Piptastic Review 2011 – Damon Elliott

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  • #1202
    ReviewTeam
    ReviewTeam
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    Piptastic Review 2011 – Damon Elliott

    To The Best Of Our Knowledge This Product Is No Longer Available

    Key Info

    Publisher:  None specified
    Cost:  Various – Dependent on product(s)/service(s)
    Review Date:  February – April 2011

    What It Says On The Website

    The title “Piptastic Review 2011” is ours and not the vendors (Damon Elliott), the purpose is to differentiate between this and the original Piptastic offering. The latter was available for purchase on eBay for £19.99 and here is a link to our original Piptastic review

    The reason we have revisited Piptastic is because it has changed beyond recognition since our original review. It is no longer a simple set of manuals, spreadsheets and video tutorials – It is now more Forex focused than simply FTSE, the current offerings are explored below.

    Manuals – This is actually the original Piptastic product. It still costs £19.99 and the content remains the same, here is a quote from the website “The manuals provide you with the foundational elements necessary to understand what is occurring in the other services as everything is built around this. Without this initial knowledge you will not gain the maximum benefit”.

    Piptastic Membership – Provides access to a whole raft of resources including; Strategies, Daily newsletter/Video commentary, Live webinars, Podcasts, Members forum/chat, Skype & MSN access to Damon, 1-2-1 Personal coaching and Archive access. Cost for this is £69.99 for 6 months.

    Piptastic Live – Includes a Weekly briefing and, depending on membership level, Morning and/or Evening Live room sessions. Swing trade sessions have also recently been included. Prices for Piptastic Live range from £19.99/£49.99 per month or £89.99 – £199.99 for six months depending on whether you are a Piptastic member and whether you wish to join just the Morning and/or Evening Live room sessions.

    Courses & Seminars – There have been three 2 Day seminars in 2011 and the cost was between £395 and £495. As we write there are no details of any scheduled seminars in the future. However, there is a Piptastic Seminar DVD Set available which is a complete recording of one of the 2 Day seminars. This DVD Set is not available on the website at present but can be found on Amazon for £297.

    The Material

    Piptastic Membership

    This is the “educational side” of the new Piptastic range of products.

    Strategies – 21 of them involving different criteria amongst other; Support & Resistance, Candlestick identification, Pattern identification and usage, Moving averages, Price action, etc. These can be whittled down to what seem to be 3 key strategies, 1-2-3, EMA and Breakout, although mention of the other “less” popular ones is still made from time to time in the Daily updates and in the Live rooms.

    Daily newsletter/Video commentary – This is performed via the Piptastic blog and a Video link (most days). Usually it starts off with Damon’s (often jocular) ramblings and then his retrospective reviews of the various charts he trades; Gold, FTSE and Currencies. He discusses all the trades which could have been taken across these markets based on applying the Piptastic strategies. A useful (perhaps vital) learning tool for those getting used to the strategies and methods of trading.

    Once or twice a month Damon converts one of his topical trading articles into a Podcast. Some may find these of interest, we generally skimmed the base (text) article and didn’t bother listening to the Podcast, although we believe they do usually contain some additional material.

    Live webinars – Damon produces these, it seems, a couple of times a month. Mainly, they are educational reminder type videos where Damon goes over some of his core strategies pointing out tips and titbits of wisdom. Of use to those new to the strategies or as reinforcement/confirmation for those who are already using and applying them.

    Members forum/chat – We never accessed either of these.

    Skype & MSN access to Damon and the 1-2-1 Personal coaching – We had no cause to use either of these so, again, cannot provide comment. Perhaps some of our members can share their experiences of these services as well as the Members forum/chat if they have used them at any time.

    Lastly, most if not all material, if missed is accessible in the archives of the password protected members site.

    Piptastic Live

    This basically provides access to the Live trading rooms and a Weekly briefing held each Monday, typically 09:15 UK time. All are in the same format. First, members log in to a Chat room where Damon’s Trading screen is visible and his voice can be heard. Other members and Damon can be interacted with via Text chat (issues/queries/potential trades, etc.) – Damon then addresses (by voice) as and when they are raised.

    During the Weekly briefing Damon identifies key news items for the upcoming week which may affect trading conditions. He then performs a scan of the market charts he is most interested in, usually Gold, the FTSE and selected Currencies, and typically offers his current views on those markets. He also addresses any queries that come up during what is usually a 30 – 45 minute session. All in all a reasonable debrief of the popular markets where news events and potential directions are discussed between the various members with Damon leading the way. For those that miss the Weekly briefing session there is also a follow up Email and a video copy is added to the Archive.

    Obviously, the flagship offering is now the Live rooms. Morning and Evening sessions are available, usually three and two a week respectively. The format is the same, Damon’s Trading screen is visible, his voice can be heard and interaction with him and other members is via Text chat. This time it’s mostly potential trades being identified, by Damon and members, and then being expanded on by Damon. Focus is varied, with the base being the 5 (or 15) minute charts for the FTSE and a selection of currencies. Potential trades are largely based on the 3 key Piptastic strategies; 1-2-3, EMA and Breakout, but as mentioned previously, other strategies will be used and referred to from time to time as well.

    Recently included with Piptastic Live membership is access to Damon’s (longer term) Swing trades. The Swing Trade sessions are accessed about four times a week and each session is about 15 – 30 minutes long. Format is the same except this one is more to do with listening to and following Damon’s trade calls. It is less interactive than the other sessions. We were not able to commit to accessing these on a regular basis so we cannot comment on performance.

    Expect to spend around 15 hours a week in the Live rooms if subscribing to the full service.

    Courses & Seminars

    We have not actually attended a Piptastic seminar but we have had access to the Piptastic Seminar DVD Set (a complete recording of one of the 2 Day seminars in 2010). Many popular trading subjects and concepts are covered such as; Psychology, News, MACD, Moving Averages, Bollinger Bands, Money management, etc. The Piptastic strategies are also covered.

    Although there are over 15 hours of material, Damon’s relaxed manner to presenting does make it relatively painless to watch. What does disappoint though is the poor sound quality, causing issues such as not being able to hear questions properly and on occasion Damon himself. Additionally, without being able to see the white board (Damon is presenting from) properly and more importantly any actual screen shots (of charts) sometimes amongst the discussion it’s possible to miss the point.

    Physical attendance would surely be the best way to benefit from a Piptastic course or seminar.

    Can It Work

    In terms of strategies, the additional ones included in the Piptastic membership, most can be classed as base strategies upon which one can build. The exceptions being the 1-2-3, EMA and Breakout strategies, mentioned previously, as these are more specific and mechanical.

    The Live rooms seem to be popular, at the time of writing we are told there are between 30 – 40 participants at each session. The format is pleasant and works well, with just one voice, Damon seems quite suited to hosting and he comes across well. The issue we found though was the constant flicking between markets and although focus is usually on the 5 minute time-frame, the 10 and/or 15 can also be “flicked” through. Potential trades are called out by Damon and members (via Text chat) and then Damon flicks to the appropriate chart and provides commentary. It is usually one of the 3 key strategies but reference can be made to one of the many other (21) strategies too. A worthy note is that Damon does not actually clearly state which trades he is taking he merely comments on the opportunities in relation to the strategies.

    Not many in the Live rooms take exactly the same trades, Entry, Stop and Target which emphasises the fact that these strategies are to be learnt and used to suit the individual. Many members do announce when they have won, e.g. “made 10 on cable”, “took 13 on Aussie”, etc. However, not many members seem to mention losing trades too often. We suspect that this may well be human behaviour related. Perhaps the losers are embarrassed and only when they become more experienced, used to the strategies and start winning do they contribute more actively.

    Another general comment; Stops in relation to some of the strategies can mean Risk:Reward is around 2:1 or so quite often. Damon also suggests beginners can aim for 2 * 5 Pip winners per day but due to Stop size this can mean 2 or 3 winners are needed to return to breakeven. Sure there are more winning trades than losing one’s but it is nonetheless quite a set-back to have a losing trade with such a low Risk:Reward.

    Some may actually find that without the time commitment and distraction of the Live rooms they fair better by adapting the strategies based on their own interpretation and in conjunction with the Daily newsletter/Video commentary. Others of course will prefer the reassurance and social interaction provided by the Live rooms.

    Either way, Piptastic 2011, is an improvement on the original. And, to be honest it should be, it us more commercial and more expensive. It seems to have already proven to be the sound base it claims to be for some to become full time traders. We don’t doubt it. Nor do we doubt that others will follow suit – When they “learn” their strategies and apply a great deal of dedication. This is not too dissimilar to the mantra Damon himself supports.

    Support

    Quite annoying at times, especially the auto-response requesting a “nudge” if no response is received within 24 hours. We found that a “nudge” was needed more often than not. Fair comment though, support, when received was good, personal and comprehensive. Considering the service can cost £49.99 per month though, we just expect a faster response than this.

    Summary

    PRO’s
    • An honest down to earth vendor who seems genuinely keen on helping others on the path to Trading independence.
    • A professional setup, Live rooms and Daily commentary with the option of 1-2-1 Personal coaching included in the price.

    CON’s
    • Lots of dedication and screen time.
    • High Risk:Reward at times for some strategies if going for 5 instead of 10 PIPs.
    • Support (response times) could (should) be better.

    Do remember, your comments are important – If you have used or decide to use this system, please contribute to the community by reporting back your findings.


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    #1204
    ReviewTeam
    ReviewTeam
    Keymaster

    Systems For Traders had to be rebuilt in 2013

    This is a selection of key posts and comments from the original forum prior to the rebuild

    Mcawber

    05-Jun-2011

    Without doubt the best site for traders out there, not an alert service ( do any work?) but for training and learning the art of long term consistent success it’s unbeatable. ” Don’t give a hungry man a fish, give him a net.”


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    #1366
    ReviewTeam
    ReviewTeam
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    Damon brought out Trading The Markets For Maximum Profit (also known as Trading FX For Profits) in 2012, here is a link to our review


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