Richard Hill Forex Net Trap

dsinclair999 said:
My latest results.

Mon 29th Mar +56 pips (broke the rules a little)
Tue 30th Mar +38 pips
Wed 31st Mar – No trade
Thu 1st Apr - No trade
Fri 2nd Apr +4 pips
(Total +98 pips for the week)

Mon 5th Apr – Holiday – No trade
Tue 6th Apr -30 Pips
Wed 7th Apr – No trade
Thu 8th Apr +50 pips
Fri 9th Apr – No trade
(Total +20 pips for the week)

Mon 12th Apr – No trade
Tue 13th Apr – No trade for me (couldn’t get near a PC)
Wed 14th Apr -30 pips
Thu 15th Apr -30 pips
Fri 16th Apr +50 pips
(Total -10 pips for the week)

Mon 19th Apr -30 Pips
Tue 20th Apr – No trade
Wed 21st Apr – No trade
Thu 22nd Apr +22 pips (was late in manually closing out trade)
Fri 23rd Apr +50 pips
(Total +42 pips for the week)

Mon 26th Apr +20 pips (Buy 1.5471, Sell 1.5491)
Tue 27th Apr – No trade
Wed 28th Apr – No trade
Thu 29th Apr -30 pips (Sell 1.5150, Buy 1.5180)
Fri 30th Apr +50 pips (Buy 1.5331, Sell 1.5381)
(Total +40 pips for the week)

Mon 3rd May – No trade (Bank holiday)
Tue 4th May – No trade
Wed 5th May -30 pips (Sell 1.5132, Buy 1.5162)
Thu 6th May -30 pips (Buy 1.5109 Sell 1.5079)
Fri 7th May – Trade placed, sell @ 1.4599, not triggered
(Total -60 pips for the week)

Mon 10th May – No trade (No access to a PC, otherwise would have been -30 pips)
Tue 11th May +50 pips (Sell 1.4818, Buy 1.4766)
Wed 12th May – Trade placed, sell @ 1.4872, not triggered
Thu 13th May +50 pips (Buy 1.4862 Sell 1.4912)
Fri 14th May +50 pips (Sell 1.4622, Buy 1.4572)
(Total +150 pips for the week)

Mon 17th -30 pips (Sell 1.4330, Buy 1.4360)

Regards
DS

I'll maybe start posting my results in a Word file, each posting is getting a bit long now!!
Click to expand...

Ok. Book arrived Saturday morning. Read it over the weekend a few times, set up the charts, funded the account with £50 and set the alarm clock for 6am this morning. I got something different from all of you but I did make +9 pips @ 20p a pip (first day)

I got a sell signal at the start time in the book when the MA was 14432. So set a sell up as instructed for 14430 with the two stops. Left to take the kiddy to school at 8.05am, when I left still had not triggered.

However, when I was at the school at 8.29 launched the IG mobile app via 3G+ on the Samsung Genio Slide (worked very very well, clear, easy to use with touch screen, and quick) and closed the position manually at 8.30 plus a few seconds to buy at 14420.7.

So got me 9ish pips. Looking at the charts now it seems there was a high above 14430 during the 8am timeslot that triggered my sell to start and it had dropped to create a gain by 8,30. But had I have nissed this and left it until 8.45 it would have closed auto for the full 50 pips.

I think DS's loss may have been a slip of the maths? He has listed a sell order @ 14330 , not 14430 that I had? Thats 100 pips less! :eek:

Did the others not get sell figure of 14430 / 14431 (rounding dependent) @ the start time?

M.

p.s. I was sad newbie an created a simple Excel spread sheet to log either the buy or sell MA and have it work out the spead figure for me to set up the trade, I also add slots to log the previous MA figures to spot the trend easily. If anyone wants it PM me for book verification (word / page confirmation code like the old ZX Spectum games!) and I will email it as an attachment. But looks like DS might have needed it this morning!
 
My sell order was at 1.4302, I have no idea where 1.4330 (let alone 1.4430) came from. The low was clearly 1.4302 on the 6.15 candle?
 
langmeadman said:
My sell order was at 1.4302, I have no idea where 1.4330 (let alone 1.4430) came from. The low was clearly 1.4302 on the 6.15 candle?
Click to expand...

I know where I went wrong now thanks to RT........complete newbie setting off the MA not the high/low.:eek: . Still was a gaining mistake. Correct sell should have been 14300.

M
 
Rugby Trader said:
DS,

how did you get -30 this morning?
My trade was nowhere near triggered.
Click to expand...

Guys, sorry for the confusion this AM!!
I don't know where I got 1.4330 from, still asleep I think!! :confused:
Anyway, looking back at my 6.15 candle, I should have entered at 1.4300!!
Anyway, a costly mistake!! :( and thanks for pointing it out.

Regards
DS
 
mark120169 said:
Ok. Book arrived Saturday morning. Read it over the weekend a few times, set up the charts, funded the account with £50.....
Click to expand...

Be careful ! If you are funding with £50, and that is ALL you can afford to lose, then you are not practicing the prescribed money management technique. This morning 20p a pip, equated to 12% of you account as a potential loss. Should be 2% maximum, and I even went to 1% maximum when I started this, by funding with £300 and doing just 10p/pip, for the first 2 weeks IG let you do it.

So to do 20p per pip, you need an account of £300 (£0.20 x 30 X 100 / 2)

As your bank grows :)D) you can bet more actual stake and still keep to the 2% max risk to the account.
 
peterf1966 said:
Be careful ! If you are funding with £50, and that is ALL you can afford to lose, then you are not practicing the prescribed money management technique. This morning 20p a pip, equated to 12% of you account as a potential loss. Should be 2% maximum, and I even went to 1% maximum when I started this, by funding with £300 and doing just 10p/pip, for the first 2 weeks IG let you do it.

So to do 20p per pip, you need an account of £300 (£0.20 x 30 X 100 / 2)

As your bank grows :)D) you can bet more actual stake and still keep to the 2% max risk to the account.
Click to expand...

:LOL: I have a pot of £1500 to play with, £50 in, £1450 in reserve, but as others have pointed out in earlier posts on this thread in "real world" money management you don't have £1500 sitting in an IG account doing sweet F/A when they only actually require a £10 depsit to place a net trap order @ 20p a pip with set stops.

So my "real world" money management is sitting in the savings section of my offset mortgage bank account "offsetting" mortgage interest and can be transfered in the linked current account and then debit carded in the IG account in about 45 seconds flat when needed.

Trust me I am very good with money management. I fully intend to rise to £1 a pip next week but just want to stick to 20p a pip this week while I iron out any operating mistakes that might cause accidential losses.

And I can't do 10p a pip, 20p is my min as IG gave me the full Plus account straight off as a newbie as I have traded shares for 4 years and have a bloody good 99% credit rating. They must credit check you because I can't understand otherwise why others on here are stuck with a limited loss account and arn't allowed to upgrade?

M
 
mark120169 said:
:LOL: I have a pot of £1500 to play with, £50 in, £1450 in reserve, but as others have pointed out in earlier posts on this thread in "real world" money management you don't have £1500 sitting in an IG account doing sweet F/A when they only actually require a £10 depsit to place a net trap order @ 20p a pip with set stops.

So my "real world" money management is sitting in the savings section of my offset mortgage bank account "offsetting" mortgage interest and can be transfered in the linked current account and then debit carded in the IG account in about 45 seconds flat when needed.

Trust me I am very good with money management. I fully intend to rise to £1 a pip next week but just want to stick to 20p a pip this week while I iron out any operating mistakes that might cause accidential losses.

And I can't do 10p a pip, 20p is my min as IG gave me the full Plus account straight off as a newbie as I have traded shares for 4 years and have a bloody good 99% credit rating. They must credit check you because I can't understand otherwise why others on here are stuck with a limited loss account and arn't allowed to upgrade?

M
Click to expand...

:LOL: That's me told! I am actually in the same position, I have an offset mortgage (VirginOne for 8 years), but wanted to just set up the trading account as a seperate thing (contrary to offsetting benefits I know, but only £300) When I go to the next level (3 months is coming up, and then I will have a good adea of average profits) I will set aside the trade account as a virtual account within the One account and do the same as you.

IG do do a credit check, I had no probs getting the plus account, my credit is also good.:D
 
Good to see that Richard Hill actually agrees with the modified levels we use for the limited risk account! Will have to actually upgrade to the plus account...
 
A charting question for you fellow IG Index traders : is there a 'Quick & Easy' way to get into a trade in a situation where the MA is rising & at 6.30 we are already higher than the 6.15 High ?
 
The only thing I know about mate is that if you don't put a price in it uses the current one which is mildly quicker.

Maybe somebody else knows some more?
 
bombettor said:
Today is clear sell set-up.. right? or, anyone staying out?
Click to expand...

Yes in on a sell too, 5 flat candles and then five dropping I got, but I doubt it will trigger as the MA is dropping slower than the UK debt. Actually, like the UK debt I think it's rising now! :LOL:

M
 
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