Richard Hill Forex Net Trap

[Rugby Trader]

I've just opened an account with ETX, i've managed to get £300 of cover till the end of next week.
Because I've got that cover i'm going to go mad tomorrow and open my position at £4 a point! That's a risk of 40% of my ETX bank. But if I lose they'll give it back to me at the end of next week, if I win, well that's anything up to an extra £200 to my bank.

Those that are currently using ETX, do you get your levels from the IG chart and enter those into an ETX order, or do you use ETX charts and get your figures from there?

How have you been finding ETX so far?

 

[Melb]

I usually only trail once past 8am, however today..

When to trail, when not to trail - that is the question...

If the objective is to get out at 08:30 (ish - if you are looking for the best exit) - then it does make sense to trail stops as the exit time approaches simply because if the price does fall back it is likely that there would be insufficient time to climb back again...

Another option maybe to time the exit a little better rather than just blindly exiting at 08:30 - much better if going in your favour to hang on a few pips - or if going against you exit early....

I can feel some more tweaks coming along

 

[thelurker1]

"Stupid" Question alert

But...

What is trailing a stop mean?

Thanks

 

[mark120169]

When to trail, when not to trail - that is the question...

If the objective is to get out at 08:30 (ish - if you are looking for the best exit) - then it does make sense to trail stops as the exit time approaches simply because if the price does fall back it is likely that there would be insufficient time to climb back again...

Another option maybe to time the exit a little better rather than just blindly exiting at 08:30 - much better if going in your favour to hang on a few pips - or if going against you exit early....

I can feel some more tweaks coming along

Yes but this is fine if you are at the PC and have the time to manage the exit. After 8am until 9am I am out and closing the postion via the IG mobile app is the most spare time I have. Hence all my tweaks always fit into the NT set and forget ethos. Trailing stop if +30 @ 8am for me is the final peice of my NT jigsaw so far as I can do that then leave the house and if the market turns against me by 8.30 (which it can) I have locked in some profit.

M

 

[Gregus83]

gregus when you say direct market entry is this waht the price is at the time of the 6 15 candle ending?

Yidos, yes, that is what I mean. I open a position without placing any orders whatsoever. I'm not saying it's the way to do it, I think most of the guys here still place an order above the high or below the low but it's the way I'm most comfortable at the moment.

 

[Gregus83]

I've just opened an account with ETX, i've managed to get £300 of cover till the end of next week.
Because I've got that cover i'm going to go mad tomorrow and open my position at £4 a point! That's a risk of 40% of my ETX bank. But if I lose they'll give it back to me at the end of next week, if I win, well that's anything up to an extra £200 to my bank.

Those that are currently using ETX, do you get your levels from the IG chart and enter those into an ETX order, or do you use ETX charts and get your figures from there?

How have you been finding ETX so far?

RT, I'm assuming your account will be under the same T&C's as mine regarding the account cover. If so, remember that you must place 5 trades on the account within the 10 days for you to be eligible for the refund.

In terms of their performance, I have found ETX's platform very reliable. The interface takes a bit of getting used to if you're more at home with IG but it's fine. I have experienced no slippage either.

 

[Gregus83]

"Stupid" Question alert

But...

What is trailing a stop mean?

Thanks

Trailing a stop is basically adjusting your stop loss as the trade evolves. Imagine you have placed a BUY trade and price keeps rising, you might want to raise the stop loss trigger price to lock in some profits.

So if your trade starts off with a stop loss of -30 and it is currently +40 in profit, you might want to move your stop loss to +10 in order to ensure that you have locked in those profits. The trailing part comes in when you monitor and continually adjust as price keeps increasing (or decreasing for a SELL).

Some platforms offer an automatic trailing stop that can be customised to your requirements.

 

[peterf1966]

RT, I'm assuming your account will be under the same T&C's as mine regarding the account cover. If so, remember that you must place 5 trades on the account within the 10 days for you to be eligible for the refund.

In terms of their performance, I have found ETX's platform very reliable. The interface takes a bit of getting used to if you're more at home with IG but it's fine. I have experienced no slippage either.

I have notice the odd point slippage as it happens, not at NT times, but in the day, when the market is moving (just a few experimental trades)

The platform looks good, and solid, but yes, does have some quirks to get used to. Setting stops and limits on a direct trade is as per IG, you put in positive numbers. If setting up an order, then you have to place limits and stops in the direction, so you have to put in -30 for example if you are buying, but if seeling you have to put in 30 for your stop.
Oh yes, and if the order does slip, the original stop and limit remain the same - so a one point slip will show you stopping at -29/ limit at +49.

Also, I cannot see mobile phone suport like IG has - possibly a problem for you!

 

[Rugby Trader]

I have notice the odd point slippage as it happens, not at NT times, but in the day, when the market is moving (just a few experimental trades)

The platform looks good, and solid, but yes, does have some quirks to get used to. Setting stops and limits on a direct trade is as per IG, you put in positive numbers. If setting up an order, then you have to place limits and stops in the direction, so you have to put in -30 for example if you are buying, but if seeling you have to put in 30 for your stop.
Oh yes, and if the order does slip, the original stop and limit remain the same - so a one point slip will show you stopping at -29/ limit at +49.

Also, I cannot see mobile phone suport like IG has - possibly a problem for you!

as long as I can call them up, then that will be fine for me.

cheers for the tips.

do you take the entry off of the IG chart?

 

[peterf1966]

as long as I can call them up, then that will be fine for me.

cheers for the tips.

do you take the entry off of the IG chart?

If you want to stick to the IG bid price, knock 2 pips off the chart that ETX supply, which is mid price. Or open the IG chart and go with that on ETX. Same chart anyway - from ITfinance.

 

[mark120169]

OK. 4 week NT / MNT / TNT results & June 1st 2 week results and June TD results.

Firstly RH results for last week now in and I have completely got to grips with the NT system now. Had exactly the same entry's as RH to the pip and almost the same weekly result (both trading on IG Index), I just managed a slighly better manual exit than him one day to gain a little.

So all those like me who cried over spilt milk last Monday for the cruel -30 pips loss, so did RH!

Results are :

Last 4 full weeks (Since I started NT) 17/5/10 to 11/6/10.

RH NT -57 pips (not good)

M120169 NT +12.1 pips (my int of vanilla rules)

MNT +50 pips (You gotta love MNT on volitile months)

TNT (RH) -7 pips (MNT would have rescued vanilla NT this last 4 weeks)

TNT (M120169) +62.1 (Much much better than RH vanilla NT)

1st 2 weeks June 1/6/10 - 11/6/10

RH NT -34 pips (not good again)

M120169 NT -34.8 (much closer to RH clearer trade signals recently)

MNT +10 (ok took two max losses last week but still better the NT)

TNT RH -24 (MNT would have help claw back losses in the first 1/2 june)


June To Date including today

RH NT +16 pips (just into the black)

M120169 NT +15.2 pips

MNT +20 pips (Risky eh......still beating NT so far!)

TNT RH +36 (MNT has much improved NT results)



And finaly the last 21 days trading including today

RH NT - 7 pips

M120169 NT +62.1 (beating RH at his own game)

MNT +20 (27 pips ahead of NT still!)

TNT RH +13 (MNT would have made RH results slightly more rosey)

TNT M120169 (+82.1 creaming vanilla NT by 89 pips)


My conclusion so far......... it took a bad run to spot NT main fault, and develop MNT, yes MNT RR Ratio alone is risky but in practice so far it saves NT on bad volitile forex months (Euro problems mostly) and greatly increases NT results when NT is on song (this week so far).

Plenty of TNT traders nows on various versions. I think NT might be on a recovery now, I wish I had thought of MNT week 1 of me trading but having never ever traded forex or spreadbetted ever I think I have done good so far.

So for me i'm on TNT 60/60 daily now 4% MM becasue If NT is back on song again gains will ramp up, but if NT slips and struggles again soon MNT will help it not drag into large losing months.

Thanks all for listening :smart:

M

 

[peterf1966]

OK. 4 week NT / MNT / TNT results & June 1st 2 week results and June TD results.

Firstly RH results for last week now in and I have completely got to grips with the NT system now. Had exactly the same entry's as RH to the pip and almost the same weekly result (both trading on IG Index), I just managed a slighly better manual exit than him one day to gain a little.

So all those like me who cried over spilt milk last Monday for the cruel -30 pips loss, so did RH!

Results are :

Last 4 full weeks (Since I started NT) 17/5/10 to 11/6/10.

RH NT -57 pips (not good)

M120169 NT +12.1 pips (my int of vanilla rules)

MNT +50 pips (You gotta love MNT on volitile months)

TNT (RH) -7 pips (MNT would have rescued vanilla NT this last 4 weeks)

TNT (M120169) +62.1 (Much much better than RH vanilla NT)

1st 2 weeks June 1/6/10 - 11/6/10

RH NT -34 pips (not good again)

M120169 NT -34.8 (much closer to RH clearer trade signals recently)

MNT +10 (ok took two max losses last week but still better the NT)

TNT RH -24 (MNT would have help claw back losses in the first 1/2 june)


June To Date including today

RH NT +16 pips (just into the black)

M120169 NT +15.2 pips

MNT +20 pips (Risky eh......still beating NT so far!)

TNT RH +36 (MNT has much improved NT results)



And finaly the last 21 days trading including today

RH NT - 7 pips

M120169 NT +62.1 (beating RH at his own game)

MNT +20 (27 pips ahead of NT still!)

TNT RH +13 (MNT would have made RH results slightly more rosey)

TNT M120169 (+72.1 creaming vanilla NT by 65 pips)


My conclusion so far......... it took a bad run to spot NT main fault, and develop MNT, yes MNT RR Ratio alone is risky but in practice so far it saves NT on bad volitile forex months (Euro problems mostly) and greatly increases NT results when NT is on song (this week so far).

Plenty of TNT traders nows on various versions. I think NT might be on a recovery now, I wish I had thought of MNT week 1 of me trading but having never ever traded forex or spreadbetted ever I think I have done good so far.

So for me 'm on TNT 60/60 daily now 4% MM becasue If NT is back on song again gains will ramp up, but if NT slips and struggles again soon MNT will halp it not grag into large losing months.

Thanks all for listening :smart:

M

Hi Mark,

What is 60/60, shouldn't the ratio add up to 100%

 

[mark120169]

Hi Mark,

What is 60/60, shouldn't the ratio add up to 100%

TNT 60/60 is the same as TNT 1/1 i.e max win +60 max loss -60. RR Ratio 1 to 1.

So NT +50 - 30 and MNT + 10 -30 , combined daily 4% MM +60 -60.

For two systems that follow the same easy set up rules and give me a 1 to 1 RR ratio i'm happy and you just throw in trailing stops on the NT when needed to make the win ratio even better in reality.

M

 

[insidergates]

I would agree with Mark, the two seem to work hand in hand and likewise I tend to move my stop loss to breakeven when NT profit moves above 25-30 pips. I also take into account the time and the closer to 8:30 the closer I move the SL to the current price to lock in profit. I think finishing for 8:30 is a good rule as it stops overtrading and its around this time when the market livens up and you're more likely to get caught out.

 

[Tanguero]

TNT 60/60 is the same as TNT 1/1 i.e max win +60 max loss -60. RR Ratio 1 to 1.

So NT +50 - 30 and MNT + 10 -30 , combined daily 4% MM +60 -60.

For two systems that follow the same easy set up rules and give me a 1 to 1 RR ratio i'm happy and you just throw in trailing stops on the NT when needed to make the win ratio even better in reality.

M

It's like comparing apples to oranges. You can only compare the performance of different systems by their R/R outcomes taken for each transaction. Say, on a particular day NT's (50/30) 1.67; MNT's (10/30) 0.33; TNT's (60/60) 1 etc rather than in pips.

 

[goldfinger777]

Last week the "official" NT system bagged a -4 pt loss overall.

Last week the INT (Instant Net Trap) system bagged a 125 pt profit overall.

 

[peterf1966]

TNT 60/60 is the same as TNT 1/1 i.e max win +60 max loss -60. RR Ratio 1 to 1.

So NT +50 - 30 and MNT + 10 -30 , combined daily 4% MM +60 -60.

For two systems that follow the same easy set up rules and give me a 1 to 1 RR ratio i'm happy and you just throw in trailing stops on the NT when needed to make the win ratio even better in reality.

M

I see, I was thinking it was in percentage terms of the stake - Melb's 75% MNT to NT's 25%, which breaks even if MNT just gets 10 pips. This morning for me it was 83.33/16.66, an arbitary £2.5 per pip on MNT, more tomorrow, if conditions are right, like the set up this morning.

Wed is my last guaranteed loss cover day on ETX. Again if its right, I'll do max that I can, though if it goes pear shaped it will be a shame to lose the money I am actually ahead by.

btw, I looked at your accumulator spreadsheet, have you tried your £1500 start point as even a bit more ? One thing that makes me wonder though, if you are cosistently good at this, would you run up against the SB companies equivalent of the house limit? The proverbial 'come and have some some free champagne, in the VIP area of the casino?

 

[peterf1966]

I would agree with Mark, the two seem to work hand in hand and likewise I tend to move my stop loss to breakeven when NT profit moves above 25-30 pips. I also take into account the time and the closer to 8:30 the closer I move the SL to the current price to lock in profit. I think finishing for 8:30 is a good rule as it stops overtrading and its around this time when the market livens up and you're more likely to get caught out.

Bang on

 

[ak88]

For those that use IG - they have integrated QuickCharts directly into the app. For speed you can have the chart and a deal ticket open and have your NT setup layout saved and recalled.

Playing about with it now to see how it works in practice.

EDIT: Not sure a deal tick can come up as part of the layout by the looks of it..

 

[mark120169]

Last week the "official" NT system bagged a -4 pt loss overall.

Last week the INT (Instant Net Trap) system bagged a 125 pt profit overall.

INT is to risky for me as it ignores all NT safety features apart from "no trade" day decisions.

I back tested it to when I started on the 17/5/10 and the first two trading days I ever had where trade days but the traps did not trigger due to the NT safety stops. INT would have ignored these and just jumped straight into a trade. Those first two days would have been -60 pips. Infact my back testing showed that up to and including 1/6/10 INT would have been sitting on -88 pips.

To be fair from 2/6/10 INT has had a good run @ +225 pips giving a combined result to date of +137 pips.

But it's just the way it ignores the NT safety stops and jumps in without pause for thought that NT has that worries me, even more of a coin flip than NT.

I don't have the data for all past trading days that didn't trigger but I suspect if anyone did you would find that every single one would have been a -30 pips loss with INT. But maybe it's a winner, am watching it too now to monitor results.

M