Richard Hill Forex Net Trap

[missionary]

well, i wish i'd had a cup of hindsight today as not out yet !! Still in for the duration and we'll have to see where it finishes at 8:30, regardless though I am up 50% in 4weeks and 1 day so thats very good. Using nt has given me the best trading i've ever had, consistent and profitable!!!

I know how you feel, and this is why I have changed to splitting the trade. Its often been the case recently that it has spiked often to 20 -22 ish and then dropped off. So having an initial trade at that +20 level does make good sense in the current situation and one can get those 20 in the bag early. It helps one feel smug as the next ongoing trade initially drops 10 pips ;o)

Great thanks go to those with a lot more experience and their lateral thinking on how to modify the 'system' to meet the market. Just as much as I have always advocated respecting support and resistance and also manage the trade and not leave it for 2 hours as the master says !

mish

 

[gbdru2]

BP shares off up like a rocket! All my 3 x 6 month longs now in profit!

M

Did someone say BP??? I bought 5K @344 let me check

 

[gbdru2]

and so they are..... :clap:$$$$$$:clap:

 

[SA Trader]

Out early , took 42 pips whilst they were on offer, still feeling uneasy over this mornings
general direction , going to be an interesting day - good luck to those still in the trade.

Me too - got 36 pips by using a trailing stop...happy to be out with what I got !!

 

[mark120169]

Did someone say BP??? I bought 5K @344 let me check

I got £2.5k worth in my SIPP @ 369, was worried for a bit, but it's looking good now. Also my lowest 6 month long was bought @ 319 ........at £1 pip! lovely.

M

 

[gbdru2]

I got £2.5k worth in my SIPP @ 369, was worried for a bit, but it's looking good now. Also my lowest 6 month long was bought @ 319 ........at £1 pip! lovely.

M

yep these have to be worth 4/5 gbp at anyones money.. oil spill or not

 

[BigDunc]

Out for +29 having swapped to a trailing stop when it was nudging +40. I think I've missed out on a few pips there, but can't complain really.

 

[bombettor]

+38 pips today !

 

[Wagtail]

+37

 

[mark120169]

+37

Ditto.

So okay scaled the trade with TNT , MINT + NT33S.

TNT +47 @ £2 pip.

NT33S +37

MINT +10

£94 / £4 pip 2% mm = 23.5 pips as a scaled trade. I happy with that start.

M

 

[Tanguero]

+31 today.

 

[Denman]

Morning ALL.
Where we have traded, is'nt it 7 days on the trot where we have collected! :clap:
+ 40

 

[Tanguero]

Went long @ 1.4975 SL 20 Target 1.5015.

 

[mark120169]

MNT33S Mini Net Trap 33S Banked again today for July 2010


MNT33S +60 Wins x 6 loss None. Bank Rate July 100%

Sell 15009 Limit 14999 Stop 15042

M

 

[peterf1966]

32.5...so close to 50 as well, but a good start again.

 

[mark120169]

Morning ALL.
Where we have traded, is'nt it 7 days on the trot where we have collected! :clap:
+ 40

Yes July is a corking month so far. I was worried about the tricky level of 1.50 today but the market seems to have no worries breaching it on the way down, hopefully we will not encounter the issuses of late June trying to break it on the way up again. (Assuming this happens of course.)

A nice drop to around 1.47, 1.45 would do now, so all July trading is well clear of 1.50, that caused us the most losses recently.

M

 

[gbdru2]

Went long @ 1.4975 SL 20 Target 1.5015.

you realise gdp figures are out in 30 mins?

 

[Claviceps]

Went long @ 1.4975 SL 20 Target 1.5015.

I admire your confidence- looks like the market wants to rally (higher lows) but is being held back - maybe by the FTSE still sliding south . Some anouncments at 09.30 (UK GDP ect) maybe that will spur things on a little.

FTSE now heading north looks like your rally is on the cards

 

[thelurker1]

Can anyone give an ***simple**** explanation on how I can us trailing stiop on IG Platform.

Liek a How to guide

Looked at thier help guide but still a little confused!

Thanks
Thanks

 

[mark120169]

Can anyone give an ***simple**** explanation on how I can us trailing stiop on IG Platform.

Liek a How to guide

Looked at thier help guide but still a little confused!

Thanks
Thanks

Okay I will make it as simple as possible as I too found the IG guide confusing. The simple expalnation is you have two settings, "Distance" and "Step".

"Distance" is the figure you put in you want your stop to be just like a normal NT order. But as it is a "Trailing stop" it keeps that "Distance" from the current price on a gain +/- , but does not drop if the market turns against you. So locks in profits or limits losses.

"step" is like a notch on a one way ratchet. You set this to what you want the market to travel in your favour before before the ratchet clicks up another notch and locks in profit.

For NT orders above +30 pips after 8am I usually set it to "Distance" = 30 , "Step" = 10.

So for example today. Sell 15009. Once it got to say 14975 (+34) if you have set up a trailing stop on my figures above what would happened after you submit ther ammended order would be the stop would have trailed to 30 pips away from the current price (distance), rounded to the nearest 10 pips (step).

So @ +34 pips (14975) it would mean the trailing stop would adjust 30 pips from 15039 (NT) to 15009. This means the trailing stop has now adjusted you lock in break even.

Now once the market moves another 10 pips as it did to 14969 the 10 pip "step" will click up another notch and move the "distance" trailing stop to 30 pips away from 14969 , so it the stop will become 14999.

This means +10 pips is locked in and even if the market completely retraces to a normal NT loss you will get stopped out for +10 pips.

You can obviously set distance and step to what you like subject to lower limits of the trailing stop but remember the lower thay are, the quicker you may get stopped out if the market bounces back before carrying on in your favour.

It's swings and roundabouts. I don't use it to try and lock in profits to the max as you could often get stopped out too early and the nT carrys on to a bigger win.

I use mine to ensure that after 8am, if we are above +30 I can't go to a loss in the last 1/2 hour and could at least also lock in 10 pips, or hit the max 50 pips.

M