Richard Hill Forex Net Trap

I quickly checked on mine this morning to see a nice potential +40 pip profit, which completely retraced! Over the next few days, until it steadies out a bit, if i see 35+ pips i'll be closing manually!
 
BigBrassBalls said:
I also have a limited risk account, i thought the spreads were the same as a plus account??
Click to expand...

the spreads are the same however you have another 3 pips added on to your spread for your guaranteed stop. you will get different results using a limited risk account.
 
I've also got a Limited Risk Account

Entered trade to sell at 14817 which I now realise was actually 14814.

To gain the 50 pips then 14764 obviously needed to be hit

14763.8 was hit on the 7.15 candle but the trade continued to be live which meant I then went on to be down 30.

Any reason for this....Can anyone shed any light.
 
Yeah, I had a quick look at it. I think I have to use a stop of 33 and a limit of 47 with the limited risk account. Unless i'm looking at it completely wrong!
 
vigo said:
I've also got a Limited Risk Account

Entered trade to sell at 14817 which I now realise was actually 14814.

To gain the 50 pips then 14764 obviously needed to be hit

14763.8 was hit on the 7.15 candle but the trade continued to be live which meant I then went on to be down 30.

Any reason for this....Can anyone shed any light.
Click to expand...


I had the same problem. It's due to the limited risk account, i think the stops and limits have to be fiddled for the results to match that of a plus account...
 
Hi - a few weeks back I asked Richard the question about what stop and take profit levels to use with a Limited Risk - and whether I should adjust to be 33 and 47 however he said no, leave as 30 and 50. PM me if you want a copy of our exchange.

However, today was the second time that the limited risk account has been very costly - having been burnt a couple of weeks back today I actually manually trailed the stop this morning and so fortunately walked away with +30 but obviously still slightly gutted to miss the +50 opp. I should have closed the trade at +47 or whatever it was however I was reading something last night about a big reason for traders being unsuccessful is taking profits too early and letting losses run too far!

I'm trying to move to a proper IG account but as I'm on a career break at the mo to spend time with my babies am not sure they will let me. Might need to convert to Gekko but seem to be mixed reports on that one...

Happy trading tomorrow all. Will be interesting to see how tonight's news affects everything.
 
Yes, I could see my profit bordering on +30 pips as i left for work, then -30 when i got to work!

I know of someone who applied for the plus account and got it after they tried to persuade them to stick with the limited risk account. I mean if you use risk management properly I don't see the harm.

Until they upgrade me i think i'll adjust my stop/limit after just missing out on 50 pips today!
 
I should say I was trading off my 5 minute chart by mistake, which means I should be minus 30 also. Lucky mistake. I use Alpari.
 
n15ksh said:
technohouse - Thanks, however this is why i believe Richard recommends you add 5 pips to the high of the candle for open position if the signal is buy to cover the spread?
Click to expand...

Correct.. but I use the the ask chart if it is a buy signal and then add the extra precautioary 2 pips. Or the bid chart when it is a sell signal then subtract 2 pips.

Whooho! Give it a couple more days for the markets to settle down and it will be safe to start trading again...!:clap:
 
purepest said:
The sadist in me says yes!

Same but I have adjusted my limit to suit the dumb account which I will change today
Click to expand...

:devilish: I have to keep struggling on!

I've also adjusted my stop/limit, hoping it'll give better results in the future, or until they upgrade to me a plus account!
 
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 Apr – No trade
Thu 8th Apr +50 pips
Fri 9th Apr – 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 Apr -30 pips
Thu 15th Apr -30 pips
Fri 16th Apr +50 pips
(Total -10 pips for the week)

Mon 19th Apr -30 Pips
Tue 20th Apr – No trade
Wed 21st Apr – No trade
Thu 22nd Apr +22 pips (was late in manually closing out trade)
Fri 23rd Apr +50 pips
(Total +42 pips for the week)

Mon 26th Apr +20 pips (Buy 1.5471, Sell 1.5491)
Tue 27th Apr – No trade
Wed 28th Apr – No trade
Thu 29th Apr -30 pips (Sell 1.5150, Buy 1.5180)
Fri 30th Apr +50 pips (Buy 1.5331, Sell 1.5381)
(Total +40 pips for the week)

Mon 3rd May – No trade (Bank holiday)
Tue 4th May – No trade
Wed 5th May -30 pips (Sell 1.5132, Buy 1.5162)
Thu 6th May -30 pips (Buy 1.5109 Sell 1.5079
Fri 7th May – Trade placed, sell @ 1.4599, not triggered
(Total -60 pips for the week)

Mon 10th May – No trade (No access to a PC)
Tue 11th May +50 pips (Sell 1.4818, Buy 1.4766)
Wed 12th May – Trade placed, sell @ 1.4872, not triggered

Regards
DS
 
cancelled as well

Oh, and I spoke to IG about upgrading my account to plus and I came under the catagory FAIL for being too poor so I now have to decide if their advice is good and just accept this or move account.
 
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