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Posted - 01/07/2010 : 08:53:18
It's entry #8 under the tread "Viper Indicator" on BMT I have been playing around with it for a week or so.
Posted - 01/12/2010 : 20:00:39
I'm not sure if this is still their plan, but in the webinar that I was in, they were trying to decide on the pricing of the new "viper 3", either $199 or $249. But, they did say that if you were a current subscriber to the regular viper or autotrader then it would only be $99.
Posted - 01/13/2010 : 11:02:55
Originally posted by bubbles I guess they are raising prices because their auto-trade busness is going to hell in a handbasket and they need to make up for lost revenue. (What about the lost revenue of the clients who traded those POS?). Go to Big Mike's forum and check out what others say about Viper and thank God you're not a user (sucker) of the auto trade scripts.
Posted - 01/13/2010 : 13:16:29
Unfortunately, I was a subscriber of the autotrader.
I wonder if the viper team will still be able to show the Viper 3 on a chart from the day before and be able to show where to enter and exit a trade. That's one of their best skills, saying things like "you should have bought here, then exited here" while pointing at a previous day's chart. I have read Big Mikes Trading forum, good information there also, very active today. Haven't posted there yet.
Posted - 01/13/2010 : 19:33:30
Originally posted by bubbles How bad was your auto-trader experience? That's all these yo-yos know how to do: mark up charts from the day before and tell you how many winners the indicator called. This morning, they were calling trades that were in direct conflict with the auto-trade positions. They were fading the auto-trades. How's that for confidence in your product? Too bad they don't know how to trade themselves. All three of them are burnt out losing traders who figured out it's easier to take other people's money for tricked up "education" than risk their own money.
Posted - 01/19/2010 : 20:01:17
Like tomgilb, my autotrader subscription was educational.
Looking back on the month or so I was actively trying to use an autotrader live, it was pretty disappointing. Looking back on the few months I was a subscriber it seems like a huge waste of time. Before I subscribed I read all of the posts here and any other reviews I could find on the viper trading system and after listening to the webinars and live chat rooms I couldn't understand why there were so many negative posts by phantasmagoria and others. Now I understand and they are correct. I should have realized that after the first two days diamond back went live and got stopped out both days and was told not to use it, that these autotraders hadn't been tested sufficiently. Then they re-released it and if I remember correctly, the targets were 6 and 7 and the stops were at 12, seems like a big risk for a small reward. One thing that really annoyed me...I traded the russell live and would hit the max loss first thing in the morning, then I would go to the webinar that night only to see that the reloaded chart had a great day. One thing that kind of confused me is that instead of them working on one autotrader and make it conservative and reliable, they would just toss more scripts at you and say use whatever matches your personal trading style. Maybe I'm in the minority, but my personal autotrader style is for it to make money, not lose money, and for $300/month($3600/year), don't make me think too much or make me make decisions and change the targets and stops. I think Gary summed it up best by one comment in a chat session, he said to treat the autotraders as an investment, run them consistently to get the good days with the bad days. Personally, I research and study my investments, and there isn't any way to research the autotraders or the viper guys. Broker statements would go a long ways. And they should get rid of that cow bell because they don't call the trade entries, Gary just rings it after a breakout hits a pivot. And don't get me started on the computer/datafeed/clearing house/bandwidth/clock issues..
Posted - 01/22/2010 : 16:30:45
I listened to the webinar last night. It's very scary to think they are releasing a handful of new scripts for forex pairs in a week and working on scripts for another half dozen futures markets. These scripts are not backtested with suffcient history to commercialize them. Rich's modus operandi is to let the users (paid subscribers) do the beta testing and if it works fine and if not, drop it.
I almost wet my pants from laughing when Rich said the systems usually have a great day after a bad losing one (or a good afternoon after a bad morning) and someone asked what about after a good day or a good morning? Do the systems then have a follow-on loser, to which Rich replied "that's an interesting question." Of course, these new AT will cost more money and more than likely will not be consistently profitable. I've never heard of a developer who has a smorgasborg of AT as if your picking fruit in a supermarket.
Posted - 01/23/2010 : 09:32:15
The opinions of others are useful and sometimes interesting in evaluating services, but nothing speaks louder than hard, cold, indisputable facts supported with real numbers.
http://www.bigmiketrading.com/23993-post90.html Conclusion: Do not spend $299 a month to enrich Viper's owners and $000s to enrich your broker. Instead, keep the commission dollars in your pocket and donate the $299 to a Haitian relief effort.
Posted - 01/24/2010 : 13:18:31
You have made a mistake in calculating the gross profit of the Viper's Russell AT as Jane has stated.
Jane's analysis of the Russell from 9/09 to 12/09 was 368 points, but those are points, not ticks. Each point is worth 10 ticks or $100 a point,not $10 a point. So thats 368 points at $100 a point, or $36,800 gross profit. At 900 trades at $4.50 a trade that is $4,050 in commission for an overall net profit of $32,750 Not bad for a monthly subscription fee of $299 a month.
scalpertrader
Posted - 01/24/2010 : 14:51:04
Not True:
This excerpt from Jane's superb analysis is all you need to know to stay away from Viper's Russell AT unless you enjoy losing money. Allow me to net it out for you. From 9/09 thu 12/09, AT gained 368 points @$10/point = +$3,680. 900 contracts commission @$4.50 = -$4,050 Viper fee, $299/month x 4 = -$1,196 NET LOSS: $1,566. The Truth: The way I read Jane's superb analysis is that the Russell trades at $10 per tick, or $100 per point, and that would make a heck of a difference in a gain or a loss. Three hundred sixty eight points is $36,800 dollars and with a commission of $4050.00 is still over $10,000 per month and at $299 per month, that is one great deal. The true analysis would be From 9/09 thu 12/09, AT gained 368 points @$100/point = +$36,800. 900 contracts commission @$4.50 = -$4,050 Viper fee, $299/month x 3 = -$897.00 ( A quarter is 3 months not 4) Net profit with these figures would be $31,853.00 Take $31,853 and divide by 3, (There are 3 months in a quarter), and then by 4.33 weeks in a month and that is $2452.11 per week. Take that a little further and divide by 32.5 hours per week in the market, and that is $75.44 per hour after all commissions and the fees charged by Viper. A Happy Viper
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