Piptastic Review – Damon Elliott

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  • #880
    ReviewTeam
    ReviewTeam
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    Piptastic Review – Damon Elliott

    Click below to visit the website

    Key Info

    Publisher:  None specified
    Cost:  £19.99
    Review Date:  November 2009

    What It Says On The Website

    Damon Elliott (the owner of Piptastic), “trades the FTSE every day for consistent profits” without “a losing day in over a year” and has tried “Earlybird, Louise Woof Evening Trader, Wealthbuilder, 1GR, Genesis”, to name a few and “like you I have failed to make any money from them”.

    (Note: We also have a up to date review, Piptastic 2011 and a review of Damon’s Trading The Markets For Maximum Profits product)

    His product focuses mostly on revealing “the real reason why 95% of home traders fail” and showing “the exact steps you can take to start earning an income from spread-betting the FTSE 100 or any other market you choose”.

    Damon who almost 1,000 members currently sells his wares for £19.99 on the basis that “I was fed up with people selling rubbish systems & new traders being left out to dry” and “this is his way of giving something back, plus I like the company”.

    For your purchase price you can expect to receive a whole host of information on 2 CD’s (access is also provided on-line too). The deliverables include:

    – FTSE Strategies Exposed manual
    – The one strategy that works consistently every day “to take 15 pips profit every day” Damon points out “no it’s not a strategy of mine, I actually purchased this strategy a year ago”
    – “One thing you can apply to any strategy to reduce up to 95% of losing trades”
    – My own strategy that I use every single day to earn 10 “20 pips before 11:30”
    – FTSE Evening Trade manual
    – Another strategy I use when the signal appears, usually for a 20/30 pip profit (signal appears 2/3 times a week) per week
    – A Forex strategy for taking 10 pips late at night/very early morning “perfect if you work nights!”
    – Various other information as well as full email support, daily updates (including screen shots) and video tutorials (over 2 hours worth)

    There are many testimonials on display as well as a link to even more, seemingly satisfied eBay customers.

    The Material

    There is a lot of content provided, all available via a download link from the website (after purchase). After reading through the documents we classed four of them as being specific Piptastic products; FTSE Strategies Exposed, FTSE Evening Trader, Break-Out Strategy and Midnight Trader. The remaining documents are really informational products but reasonable ones at that and most are at least worthy of a flick through, especially for those new to trading.

    FTSE Strategies Exposed

    This manual (33 pages) opens with a focus on Damon’s background, Spread-betting (how it all works) and then Strategies (and why most of them don’t work). All useful information to those new or relatively new to trading.

    Damon also reveals the system (that is not his) that he uses which “works consistently every day to take 15 pips profit every day”. We have asked Damon for permission and he is happy that we mention that it is the Markets Mastered/S&P Evening Trader system. Our previous review of this system can be found here.

    Damon then explains his own system which he uses “every single day to earn 10/20 pips before 11:30” which also incorporates the “one thing you can apply to any strategy to reduce up to 95% of losing trades”. The system is based on a 5 minute FTSE chart using a MACD with custom settings and price action around Pivot points with various options for Stop loss settings as well as Targets. This is a reasonable common sense strategy with a sound introduction to the various Stop and Target options one can/has to consider when trading lower time-frames (15 minutes or less). As part of Damon’s Daily updates (by email) he lists the outcome for each option every day as well as screen shots (with commentary) of the day’s Price action.

    FTSE Evening Trader

    This 27 page manual is, in essence a re-iteration of much of the trading information contained in the FTSE Strategies Exposed manual. It basically provides a little more detail on Damon’s FTSE system (see above) which he uses again (from around 16:30 (UK Local time)) to take 10-20 pips each evening. Again, results are included in the Daily updates.

    Break-Out Strategy

    A 6 pager which describes another strategy Damon uses “when the signal appears, usually for a 20/30 pip profit (signal appears 2/3 times a week) per week”. It is a simple breakout strategy for the FTSE which Damon applies with a 10 pip target and a 15 pip stop. Again, all results are included in the Daily updates.

    Midnight Trader

    This is a manual, about a dozen pages in length, which describes a Forex strategy for “taking 10 pips late at night/very early morning”. It is, as the name suggests, a strategy that is used at midnight, on the EUR/JPY or GBP/JPY Forex pairs. It’s set up is simple as are it’s rules, which are based on Price action and a custom MACD. As usual, results are included in the Daily updates.

    The System

    Set up for all Piptastic systems is easy and straight forward. Damon explains them in basic and understandable terms.

    The FTSE (Morning and Evening) systems, as mentioned above require some decision making in terms of which Stops and Exits to apply based on ones Trading mentality. These options are well documented and choosing an appropriate approach is quite straight forward.

    The Break-out (FTSE) and Midnight Trader (Forex) systems rules are clear and the systems are pretty much 100% mechanical.

    As stated on the website this product is aimed at:

    – Identifying “the real reason why 95% of home traders fail”
    – Providing “the exact steps you can take to start earning an income from spread-betting the FTSE 100 or any other market you choose”

    The FTSE Strategies Exposed manual goes into quite some detail on why traders (and systems) fail and also provides an introduction to Damon’s FTSE (Morning) strategy. The other 3 manuals expand on this strategy as well as defining two others.

    There is also the Daily updates. These are emails sent by Damon detailing the results for all the various systems as well as screen prints and his own commentary on the days Price action. This is the best personalised daily email service (in relation to a trading system) we have come across to date.

    All in all the product does what it says on the tin, it illustrates why most traders (and systems) fail and it provides steps you can take to start earning an income from spread-betting, in the form of three/four base-line systems.

    Can It Work

    For us, the value of this product is in the educational aspect. It is an excellent source for all those looking to venture into shorter time-frame trading (15 minutes or less) and in particular the FTSE. The Background information, the base-line systems, the Daily commentary and the access to Damon personally are invaluable tools for those new to this arena.

    Yes, the systems can be traded “as is” but we would consider them more of a base-line on which, with education (the Daily updates really help) and experience, one can build on/enhance to suit their own trading style.

    Support

    Usually within 24 hours and always personal and helpful.

    Summary

    PRO’s
    • A very decent product from a genuine and honest guy.
    • An excellent source of information, trading principles and ideas for new and in-experienced traders.
    • Daily (sometimes witty) update email covering all systems and daily price action (of the FTSE) is second to none.

    CON’s
    • None really, other than, we would say the systems are best considered base-lines upon which to build. (And yes, they can and some do, use them “as is”)

    PS: Not a losing day in over a year! We take your word for it 🙂

    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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    #884
    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

    rajgogna

    14-Sep-2010

    I have purchased this a few months ago. I like the material for educational purposes but trading using pivot lines only, isn’t for me. There just isn’t enough action for me. But Damon also emails his trade setups for the ftse each day, and this is very useful, as you can always learn new techniques. I like the fact that I’m learning from a trader who is making a living from trading each day.

    I’ve also visited his website with an interest to join the live trading room, to see how his pips are earned, and also to interact with other traders via the chat room.

    I joined this yesterday and took part in my first live room session today. I’ve paid £50 for the month access. If all goes well, I may sign up for the 6 months membership which is a lot cheaper. (as long as I’m earning pips too)

    Today, I saw a few trade setups, and I would have earned 20 pips if I had traded them all. As it was, I traded using my demo account, and took 10 pips. So a good start.

    I’ll keep updating this, so you can know how useful this live trading room is.

    rajgogna

    17-Sep-2010

    Just done my first week with the live rooms at Piptastic. There are 5 live trading sessions provided. 2 in the morning, 1 in the afternoon, and 2 in the evening.

    Tuesday 9.15-11.45am
    Wednesday 9.15-11.45am, 6.15-9pm
    Thursday 2-4.30pm, 6.15-9pm

    I was able to see everything Damon does, via a weblink, and there is a chat box, to talk with other traders. We then help each other out by calling out any potential trades that we see, via the chat box, also Damon is looking through various fx pairs and indexes and teaches us as well of any opportunities in the markets. We then trade any potential setup and try and earn the pips.

    Not every trade will be a winner. I had 1 losing trade of 25 pips, then had to make another 3 to be back in profit again. The losing trade was my fault, because I rushed into the trade late, and got in at a silly price. On average, for the week, I’ve earned 10 pips per live session. The Live sessions total about 12 hours for the week.

    I believe this is a very good service provided by Damon at piptastic. I’m learning to become a more disciplined trader by seeing how he makes a living by trading. There are also other full time traders in the live room, who will also call out some trading opportunities. it’s a very good support forum.

    I have 3 more weeks, and will continue to post results on Friday. (worth the money so far)

    ReviewTeam

    20-Sep-2010

    Thanks for that informative update. Damon is someone who we have plenty of time and respect for and we really enjoy communication with him. A rare individual in this “system/service vending” world.

    rajgogna

    23-Sep-2010

    I only attended 3 live sessions this week. I earned 10 pips per session.

    Also, earned some more pips outside of the session using some of the knowledge gained from the live room.

    Going well so far!

    rajgogna

    29-Sep-2010

    I’ve just met Damon over the weekend at his weekend course where he teaches all the 21 methods that he uses to make his pips each day. It was a very valuable course and highly recommended. I feel a lot more disciplined and confident now to trade.

    I was a bit reluctant to book this at first because of the cost £400, but now glad that I did. I have also joined his live trading sessions for another 6 months. I hope this will further cement the knowledge and discipline into me.

    I’m just trying to go through the course material again this week as there’s a lot to remember but well worth the cost. All the other traders on the weekend course feel the same.

    Hope this helps

    mcartz

    13-Nov-2010

    I have been a member of piptastic over 6 months and can confim that the minimum i achieve in the live room is around 15/20 pips in each session. The inforamtion he imparts during these sessions gives the trader a better ability as to when and where to take trades. By helping newcomers to Fx /indices to aim for 10 pips a day in 2 x 5 pip bites.

    In the live room looks at around 5 currency pairs and wall st/s and p and ftse. His aim through careful mentoring is to establish more full time traders by gradually getting them through to this stage by compounding their account from say £1 a pip (stop loss 15/20 pips) for total of 10 pips £ 10 a day to £20 a pip (same stoploss) for total of 10 pips £200 a day  which should enable most members to become full time. This is easily achieveable each week as 75/100 pips is average. Some weeks you can achieve 250 pips just in the live room. Many of the members including myself, try to stop after making 100 pips a week.

    Its exceptional value when there are so many false and expensive systems and operators. I will be going to his next weekend course to improve my skills and meet Damon to thank him for his service.

    antiga

    13-Nov-2010

    Hi everyone – Raj – Can i ask is it worth it i was sent an email for the seminar dvds i am i have been a member of piptastic for sometime know ,but i dont know if its worth it …….considering for the ftse is working fine……….and the evening ftse trading strategy is the same as the morning one has i don t have info on that ………….many thanks.

    rajgogna

    19-Nov-2010

    Hi, if you are earning enough pips using damon’s ftse pivot method, then I guess you won’t really need to buy the dvd’s or go on the course. I felt I needed the extra knowledge, as the pivot ftse trading method just isn’t for me. I like trading with more signals during the day, to increase my chance of making my pips. Every trader will have their own preferred method as to what works for them. I wanted to learn from a full time trader who has already achieved what I am trying to do.

    Damon is a very sincere guy. You could even give him a call to discuss more in detail if you need to buy the dvd’s or go on the weekend seminar. It all boils down to how many pips you are looking to earn per week.

    schnozzer

    25-Nov-2010

    Recieved my DVD’s Monday, have spent a fair bit of time reviewing them so far. They seem quite easy to follow now I have been through them 4 times. I have tried a couple of trades using the FTSE on pivot trades with a small stake and have paid for the DVD’s already. I have tried a few systems before and have failed with them. Looks like the best £20 ever spent !!! maybe

    Raskol

    09-Dec-2010

    Hi folks. I thought I would throw in my two pence about the Piptastic products & services which I have had experience of.

    First off, I think Damon is a genuine chap, he’s not a rip-off merchant like a lot of the trading stuff out there. I have the system and I have used the trading rooms for a couple of months. I have sat in on maybe, 6 or so sessions.

    First of all, the Piptastic system. This personally isn’t for me, it is a “sit and watch the market all day” kind of thing. Signals might be generated once or twice a day with a lot of time in between. Literally, you would have to wait all day for it. It does appear to be mechanical, however I don’t think it’s explained all that well. I am sure if you took the effort to learn it you could make the results in the newsletter. The newsletter is worth the price of entry alone, Damon gives a video of the days trades and usually throws in another idea or two about the days price action. He presents the newsletter in a quite entertaining way, and during the videos (typically a few minutes) he makes the whole thing quite easy to follow. He has quite a cheery disposition too and doesn’t grate the way some trading videos on youtube can be. As far as I can tell, once you’ve bought the system, you get the newsletters for life.

    Of course, the newsletters, although generally good, are there for one main reason – to sell his other services. This alienated me a bit at first, as the first few weeks of the launch the newsletters were filled with statements such as ‘so and so made 50 pips first time in the live room, congratulations!’. Daily comments like these were presented in such a way that it was congratulating people and genuinely thrilled with their success. Damon’s personality carries this off because he does seem like a genuine guy. But there was never any talk of anyone losing any money, which we of course know happens all the time. We just choose to ignore it, or people don’t brag about failures. So the Piptastic system itself gets a thumbs down from me. I think you could make money from it would be quite draining.

    Now the live room. There is very little information about this from the vendor apart from the runaway success that everyone who attends is enjoying. Entering for the first time was a bit of a bewildering experience, and I have a fair bit of trading experience behind me. First the format of the meetings. A few times a week at pre-specified times an adobe meeting is set up, which you are given a user name and password for. It all loads quite smoothly and you get access to a text chat room where you can type to other members and you see Damon’s trading screen, while he talks about what he’s doing.

    The live room amounts to Damon flicking across about 8 markets and commenting about what is happening. Most of the commentary is pretty banal, it amounts to commenting on the direction of price or candlestick formations. You would be forgiven for going in expecting to see trades from the ‘Piptastic’ system, but they are rarely mentioned. Rather it is set ups like candlestick formations, double tops, trend line breaks and reversal patterns. An important point to make is that Damon never says what trades he is personally taking – he simply comments on what is going on. A couple of things that bothered me was the terrible R:R on some of these trades, he might suggest a stop that is many times larger than the take profit. Similarly, he might point out about 20 trading opportunities over the live room but only a couple of winners are followed up. The flicking between markets is quite frenetic and difficult to follow at times. All the while, people will post their winners in the chat box “+5 on E/J”, things like that. Rarely does anyone seem to lose!

    With that said, the logic between the trading set ups is sound – it is just rather unexpected. If you can take what you learn from the service and incorporate it into your own trading style then you might gain from it if you are prepared to work at it. Damon admits the same, and the tone of his Friday newsletters (which have a psychology theme) are about the work that needs to be put in and psychological barriers that need to be passed if you are to become a successful trader. Oddly enough none of this is in the sales blurb on his Ebay ads which seem to suggest you will be earning a grand a week in no time, but never mind. As negative as I might sound in this post, I actually got quite a lot from Piptastic and incorporated some of his teachings into my own trading. Just don’t expect to be churning out profits as soon as you join. There is no free lunch in trading.

    Another thing I have to mention, I didn’t get an e-mail response about an issue I had, despite 3 follow up emails. I was quite surprised at this. Perhaps it was going into his Junk box, I don’t know.

    mcartz

    05-Feb-2011

    I have been on the piptastic course in jan 11 and found the 12 on it a good mix from novice to experienced traders.

    I learnt 1 method on the course which was well worth the cost of the course.I have been trading a number of years and wanted to improve my success rate.

    Its far better to aim for a lower number of pips and just compound your £ per pip i’m happy with 20 pips a day and do not feel the need to sit and watch a screen all day.I’m also looking to do swing trading from the liveroom as it has a good success rate using compounding on my other trading account.

    mcartz

    13-Apr-2011

    The Dvd set is has same coverage as the course i went on.Damon also covers all aspects of trading.Its very much giving you a wide choice of weapons to use and letting you find the method your happiest trading. I like support and resistance which are usually around pivots or 00 or 50 levels, i do use bollinger bands with alarms set at possible entry levels. I trade at anything from £5 to £20 per pip with a 22 stop and once i achieve my daily target of 20 pips stop for the day. Depending on how trade goes i exit from 5 to 20 pips.On a daily basis it means that i may have to take 5 trades as cannot improve on 73% success rate.

    I don’t have the time as a full time ebay powerseller to watch the computer all day.I feel that piptastic helps beginners to experienced traders to hone their skills. Taking into account the 100’s of exaggerated claims from others , i believe that to aim for 10 pips a day and compound as is recomended is a far safer way for newbies to learn trading. This and other review sites do a sterling job of steering newcomers from buying worthless systems.

    mcartz

    05-May-2011

    Further to my earlier comments i agree that Damon’s style is to enthuse would be traders .On the course he went into  great detail regarding bollinger bands and stochastics as i wanted to improve my understanding of their use in my daily trading. He will answer any question in depth if requested on the course. As the cost of the course is 1 days profit i thought it very reasonable.However, if i was a beginner with a small bank I would treat myself to the 2 dvd set and use it as a starter kit. They can then hone their skills by reading further and finding a trading method that suits their personality. Unfortunately, there are plenty of rip off peddlers of making your fortune without any kind of knowledge sites that play on  the greed or the plain gullible. Your review site is a good place as to where and what is reasonable value or to find out about the scams.

    ReviewTeam

    14-May-2011

    Thanks for your update and kind words, much appreciated.


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    #1269

    conorob
    Participant

    hi all,

     

    i see damon is still in business with piptastic.

    2 questions –

    why did SFT quit using piptastic in their portfolio?

    anyone still using it and how is it performing?

     

    many thanks !

    C

    #1270
    ReviewTeam
    ReviewTeam
    Keymaster

    Hi conorob – We do not really have a “portfolio” but we do have a Systems/Services We Use list – Piptastic was never on this list because it is not something we use so not sure to what you are referring here – The author and his products do, as per our review, have our respect.


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