Richard Hill Forex Net Trap

[stricky1967]

Likin the blogg eddy I read it but got no google account to follow it
If I have to remember one more internet password I will go nuts
Keep up the good work!

Yes agreed, I would recommend most on here take a few moments to read Adalat's blog, this is a genuine account of his early and formative years in trading and is being shared to the benefit of all newcomers.

 

[peterf1966]

My latest results.


Mon 19th Apr -30 Pips

If I was of paranoid nature I'd say someone was waiting for us this morning, entry triggers, just, goes up +30, just, to stop us, and plunges back into the depths! :whistling

 

[stricky1967]

If I was of paranoid nature I'd say someone was waiting for us this morning, entry triggers, just, goes up +30, just, to stop us, and plunges back into the depths! :whistling

yeh painful to watch this morning....

 

[lazarette]

anyone else place a trade this morning? I did, and Im nervous

 

[lazarette]

I placed a buy at 15320, the market took off just after 8, and banged up 35 points in 5 minutes, but my order with IG didn't kick in till it had hit 15330. It was only about 20-30 seconds between the market hitting 15320, and then reaching 15330.

Is that kind of delay common in a fast moving market - or should I be complaining ?

 

[jamesgalloway]

No i didnt because the previous 2 MA where going down. I was unsure becuase it was only going down by .2 and .1 or something like that, should it be a whole number for a no trade?

 

[Black Swan]

My latest results.

Mon 29th Mar +56 pips (broke the rules a little)
Tue 30th Mar +38 pips
Wed 31st Mar – No trade
Thu 1st Apr - No trade
Fri 2nd Apr +4 pips
(Total +98 pips for the week)

Mon 5th Apr – Holiday – No trade
Tue 6th Apr -30 Pips
Wed 7th – No trade
Thu 8th +50 pips
Fri 9th – No trade
(Total +20 pips for the week)

Mon 12th Apr – No trade
Tue 13th Apr – No trade for me (couldn’t get near a PC)
Wed 14th -30 pips
Thu 15th -30 pips
Fri 16th +50
(Total -10 pips for the week)

Mon 19th Apr -30 Pips


Regards

DS

hmmm.....this often happens with rigid systems, they work for a window in time and then fail/go into drawdown in a very similar way to EAs/automated trading systems that you can buy out of the box...IMHO they principally fail due to the discretion being overruled, be interesting to see how this develops...

 

[fuzzywun]

I made it a "No trade" so it will be interesting to see what the week's summary made it.

 

[Bolivian Admiral]

I had the same problem as lazarette maybe due to fastmoving Market. I am going to have to contact ig and get a dubious explanation

 

[Black Swan]

I had the same problem as lazarette maybe due to fastmoving Market. I am going to have to contact ig and get a dubious explanation

They can fill you (and everyone else for that matter) at the price they get...all explained in their T&Cs

 

[Makasu]

I placed a buy at 15320, the market took off just after 8, and banged up 35 points in 5 minutes, but my order with IG didn't kick in till it had hit 15330. It was only about 20-30 seconds between the market hitting 15320, and then reaching 15330.

Is that kind of delay common in a fast moving market - or should I be complaining ?

Same thing happened to me. I closed at 8:31 for 30 points so at least thats yesterday's loss made up.

 

[barnesan]

IMHO they principally fail due to the discretion being overruled, be interesting to see how this develops...

Hi Black Swan (or anyone else out there who is not new to this!) - I wondered if you would mind elaborating on this bit slightly more for those of us out here who are still at the bottom of the learning curve. I guess discretion is overruled from day 1 of these systems if you follow them to the book - do you mean that it is more of an issue over the passage of time because the system is not tweaked as the market behaviour changes - or is it just that there are periods of time when the market is just generally unpredictable during the hours a system works - or both I guess? Are you aware of any systems that stand the test of time or do you think this would never be a realistic possibility - does everything of this nature have a shelf life? Thanks

 

[dsinclair999]

My latest results.

Mon 29th Mar +56 pips (broke the rules a little)
Tue 30th Mar +38 pips
Wed 31st Mar – No trade
Thu 1st Apr - No trade
Fri 2nd Apr +4 pips
(Total +98 pips for the week)

Mon 5th Apr – Holiday – No trade
Tue 6th Apr -30 Pips
Wed 7th – No trade
Thu 8th +50 pips
Fri 9th – No trade
(Total +20 pips for the week)

Mon 12th Apr – No trade
Tue 13th Apr – No trade for me (couldn’t get near a PC)
Wed 14th -30 pips
Thu 15th -30 pips
Fri 16th +50
(Total -10 pips for the week)

Mon 19th Apr -30 Pips
Tue 20th Apr - No trade


Regards

DS

 

[fuzzywun]

A few interesting points brought up here. Firstly, those "poor fills" from IG. We enter Net Trap on a "Stop" order. Stop orders become "Market orders" as soon as that price is touched. So if the market is moving very fast the market order won't be filled until the next trade is available for the broker. Nothing sinister in this, it is called "Slippage" and is just a fact of trading life. The other order is a LIMIT order, which means "execute at this price or better". Hope that helps. I've been with IG Index for several years, and have never felt that I have been treated less than fairly. My only gripe with them is over the fact that if you trail your stops you can't move close enough to the price, and many times I have to exit a trade manually. (When day trading)
I would also throw my twopemce worth in over the "rules" debate. As soon as you overide a "rule" by using discretion, the result you acheive is no longer relevant for testing. You may get a better or worse result, but is that bercause of you or the system? If you have built up enough evidence that something doesn't work i.e. a specific number of trades, a maximum loss you can tolerate, or whatever you come up with as your pain (or patience!} limit then by all means CHANGE a rule. But then test that as well.
Some of the best fund managers in the world operate on very strict rules. Turtles spring to mind. But there are many others. Book "Trend Following" by Covell has some good examples. My other favourite is "High Probability" trading by Marcel Link, who emphasises "simple rules and stick to them." Hope this helps.

 

[barnesan]

Thanks Fuzzywun - all makes sense!

By the way, am I just being paranoid or should we read anything into the fact that this is the first time I can remember Net Trap not being advertised in Richard Hill's Forex Round-up newsletter? Could this be interpreted as the start of him losing faith in his system....

 

[fuzzywun]

Shouldn't try to second guess anything. I call that "Hallucination!" But I did go and check, advert is there- second one down...

 

[Rugby Trader]

I would say it's one week with a small negative loss. I don't expect that this will be positive every week. A bit soon to be calling the death of this system.

 

[toshi]

dsinclair999

Your results are quite different from Official ones. (I have got+31 pips today, something wrong ?) have you checked a weekly report ?

here is official one:

Jan +125 pips (-19, + 37, + 117, -10)
Feb -29 pips (+14, -31, -23, +10) but some lucky people would have got + 51 pips
March + 154 pips (-4, + 41, +88, NA, NA, +43) NA
April (+43

As soon as you overide a "rule" by using discretion, the result you acheive is no longer relevant for testing. You may get a better or worse result, but is that bercause of you or the system? ... emphasises "simple rules and stick to them.

Yes, completely agree. I have reached this conclusion after 3 months. No excitement, complexity and emotional detachment. I finally become a robot system operator. The trade system even does not ask me to be an ambitious trader at all. (Yes, you can be, but this is nothing to do with the system itself, but your ambition is more likely to control or more precisely distort the system )

Could this be interpreted as the start of him losing faith in his system....

Just a Agora' marketing rotation policy I wonder. Even The NetTrap does not require Richard's faith, if works, it will work. ha ha ha.

 

[barnesan]

I would say it's one week with a small negative loss. I don't expect that this will be positive every week. A bit soon to be calling the death of this system.

Yes - agreed - paranoid was the answer to my question I think! Fuzzywun - yes, you're quite right, the different amounts of money quoted foxed me - lack of attention to detail

I guess the differing results today were due to the borderline conditions - I didn't trade but wished I had!

 

[technohouse]

I placed a buy at 15320, the market took off just after 8, and banged up 35 points in 5 minutes, but my order with IG didn't kick in till it had hit 15330. It was only about 20-30 seconds between the market hitting 15320, and then reaching 15330.

Is that kind of delay common in a fast moving market - or should I be complaining ?

Apparantly so with IG markets. I just got slipped 13 pips by them too. 10 at the start and 3 at the end.

I find it absolutely disgusting and I am withdrawing my funds from this account. 13 PIPS could have literally could have potentially cost me MILLIONS of dollars. It's criminal!

I rang them up, I protested and I was told that was when the order was able to be filled, (a whole 2 minutes late) So IG markets made a tidy 16 pips out of me - inc spread. Also, I closed my position at 1.5366 but got filled at 1.5363 another 3 pips SLIPPAGE!!!

The guy on the phone me told that in future if you want your opening price guaranteed to be filled at the price you want, then make the order over the telephone. Which only confirms what I said previously. That they could have filled me at 1.5320 instead of 1.530. It was not out of there hands, it was not impossible.

When I googled IG markets and read reviews on them, there were loads of people complaining about spiking and excessive slippage so I was on my guard but I ACTUALLY thought they were OK until this morning - Theres no smoke without fire!!
I lost 90 pips last week and 30 yesterday, funny how slippage never works in your favour. I made 33 pips today but it should have been 46, which would have been a nice consolation.

Perhaps punters trading mini lots get low priority, I don't know.... but what I do know,
Is I have opened an account with an ECN broker and IG markets have just lost a customer. At £2 a pip they just nicked £26 pound from me but they have lost potentially thousands from me in future revenue.

Yes it is a risky business, YES I do accept that it is volatile market place but why put yourself in a position where it is LEGAL?? for somebody to just blatantly rob you of 10 pips on the openening of your trade. At 08.05 it was 1.5319 at 08.06, it had gone up to 1.5329, that's a jump of 9 pips and they STILL!! hadn't filled my order. So It took them 2 minutes to get me into the market on an order that had been sat there, ready to go for 90 minutes. Absolutely disgaceful!!!

Good RIDANCE!! :- Heed my words

Find an honest broker, you will thank me for it. You can PM me if you want to find an honest broker with "ZERO" Slippage. and spreds as low as half a pip.

Good luck...

TH