP is Swiss but from Italian canton ….I love the Italian sound but maybe difficult for some to understand.

Sometimes the webinar doesn’t work 100% as planned, the mic or the internet….for me it is these things that make the whole experience natural and honest. But maybe for others they see this as unprofessional. Life happens………Last time we didn’t meet as planned StP gave us a 10% discount for the next month. It has only happened once in last month.

Lastly, there is always the concern as to what is more important…..the service to subscribers or the growth of the StP business. Well that is my issue that i will have to gauge over time. Whilst I am growing my account and growing my knowledge I will stay.

If you want a signal service generates money for you without doing any work……join the rest of the queue of 1m people who want something for doing nothing. This isn’t for you – this is a learning service.

If you are serious about trading Forex and want to learn a different method than the endless indicator reliance methods of RSI, MA Crossovers, Stochs etc etc than give StP a try…..but not too many of you please…….2’s company 3’s a crowd if you know what I mean!

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Permanent link to this article: http://intradayforextrading.co.uk/2010/10/05/review-surfing-the-pips-forex-education-service/

2 comments

  1. Steve Hobbs

    I have used surfing the pips and I strongly recommend not to use his service, I was a member for a number of months, what drove me to cancel the service was a number of things.

    1. Constantly explaining the basics to people, I can assure you that after a few times this gets very tedious. He also repeats himself all the time, about what his service is and what it isn’t, again very tedious.

    2. A good trade for him is to make 8 pips then make the trade a “free trade” by setting the stop loss to 0. Meaning you could have a week when you make maybe 16 pips. Not exactly inspired stuff

    3. His entry criteria leaves a lot to be desired, and it was frustrating to watch perfectly good trades go by without entering. He trades mostly EUR/USD on 30min chart, meaning you’ll probably get 5 entries a week max. He also offers 4hr signals on mostly JPY pairs but in the time I was there those results were very suspect.

    I guess he’s trying to create a service which teaches newbies how to trade and how to trade his style, I wouldn’t recommend it for an experienced trader and if I was a newbie I wouldn’t be using his service either. Either way your money and time is best spent elsewhere.

    Steve.

  2. IntradayFX

    Hi Steve
    Thanks for your comment.

    If I can comment further without wanting to defend Surfing the Pips as I am getting nothing from doing this:

    1) His tight Stop Loss strategy is not quite as you describe. He has 2 orders on entry, once order 1 goes 8 pips then he moves the stop loss on Order 2 to -8pips from entry to make a “free trade” minus spread.

    2)You cannot be on every move thru the week and for some people (me included) watching EURUSD on the 30min timeframe all week was a little tedous I agree – but the point is to make money not make loads of trades.

    3)On the 4Hr trades I was never profiatble and didnt like the large Stop Losses and scaling out at sub 1:1 Risk Reward…not for me.

    In the 2 months I was part of his Dream Team I did learn a few things that I still use today.

    Jimmy

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