Richard Hill Forex Net Trap

[Black Swan]

Could I point out that we shouldn't reveal too much of how the system works on here.
It is something that is being sold commercially.
Richard Hill (and therefore Agora) knows this thread exists and i'm sure they will be quick to protest (rightly so) if we are revealing too much.

Sorry too come across all serious but I don't want this thread to be forced to be deleted as it kind of forms an independent viewpoint of the system.

I wouldn't worry too much buddy, there's thousands of v.simple systems out there on the 'Interweb thingy' based on buying/selling of breakouts as price crosses a (slowish) simple moving average.

What you guys are doing is betting on a two horse race/or flipping a coin. However, if you're right 50% of the time, but on your losses you lose 20 quid and on wins you win 30 quid, you win overall...simples..

The mods are no doubt aware that this thread is effectively a sublimimal slightly sophisticated marketing campaign for the system anyhow, I'm sure their intelligence has been insulted far better than this in the past... It's no accident that a few new posters all suddenly congregate on a single thread, bigging up a system is it?

Enjoy yourselves, knock yourselves out, if you've made profit this morning from them there forex markets it's more than a lot of us have done...

 

[stricky1967]

What you guys are doing is betting on a two horse race/or flipping a coin. However, if you're right 50% of the time, but on your losses you lose 20 quid and on wins you win 30 quid, you win overall...simples..

I tend to agree, but, and it's a very big but! if these simple trading principals help to skew the outcome and over time are proven to give a small marginal edge over and above the 50%, I think it's worth a bash aligned with sound risk management.

Time will tell......

Anyone backtested the results? The results data is published going back to June 2009

Anyhow it better work these 6.15am starts are killing me ....:cheesy:

 

[Rugby Trader]

What you guys are doing is betting on a two horse race/or flipping a coin. However, if you're right 50% of the time, but on your losses you lose 20 quid and on wins you win 30 quid, you win overall...simples..

Ha! That effectively describes it. If it does that then I will be quite happy

The mods are no doubt aware that this thread is effectively a sublimimal slightly sophisticated marketing campaign for the system anyhow, I'm sure their intelligence has been insulted far better than this in the past... It's no accident that a few new posters all suddenly congregate on a single thread, bigging up a system is it?

Yup can totally see how it looks! Not much I or anyone else can do about that.

Enjoy yourselves, knock yourselves out, if you've made profit this morning from them there forex markets it's more than a lot of us have done...

I’m about break even so far, which I’m happy with and I’m only playing with minimum stakes.
It’s keeping me interested in trading (I’ve been meaning to learn more for the last few years but never got round to it) and I’m trying to teach myself at the moment (I’m going through babypips and reading threads marked down as Best Thread on this forum) although not committing any money to other ways of trading at the moment as I’ve tried a couple of things (with minimum stakes) such as Claudia’s and Newtron Bomb’s system. I lost on both (only tried each one a couple of times), but that’s probably because I don’t understand them fully, well with Newtron’s method definitely. Claudia’s is pretty simple, it just doesn’t seem to be working at the moment or I was unlucky with the days I chose to try it. Also the Three Ducks system looks really interesting.
I’m going to papertrade all those for the next few months though until I start understanding them better and see lots of different set-ups.

 

[Rugby Trader]

Anyhow it better work these 6.15am starts are killing me ....:cheesy:

Yeah me too, i normally get up at 7.45. I'm using the extra time in the morning to read more about trading.
I was learning about triangles this morning and oscillators and indicators.

I've got a nice ascending triangle on my GBP/USD chart at the moment.

 

[Black Swan]

Ha! That effectively describes it. If it does that then I will be quite happy




Yup can totally see how it looks! Not much I or anyone else can do about that.



I’m about break even so far, which I’m happy with and I’m only playing with minimum stakes.
It’s keeping me interested in trading (I’ve been meaning to learn more for the last few years but never got round to it) and I’m trying to teach myself at the moment (I’m going through babypips and reading threads marked down as Best Thread on this forum) although not committing any money to other ways of trading at the moment as I’ve tried a couple of things (with minimum stakes) such as Claudia’s and Newtron Bomb’s system. I lost on both (only tried each one a couple of times), but that’s probably because I don’t understand them fully, well with Newtron’s method definitely. Claudia’s is pretty simple, it just doesn’t seem to be working at the moment or I was unlucky with the days I chose to try it. Also the Three Ducks system looks really interesting.
I’m going to papertrade all those for the next few months though until I start understanding them better and see lots of different set-ups.

Well if all else fails you could try the Black Swan FUBAR morning break out in a cold sweat system... guaranteed to fail or your money back?? Finally in a bit of profit on UJ and EJ, breaks an 8 trade losing streak this morning...assuming I close 'em with some gains... :whistling

 

[Rugby Trader]

Well if all else fails you could try the Black Swan FUBAR morning break out in a cold sweat system... guaranteed to fail or your money back?? Finally in a bit of profit on UJ and EJ, breaks an 8 trade losing streak this morning...assuming I close 'em with some gains... :whistling

From everything i've been reading so far, knowing when to exit looks like it is the hardest thing to learn. And to keep greed in check which are kind of same thing i think.

2 years ago I took a spreadbet punt on Silver just as Gold broke through $850, I was unbelievably lucky I caught that massive uptrend at just the right time, I kept doubling up my stakes on Silver and then Gold and was sitting on what to me was a bloody fortune. 28 times my original deposit in about 3 months!
I couldn't handle it anymore (like I said it was a small fortune to me) at the time and exited just before the peak at $1020 something, unbelievably good timing.

Banked my gains and was sitting pretty but a few days later the voice at the back of my head was nagging away at me, 'you made that much in three months, you can make loads more!'
Proceeded to give back somewhere between 50-66% of my winnings within a couple of weeks. Walked away not long after that realising that I didn't have a clue what I was doing and I'd essentially backed an incredibly risky 28-1 horse.

Hoping to learn how to do things properly now so I know when to exit and keep my discipline.

 

[Black Swan]

Getting exits *right*? Yep...however, 'tis surely only one of the constituent parts of the make up of an effective trader. Are my exits ever right? Probably not as I leave profit, sometimes a lot, on the table. But I have loose targets for what I consider my surgical strikes on shorter (15-30min) TFs. For example on day trading; 30 pips on EG, 40 pips on EJ,UJ. 50 pips on cable and EU over a 24hr period.
Examples from today, a not so good day of 9 losers and five winners;

EU went long at approx. 13:15 filled at 13650 hit limit of 13700, moved up another 36 points...I can live with that, no problemo...
Shorted the loonie (CAD/USD) at approx. 11:00 filled at 10345, hit limit of 10300, then price moved down another 30 points falling through a level of support...
UJ went short at approx 8:15, filled at 8880 hit limit at 8850..falls a further 20 points..and cable trade I took this morning at approx. 9:15 at 15045 I'd decide to close if/once it reached approx. first level of resistance at 15085...

So exits, entries, MM, discipline, sticking to your edge/plan...all equally important. Isn't a day goes by I don't learn something new or make new mistakes, or as Livermore suggested "repeat from the family and many cousins of mistakes", for example wtf was I doing trading currency pair 'noise' in a range when there was no support or resistance *in sight*? Doh...

 

[peterf1966]

Monday +50
Tuesday +50
Wednesday No trade (my mistake but saved me -30)
Thursday +20 (think we missed the 6.15 bus as it happens, more fall then)

 

[Rugby Trader]

Week 1: +13.5 pip profit
Week 2: -36.4 pip loss
Mon 01/03: no trade due to my alarm breaking in the middles of the night!!!
Tue 02/03: +50pips
Wed 03/03: - 30pips
Thurs 04/03: +1 pip

I got delayed on the bloody bus on my way into work. That's 69 pips (a whole £34.50! ) i've missed this week.
Oh well, at least i'm up this week.
I'll probably start cycling into work again next week, the weather looks like it may be warm enough now and at least that will be one variable back in my control

 

[peterf1966]

Week 1: +13.5 pip profit
Week 2: -36.4 pip loss
Mon 01/03: no trade due to my alarm breaking in the middles of the night!!!
Tue 02/03: +50pips
Wed 03/03: - 30pips
Thurs 04/03: +1 pip

I got delayed on the bloody bus on my way into work. That's 69 pips (a whole £34.50! ) i've missed this week.
Oh well, at least i'm up this week.
I'll probably start cycling into work again next week, the weather looks like it may be warm enough now and at least that will be one variable back in my control

Unlucky again, sorry to hear it, but there's an app for that -

To save the pain of not getting to the pooter on time at 8.30, I looked into mobile dealing. On the IG website, under 'My Account', then 'Settings' there is an option for 'Mobile Setup'.

Click this and read what it says, then enter your mobile number in the box and hit 'submit'

It then sends a message to your phone containing a link, which then downloads a very small (205k) application called Mobile Dealer.

Once installed, open it up, enter your normal login details (save them so you dont have to do this again) and you access your account.

There is an option for looking at open positions, so hit that. That's as far as Ive got, as I have no open positions at the moment, but I imagine it's going to bring up the ticket for you to hit sell or buy. As you have to do this at 8.30 under the system, it doesn't much matter if there's no fancy graphs to see, so it should just be one click.

If you don't have an open position when you check, your either 50 up or stopped out, and you can check your balance to see which.

I'll try it tomorrow.

This is working on an 2 year oldish Nokia 95 btw, but I'm sure they support most phones.

You'd still set up at home, but it seems ideal for closing out quickly.

Hope this helps.

 

[barbaras]

Hello guys,

I've purchased this system back in January and as a total newbie to trading, I've tested it at non ungodly hours for a month or so, after which i finally decided to set the alarm clock and do it for real...

It's interesting to see your comments and your performance, and Peter, I must say that from your results you seem to be following a completely different - and much more profitable! - system!!

Apart from the 'mistake' that spared you the 30 pips loss, I cannot understand how you managed (on IG at least) to get a 50 pips win (rather than a 16 pips loss) last Monday, or indeed 20 rather than 12 today -- what's your secret?!? Actually, don't tell, you should sell it to Richard! ;-)

Happy trading,
Barbara

 

[peterf1966]

Hello guys,

I've purchased this system back in January and as a total newbie to trading, I've tested it at non ungodly hours for a month or so, after which i finally decided to set the alarm clock and do it for real...

It's interesting to see your comments and your performance, and Peter, I must say that from your results you seem to be following a completely different - and much more profitable! - system!!

Apart from the 'mistake' that spared you the 30 pips loss, I cannot understand how you managed (on IG at least) to get a 50 pips win (rather than a 16 pips loss) last Monday, or indeed 20 rather than 12 today -- what's your secret?!? Actually, don't tell, you should sell it to Richard! ;-)

Happy trading,
Barbara

Hmmm..no secret at all.

Monday saw an about 59 pip drop between 6.30 and 7, before a rebound. To get the system to auto stop trading at 50 pips, you would have had to had opened your deal within 9 points of the high point of the 6.30 candle, if you look at the chart and change to 5 minute candles you'll see this was early on, so important to get in early.

If you manually closed for -16pips at EXACTLY 8.30, the level then was 15161.4, so you must have entered at 16 lower than this on a sell - 15145.4. If you place your cursor on the chart at that level you can read accross and see about what time you placed, which muct have been after 6.35.

The 20.4 today.....well it depends on the 'Exactly' what time you click to close, if you watch the ticket over 15 seconds or so it can easily move +/- 8 pips or more over that time.

Have a look at page 21 and 29, especially page 29, about 'chasing the market' ie don't do it! (10 pips rule)

 

[barbaras]

Hmmm..no secret at all.

Monday saw an about 59 pip drop between 6.30 and 7, before a rebound. To get the system to auto stop trading at 50 pips, you would have had to had opened your deal within 9 points of the high point of the 6.30 candle, if you look at the chart and change to 5 minute candles you'll see this was early on, so important to get in early.

If you manually closed for -16pips at EXACTLY 8.30, the level then was 15161.4, so you must have entered at 16 lower than this on a sell - 15145.4. If you place your cursor on the chart at that level you can read accross and see about what time you placed, which muct have been after 6.35.

The 20.4 today.....well it depends on the 'Exactly' what time you click to close, if you watch the ticket over 15 seconds or so it can easily move +/- 8 pips or more over that time.

Have a look at page 21 and 29, especially page 29, about 'chasing the market' ie don't do it! (10 pips rule)

Thank you Peter, but you do seem to have changed Richard's rules in terms of entry! You also don't seem to be doing the preferred (contingent) order to open, but just trade at the market? Anyway, this has only been to your advantage!
I'll send you a PM on this.

Btw, I've switched to capital spreads as they have 2 rather than 3 pips spread on this currency pair (Richard too seems to be using a provider different from IG, though he didn't mention which one).

And as a minor thing for the 8.30 closing, one can put a Good till date/time rather than till cancelled -- this would not close an open trade, but cancel a trade that has not been triggered.

best,
b

 

[peterf1966]

Thank you Peter, but you do seem to have changed Richard's rules in terms of entry! You also don't seem to be doing the preferred (contingent) order to open, but just trade at the market? Anyway, this has only been to your advantage!
I'll send you a PM on this.

Btw, I've switched to capital spreads as they have 2 rather than 3 pips spread on this currency pair (Richard too seems to be using a provider different from IG, though he didn't mention which one).

And as a minor thing for the 8.30 closing, one can put a Good till date/time rather than till cancelled -- this would not close an open trade, but cancel a trade that has not been triggered.

best,
b

Hi,

No I definititely put in the contingent order -2 below on sells, so as far as I know I'm following the system exactly - to what degree of accuracy it's hard to tell, I suppose it evens out over time? Will pm you too.

Peter

ps... let us know how you get on with Capital Spreads, I mean I stuck with IG cos thats how you set up in the book, and I think IG offer a lower pip start up for newbies at 10p?

 

[barbaras]

Hi,

No I definititely put in the contingent order -2 below on sells, so as far as I know I'm following the system exactly - to what degree of accuracy it's hard to tell, I suppose it evens out over time? Will pm you too.

Peter

ps... let us know how you get on with Capital Spreads, I mean I stuck with IG cos thats how you set up in the book, and I think IG offer a lower pip start up for newbies at 10p?

That is really weird Peter!
from -2 below to the lowest yields at most 48.1 - this WITHOUT the spread. take that into account and it's 45.1 on IG and 46.1 on CS...

Now I'm really curious to see what richard will write on monday!

Yes I forgot about the initial low stakes that IG allows.. I've been very idle and have expired the newbie period (despite still being a newbie!!). Min stake with CS is £1 per pip. But their platform is neat and not as messy as IG's, plus I like the lower spread. But yes, if you are still entitled to 10p/pip, then you might want to stick with IG.

barbara

 

[Black Swan]

One thing to quote a spread, sometimes it's a very different experience getting filled at that *advertised* spread...

 

[peterf1966]

Nothing doing this morning, no trade placed. Did I get that right?

 

[stricky1967]

same here Peter, closing the week at +76 points (mis-timed Thursdays close out, only up 6 pts, my own fault)

 

[Rugby Trader]

Week 1: +13.5 pip profit
Week 2: -36.4 pip loss
Mon 01/03: no trade due to my alarm breaking in the middle of the night!!!
Tue 02/03: +50pips
Wed 03/03: - 30pips
Thurs 04/03: +1 pip
Fri: 05/03: no trade

Total for week: +21 pips (could have been so much more if i'd woken up on Monday and not got stuck on a bus yesterday!

Cheers for the mobile phone tip Peter, although the system seems to be refusing to send the message with the software to my Blackberry.

Technically, I think today was a trade, just, but the signal was so weak I decided to stay out, like the rest of you it seems. If I had gone with a trade, i saw it as an extremely weak buy signal, I would have lost about 15 pips.

 

[peterf1966]

+120.4 for the week

Discussing this with BarbaraS yesterday, I shouldn't really be up by that much.

Monday I luckily opened high enough to hit +50, system would have done -30
Tuesday OK, +50
Wednesday, didn't trade due to misinterpreting rules. Would have lost 30
Thursday, nearly getting it right, made 20.4, should have been +17.4 according to system
Friday, got it right , no trade

So really I should be on +7.4, not 120.4!