Richard Hill Forex Net Trap

barnesan said:
Yes, Monday made profit. Tuesday was a no trade day. I didn't trade Wednesday or Thursday but looking at the charts I think one was a no trade and one was a -30. I did trade today and it was a -30 so overall a losing week. I'm only trading with £0.10 stakes so not too bad but I think I will give next week a miss and try and do some more studying. Definitely want to look more at Black Swan's comment and do some plotting on the historical success / failure vs. bullish / bearish market correlation. Anyone else looked at this yet?

I'm currently feeling overloaded by the amount of info out there vs. the small amount of time I have each week and just trying to put my time in the right places! I like Net Trap because with a small amount of time each week I can be 'in the market' while learning in parallel but at the same time using a system without fully understanding all the nuances of what makes it succeed / fail is frustrating!

Will share any findings I make on the above correlation.
Click to expand...

Just had Richard's summary of the week.

1 up day - monday + 17, one no trade, and 3 losers = -73 for the week. The advice for next week is not to trade, ah.. more lie ins.
If you are just doing this Net Trap system, I personally wouldn't use any other analysis other than what the system advises, between 6.30 and 8.30. The way it's advertising pitched is, it's a simple system, that takes 5 minutes in the morning to set up and 2 minutes again at 8.30 to close out if needs be.

Nothing to stop anyone doing a bit more research outside the system for other trades, as long as you keep to your risk strategy I guess.
 
barnesan said:
Definitely want to look more at Black Swan's comment and do some plotting on the historical success / failure vs. bullish / bearish market correlation. Anyone else looked at this yet?

.
Click to expand...

This confuses the hell out of me !

Surely in a currency pair if you are bullish one - you are bearish the other!!

:confused:
 
yeah, not sure if the bull and bear term can be applied to this market, its been described as a tug of war between currencies, with oppurtunities in both directions.
 
oh, I haven't used any kind of system till now, really, just keeping an eye on the data everyday, I'm not a professional trader.
 
Dear All

I've been really interested in the commentary on the Net trap trading system. I'm based in Europe so the idea that I could activate the system between 730am and 930am appeals to me - are any of you aware of whether you have to be UK based to use the system?

I've also seen other forums with members telling each other of Forex Autorobot scams where stop losses are not activated and people are losing big time - Are those of you using Richards system experiencing anything like this. I ask as I had a go at selling and buying back FTSE call options last year whilst the market was on a downward trend - it was straight forward enough but the inhibiting factor was the amount of funds needed for margin calls - I have to be honest and admit that I didn't have the stomach for potentially overwhelming losses, hence my query about the stop loss activation on a system that you potentially leave alone for 2 hours

I make the assumption that Richard wants you all to win big so that positive word of mouth gets around and then he can start charging full price for the system rather than £247 or whatever it is. I like the idea of the conservative 2% to trade with, if I could make a grand a month I would be happy - is anyone there yet with this system in terms of private traders like myself? (I know this is peanuts for the pros...)

Any helpful comments would be gratefully received and I thank you for any advice in advance

Very best wishes

sunbeam2010
 
sunbeam2010 said:
Dear All

I've been really interested in the commentary on the Net trap trading system. I'm based in Europe so the idea that I could activate the system between 730am and 930am appeals to me - are any of you aware of whether you have to be UK based to use the system?

I've also seen other forums with members telling each other of Forex Autorobot scams where stop losses are not activated and people are losing big time - Are those of you using Richards system experiencing anything like this. I ask as I had a go at selling and buying back FTSE call options last year whilst the market was on a downward trend - it was straight forward enough but the inhibiting factor was the amount of funds needed for margin calls - I have to be honest and admit that I didn't have the stomach for potentially overwhelming losses, hence my query about the stop loss activation on a system that you potentially leave alone for 2 hours

I make the assumption that Richard wants you all to win big so that positive word of mouth gets around and then he can start charging full price for the system rather than £247 or whatever it is. I like the idea of the conservative 2% to trade with, if I could make a grand a month I would be happy - is anyone there yet with this system in terms of private traders like myself? (I know this is peanuts for the pros...)

Any helpful comments would be gratefully received and I thank you for any advice in advance

Very best wishes

sunbeam2010
Click to expand...

Hi, As long as you have web access, I don't see why you can't do it, tho possibly you would want to set up a trading account via a provider in your own country. You'd presumably fund it in euro, but trade £/$?

Ive only been going 2 weeks, but it seems to work OK. On the IG platform (puredeal) the stop losses and profit targets are spot on, and your balance is instantly updated. It's not some Autobot thing, but once you fill in the order ticket it all works as it should.
The only thing you need to do is close manually at 8.30 (9.30 for you), although you can set a 'good till' time, so that if no trade has been triggered the order is cancelled automatically.

I'm trying to line up a move to the UAE....starting trades at 10.30 and ending at 12.30 really appeals! :D
 
Many thanks Peter, really appreciate your feedback, would be intrigued to hear how you get on if you wouldn't mind the odd update

Very best of luck

Sunbeam2010
 
barnesan said:
+39 for me today - anyone else?
Click to expand...

Hi Barnesan

Sounds like a good start to the week - well done

Can I ask a quick question about the system requirements for the platform you use with the Forex Net Trap

Can it be used a mac or do you have to have Windows operating system

Many thanks in advance and I hope you stay in the positive numbers for the rest of the week

All the best

Sunbeam
 
Got my numbers wrong, panicked, sold for a 2 pip loss. Then bought again, a bit late, so +30. Good start for my first day on this system :) Big spike up after 830 :(
 
If you were following the system by the book this morning, you should have had +50 pips. Buy at 5 above the 6.15 candle high of 14933 - 14938, it hit 14988 at just after 8am.

As it happens, I was a bit late in, I think I set my watch a bit fast yesterday, so actually bought at 14940 at around 6.34, but it still hit 14990 at about 8.10. Good start following the two weeks off.
 
Week 1: +13.5 pip profit
Week 2: -36.4 pip loss
Week 3: + 21 pips profit
Week 4: +83 pips
Week 5:
Mon 29/03: +50 pips
 
Has anyone been getting emails about this secretforextrader.co.uk site? If so anyone know anything about it as i can't find anything on here relating to it.
 
Hammersnut said:
Has anyone been getting emails about this secretforextrader.co.uk site? If so anyone know anything about it as i can't find anything on here relating to it.
Click to expand...

Looks like another slick marketing ploy aimed at newbies. Take heed of the warning near the top of the page, although the percentage is probably higher.
 
Just buy it, trial it and return it if you ain't satisfied.

Costs nothing except return postage.

Better form your own opinion than rely on others views which may or may not be predjudiced.
 
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