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Systems For Traders | Snapback FX Review – Alex Ong

Snapback FX Review – Alex Ong

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This topic contains 2 replies, has 2 voices, and was last updated by  Rainmaker 3 years, 11 months ago.

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    Snapback FX Review – Alex Ong

    Click below to visit the website

    Key Info

    Publisher:  Agora
    Cost:  £47 with a 60 day money back guarantee
    Review Date:  January – March 2012

    What It Says On The Website

    This product was taken off the market at the end of 2011 only to be back on sale whilst we were still nursing our New Year hangover. So, as promised, here’s our formal review, which we started at the beginning of the year.

    On the website there is a short video before some performance figures are mentioned; £4,368 could have been made between January and November 2010 with another £2,574 between January and June 2011. This is based on “just £1 trading”. Now, what’s the point in that, “just £1 trading”? It is meaningless – There is no mention of risk whatsoever. If the Stop loss for example is 3,000 PIPs and risk is 2% per trade it means the return over 18 months is about the same as sticking your money into some short term government bond. If the Stop loss is 20 PIPs then the return is excellent to say the least. Obviously, £1, £5 and even £10 trading are also referenced but for now our rant over – We made our point, “£1 (or any other value) trading” is a meaningless statement unless put into perspective.

    The system itself has been designed and is supported by two brothers, Alex and Nicky Ong with Alex seemingly taking the lead. The claim is that it is “simple, easy to follow and no nonsense” and no experience is necessary. Once you know “how to identify the general trend” it’s “as easy as spotting which way an arrow is pointing”.

    Ten minutes a day is all it will take to profit from the “highly specific shape in the charts that behaves like an elastic band”. The technique can be used to profit from all currencies, Euro, Dollar, Pound, Yen, etc. It requires just a 32% strike rate to be profitable and it had a strike rate of 70% in 2010 (on EURUSD).

    Another worthy note on the website is this… Again, it’s related to performance and only once we read the manual where we able to comment. 2% risk per trade is suggested in the manual as is using a Target which is twice the distance of the Entry – Stop, to give a 1:2 Risk:Reward. Based on these facts the £2,800 return on 1 trade “trading at £10” mentioned on the website means that the initial risk must have been 140 PIPs, £1,400. At 2% risk per trade this means one would need to have been trading a £70,000 account. That’s a perspective. Again we apologise if it seems we are being pedantic here but we just feel these points are important.

    We cannot comment on the “exclusive membership” and “trading community” mentioned on the website because we had no reason to take part, perhaps other members who have, can provide comment.

    The system has a 60 day Money Back Guarantee backed by Agora.

    The Material

    The 99 page Snapback FX manual is delivered by Royal mail. The introduction explains that the brothers have over 6 years experience trading Forex and that they are now respected authors and write for many trading publications.

    The mechanics of the system, which is based on the 4 Hour timeframe, are defined; Trend identification, Support & Resistance and Counter trends. Entry and Stop placement are based on a combination of these aspects, the Target, as mentioned, is calculated as twice the distance of Entry – Stop, providing a 1:2 Risk:Reward.

    Almost a final third of the manual is dedicated to Trade examples with some focus on Money management and Psychology, where 2% Risk per trade is advised. The Trade examples are based on trading EURUSD (in 2010) and the results on the website relate to them.

    Additional sections reference the obligatory; opening an account, basic charting and trade placement.

    All in all though, a well put together manual and we had a reasonably a clear Rule base ready within half an hour or so of picking it up.

    The System

    Snapback FX is very easy to set up as no indicators are involved. It’s a simple case of opening up a 4 Hour candlestick chart and applying your personal preferences. We actually added a 60 period Moving average, for no other reason other than to assist Trend identification.

    The primary aspect of this system is identifying then the market is trending with the secondary aspect being to identify a Counter trend. Entry is largely based on the Counter trend and the Stop is based on recent Support and Resistance. This Stop calculation is pretty much 100% mechanical as is the Target. The latter is based on the Entry and Stop, it is calculated as Entry – Stop (for a Long) or Stop – Entry (for a Short) multiplied by two.

    The discretionary aspect of this system is the Entry. It is discretionary enough for us to disagree with a number of the Trade examples in the manual and also for us to identify many others not marked as trades (mostly losing trades). Beginners will possibly struggle with some of the concepts or at least end up a little confused at some of the Trade examples, as indeed we were.

    Can It Work

    The authors mention that they trade the system at 06:30 so we decided we would do something similar. As the system is based on the 4 Hour timeframe we chose to trade just before the close of the 03:00 candle on our charts, so this meant we traded just before 07:00 UK time every day.

    We traded EURUSD as it’s the main focus of the manual and historic results. Additionally, because the literature mentions that the system works on any currency and to provide some diversity, we also decided to trade GBPUSD.

    We ran this system for 10 weeks from 9th January 2012 and our results follow:

    · Time period / Time-frame = 10 weeks / 4 hour
    · Time Traded = 07:00 UK time
    · Risk Per Trade = 2.00%
    · Number Of Trades / Winners / Losers = 6 / 0 / -6
    · Percentage Of Profitable Trades = 0.00%
    · Average Winning / Losing Trade = N/A / -2.00%
    · Profit Factor (Gross Profit / Gross Loss) = N/A
    · Largest Drawdown = -12.00%
    · Average Per Month Return = -4.80%

    · Time period / Time-frame = 10 weeks / 4 hour
    · Time Traded = 07:00 UK time
    · Risk Per Trade = 2.00%
    · Number Of Trades / Winners / Losers = 10 / +3 / -7
    · Percentage Of Profitable Trades = 30.00%
    · Average Winning / Losing Trade = +4.00% / -2.00%
    · Profit Factor (Gross Profit / Gross Loss) = 0.86
    · Largest Drawdown = -8.00%
    · Average Per Month Return = -0.80%

    That’s 6 straight losers for EURUSD over a 10 week period and just 3 out of 10 for GBPUSD. It meant a loss of -12% and -2% over the same period for EURUSD and GBPUSD respectively.

    In hindsight we observed that we may have improved on this performance if we had not been rigid and stuck to the 10 minutes each day at around 07:00 UK time. This is because at times, as the charts moved, we would have perhaps gotten better entries and thus better stops and targets.

    In addition, we feel we should make it clear that our results are based on our interpretation of the manual and thus our discretion on Trend and Counter trend definition. As we mentioned, in many instances, we disagreed with Trade examples in the manual so perhaps we were simply destined not to make the 32% strike rate this system needs to be profitable.

    Some may wish to have a look at this system as it requires little effort and a low strike rate due to its 1:2 Risk:Reward. We feel we have given it enough commitment for now.


    We had no reason to contact support so cannot comment.


    • Easy to set up and trade.
    • 10 minutes a day.
    • Good Risk:Reward.
    • Less than 25% the price it used to be.

    • Entry is too discretionary and we believe success will be based on ones discretion.

    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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    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



    The two brothers will be setting up a new, enhanced system and will charge £30 a month, probably from May. My impression is that the earlier low price was just a way of attracting customers for other, more lucrative things.



    Thanks for the information which we are sure is appreciated by the community, we were not aware of this so apologies we missed it – Perhaps those who participate will provide updates.



    I totally agree with the above comment and was very dissapointed to be cut out unless paying the monthly subs.

    I appologise if i’m wrong but can’t help feel that we were just invited to join the original format knowing that all along the intention was to move to a paid subscription.What i can’t grasp is if these guy’s are such successful traders why do they need to do that, unless they really think the average person can afford such a committment, bearing in mind that a majority of the original subscribers were interested only part time trading.



    Thanks for this useful update which we are sure will be of interest to all that were looking at buying into this system/service – Hoodwinked perhaps!



    I purchased Snapback FX at the reduced price and came to the same conclusion as your review. It leaves much too much to the individual traders discretion. The weekly webcasts were informative and given that I had access to these I do not think that the total package was poor value.

    Members can post and subscribe to threads like this one

    And also receive an email every time we post a new review

    Click HERE to register for FREE



    If these guys have all of these systems that make so much money for them, why are they continuously flogging stuff to mug punters? I have sampled a couple of them to test whether there is any substance (always making sure I return them within 30 days for a refund) and have nothing of any substance. Just avoid!

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