Richard Hill Forex Net Trap

Hi there,
I am relatively new to trading and have been spreadbetting / trading for about 6 months.
I hve recently read about a thing called "Richard Hill Forex Net Trap" that promises to show you a system to make moey on US$/£ trading with just 10-15 mins. early morning trading. They want to charge me £250 to sign up but what they do not tell me is how much deposit money I would need in my trading account to make £10-20 per pipp trades. I suspect I would need to have a large amount lodged to do this.
The promoter (Agora) ofers money back guarantee but not of coarse the money I loose.
Does anybody have any experience of this system?

Hi flinteng,
Welcome to T2W.
In my experience, money back guarantees aren't worth the paper they're written on. So much so in fact, that I'd put more faith and trust in someone who didn't offer one than someone who does. Nobody can account for how somebody else trades so, if you buy this course or strategy and you fail to make money with it, almost certainly you'll be told that's because you didn't follow the strategy to the letter and therefore it's your own fault. To be fair to the vendor, this is likely to be true - regardless of whether their product is any good or not. Additionally, you are quite correct in spotting the obvious flaw in their marketing, namely that the size of any gains must relate and be proportional to the size of your account. If it's a signal service or bespoke software, you could ask for a free trial for a month or so. Obviously, if the system works well, you'll only be too happy to throw loads of money at the vendor to buy the system outright at the end of the trial. They'll almost certainly refuse this request though, leaving you to draw your own conclusions about the likely profitability of the system.
Tim.

Hi Richard Hill here, I just wanted to point out the system has a 60 day no question money back guarantee, fully guaranteed by Agora Lifestyles, one of the biggest financial newsletter companies. They have a very good reputation in the industry.
The system has very conservative risk management. This is fully explained in the system.
This is not a get rick quick program, but a trading sytem that has consistently been profitable.
The Beta testers are real people who have been doing this.
The key in any trading is managing risk, and having an good strategy.
I have shared exactly what I do, honestly, I would n't have agreed to release this if I was n't happy with it.
I hope this helps.
Richard

Thanks for your reply Richard. However, you still have not answered my question. Let me simplify things : If I buy your system and want to begin trading using £10 per pip stakes, how much would I need to deposit in the trading account.
Please be assured that I am considering a purchase but need an answer to this question before I decide to proceed.

The author himself comes right back with an answer. I have to say I like that.

So, who'll be next? Warren Buffet? Alex Elder? Mark Douglas?

Can't find many results for this on Google, other than a video of someone with an 80's mullett, a twitter reference and shortcut publications...which appears to be a website promoting the products... nicely 'constructed' site, havn't got time to look at it in much detail...

http://www.shortcutpublications.co....eople-saying-forex-net-trap-system-00175.html

Here's an article in which a trading method is discussed;

http://www.shortcutpublications.co.uk/make-money/currency-trading/set-up-forex-chart-00177.html

flinteng said:

Please be assured that I am considering a purchase but need an answer to this question before I decide to proceed.

Click to expand...

Hi flinteng,
With respect, you're asking the wrong question - it's completely irrelevant. While there are exceptions to this, broadly speaking, a successful strategy or system is independent of the size of the account needed to trade it. In a nutshell, the answer to your question will be dictated by how far the stop loss is from entry. For example, suppose it's ten points from entry and you're trading £10.00 per point. If you're stopped out you'll lose £100. As a proportion of your total equity, what does that £100 loss represent? If you've got an account with £1,000 in it, you've lost 10%. If you continue to trade at £10.00 p/p with a ten point stop, you will (not could) blow your entire account in the next nine trades. The vendor ought to be able to provide verifiable data detailing the probability of ten consecutive losing trades. Assuming he does and the likelihood is infinitesimally small, most traders would still argue that risking 10% per trade is waaaaaaay too much. If you have $10k in your account, then you'll only be risking 1% of your equity (instead of 10%) and the chances of having 100 consecutive losing trades is obviously far less likely than having ten consecutive losing trades. So, hopefully, you see that all of this is down to you and the size of your account, which no vendor in the world can either determine or control.
Tim.

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

flinteng said:

Thanks for your reply Richard. However, you still have not answered my question. Let me simplify things : If I buy your system and want to begin trading using £10 per pip stakes, how much would I need to deposit in the trading account.
Please be assured that I am considering a purchase but need an answer to this question before I decide to proceed.

Click to expand...

for my system to stay within recommended risk management rules, I recommend to trade for £1 a pip you should have at least £1,500 in your trading account.

As with all trading your trading account should not be money you need to live on, but money you are prepared to put into a trading venture. I hope this helps you.
Richard

breakthrough40 said:

for my system to stay within recommended risk management rules, I recommend to trade for £1 a pip you should have at least £1,500 in your trading account.

As with all trading your trading account should not be money you need to live on, but money you are prepared to put into a trading venture. I hope this helps you.
Richard

Click to expand...

3.5-5% capital risk per trade?

Black Swan said:

3.5-5% capital risk per trade?

Click to expand...

No I recommend only risking 2% on any one trade, and only one trade in the market at
any one time.

breakthrough40 said:

No I recommend only risking 2% on any one trade, and only one trade in the market at
any one time.

Click to expand...

So if you take off the cost of the spread and the cost of a g.stop you're looking at a stop loss (or executing a manual stop) of what... 25 pips? V. tight operating conditions for a new trader to work within...what TF are you suggesting working off for forex day trading? Also, if day trading, what profit do you anticipate your 'pupils' making per day on £1 per pip if only in one trade concurrently..?

timsk said:

Hi flinteng,
Welcome to T2W.
In my experience, money back guarantees aren't worth the paper they're written on. So much so in fact, that I'd put more faith and trust in someone who didn't offer one than someone who does. Nobody can account for how somebody else trades so, if you buy this course or strategy and you fail to make money with it, almost certainly you'll be told that's because you didn't follow the strategy to the letter and therefore it's your own fault. To be fair to the vendor, this is likely to be true - regardless of whether their product is any good or not. Additionally, you are quite correct in spotting the obvious flaw in their marketing, namely that the size of any gains must relate and be proportional to the size of your account. If it's a signal service or bespoke software, you could ask for a free trial for a month or so. Obviously, if the system works well, you'll only be too happy to throw loads of money at the vendor to buy the system outright at the end of the trial. They'll almost certainly refuse this request though, leaving you to draw your own conclusions about the likely profitability of the system.
Tim.

Click to expand...

Purely on the subject of the guarantee,it is from Agora.I have no connection to this company but in all fairness to them have to say that I have purchased multiple products from them over the years ,tried them out and then almost always claimed a refund.

I have not had a single problem with getting a refund.Without exception they have refunded my money,no questions asked.They are a reputable company.

moluscos said:

Purely on the subject of the guarantee,it is from Agora.I have no connection to this company but in all fairness to them have to say that I have purchased multiple products from them over the years ,tried them out and then almost always claimed a refund.

I have not had a single problem with getting a refund.Without exception they have refunded my money,no questions asked.They are a reputable company.

Click to expand...

Therefore why bother wasting your time on something that by the sounds of it will more than likely cost you time and money in the long run, plenty of what seems to me (a newbie) good information on this website that is free babypips.com is good and good books are available from amazon, that's what i think anyway!.

Everyone is entitled to their opinion- and how best to use their own time and money.

Call me naive if you like but -

Not everything that is offered for sale is a con.
There is no reason to think that people offering trading systems cannot trade.
It is perfectly rational to seek to buy a proven trading system.

I would like to see richard back on here and have a bit of a Q & A session with black swan and answer those questions he put forward as i too was thinking about buying the net trap system but now have doubts as i am a newbie and would be starting on a low budget. It would be good to see richard answer some questions from an experienced member.

Hammersnut said:

I would like to see richard back on here and have a bit of a Q & A session with black swan and answer those questions he put forward as i too was thinking about buying the net trap system but now have doubts as i am a newbie and would be starting on a low budget. It would be good to see richard answer some questions from an experienced member.

Click to expand...

In post #9 ~ Richard had this to say ~

for my system to stay within recommended risk management rules, I recommend to trade for £1 a pip you should have at least £1,500 in your trading account.

As with all trading your trading account should not be money you need to live on, but money you are prepared to put into a trading venture. I hope this helps you.
Richard

Click to expand...

My 2 pence worth is that ~ if you can't afford to start with less than £1,500 and also if it would hurt you to lose the lot ~ then you shouldn't even be thinking about it ~ go here and make some free easy money off the bookies first ~

easy money

:clap:

Hammersnut said:

I would like to see richard back on here and have a bit of a Q & A session with black swan and answer those questions he put forward as i too was thinking about buying the net trap system but now have doubts as i am a newbie and would be starting on a low budget. It would be good to see richard answer some questions from an experienced member.

Click to expand...

I think I busted him with one paragraph containing a couple of questions whilst pointing out the inconsistencies and the contradiction of his 'system'. Unlucky eh...:whistling

moluscos said:

Purely on the subject of the guarantee,it is from Agora.I have no connection to this company but in all fairness to them have to say that I have purchased multiple products from them over the years, tried them out and then almost always claimed a refund. I have not had a single problem with getting a refund. Without exception they have refunded my money,no questions asked.They are a reputable company.

Click to expand...

Wow, what an exciting life you lead... To be serious that's hardly an endorsement is it?

"Everything I get from them is 5hite, I know it's gonna be 5hite even before I buy it, so then after using it I 'kick off', send them an ar5ey letter, and they give me my cash back every time..."