Richard Hill Forex Net Trap

[Tanguero]

Yeah, it is quite high compared to what RH advises, but i have belief in the system that it will make a steady profit over the long term. Drawdowns do hurt a lot more but i try to look at the cumulative pip column rather than my cash column.

RT, information overload is the major issue for a day trader, you need to find ways to cope with it or even better to use it to your benefit.

Whether 5% is too high or not - nobody else can answer it better than yourself. It has two aspects. One, how you manage it psychologically. You seem to be unaffected, well done. Two, you should know now what will happen if your capital is gone. What's you plan? Will you quit? Start paper trading? Put some more money into a different system? Only you know.

 

[Denman]

Rugby - 5%? that's high![/QUOTE]

Hiya Peter, I'm also on 5% and feel ok with that (used it to good use on the 'Nags'.)
Also, the longest losing run so far is 5 so we should be ok.
Will have a re-think if the 'pot' gets too big! :cheesy:

 

[Rugby Trader]

The key to this is percentage strike rate and the level of positive expectancy. In my view to use 5% would require a very high strike rate to avoid risk of ruin. That said, if you are willing to try it and accept that you may lose your entire account then you could just see how it goes.


Paul

Hi Paul,

I certainly don't want to lose my entire account. That was my attitude when I started with NT, i.e I can afford to lose this money and took the attitude if it goes, it goes. However, after reading a very relevant comment somewhere on this thread I changed my mind.
This is my capital and I want to protect it and grow it.
I've only gone up to 5% over the last couple of weeks.

I take it this strike rate isn't good enough to warrant trading at 5%

I started recording my results from 15th Feb and this is what I’ve found

Winning trades: 32 of which 12 at 50
Losing trades: 27 of which 19 at -30

Total p/l +330.1 pts

 

[Rugby Trader]

RT, information overload is the major issue for a day trader, you need to find ways to cope with it or even better to use it to your benefit.

Whether 5% is too high or not - nobody else can answer it better than yourself. It has two aspects. One, how you manage it psychologically. You seem to be unaffected, well done. Two, you should know now what will happen if your capital is gone. What's you plan? Will you quit? Start paper trading? Put some more money into a different system? Only you know.

If my capital goes then
Will you quit? no
Start paper trading? yes
Put some more money into a different system? don't know, possibly, i am looking at other systems, strategies to add to my arsenal. Currently going through Trader Dante's How to Make Money thread and also reading Steve Copan - Nexus. I've also got a couple of Cathy Lien strategy books lined up. Also, the three ducks as well. I've done the one-on-one course and am about to start paper trading that.

 

[goldfinger777]

Currently going through Trader Dante's How to Make Money thread and also reading Steve Copan - Nexus. I've also got a couple of Cathy Lien strategy books lined up. Also, the three ducks as well. I've done the one-on-one course and am about to start paper trading that.

Will be interesting to hear how you get on with 3 ducks, I've heard good things about it.

My main problem with NT is that it's a get rich very slowly scheme, and I'm too impatient! If I'm not making triple digit gains every week I get upset. LOL!

Off now to take a big gulp of reality medicine. LOL!

 

[Rugby Trader]

I don't mind getting rich very slowly, as long as i'm rich when I get to retirement age. Of course the quicker I get rich the earlier my retirement age!

 

[Wagtail]

Hi Paul,

I certainly don't want to lose my entire account. That was my attitude when I started with NT, i.e I can afford to lose this money and took the attitude if it goes, it goes. However, after reading a very relevant comment somewhere on this thread I changed my mind.
This is my capital and I want to protect it and grow it.
I've only gone up to 5% over the last couple of weeks.

I take it this strike rate isn't good enough to warrant trading at 5%

I started recording my results from 15th Feb and this is what I’ve found

Winning trades: 32 of which 12 at 50
Losing trades: 27 of which 19 at -30

Total p/l +330.1 pts

Hi RT,

As you've done Andy Perry's 1 on 1 3 ducks training, I'm sure you've got access to his pdf on the chances of getting a bad run. NT has a win rate of 55% from the figures in your earlier post. According to Andy, this gives, within a 50 trade period, a 57.5% chance of getting 5 losers in a row, and 15% of 7 in a row.

Food for thought with 5% risk.

W.

www.cabletraderfx.blogspot.com

 

[goldfinger777]

Maybe instead of Net Trap it should be called Patience Trap.

 

[Rugby Trader]

Hi RT,

As you've done Andy Perry's 1 on 1 3 ducks training, I'm sure you've got access to his pdf on the chances of getting a bad run. NT has a win rate of 55% from the figures in your earlier post. According to Andy, this gives, within a 50 trade period, a 57.5% chance of getting 5 losers in a row, and 15% of 7 in a row.

Food for thought with 5% risk.

W.

www.cabletraderfx.blogspot.com

yeah, good point.
We've already had one run of 5 losing results in June which caused a 129 point loss.

Definitely have to give this some further thought.

 

[mark120169]

yeah, good point.
We've already had one run of 5 losing results in June which caused a 129 point loss.

Definitely have to give this some further thought.

I go out for one day at Legoland with the kiddy and what happens...........return to 6 pages of stuff to read.

I wouldn't mind but the last thing I wrote was 7 pages ago!! Outrageous!

RT you have said more today than I have ever known you too, is your office boss on anual leave or something.

M

 

[Rugby Trader]

:cheesy: Ha, most of the time I just listen and observe but then on other days you just can't shut me up!

 

[mark120169]

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,

Tang, Mark, I need some bravery lessons please!

Am I brave? You forget I was one of us who have been constrained to being away from the trade between 8am and 8.30am daily so blind.

Not brave enough @ £4 pip to go above 2% MM p/t. But when the pot is built up will be brave enough to place extra daily 3 ducks trades @ 2% MM, but that is a bit off and time permitting.

Like I have said previosly I monitor over 10 tweaks of NT daily to keep a running comparrison and have secretly been running a 40 stop on my NT trade since just after I thought up MNT. Stuck with 33s on MNT but have done NT40 for ages and my results have been far better than RH, even with his cheating!

Once we get the private forum plan to publish the speadsheet weekly of VNT vs Varients for all officials to see.

But the bravery thing, I think I am just getting more experienced now (thanks to this thread and it's contributors) and from this week for the Summer have the ability to manage the trade after 8.30 if I want.

What you have to remember from reading my posts is that the first ever speadbet I did was 17/5/10 with NT. Everything else has been learned and applied on the fly in 9 weeks.

I'm no trader but i'm certainly no newbie anymore, but always learnig. And in profit and peeing all over RH NT results.

It's funny I actually pop over to read SFT forum late in each NT trade and when I see the sad posts when they get stopped out for strict VNT stop or didn't trail the stop after 8am @ +30 and lost out I just shake my head now and say to myself......you fools......step out of the box and learn something, you will make more pips.

M

 

[mark120169]

I'm really supprised where cable is now. Trading over 15420. This means is has smashed through major resistance @ 15393 and 15413 and next resistance is not until 15485.

Maybe scope to go long overnight for 40 pips with a stop @ 15390. 3 Ducks on 3D ma or NT MA both confirm good long trend is still active. In fact sod it I took this trade above @ 15420 as described and it has just shot up to 15440 as I typed this post!!!

M

 

[mark120169]

I'm really supprised where cable is now. Trading over 15420. This means is has smashed through major resistance @ 15393 and 15413 and next resistance is not until 15485.

Maybe scope to go long overnight for 40 pips with a stop @ 15390. 3 Ducks on 3D ma or NT MA both confirm good long trend is still active. In fact sod it I took this trade above @ 15420 as described and it has just shot up to 15440 as I typed this post!!!

M

Bang done. +40 pips @ £1 pip. It seems I am learning.

M

 

[FxMax]

Am I brave? You forget I was one of us who have been constrained to being away from the trade between 8am and 8.30am daily so blind.

Not brave enough @ £4 pip to go above 2% MM p/t. But when the pot is built up will be brave enough to place extra daily 3 ducks trades @ 2% MM, but that is a bit off and time permitting.

Like I have said previosly I monitor over 10 tweaks of NT daily to keep a running comparrison and have secretly been running a 40 stop on my NT trade since just after I thought up MNT. Stuck with 33s on MNT but have done NT40 for ages and my results have been far better than RH, even with his cheating!

Once we get the private forum plan to publish the speadsheet weekly of VNT vs Varients for all officials to see.

But the bravery thing, I think I am just getting more experienced now (thanks to this thread and it's contributors) and from this week for the Summer have the ability to manage the trade after 8.30 if I want.

What you have to remember from reading my posts is that the first ever speadbet I did was 17/5/10 with NT. Everything else has been learned and applied on the fly in 9 weeks.

I'm no trader but i'm certainly no newbie anymore, but always learnig. And in profit and peeing all over RH NT results.

It's funny I actually pop over to read SFT forum late in each NT trade and when I see the sad posts when they get stopped out for strict VNT stop or didn't trail the stop after 8am @ +30 and lost out I just shake my head now and say to myself......you fools......step out of the box and learn something, you will make more pips.

M

Thanks Mark,

I took a similar outlook today. I was uncertain with the trade, so I took a MNT (+14), but with a stop of 35, no NT. If I had taken a 30 stop I would have been stopped out, but it turned 2 pips from the stop.

When the 8:15 candle went down, I placed a buy just above the 8:00 high with a 20 pip trailing stop and no limit. MNT finally took profit and the new buy traded until 10:30 to bank me a total of 69.2 pips.

A repeat of yesterday?

Rgds, Max

 

[mark120169]

Thanks Mike,


Rgds, Max

Mike??

M

 

[SA Trader]

Well the thread is getting unwieldy now, he said, adding another post to it. Whatever happenned to Graemes (SA Traders) new forum, seems to have died a death?
However. The NT system is no longer officially for sale, and people shouldn't really be learning NT from here anyway.

Hi guys, no - its has not died - just waiting for the f***ing programmers at T2W to create it for us - they keep telling me to just wait & be patient !!!

 

[pseudo straddle]

Can anyone pm me the UDF forumla being used for IG index please?

Thanks

p.s. would be useful to have a sticky where we add all these addtional links for tools/news updates, avoides trawling through 400 odd pages

Thought I might do something useful for a change and attach a text doc with the links - only done the first 480 posts so far! EAOE!

 

[SA Trader]

Bang done. +40 pips @ £1 pip. It seems I am learning.

M

Mark, are you out of your Long trade now ?
Did you make the 40 pips ?

 

[mark120169]

Mark, are you out of your Long trade now ?
Did you make the 40 pips ?

Yes. This is what this meant. It was quick. Price peaked @ 15471 before dropping back to between 15450 and 15440.

A nice punt.

M