Richard Hill Forex Net Trap

[mark120169]

Up up and away. Happy days. Well done to those that managed to stay out and set lower targets. And good luck if you are going for NT 335.

TNT 50/50 +12 (Scaled @ £4 pip +6)

NT+D + 12 (should have been +11 but can you beleive I got limit slippage of 1 pip with ETX!!)

INT +D +/- 0 (closed manualy ffor B/E)

Have a good day all........off to legoland now with the kiddy, nice to get in there with just the other private school kids only before the state school kids break up next week, very pleasureable and no quenator fee to pay!

M

 

[BigBrassBalls]

Yey, +25 pips, RH would disapprove of hanging on in there though.

 

[Wagtail]

Yey, +25 pips, RH would disapprove of hanging on in there though.

-30 on NT, but +50 on my own system that still working on in demo. Looking good so far but could easily still crash and burn!

www.cabletraderfx.blogspot.com

 

[DaxM]

I'm quite jealous of you guys...got stopped out on both NT and MNT. Thats minus 120 for the last 2 days. Price just nicked my stop before shooting up. Feels like a kick in the stomach. I know you're not supposed to get emotional about trading...but try telling that to my gut!

 

[Rugby Trader]

I'm quite jealous of you guys...got stopped out on both NT and MNT. Thats minus 120 for the last 2 days. Price just nicked my stop before shooting up. Feels like a kick in the stomach. I know you're not supposed to get emotional about trading...but try telling that to my gut!

short term pain for long term gain!

 

[Claviceps]

-30 on NT, but +50 on my own system that still working on in demo. Looking good so far but could easily still crash and burn!

www.cabletraderfx.blogspot.com

Been comparing results of NT with LFO with which I believe some of you are familiar,
by choosing more realistic entries and more achievable 1st and 2nd targets LFO
would appear to be winning out , principaly by avoiding these early morning shake-outs, to which NT seems prone.

 

[peterf1966]

I'm quite jealous of you guys...got stopped out on both NT and MNT. Thats minus 120 for the last 2 days. Price just nicked my stop before shooting up. Feels like a kick in the stomach. I know you're not supposed to get emotional about trading...but try telling that to my gut!

Sort of feel the same, but not jealous especially.

Today repeated yesterdays pattern, a 30 pip stop just not being enough before the main course started once past 8.30 - a 40 stop with an adjusted pip size of 75p would have been a good idea today, if I'd have had it at 6.30 of course

Since we've not had a new vaiant for a bit, How about NT+2H - (NT+2 hours) ? Only kidding, I love these 6.20 get ups me.

My problem is, that I lack the courage in my convictions, exactly the same as yesterday, I dillied and dallied, and ummed and arrhed about going in long again this morning, at around 8.30, with an entry at the original 285 for a target of 329, a couple of pips below my plotted R4, and sure enough like yesterday, I didn't do it. You can check the chart to see where it just peaked - yes, just above R4 at about 336!

Tang, Mark, I need some bravery lessons please!

 

[missionary]

Anyone know if there is any major news out today? I know there is a site detailing announcements but I can't be bothered to wade through the almost 500 pages this thread has grown into.

BD sign-up to the FREE ADVFN news service. They send out a mid-morning report and then again early evening too. All the reports, announcements etc. are there, but in nice small chunks easy to read.

mish

 

[Wagtail]

Sort of feel the same, but not jealous especially.

Today repeated yesterdays pattern, a 30 pip stop just not being enough before the main course started once past 8.30 - a 40 stop with an adjusted pip size of 75p would have been a good idea today, if I'd have had it at 6.30 of course

Since we've not had a new vaiant for a bit, How about NT+2H - (NT+2 hours) ? Only kidding, I love these 6.20 get ups me.

My problem is, that I lack the courage in my convictions, exactly the same as yesterday, I dillied and dallied, and ummed and arrhed about going in long again this morning, at around 8.30, with an entry at the original 285 for a target of 329, a couple of pips below my plotted R4, and sure enough like yesterday, I didn't do it. You can check the chart to see where it just peaked - yes, just above R4 at about 336!

Tang, Mark, I need some bravery lessons please!

No Peter, you did exactly the right thing. If going long again is not in your trading plan when a situation like this arises and it's not a set up that you know and trade consistantly, then standing aside is the best thing. I've given a lot of money back in the past by doing the same. Obviously it's a different matter if it's in your plan and you've back tested it or at least demo traded for a considerable period.

W.

www.cabletraderfx.blogspot.com

 

[bombettor]

Worst run for NT is 5 losers in a row!!

 

[BigDunc]

Who did you sign up for to do your demo trading with Wagtail? Or is that really your $50K ??? I'd like to demo an idea I've had and like the stats that myfxbook can provide.

 

[peterf1966]

No Peter, you did exactly the right thing. If going long again is not in your trading plan when a situation like this arises and it's not a set up that you know and trade consistantly, then standing aside is the best thing. I've given a lot of money back in the past by doing the same. Obviously it's a different matter if it's in your plan and you've back tested it or at least demo traded for a considerable period.

W.

www.cabletraderfx.blogspot.com

Thanks Wags, and I do agree with you, and with Rugby Trader's comment about short term pain for long term gain. Yesterday and this morning it's that old 'better to regret something you did do, than something you didn't' adage being tested.

I have also done things like this ' revenge trading' after a loss in the morning, and then lost more pips, and so blowing previous NT profits, so I should be further ahead than I am really.

From the 26th when I start my new job, I'm not going to have the opportunity to keep an eye on charts that I should have closed at 8.30 anyway, and I will go back (forced into)to being a good boy :innocent:

 

[Rugby Trader]

I have also done things like this ' revenge trading' after a loss in the morning, and then lost more pips, and so blowing previous NT profits

I've done that many times in the past, hasn't ever really worked for me, so not much of a revenge, more of a keep punching me in the face, I want more punishment!

Worst run for NT is 5 losers in a row!!

ooph, that would be quite a painful drawdown, especially for me. I stake 5% of account on each trade.

 

[Denman]

I've done that many times in the past, hasn't ever really worked for me, so not much of a revenge, more of a keep punching me in the face, I want more punishment!



ooph, that would be quite a painful drawdown, especially for me. I stake 5% of account on each trade.

but we have just had a nice little run of quite high winners, AND all will be ok as long as you keep to your MM? (me thinks!)

 

[MikesDirect]

BD sign-up to the FREE ADVFN news service. They send out a mid-morning report and then again early evening too. All the reports, announcements etc. are there, but in nice small chunks easy to read.

mish

G'day,

Perhaps the most favoured announcement site is:

http://www.dailyfx.com/calendar/

Remember to adjust the time zone to GMT +1 (London, Lisbon)

Good day Sir,
Mike

 

[Rugby Trader]

but we have just had a nice little run of quite high winners, AND all will be ok as long as you keep to your MM? (me thinks!)

oh yes, the run of winners was certainly a welcome boost.

I stick to 5% and that's it.
I'm a rather boring sod when it comes to my trading. I set myself rules or follow the rules that are set out and follow them without deviation.

But then I do keep reading trading is about discipline.

With regards to Money Management, I'm reading Ryan Jones - The Trading Game at the moment which is just dedicated to MM.

I'm going to go back to Trading in the Zone by Mark Douglas shortly, as I only managed to get about 1/3rd of the way through.

Also got The Market Wizards series lined up as well.

Got hold of a copy of Nexus by Steve Copan as well.

 

[Wagtail]

Who did you sign up for to do your demo trading with Wagtail? Or is that really your $50K ??? I'd like to demo an idea I've had and like the stats that myfxbook can provide.

It's a demo with IBFX ( www.ibfx.com ), but any mt4 is fine, i've always found.I have a live account at alpari uk too. You can put any amount as a starting balance on a demo, and you can choose the currency to trade in. As the pip value is denominated in usd for alot of pairs, you may find it easier to calculate your risk if you choose your account to be in usd, as 1 standard lot is $10 per pip, 0.1 is $1. This saves converting back to sterling when calculating what you're prepared to risk on a trade.

Once you've got a demo up and running you can start a new one at any time, (for instance if you refine your strategy and want to start again with a clean sheet) by clicking on "file" "open new account"

You can link any MT4 account to myfxbook.com, which I like forthe sake of accountability, but mt4's own breakdown of stats is excellent. Click on "account history", then right click,"save as detailed report".

W.

www.cabletraderfx.blogspot.com

 

[Tanguero]

Tang, Mark, I need some bravery lessons please!

Bravery lessons? I need those as well. I was almost crying when taking profits today paralised by the dilemma, should I leave a limit at 15325 or 15368 and ended up closing at 15303 instead of taking the whole run. Well, that's a lesson I suppose.

 

[Tanguero]

Dont suppose you have a scanned and ready to email version ?

I've just taken a loss and feeling very poor

Just a hardcopy, sorry. You may feel even worse if you follow some of the advice this guy gives. He claims that after a loss, he compounds the next trade! And he suggests others to do this!! A criminal.

I now realise that I might have actually seen somebody else doing this rather than this guy, I'll check.

 

[Tanguero]

Surely if there were no bulls at a pivot it would go below the pivot and back again. Is it not the case the bulls are keeping the bears from going below the pivot? Hasn't dropped below 52 yet!

M

No volume = no bulls.