Richard Hill Forex Net Trap

[peterf1966]

Hi all. I`m new to the forum and have just started using the net trap. Lost out this morning because for some reason ig index kicked in the stop loss 3 pips below my level, not sure why, does anyone know? my entry at 6.30 XXXXXX was going down, was 14693 minus the 2pips spread so 14691. With the 30stop limit loss that should of been 14721, it stopped at 14718?
, have missed something? Regards Pat

Hi Pat, and welcome.

Yes, have a read back over the last few pages of the forum this morning, it's all been about this.

The two pips you take off the low, are not the spread btw.
When you placed your sell order, you sold at bid price. When you come to buy at 8.30 you buy at the ask price. The difference is 3 pips, and that is IG's spread (their commission, if you will - Notice when you sold, you automatically were on -3 pips profit) - also have a look through the manual again.

 

[peterf1966]

Today was my second day of traiding and I came out with 21 pips. So far so good but i think todays luck was only because i set the order to sell at 14692.5.

Following the rules of NT, the lowest point of the 6:15 candle was 14694.5. As I understand it, this should be rounded off so would become 14695, less 2 pips = 14693. What I am not understanding is where the entry point that many of you had of 14691 comes from and would be very grateful if someone could explain.

Am new to this, so please be gentle with me.
T

Yes, it looks like you set your chart to mid price, and not bid price. IG index settings can be saved, but not the price indicator, this should be set to 'bid' every time you open the chart, according to NT.

Another serendipitous mistake that newbies make, I did the exact same thing in my first week.

Here's a question...on 'sell' days, might it be best to leave the chart on mid price, and take two off the 6.15 candle as entry - that would be equivalent to settting the SL to 33 that we've been talking off this morning, wouldn't it?

 

[tjw]

did you have your chart set to bid price?

I set up my chart by following Richards book, and then I opened my deal ticket and set it to sell at what I thought was the correct lowest point of the 6:15 candle. This my be a stupid question in your eyes, but is that what you mean by setting the chart to bid price? I noticed this same problem on Monday. I came out with 50pips, but had a different entry point to everyone else.

I have read the manual over and over, but cant figure out what I have done. It will probably be very simple but I just cant figure?!

Really very grateful for your help.
T

 

[tjw]

Yes, it looks like you set your chart to mid price, and not bid price. IG index settings can be saved, but not the price indicator, this should be set to 'bid' every time you open the chart, according to NT.

Another serendipitous mistake that newbies make, I did the exact same thing in my first week.

Here's a question...on 'sell' days, might it be best to leave the chart on mid price, and take two off the 6.15 candle as entry - that would be equivalent to settting the SL to 33 that we've been talking off this morning, wouldn't it?

Its good to know I am not the only one to make this mistake. How do I set my chart to bid price? I know, another simple newbie question!?

 

[peterf1966]

Its good to know I am not the only one to make this mistake. How do I set my chart to bid price? I know, another simple newbie question!?

You know, I just just checked the manual myself - it's not in the manual, as far as I can see - the screen shots are cut off just under where it is - but it is in RH's Monday updates under FAQ's - question 1!!

1. Do you use the Bid, Mid or Ask price chart on the drop down menu?

Set the drop down menu for the Bid price chart.


Open your GBP/USD chart - in the top left corner you will see the 'Bid/Ask selector - change this to 'bid' every time you open the chart, it does not get saved in your settings.

And this is why every newbie uses mid price, it defaults to it on IG, and the manual says nothing about it!

 

[tjw]

You know, I just just checked the manual myself - it's not in the manual, as far as I can see - the screen shots are cut off just under where it is - but it is in RH's Monday updates under FAQ's - question 1!!

1. Do you use the Bid, Mid or Ask price chart on the drop down menu?

Set the drop down menu for the Bid price chart.


Open your GBP/USD chart - in the top left corner you will see the 'Bid/Ask selector - change this to 'bid' every time you open the chart, it does not get saved in your settings.

And this is why every newbie uses mid price, it defaults to it on IG, and the manual says nothing about it!

Thank you so much. I will look in the morning to make sure I come out the same as everyone else. I wonder if Richard knows about this not being in the manual, cause its an important part of the process.

Thanks once again
T

 

[BigBrassBalls]

I've had a titful of this limited risk account ********. IG can f*ck off!

 

[peterf1966]

I've had a titful of this limited risk account ********. IG can f*ck off!

I started with ETX just to get the £250 offer, but I'm sticking with them, and will only use my IG account on days where I have to go out in the morning, just so as I can use the IG mobile app. to close out.

 

[stevepatt]

Anyone reading through todays posts would have all the detail they need to work out Net Trap right down to the MA number, whether to set the chart to bid,ask or mid price and enrty level below or above the entry candle.

It's a shame I didn't find this forum before I could have saved myself £247.00.

 

[mark120169]

Anyone reading through todays posts would have all the detail they need to work out Net Trap right down to the MA number, whether to set the chart to bid,ask or mid price and enrty level below or above the entry candle.

It's a shame I didn't find this forum before I could have saved myself £247.00.

Agreed. I keep trying to police the MA figure but it keeps slipping through with newbies asking questions and then "worse" by experienced guys replying to these posts and duplicating the MA again.

Getting tired now. One more round of PM's to offenders tonight to edit posts then I may give up if it happens again.

M

 

[Melb]

Agreed. I keep trying to police the MA figure but it keeps slipping through with newbies asking questions and then "worse" by experienced guys replying to these posts and duplicating the MA again.

Getting tired now. One more round of PM's to offenders tonight to edit posts then I may give up if it happens again.

M

Maybe an idea to get offenders to edit their posts and either remove key information or change it to bogus key information...

 

[Denman]

What did you enter at Denman? And what was your stop loss, 30 or 33? And which company are you trading with?

Hiya BigDunc, my entry was slightly different to others. I use igindex. At about 06:26hrs I place 'MNT' then I place NT. I can only guess that my entry was placed way ahead of time? So, when EXACTLY do TRUE TRAPPERS place their entry - 0630 0n the dot - a little before or after?
Thanx

 

[mark120169]

Maybe an idea to get offenders to edit their posts and either remove key information or change it to bogus key information...

This is what I do. About 90% of my PM's are to offenders with polite requests. To be fair all have obliged so far.

M

 

[mark120169]

Hiya BigDunc, my entry was slightly different to others. I use igindex. At about 06:26hrs I place 'MNT' then I place NT. I can only guess that my entry was placed way ahead of time? So, when EXACTLY do TRUE TRAPPERS place their entry - 0630 0n the dot - a little before or after?
Thanx

Mine are set up ready to submit between 6.25 and 6.29am. If no change to the high / low or MA at the open of the 6.30 candle I hit "submit". If a change to entry has happened I adjust and hit submit within about 15 seconds.

Never had to enter "live" to market so far yet.

M

 

[Denman]

Mine are set up ready to submit between 6.25 and 6.29am. If no change to the high / low or MA at the open of the 6.30 candle I hit "submit". If a change to entry has happened I adjust and hit submit within about 15 seconds.

Never had to enter "live" to market so far yet.

M

Ok, so it looks like I am entering b4 the 0630 point - by about a minute! I think for now I will carry on like this while I am still trialing with pennies
Thanx for yr replies

 

[SA Trader]

Hi all. I`m new to the forum and have just started using the net trap. Lost out this morning because for some reason ig index kicked in the stop loss 3 pips below my level, not sure why, does anyone know? my entry at 6.30 , was 14693 minus the 2pips spread so 14691. With the 30stop limit loss that should of been 14721, it stopped at 14718?
, have missed something? Regards Pat

I you read back a couple of pages you will see this has already been covered & explained in detail...

 

[SA Trader]

Today was my second day of traiding and I came out with 21 pips. So far so good but i think todays luck was only because i set the order to sell at 14692.5.

Following the rules of NT, the lowest point of the 6:15 candle was 14694.5. As I understand it, this should be rounded off so would become 14695, less 2 pips = 14693. What I am not understanding is where the entry point that many of you had of 14691 comes from and would be very grateful if someone could explain.

Am new to this, so please be gentle with me.
T

Please check your chart again (if using IG) as it should read low of 14693 - 2 = 14691 entry point

 

[SA Trader]

Agreed. I keep trying to police the MA figure but it keeps slipping through with newbies asking questions and then "worse" by experienced guys replying to these posts and duplicating the MA again.

Getting tired now. One more round of PM's to offenders tonight to edit posts then I may give up if it happens again.

M

Keep up the good work Mark...protect our investment

 

[greenraiderskee]

Hi all, sorry about my post earlier, was`nt thinking. Regards Pat

 

[SA Trader]

Hiya BigDunc, my entry was slightly different to others. I use igindex. At about 06:26hrs I place 'MNT' then I place NT. I can only guess that my entry was placed way ahead of time? So, when EXACTLY do TRUE TRAPPERS place their entry - 0630 0n the dot - a little before or after?
Thanx

Denman,
Its difficult to place the order before 6.30 if the market is moving in the same direction as the MA suggests and the 6.15 high is close to its closing point, but if the closing point is some way off the 6.15 high, then I usually place it at arounf 6.26...