Is PipJet a Scam?

[ACE]

Okay so if you haven't heard about the hot new EA called PIPJET you have been living under a rock.

It's supposedly the best scalper for USDCAD ever, and it's created by the MegaDroid bot makers.

So PIPJET.com promises to deliver results, but as usually I'm skeptical. Let's turn this thread into a review of PipJet.

[tab]

PipJet seems to be for real, I mean megadroid was a huge seller, 40,000+ customers couldn't be wrong but nothing lasts forever, so at least we know Pipjet can make a difference for you.

[DickP]

PipJet's official warning:

No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading.

[cancun3]

I tried it... Pip Jet takes no trades.... I keep getting an error PIPJET INPUTS: GMTOFFSET=0; S1_REFERENCE=74123; S2_REFERENCE=32147; TOPPADDING=20; SLIPPAGE=3; LOTSIZE=0.1; RISKLEVEL=0.2;"

[cancun3]

Another error from pipjet is "USDCAD.m1: dll calls are not allowed; 'PipJet.DLL'-'Decrement'

What the heck does that mean? I don't see anything on the pipjet support site to help me!!!

[cancun3]

I put the PipJet.dll in the libraries folder like the manual says but I keep getting these errors when trying to backtest PipJet.



2012.06.30 13:53:56 2012.05.09 23:59 PipJet USDCAD,H1: expert stopped
2012.06.30 13:53:56 2012.05.09 23:59 PipJet USDCAD,H1: dll calls are not allowed; 'PipJet.dll'-'Decrement'
2012.06.30 13:53:55 2012.01.02 09:00 PipJet USDCAD,H1: expert stopped
2012.06.30 13:53:55 2012.01.02 09:00 PipJet USDCAD,H1: dll calls are not allowed; 'PipJet.dll'-'Increment'
2012.06.30 13:53:55 PipJet inputs: GmtOffset=0; S1_Reference=74123; S2_Reference=32147; TopPadding=30; LeftPadding=20; Slippage=3; LotSize=0.1; RiskLevel=0.2;

[Mike]

You need to go to your terminal's options and enable DLL's.

[cancun3]

Thanks, at least the tests run now, but I get no results, pipjet takes no trades...

honestly they're calling Pipjet the greatest EA in the world but for me it won't even take a single trade.

[Rhjd8]

I tried decompiling this pipjet EX4 to mq4 to see how it works and they encrypted it too good. I think PipJet is a breakout system, why else would it care what time zone your broker is in? obviously its not based on any other indicator, but price and time... so I think its just a breakout bot.

[trade_forx]

I'm sorry but I think most of these EA's on Clickbank are scams. Just because they have support and stuff doesn't make them profitable, their own warning and risk disclaimers tell you as much... there's 90319230912 characters of text and none of which tell you how PIPJET actually works.

Show me how PipJet works and I wont be calling Pipjet a scam!!!!

[mikeyjerou]

http://www.zimbio.com/Forex+Trading/...t+com+Scam+Not
Check that out, pipjet review..

[Dannyfx]

http://www.zimbio.com/Forex+Trading/...t+com+Scam+Not
Check that out, pipjet review..

I thought Megadroid has been around since 2004?

The Megadroid Forex team gets ready for the release of the Pip Jet 3 years after the first FX robot was produced.

[Dannyfx]

I put the PipJet.dll in the libraries folder like the manual says but I keep getting these errors when trying to backtest PipJet.



2012.06.30 13:53:56 2012.05.09 23:59 PipJet USDCAD,H1: expert stopped
2012.06.30 13:53:56 2012.05.09 23:59 PipJet USDCAD,H1: dll calls are not allowed; 'PipJet.dll'-'Decrement'
2012.06.30 13:53:55 2012.01.02 09:00 PipJet USDCAD,H1: expert stopped
2012.06.30 13:53:55 2012.01.02 09:00 PipJet USDCAD,H1: dll calls are not allowed; 'PipJet.dll'-'Increment'
2012.06.30 13:53:55 PipJet inputs: GmtOffset=0; S1_Reference=74123; S2_Reference=32147; TopPadding=30; LeftPadding=20; Slippage=3; LotSize=0.1; RiskLevel=0.2;

Did you get PipJet to take any trades on any live charts?

[Mike]

I took the plunge to see if PipJet was worth the $97 today. I tried putting it on a chart myself but am getting a "Authentication Failed - Error(160)" "Unable to retrieve authentication code" error. So I will contact the MegaDroid/PipJet support team and see if they can fix it. After that you can expect some honest reviews from me on this subject as always.

[tab]

How many lots does PipJet commit you to?

[Mike]

I don't think it's a simple breakout system like you said, it is quite more in depth than that but the bot is well encrypted so who knows exactly what is going on behind the scenes when it takes trades. But from their own site they say:

There are 3 tools, developed in-house by us, that the robot uses to determine the ‘reliability’ of the price channel - the objective being to identify a high probability that price will not deviate from the established range by more than 30% for at least 4 hours:

Tool A - Price Action Indicator (PAI). This indicator produces a proprietary ratio of price rate of change and pip range. A trade will not be entered if the PAI reading is below 30.
Tool B - Mean Deviation Index (MDI). It’s important to know that price doesn’t stray too far from the center of the range for prolonged periods. This indicator provides a reading between 1 and 70 - anything below 40 results in no trade as it means that price has been persistently on one side of the channel and there’s a high probability of a strong breakout.

Tool C - 1-Minute Close Method. This is a very simple, yet very powerful, leading indicator. If 3 or more 1-minute bars close 5+ pips above or below the established channel (from step # 4), it means that there’s a high probability of a breakout and no trade is taken.

If a trade is abandoned based on the readings of these indicators, the strategy reverts to step #3 and the process begins again.

If all three indicators are in line, the robot proceeds to enter a trade.

Trade Entry

Based on our proprietary indicator, which is a combination of RSI, CCI, Parabolic SAR and Fibonacci levels:

BUY - Indicator is at 300 or higher
SELL - Indicator is at 200 or lower

Suffice to say in the back tests I ran I wasn't too impressed that we only earned $3000 in 5 Months by trading 10 lots or more at a time. But I am running a walk forward test of PipJet so we'll see if the backtesting is reliable or at all in line with the real time market. There's only a few basic settings, some just true/false about how aggressive or conservative you allow the bot to be. Even with setting the lot size to .1 it trades 5+ lots in the back tests which is strange.

[DickP]

I don't think it's a simple breakout system like you said, it is quite more in depth than that but the bot is well encrypted so who knows exactly what is going on behind the scenes when it takes trades. But from their own site they say:

Well at least Pipjet is 100% accurate, who cares about the lot size...

[Niccollo]

**** pip jet, anyone falls for this marketing ploy i have no regrets for you

[bear]

**** pip jet, anyone falls for this marketing ploy i have no regrets for you

Well there is alot of people using it and promoting it for some reason

[pipsbuster]

The PipJet team has released an update this week, I'll be interested to try it out. Below is the full text of the mailing they sent out:

-----------------------------------------------------------
PipJet Robot Version Update - v1.01 Released

Almost double the number of profitable trades!
------------------------------------------------------------


When we launched PipJet about three weeks ago, we went
to great lengths to explain why you'd want to join our team
and put your trust in our product.

We particularly wanted you to know that you'd have a
dedicated team behind you - that you'd never be left
fending for yourself, and that your interests would be our
number one priority.

Well, nothing has changed in that respect - we always
deliver on our promises!

Since launching PipJet a few weeks ago, we've looked at
how the system performs "in the wild" and our development
team has now had the chance to look specifically at how the
system performs across a wide range of brokers and across
many, many accounts at each brokerage.

The result of that research is an update that we KNOW will
enhance the performance of PipJet immensely. In fact, it
will almost DOUBLE the number of profitable trades made.

We've said this before and we'll say it again:

Building a Forex robot is not just about predicting exactly
how the market will behave over the long run. Market
conditions change, currency behavior changes and the
general trading environment changes.

That's why it's so important to issue updates to robots - so
that they're able to cope with these changes. And that's
what we'll CONTINUE to do when circumstances dictate.

So...

You can download the new version of PipJet, which will
almost DOUBLE the number of profitable trades, by going
here:

http://www.pipjet.com


This update includes the following:

A. SecureProfit

The system has now been adapted for cases of "lower than
expected" volatility during market opening. In this event,
half of an open trade will be closed with 5 pips profit which
will result in substantial gains and decrease risk at the
same time, since only half of the original trade can
potentially end up negative from that point onward.

This addition to PipJet's trading logic also considerably
decreases the number of break-even trades.


B. ConsiderCommission

The robot will consider broker's commission as part of the
break-even calculation, thereby preventing trades from
closing with a zero gross profit but a net loss due to the
commission.

Our own testing has shown that this approach neither
worsens the trading results nor afects the precision of
trade closures.


** These two updates to PipJet's trading strategy will
secure you:

1) More trades, and

2) More profitable trades!


Get your new Pipjet version by going here:

http://www.pipjet.com


Now...

A note regarding the current market conditions.

The past couple of weeks have been rich in events and
government data releases which has temporarily affected
the normal market volatility that PipJet was built to exploit.

This is VERY NORMAL and very transitional situation. In
other words, it's ging to happen from time to time, so
simply let the market regain the required volatility and
PipJet will then get back to its normal self.

Over the past 2 years, we've actually seen this happen a
few times. In fact, if you look at our 5 live account
statements, you'll notice periods of less frequent trading
and periods of higher frequency trading too - again, it's
perfectly normal.

Please remember, what matters most is:

1. The LONG TERM results of a robot
2. SAFE, LOW RISK trading, i.e. small, very infrequent losses
3. Adaptation to new market behavior

PipJet's been a star in all three of these KEY areas, and we
guarantee that it'll continue this way for a very long time.

It's VERY easy to create a robot that exploits a short-term
market condition (you've seen these robots – those that
place 20-50 trades per week and seem to be a trader's
dream... but then fall apart when the short-term market
conditions change!).

But, it's HARD to create a robot to will be consistent for
YEARS to come, and that trades steadily, profitably, and
with very small losses over a long period of time.

That's exactly what we offer our clients – steady, long-term
wealth building... no matter what market conditions are like
over the long run!

Look at your trading account deposit for what it is - your
HARD-EARNED money!.. and remember that the most
important thing in trading is protecting that deposit.

We've always been pro "safe trading", and that's what our
products are all about... SAFE and CONSISTENT gains, and
our first priority is taking your hard-earned money into
consideration.

PipJet can generate high gains for traders using it because
it adheres to the most important rules of trading:

Rule #1: Protecting the trader's equity, and
Rule #2: Growing that equity as quickly as possible WITHOUT
ignoring rule #1!

We'd like to end this email by reminding you that we'll always
be in contact regarding PipJet's performance, important updates,
and to address any other issue to ensure that PipJet remains
profitable long into the future.

Please download your new PipJet version here:

http://www.pipjet.com



Good trading,

The PipJet Team