Richard Hill Forex Net Trap

[Ambrose Ackroyd]

Even better then.

 

[Rugby Trader]

Not a good start to week 2 but it was my fault rather than the systems.

My morning routine is slightly out of kilter at the moment and i'm not getting into work in time to be able to close the trade at 8.30 (assuming it has been triggered and hasn't hit the stop or limit)

The trade was triggered at 8.07, by the time I had turned my machine on I had been stopped out at 8.57 for a 30 pip loss.
However if I had been in work at my usual time then I would have been able to close the trade at 8.30 for about a 5 point loss.

Not ideal but better than a 30 pip loss.

Week 1: +13.5 pip profit
Week 2: Mon 22/02: -30pips

I will be in work on time tomorrow! Will trade at 50p a pip rather than a £1 for the rest of the week until I get my morning routine back into synch.

I think I might start keeping a journal on the journals sub-forum rather than clog up this thread.

 

[Rugby Trader]

I did better this morning. The signal was there so I set the trade up, it was triggered a little while later.
I closed out at 8.20, I wasn't going to be at my computer at 8.30, closed out for a profit of 29.8pips. If I had closed out at 8.30 it would have been only 20.8pips profit.

Week 1: +13.5 pip profit
Week 2:
Mon 22/02: -30pips
Tues 23/02: +29.8pips

Looking at the chart now, there was a huge fall in cable not long after, wish i knew how to get in on trades like that.
Currently going through the first steps thread, educate, educate, educate. Hopefully i'll be able to stand on my own two feet one day.
Must start that trading journal.

 

[CatsWithNoTail]

Darreng1000, thanks for keeping us up to date with your Forex Net Trap's trading records. Please keep this up and the best of luck to you.

 

[Rugby Trader]

Signal was there but the trade wasn't triggered once set up.

Week 1: +13.5 pip profit
Week 2:
Mon 22/02: -30pips
Tues 23/02: +29.8pips
Wed 24/02: no trade

Been doing a lot of reading on here, read through the Essentials of trade journals and the articles in there

Also looked at Newtron Bombs breakout videos and started reading his thread on breakout strategies which is very interesting

Need to read up on money management and learn more about that.

I'm not sure what i want to trade or how i want to trade so i'm just soaking up as much info as i can at the moment, although i did find the interview with Mr. Charts very interesting and have started to read his thread which is very intriguing and maybe something that I will start to investigate.

If i start to take this further i might consider taking the course that he offers.

So much to read, so little time!

 

[whatreallymakesmoney]

Affiliate link? :whistling

No actually, it's the link the website where you can purchase. I wasn't sure about the rules on pasting links but i can assure you i'm not an afiliate.

Here is the main link from the site: http://www.shortcutpublications.co.uk/shop/forex-net-trap-system.html

 

[whatreallymakesmoney]

Hello,I am new to the forum.
I have been buying and selling euros against sterling for sometime now.It can take a longtime to make money at this as you have to wait to the market turns and rises again above the selling price.I am not involved with forex and use a broker who takes 35 pips per trade.I have read about the Richard Hill Trap and would love to get involved.I would love more details from yourself about this if you dont mind.
Many thanks. Currencytrader1

The site explains this fairly well: http://www.shortcutpublications.co.uk/shop/forex-net-trap-system.html

 

[Tenapenny]

Hello,I am new to the forum.
I have been buying and selling euros against sterling for sometime now.It can take a longtime to make money at this as you have to wait to the market turns and rises again above the selling price.I am not involved with forex and use a broker who takes 35 pips per trade.I have read about the Richard Hill Trap and would love to get involved.I would love more details from yourself about this if you dont mind.
Many thanks. Currencytrader1

It's not difficult to learn how to do things yourself, if you apply a bit of hard work on the FREELY available research on this and other sites. If you want to just copy someone else's method and pay for the privelige then go ahead and line the pockets of Agora and Canonbury et al. If you want to learn to trade there is a wealth of free information here and elswhere. Try these http://www.trade2win.com/boards/first-steps/8332-t2w-first-steps-guide.html and http://www.babypips.com/school/

Once you grasp the basics you can develop or modify an existing stratergy to suit your needs.

Good luck with your journey and don't use a broker at 35 pips a pop.

 

[Rugby Trader]

Week 1: +13.5 pip profit
Week 2:
Mon 22/02: -30pips
Tues 23/02: +29.8pips
Wed 24/02: no trade
Thurs 25/02: -6.2pips

The trade was set up to go short, which fitted in with the trend and was triggered but the time period coincided with a bit of dithering before the next down leg.

 

[piphead]

Love the honest aproach here
I have ordered it and will post results

 

[peterf1966]

Hello All, First post here. A TOTAL newbie.

Been looking into Forex for a bit, and I like the sound of the net trap system...so much so that Ive ordered it and waiting for it to arrive.

From what Ive been reading, I should be risking no more that 1% of my account on any one trade, so for ease of calculation, if my account is £1000, then my risk should be £10. If the stop loss is set at -30pips, then my investment (ok,ok 'bet') per pip should be 33 pence (£10/30) = 33p. Do I have it right?

Then If i go into profit, I still use 1% of my account, so if I am up on my first trade, the next bet per pip is slightly more, and if I lose, my next bet per pip is slightly less?

Is 1% an over cautious strategy, or could I go up a bit?

I know you must set the trap by 6.30, but do you have to manually stop trading by 8.30, or does the system stop for you and can you set stop highs as well a stop losses?

Finally, can anyone recommend a good book to learn trading strategy? I know the system does the work once set, but I want to know more.

Cheers,


Peter

 

[Rugby Trader]

Week 1: +13.5 pip profit
Week 2:
Mon 22/02: -30pips
Tues 23/02: +29.8pips
Wed 24/02: no trade
Thurs 25/02: -6.2pips
Fri 26/02: -30 pips

total for the week - 36.4 (although the loss on Monday would have been lower if I had followed the rules correctly)

 

[Rugby Trader]

Hi Peter,

I’m only a beginner at this myself, but I will answer as best I can, hopefully somebody with more experience will point out anything wrong with my answers.

From what Ive been reading, I should be risking no more that 1% of my account on any one trade, so for ease of calculation, if my account is £1000, then my risk should be £10. If the stop loss is set at -30pips, then my investment (ok,ok 'bet') per pip should be 33 pence (£10/30) = 33p. Do I have it right?

Yes, it should only be 1% of your bank. So 33p looks about right, one thing to bear in mind is that after a little while the minimum bet on IG Index is 50p.

Then If i go into profit, I still use 1% of my account, so if I am up on my first trade, the next bet per pip is slightly more, and if I lose, my next bet per pip is slightly less?

Yes

Is 1% an over cautious strategy, or could I go up a bit?

It’s up to you how much risk you want to take but one thing that keeps being repeated as I read various threads is that money management is key, protecting your capital is the number one priority.

I know you must set the trap by 6.30, but do you have to manually stop trading by 8.30, or does the system stop for you and can you set stop highs as well a stop losses?

You must stop it manually. I wish there was a way you could set the system up to stop it automatically. If anyone does know of a way please let me know.

Finally, can anyone recommend a good book to learn trading strategy? I know the system does the work once set, but I want to know more.

I’m also a beginner, if you go the first steps thread there’s a lot of useful information and links in there. I’m also devouring all the information www.babypips.com.
I printed out over 100 pages of material from that site to read on the bus and that was only a few chapters of their information.

Good luck

 

[piphead]

I’m also a beginner, if you go the first steps thread there’s a lot of useful information and links in there. I’m also devouring all the information www.babypips.com.
I printed out over 100 pages of material from that site to read on the bus and that was only a few chapters of their information.

Try also forexstreet.com it explains all jargon very well

 

[currencytrader1]

hello there I am about to try this Richard Hill trap to gain some experience.I have also seen the ian williams advert who seems more into spread betting.Any advice on which i would be best to start with would be greatly appreciated I know richard tells you how to set up your trading account etc.

 

[piphead]

hello there I am about to try this Richard Hill trap to gain some experience.I have also seen the ian williams advert who seems more into spread betting.Any advice on which i would be best to start with would be greatly appreciated I know richard tells you how to set up your trading account etc.

As I said I'm also a beginer -Personaly I am trying spread betting first and I have a demo acount with Alpari . I have spent the last year studying different factors that affect the markets and I have a few friends that work in the city that send me e-mails to try to explain certain things.
I have the Alpari account for the graphs they gave me meta4 software for free which has alot more indicators than my spread betting platform.

 

[Ambrose Ackroyd]

I have the Alpari account for the graphs they gave me meta4 software for free which has alot more indicators than my spread betting platform.

Be careful.

Lots of indicators is not necessarily a good thing.

You can use sh1tloads of indicators and analyse a chart to death but it will probably lead to an affliction known as "Analysis Paralysis", where you have done so much analysis that you cannot make a decision and your trigger finger becomes paralysed.

 

[peterf1966]

Cheers All,

Ive got the book now, and have set up my account with IG, all as per instruction, and set up the 40MA default setting on the GPB/USD spot Forex chart. Im all set for Monday morning

I agree with Ambrose above about 'Analysis Paralysis', this Net Trap system is specific, and all you are doing is looking at a trend of the last 40 candles on the chart. Another thing I have picked up is 'the trend is your friend', so looking at multiple factors for market analysis might not be such a clever move, just go with what Richard advises, look at the trend only.

Last week was quite flat, looking at the history - so flat it might have been better to stop in bed at 6.30, and not trade! In fact, I'm gonna move my laptop by the bed, and set up before getting up.

I'll post results up and share the highs and lows.


Peter

 

[Rugby Trader]

Try also forexstreet.com it explains all jargon very well

Cheers piphead, ill give it a look

 

[morfisher]

Remembered there's a good article on leverage (v.important when starting out) on babypips.com

No matter what the forex brokers tell you, don’t ever open a “standard account” with just $2,000 or a “mini account” with $250. The number one reason new traders fail is not because they suck, but because they are undercapitalized from the start and don’t understand how leverage really works.

Don’t set yourself up to fail.

We recommend that you have at least have $100,000 of trading capital before opening a “standard account”, $10,000 for a “mini account”, or $1,000 for a “micro account”.

So if you only have $60,000, open a “mini account. If you only have $8,000, open a “micro” account. If you only have $250, open a “demo account” and stick with it until you come up with the additional $750, then open a “micro account”.

http://www.babypips.com/school/leverage_the_killer.html

So if I open a micro with £2,000 should my risk be 2% (£200) and trade on £1.00 per pip or .10p until I get used to it, I have just purchased forexsniper to help.
Thanks