Today we are looking at a signal provider called Snipe the Trade (Snipethetrade.com). The website is registered under the name of Orlando Gutierrez who claims that this business was launched some time in 2016. However, a thorough background check indicates that Snipe The Trade website was launched earlier this month.
In addition to this, Orlando Gutierrez says that his team have been analyzing trades for the last 5 years, and that their signals have an average strike rate of 70-80%. He also claims that they have always maintained a 15% return on investments.
Moving forward, Mr. Orlando promises his visitors that he uses low-risk trading strategies and that the risk to reward ratio is always 2:1.
This definitely sounds interesting, which is why we were prompted to conduct further investigations to establish whether Snipe the Trade was legitimate.
First, we checked the physical address of this business and found nothing. It is weird that someone claims to have run a business for the last 5 years yet they do not even have a physical address indicating where they operate from.
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Equally, the only point of contact with them is the contact form placed on the navigation menu of this site. They do not have a phone number either.
Olando claims that after finishing grad school, he pursued International Business Management in France. He also claims to have studied statistics, probabilities and economics.
He has also ”mentored a number of traders” who trade on a part time basis these days.
Orlando has been managing private funds for the last 6 years. But now he is selling signals.
Of course all these statements seem to have come from someone who rambles while having nothing in form of evidence to prove their point.
First of all, this signal vendor (Snipethetrade) is very new in this business. Secondly, Snipe the trade website is managed by a one man army as opposed to a team.
How do we know this? Well, the website takes us to their ”about us” page where they only introduce Orlando instead of other members of the team which they mentioned earlier. We therefore presume that this business is run by a one-man army. At this point in time, we don’t know how Mr. Orlando handles all the workload that involves analyzing signals and sending them out to his subscribers.
It’s very clear that Snipe the Trade is not run by a team (which explains why this team is not introduced). So why does Snipe the trade website mention something to do with a team of signal analysts? This is beyond our comprehension.
Snipe the trade promises to deliver 500 pips every month. Two signals are delivered every day through email and SMS.
However, Snipe the Trade also offers a trade copier service…. that is, if you want to use their signals for free in the first 6 months, Mr. Orlando will redirect you to trade with his recommended Forex broker. That way, he earns commissions regardless of whether his signals win or not.
This is the most critical issue of all. Does Orlando have a track record of trading successfully?
He claims that in 2014, his signal service delivered an impressive win rate of 73%. Then in 2015, that win rate went down to 68%. In 2016, it went up to 70%.
Remember that this guy also claims that he has been managing client portfolio for some time. Where is the evidence?
We needed him to produce data in form of broker statements for us to analyze whether or not this is true. And of course a liar can never produce evidence because it is not there in the first place.
We know for a fact that Mr. Orlando of Snipe the Trade is doing monkey business with his clients’ money. If he has ever managed client portfolio, those clients must have suffered heavy losses indeed.
This guy shamelessly declares that they have maintained their equity growth by 88%. That statement is laughable because even though they have a myfxbook account, it does not reflect those sentiments.
In fact, what we see from their myfxbook is quite different from what Mr. Orlando is declaring on his Snipe the Trade website. These discrepancies cannot be ignored.
We do not understand why Mr. Orlando only started tracking his performance at the beginning of 2016 and not in 2014. At least he is better than Nial of Learn to trade the market because he made an effort to ‘prove’ his trading performance – although the myfxbook account in question was never verified. But this does not mean that we are endorsing this service.
Anyway, if you look at Orlando’s results, you will notice that tracking of performance stopped on 5th September 2017. Why?
And can you see that this Snipe the Trade myfxbook account is not a verified account? That means that the results are prone to manipulation. And yes, this is what Mr. Orlando has been trying very hard to achieve. That explains why his results are no longer being tracked by this account.
And last but not least, the equity curve is not very promising. Unlike a high-performing signal provider whose myfxbook account climbs aggressively with a few deeps here and there, this particular equity curve lacks momentum, meaning that it could crash anytime.
The equity curve of Snipe the Trade climbed slightly above the 50% mark and then started to plateau. At some point, it started descending. Even as we speak right now, that equity curve is descending, which leaves us wondering how on earth this can represent a consistent 88% equity growth.
The truth is that an unverified myfxbook account is not an equivalent to third party verification. But the reason why they still maintain that link in the Snipe the Trade page is because they are targeting the very naive and the desperate who want to make quick Forex money without due diligence. Definitely it’s not going to end well for these people because they are dealing with a fraud.
We have a few customer testimonials on this site. But there is no guarantee that these testimonials are legitimate.
Outside this domain space, nobody is talking of their experience with Snipe the trade, which is why we doubted the testimonials on this site in the first place. If this signal service was popular and profitable, traders would have certainly created a buzz on the internet.
We definitely don’t see how a successful signal service can go unnoticed, only being endorsed by a handful of people who don’t look legitimate. The point is, the testimonials on snipethetrade.com webpage cannot be trusted.
Orlando is a funny character. He expects his clients to trust him with money yet he doesn’t have trading performance to show and prove that he can deliver profitable signals.
This is something that you should avoid because clearly, this is an under-performing signal provider who only wants to take your money and show you the middle finger.
We do not think that their free signal offer is any important as well. Why would you restrict yourself to a bad Forex broker just because you want to use free signals? You will still lose in the end.
You know why? This broker will make your commissions too expensive because they are factoring the cost of paying Mr. Orlando’s commissions each time you place a trade. Secondly, these signals have proven to be of low quality. That means you will wipe out your deposit anyway. So we only encourage traders to use these Forex products only.
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