Richard Hill Forex Net Trap

[stricky1967]

hello, being following this net trap system for a while. Just lost my job. Need to kick the habit of having a lie in and pay the bills. Will this work for me ?

Entirely your call but, I have paper traded from Jan 10, followed by low risk (<1% of available cap) trades from March

results:

Jan: 122 pts
Feb: -27 pts
March: 233 pts
April: 150 pts (1 week)

I am looking for 6-12 months + solid results before trading at 2%, in summary paid for my outlay ten fold so far, but optimistically cautious, early days.

 

[mebkhatri]

thanks , stricky. does anyone know whether this will work for cfd fx contracts . Unfortunately i dont have a fx spreadbetting platform , but have a cfd account with td waterhouse and interactive investor. Only problem i see is that with CFd's they charge a commision as well as the normal spread.

 

[peterf1966]

This morning was an interesting one as I believe technically by the rules of the book (well my interpretation of them!), it was actually a trade - it didn't feel quite right though - I still went for it as am trying to stick exactly to the book during these early days and it turned out to be a good call for once (+40). Has anyone looked at the correlation between more borderline conditions such as this morning and success / failure - the book is quite specific on the conditions which intrigues me as my instincts say that if the line is tending towards being a bit wavery and a bit flat then it seems a bit dodgy, yet even in these conditions it must still make more than it loses else surely the rules would be a little harder in terms of number of pips the MA should rise / fall, consecutive drops etc. etc?? So by not trading on conditions like today are we in fact decreasing the overall potential or simply being sensible in terms of tweaking it for today's conditions?

Also, something I have repeatedly read is that these types of system are usually great for a defined timeframe and then the losses start outstripping the wins etc., when this happens, how many losses in a row do you sustain before calling time?

Yep exactly what I thought this morning but I didn't bother, and I missed out. Still up for the week, so not a disaster, In the bleary hours I couldn't quite remember, but the rule is 2 candles where the MA reverses direction you dont trade.

In the book, it says you should be able to use this for years to come. I'm sure that if it started to fail, you'd know, and if the underlying reasons were long term, Richard Hill would have to tell you?

 

[peterf1966]

thanks , stricky. does anyone know whether this will work for cfd fx contracts . Unfortunately i dont have a fx spreadbetting platform , but have a cfd account with td waterhouse and interactive investor. Only problem i see is that with CFd's they charge a commision as well as the normal spread.

Open one with IG just for this?

 

[Rugby Trader]

In response to Black Swans internet site recommendation check out this basic strategy that was highlighted by Rich

There are lots of these types of basic strategies on the site for beginners that might help those like myself who trying various basic strategy suggestions on demo accounts

http://forex-strategies-revealed.com/simple/20pips-with-GBPUSD-after-midnight

Hope that this helps one or two of you. Many thanks to Black Swan for pointing out this site and also to all the newbies who continue to post their experiences - we all have to start somewhere I guess...

Best wishes all

Sunbeam2010

Hi Sunbeam,

I just looked at this strategy, it looks really interesting, i'll try and see how it would have done over the last couple of weeks on IG's charts. If it looks ok i might try it out with minimum stakes, i'll start a seperate thread if i do.

Black Swan, thanks for the link by the way, I only got to look at it yesterday and there's some amazing stuff on there.

 

[Black Swan]

Hi Sunbeam,

I just looked at this strategy, it looks really interesting, i'll try and see how it would have done over the last couple of weeks on IG's charts. If it looks ok i might try it out with minimum stakes, i'll start a seperate thread if i do.

Black Swan, thanks for the link by the way, I only got to look at it yesterday and there's some amazing stuff on there.

You're welcome bud, as stated up thread they (the strats) all *work*, however, 'tis all about the trader's; psyche, MM, self-discipline...yada...yada...etc...

The system you're all currently using may simply continue to work day after day, year after year, however, at what point do you compound your SB trades to...I dunno...ten quid a pip on the single pair you all play with?

This thread is a few months old and as far as I can see you're all still testing it/playing with pennies, debating whether or not you've had your money back...all a bit pointless in relation to actually becoming a trader.

Hopefully, for some of you, the RH system will have ignited a real interest in trading (beyond putting one on in the early hours) and you can move on/up to making a decent living, or tax free second income from SB. But to be harsh you guys will never make a living and or add to your pension pot using an out of the box/out of the trap scalp system...it'll never happen.

 

[sunbeam2010]

You're welcome bud, as stated up thread they (the strats) all *work*, however, 'tis all about the trader's; psyche, MM, self-discipline...yada...yada...etc...

The system you're all currently using may simply continue to work day after day, year after year, however, at what point do you compound your SB trades to...I dunno...ten quid a pip on the single pair you all play with?

This thread is a few months old and as far as I can see you're all still testing it/playing with pennies, debating whether or not you've had your money back...all a bit pointless in relation to actually becoming a trader.

Hopefully, for some of you, the RH system will have ignited a real interest in trading (beyond putting one on in the early hours) and you can move on/up to making a decent living, or tax free second income from SB. But to be harsh you guys will never make a living and or add to your pension pot using an out of the box/out of the trap scalp system...it'll never happen.

Hi Black Swan

I have no doubt whatsoever that you are right with your advice above and it is always good to hear frank and candid feedback from the pros who have gone through the trials and frustrations of getting into this game

I guess for most of us the key is having a good starting amount of capital to be able to trade with, so that with good money management rules we can take the hit of some losses but not lose faith that forex SB is worth pursuing due to the tax free advantages

That being said (and combined with your feedback above) what would you suggest in terms of moving forward from these primary basic techniques to something more profitable i.e what was your learning curve like? What were the fundamental lessons that you learned?

eg I'm still getting to grips on a demo account as to the best trading set up and time frames - daily plus 5 mins vs 15 mins vs 1 hour etc, what EMAs to use, oscillators etc. Combine this with trying to pick out double tops, bullish and bearish engulfing formations etc and then picking correct rather than false entry and exit signals - it's tricky when you are newbie and have no professional guidance to point you in the right direction -

For the above reasons I think that many newbies with what is relatively speaking (compared to the pros) an obscenely low account balance find it difficult to break into something more meaningful in terms of earnings so they can indeed quit their day job

You appear to be really well informed and experienced from what I've read of you on this thread and you also have pointed myself, Rugby Trader and others to some great online resources so I hope you don't mind me asking but what would you suggest around the following:

What trading set up would you recommend?
What time frames?
What times of the day would you trade (around big news/avoiding big news etc)?

How do all of us get onto the path of some more meaningful earnings without using a "an out of the box/out of the trap scalp system"?

I personally (as I'm sure many others) would welcome any of the advice that you can provide. I'm sure the reason we are all on here is to learn and try to better our own situations which is why many of us are trying to educate ourselves in the evenings, weekends etc - Please give us some tips to push us in the right direction...

All the very best wishes to you and good trading...

Sunbeam 2010
ps for all newbies - www.informedtrades.com offer some great 4-5 minute video tutorials for the basics of trading, charting, basics of forex etc... I hope this helps

 

[adalat]

well said, Black Swan. Systems or methods are only the start. Nothing prepares you for the psychological trauma of putting our hard earned money on the line in this game. Especially when you can see it going up and down right in front of your eyes on the screen. It takes a long time to graduate to a level where you begin to control your emotions and get on with the "BUSINESS" of trading.

 

[barnesan]

Adalat, Black Swan - all sounds very right and yes, thanks for the link Black Swan - much appreciated. I guess that the value of these systems for some of us is giving us a kick in the right direction at the start - they do get you familiar with the initial early basics and if they can help bring a bit of cash in to help fund the learning phase then that's helpful too.

Do you not think that playing with these strategies / systems while simultaneously doing training / learning via Babypips, other websites, reading books etc. is a valid learning plan? From what I've heard it takes years to consistently turn a profit without a bit of help from a known system or strategy. I'd love to think that it could be done in months but want to be realistic...

 

[Bolivian Admiral]

Black Swan, Adalat and any others who are experienced traders, who would be so kind to share the following information with me. How long have you been trading forex? What is your trade size per pip? Do you have a normal 9-5 job or do you trade full time? I am not interested on how much you make a year through forex or even what strategy you use.

 

[peterf1966]

On tax free 'earning' from trading. If you have a 'normal job' your earning are seen as bets and therefore tax free.

If you are trading full time only, and your sole income is that profit, then the taxman might take a different view on it, and want to charge income tax.

 

[adalat]

Hi BA,

I have been trading forex for just over two years. Trading the ftse index for ten years. I trade £10 per pip. I have only got to this figure in the last couple of years. For a better part of my trading i was on £2 per pip, only increasing the stakes at end of year depending on the bank. I am a full time trader. I use numerous strategies which give me an average of 70/80 a points profit a month per strategy. Three of these are, "set and forget" strategies which are put in place at the start of the morning's trading.

I am starting a trading journal next week sometimes on here, which is not to prove that i am trading well but to show how i combine my numerous methods which produce double number pips, but when added up overall at the month, give me my target profit. more on that later. I am not an expert, but i am a very good follower of my rules.

I hope that i have answered your questions.

 

[sunbeam2010]

Hi Peter

Many thanks for your comment re. tax and Spread betting forex, thanks for offering some clarification here on the back of my message to Black Swan

I would of course welcome any more comments from the pro traders on the forum in response to my message below:

Hi Black Swan

I have no doubt whatsoever that you are right with your advice above and it is always good to hear frank and candid feedback from the pros who have gone through the trials and frustrations of getting into this game

I guess for most of us the key is having a good starting amount of capital to be able to trade with, so that with good money management rules we can take the hit of some losses but not lose faith that forex SB is worth pursuing due to the tax free advantages

That being said (and combined with your feedback above) what would you suggest in terms of moving forward from these primary basic techniques to something more profitable i.e what was your learning curve like? What were the fundamental lessons that you learned?

eg I'm still getting to grips on a demo account as to the best trading set up and time frames - daily plus 5 mins vs 15 mins vs 1 hour etc, what EMAs to use, oscillators etc. Combine this with trying to pick out double tops, bullish and bearish engulfing formations etc and then picking correct rather than false entry and exit signals - it's tricky when you are newbie and have no professional guidance to point you in the right direction -

For the above reasons I think that many newbies with what is relatively speaking (compared to the pros) an obscenely low account balance find it difficult to break into something more meaningful in terms of earnings so they can indeed quit their day job

You appear to be really well informed and experienced from what I've read of you on this thread and you also have pointed myself, Rugby Trader and others to some great online resources so I hope you don't mind me asking but what would you suggest around the following:

What trading set up would you recommend?
What time frames?
What times of the day would you trade (around big news/avoiding big news etc)?

How do all of us get onto the path of some more meaningful earnings without using a "an out of the box/out of the trap scalp system"?

I personally (as I'm sure many others) would welcome any of the advice that you can provide. I'm sure the reason we are all on here is to learn and try to better our own situations which is why many of us are trying to educate ourselves in the evenings, weekends etc - Please give us some tips to push us in the right direction...

All the very best wishes to you and good trading...

Sunbeam 2010
ps for all newbies - www.informedtrades.com offer some great 4-5 minute video tutorials for the basics of trading, charting, basics of forex etc... I hope this helps

 

[barnesan]

Adalat - would be brilliant if you shared your trading journal along with some notes around the methods you are combining. Would also be great if at some stage you could share something around how you built up your forex trading from when you started to what it is today to help those of us who are starting out. Any advice and insight much appreciated.

 

[toshi]

Wow, it became a very long postings and very interesting topics covers various issues.
A last couple months, I have learnt so many things with a small profit.

Hopefully, for some of you, the RH system will have ignited a real interest in trading (beyond putting one on in the early hours) and you can move on/up to making a decent living, or tax free second income from SB. But to be harsh you guys will never make a living and or add to your pension pot using an out of the box/out of the trap scalp system...it'll never happen.

I have found the idea of "trading" itself is very different. I can learn how and why Netrap system works, but I am not sure this will improve my trading skill itself, which is purely individual expectation, as Black swan said. But I might need to disagree with the latter part for the long term profitability. (Hopefully I would tell in a year time?)

If I let the (proven) system run without my involvements, the fund will increase in long term, (unless EU bails out each country in each month, or British time changed every month, in the case of NetTrap) I even ponder if it is possible to set up an automated trading without my interpretation, feeling, emotion, ambition, second guess, fear, greed and my own trading system (?).

I use numerous strategies which give me an average of 70/80 a points profit a month per strategy. Three of these are, "set and forget" strategies which are put in place at the start of the morning's trading.

adalat, I have a question, you have run a multiple strategics, do you have run them separate accounts ?

I now feel that "set and forget" strategies needs a Fund manager, not a trader. Let the system itself run with markets and I will manage the fund only (increase the odds etc)

I just find another "set and forget" system and would test this , but I have found difficulties to manage multiple trading systems within one account, in terms of cash / risk and my emotion(!) management etc. I am going to setup a separate nettrap only account. I will see the beauty of leveraged profit accumulation hopefully within the world of Nettrap. Then I might "trade" with my "system" with a smaller fund.

Good Day everyone !

 

[stricky1967]

Hi BA,

I have been trading forex for just over two years. Trading the ftse index for ten years. I trade £10 per pip. I have only got to this figure in the last couple of years. For a better part of my trading i was on £2 per pip, only increasing the stakes at end of year depending on the bank. I am a full time trader. I use numerous strategies which give me an average of 70/80 a points profit a month per strategy. Three of these are, "set and forget" strategies which are put in place at the start of the morning's trading.

I am starting a trading journal next week sometimes on here, which is not to prove that i am trading well but to show how i combine my numerous methods which produce double number pips, but when added up overall at the month, give me my target profit. more on that later. I am not an expert, but i am a very good follower of my rules.

I hope that i have answered your questions.

Adalat , I would be very interested in your journal, many thanks for sharing this with us all.

 

[adalat]

Adalat - would be brilliant if you shared your trading journal along with some notes around the methods you are combining. Would also be great if at some stage you could share something around how you built up your forex trading from when you started to what it is today to help those of us who are starting out. Any advice and insight much appreciated.

I will try and add content which may be of help newcomers but I am so sorry friend, i forgot to mention that although i will be posting the live trades as they happen i will not divulge the workings of the methods just yet, perhaps at a later stage. what i will be doing is to show how to have multiple strategies working for you with meager profits but which when combined, give us a healthy monthly figure, instead of going for the big ones. The only advice for now is paper trade/demo trade... when you start out using real money..keep it to the absolute minimum.. absolute minimum.

 

[warrenwatts]

Has anyone noticed these people are all new to these systems and very greatfull for any info from people they do not know - paper traders or cannot even read a simple flip coin book strategy without getting it wrong.

waste of a thread - keep the day job people and £247

 

[warrenwatts]

The so called professionals - when they were - would have made so much money would not need to sell systems - think about it.

They were diluties - no good at anything apart from false impression - dont give them your hard earned cash guys - let them wallow in self pitty

 

[warrenwatts]

Absolute ******** these people!!!!!!!!!!