The following is an attempt to address some Frequently asked Questions related to PipSnipers.

1. What is the room protocol?
   1. The Moderators will not and can not legally tell traders what they should be trading.
   2. The Moderators will come on to the trade room with voice and audibly tell the community that they are watching a certain currency pair and that they are considering placing a trade. This is the alert to the community that they should have an order up in their trade station (should they wish to follow along) and ready to execute.
   3. Traders should pay very close attention to what the Moderators are saying as they announce that they are getting close to entering a position… which currency pair is being studied… which direction (Long = Buy…Short = Sell).
   4. Once the Moderator has entered a position, they will make a statement verbally something like:      

                                                               i.      We have entered Short G/U at 1.9999

                                                             ii.      That is the extent of a trade call… once this has been verbalized the trading community should wait for any additional verbal communication as to the status of the call.

                                                            iii.      IF the moderators are quiet and not talking in the trade room, this is because they are analyzing the trade, it does NOT mean that they are no longer interested in the position, quite the contrary. Since the moderators are telling the trading community what they have just done with THEIR money, they are watching very intently and will definitely verbalize their thoughts on the position as well as any action that they take. Be patient and wait for further instruction.

5. Once the Moderators have entered a position, CHAT typing in the room should be VERY limited if not stopped. The acceptable chat is that of new members coming into the room to catch up on what (if any) current positions are active.
6. ANY chat that questions the validity of the trade is NOT ALLOWED. Any opinions that differ from that of the current position are to be kept away from the chat stream. This is a VERY important issue in that ANY external influence injected into the Moderators thought process about the condition of the trade can (and has) negatively affect the Moderator. This external pressure has the potential to disrupt the thought process of the Moderator to prematurely exit a position. The Moderators are trading their own money and have years of experience in this business. The community must trust their skills and instincts if they wish to follow along with the trades.
7. IF the moderators mention a target for exit or re-entry, the community should attempt to match if they have decided to enter the trade. The Moderators should NOT be pressured to quote target prices, the community is better served to follow their actions if desired to learn from them.
8. Traders should become familiar with trading language. New traders are encouraged to visit http://www.babypips.com to become familiar with the verbiage that will be used in the room.
9. Profanity or other vulgar language that is obviously offensive WILL NOT BE TOLERATED. Any violation will result in the trader committing the offense being banned either for 1 month or indefinitely at the sole discretion of Kinn and/or Jason.
   
    

2. I just got into the room, how can I find out if the team has any open positions or status of any positions?
   1. Asking in the chat stream is acceptable. When coming into the room it is OK to ask if there any working trades.
       

3. Is there any guarantee of number of pips to be made each month?
   1. PipSnipers can not guarantee results from their trade calls.
       

4. What currency pairs do the Snipers trade?
   1. The primary currency pairs that are traded by the Moderators are:

                                                               i.      GBP/USD – also referred to as GU

                                                             ii.      EUR/USD – also referred to as EU

                                                            iii.      USD/JPY – also referred to as UJ

                                                            iv.      EUR/JPY – also referred to as EJ

                                                              v.      GBP/JPY – also referred to as GJ or PJ

                                                            vi.      GBP/CHF – also referred to as GC

5. What strategy are the moderators using and will they share it with the community?
   1. The moderators are under no obligation to share their methods, chart indicators, or system setup with the trade community.
   2. There will be times of training and further education to the community, however the primary mission of PipSnipers is to execute trades and share those executions with the community.
   3. Any training is while markets are slow and based solely on the discretion of the moderator.
      
       

6. What are the Stop Loss and Take Profit of each trade?
   1. The Moderators will call exits on profitable and non profitable trades. If traders in the community wish to follow along they will be best suited to follow these calls. In the event that unforeseen circumstances present themselves, ALL traders are urged to set a maximum emergency Stop Loss. Keep in mind that proper money management should be used to calculate each trader’s maximum loss per trade. Suggested Stop Loss settings are as follows:

                                                               i.      GJ = 50 to 70 Pips (plus spread)

                                                             ii.      EJ = 40 Pips (plus spread)

                                                            iii.      GU = 40 Pips (plus spread)

                                                            iv.      EU = 40 Pips (plus spread)

                                                              v.      UJ = 40 Pips (plus spread)

                                                            vi.      GC = 50 to 60 Pips (plus spread)

 

7. What are the recommended risk and money management and how is this calculated? 
1. Money management is the total amount of money that the trader is willing to risk on any given trade.

                                                               i.      For any given entry in the market the trader must pre determine the risk / reward parameters that the trade presents and calculate their own comfort level. When calculating the risk for any given trade the emergency stop losses above should be consulted. For example:

1.       For a $3000 account if you place a trade with 3 mini lots ($3 per pip) and you have an emergency stop loss of 40 pips you have prepared yourself for a maximum loss of $120 which is 4% of the account.

2. Risk management is the total amount of money that the trader is willing to risk at any given time for total of all positions that are active.

                                                               i.      This value is the total amount that the trader has at risk for all combined orders. It is not recommended to have a total risk higher than 4 percent. Once the trader is comfortable with the total risk parameter, the individual trades must be calculated and combined.

                                                             ii.      For example if the trader is willing to risk no more than 5% at any given time, with the example above that trader can only enter 1 position. If additional positions on other currency pairs come up while still in the market with the first entry, this trader must have the discipline to NOT enter the 2^nd trade. 

8. Can I make trade calls in the room?
   1. No one is to make any trade calls in the room other than the moderators. IF a trader feels like he is qualified to make trade calls please see the next question and submit required documentation to PipSnipers for consideration to be a moderator.
       

9. What credentials are required to be a Sniper (Moderator)
   1. The founding Snipers Kinn and Jason are seasoned traders with years of experience and are the decision makers on all future Moderators to be allowed to make trade calls in the trade room. The criteria for any moderator are as follows:

                                                               i.      Proven track record of trading that can be documented with broker statements that must meet the following.

1.       6 months of consistent profitable trading.

2.       Must be all done on a live account.

3.       Must have a consistent average of 85% or higher positive trades.

4.       Must exhibit disciplined money management to prove that loosing trades are within no worse than 1:1 risk reward ratio. This means that loosing trades can not be realized at a much greater pip value than winning trades once averaged.

10. What times are the Snipers (Moderators) here?
    1. There are currently 4 moderators on the Sniper team. At the time of this writing there are 2 snipers (Jane and Clint) that have met the criteria to become Moderators as well as the 2 founding Snipers (Kinn and Jason).
    2. At the time of this writing, Kinn and Jason will make the majority of the trade calls until such time that they feel that the new Moderators are comfortable making the trade calls to the large community of traders.
    3. All moderators typically work behind the scenes to collaborate on trade calls before verbalized.
    4. The moderators are available to the trading community to make calls during each of the following trade sessions. During these sessions the moderators may be available for only the beginning of the session for a couple of hours, or through the entire session depending on the market conditions. Market opening times are:

                                                               i.      Asia: 7pm EST

                                                             ii.      London: 3am EST

                                                            iii.      New York: 8am EST

11. How are the trade results documented?
    1. Previous trade results can be found here.  http://www.pipsnipers.com/trades
    2. Once trades are closed, the moderators will survey the trading community to come to a general consensus of what the average results of the trade was. The results page will reflect true chart pips and are represented as “post spread” results without commission.
        

12. What Forex Broker is recommended by PipSnipers?
    1. PipSnipers is not affiliated with any brokerage firm and as such makes no recommendation of same.
    2. Many brokers offer fixed spreads and little or no commission. Using these brokers, the trader may find that it is difficult to match the results that are posted by the moderators.
    3. It is recommended that all traders perform due diligence and trade with a broker that offers tight spreads and fair commission. Brokers that offer greater liquidity and low variable spreads give the trader a much greater chance of success.
        

13. How much will the subscription be once the free trial ends on Feb 29^th 2008?
    1. Subscription rates are available on a Monthly, 6 month, and annual rate. Additional details can be found here..
       Subscription Rates