closed out for -13.
Three days using the system and three losses.absolutely typical of my trading performance. Let's just hope i got in on a bad week!
-10.5
insidergates
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yes my first couple of days and 2 losses. in total -20 pips. of course this should represent less than 2% of your trading amount so really not too bad. I've certainly done far worse on my own. only need one winning trade to move into +ve teritory, see you monday
langmeadman
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Well in the end I broke all the rules: Waited until 0842 and closed out for 1pip profit. Only reason was that next 15 min candle went up, so I held out.
Its GOT to be better next week
Its GOT to be better next week
stevepatt
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Hi
I've only been following this forum for a week or so and got the system on Tuesday, so not an experienced user.
One observation | have noted the last two mornings is the price stalling as soon as it hits resistance levels, yesterday at 14735 and today at 14645, can anyone tell me if this is a regular occurance.
I've only been following this forum for a week or so and got the system on Tuesday, so not an experienced user.
One observation | have noted the last two mornings is the price stalling as soon as it hits resistance levels, yesterday at 14735 and today at 14645, can anyone tell me if this is a regular occurance.
missionary
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RE Msg 1187
Steve you are right, and a few of us have mentioned this before in the past few days. It was for this reason that I did not place a trade today, the MA only spanned 2 pips and there was not much leeway up to the previous high of yesterday, plus the fact the candle pattern was trending away. I saved myself from losing 60 quid, but I would much rather have made a 100. But we all have to add some skill and experience to trading and not just blindly follow the formula. This system does have its failings which maybe the current financial situation has started to expose.
mish
Steve you are right, and a few of us have mentioned this before in the past few days. It was for this reason that I did not place a trade today, the MA only spanned 2 pips and there was not much leeway up to the previous high of yesterday, plus the fact the candle pattern was trending away. I saved myself from losing 60 quid, but I would much rather have made a 100. But we all have to add some skill and experience to trading and not just blindly follow the formula. This system does have its failings which maybe the current financial situation has started to expose.
mish
Hi,
Because it didn't look like my stop was going to get taken out ,I broke the rules today and stayed in a little longer , managed to get out +5 pips. Looking back on the trade
with my usual '20/20 hindsight' , yes it was a buy signal -but not very convincing ,and whilst the 'doji' on the 06.30 candle would be interpreted by some working other systems as signs of a reversal , I think on balance it may have been wiser to stay out today.Markets can be even more fickle than normal at this time of year , the stock market traders saying was -sell in may-and go away. Whilst I like and have faith in
Richards system,I can't help thinking that some further refinement of the buy signals
could make it more successful. Rats! -just checked the chart again should have stayed in longer.
Because it didn't look like my stop was going to get taken out ,I broke the rules today and stayed in a little longer , managed to get out +5 pips. Looking back on the trade
with my usual '20/20 hindsight' , yes it was a buy signal -but not very convincing ,and whilst the 'doji' on the 06.30 candle would be interpreted by some working other systems as signs of a reversal , I think on balance it may have been wiser to stay out today.Markets can be even more fickle than normal at this time of year , the stock market traders saying was -sell in may-and go away. Whilst I like and have faith in
Richards system,I can't help thinking that some further refinement of the buy signals
could make it more successful. Rats! -just checked the chart again should have stayed in longer.
mark120169
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peterf1966
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I record a -9 for NetTrap, which is the level I would have closed at if I'd not had the ETX saftey net, but I held on, and left the stop at -30, and closed out at about 9.30 for +13 in the end, of course the nano second after I close, up it goes again so could of have held on for more.
Some good posts about the system tweaks. Now that Agora have stopped selling it, perhaps Richard Hill might be able to advise tweaks as time goes on:?:
Hi please can someone tell me what the average success rate for this system is? Is it really true that despite losing days there was not a single losing month? Sorry to bombard with questions, but please can you also let me know the average monthly profit (in pips)? Thanks in advance
langmeadman
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Results based on £10 pp
2009
June £2,980
July £4,100
August £2,570
September £1,200
October £560
November £2,210
December £120
2010
Jan £1250
February -£290
March £1610
missionary
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RE Msg 1193
Good observation, and now you are touching on the FTSE overnight trader's dilemma ! Do I place the trade and walk away (as in Net Trap) or do I place the trade and then do my blood pressure no good by watching the intraday screen?
This was the problem with the FTSE in March/April. It became so volatile that it was worth continually assessing one's trades and when an acceptable figure was reached then the trade was pulled.
I got very frustrated with the early morning spikes especially as the stops had to be tight in the day and then slackened-off at night to allow for the ever increasing early morning movements. This is what attracted me to the net trap - we use the spikes to our advantage and not detriment. But its turning out that they need as much management as overnight FTSE trading. The theoretical advantage being that the market is always open and the trade trend is always visible and doesn't take one by surprise at the opening of a trading day.
So we now have to come to a joint opinion on how to judge the MA and refine our point of decision !
cheers
mish
Good observation, and now you are touching on the FTSE overnight trader's dilemma ! Do I place the trade and walk away (as in Net Trap) or do I place the trade and then do my blood pressure no good by watching the intraday screen?
This was the problem with the FTSE in March/April. It became so volatile that it was worth continually assessing one's trades and when an acceptable figure was reached then the trade was pulled.
I got very frustrated with the early morning spikes especially as the stops had to be tight in the day and then slackened-off at night to allow for the ever increasing early morning movements. This is what attracted me to the net trap - we use the spikes to our advantage and not detriment. But its turning out that they need as much management as overnight FTSE trading. The theoretical advantage being that the market is always open and the trade trend is always visible and doesn't take one by surprise at the opening of a trading day.
So we now have to come to a joint opinion on how to judge the MA and refine our point of decision !
cheers
mish
Shoot myself in the foot. Should have kept the original target at 1.4676. Morning rush and butterflies in the stomach for breakfast, not a healthy diet.
peterf1966
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When I started this, I took the descision to spend the £247 on NT, as it semed to have a record of success behind it. Of course by no means does that imply it will carry on that way.
Much earlier on in the thread there were some detractors of the system, that said it was a waste of money, and get your money back off Agora.
My response was, and still is, that we have bought a researched system that advises well managed risk first and foremost, and keeps you out of non-trending markets secondmost. That's 9/10ths of the battle! It also shows profit most months, with only 1 losing month, and as I have found out, the weekly losses are outweighed by the weekly wins (About 3-4 Fridays ago everyone was all smiles as we got the easiest 50 pips ever made)
What I also said was that I wanted to learn more, and this was an introduction to Forex. Having read IG own free book on trading (anyone else take up their kind offer ?) I began to understand supports and resistances, how the two can swap over, and other indicators like the MACD and RSI.
The RSI is an intresting one. After the high spike this morning (well below which I closed) I looked at the RSI, and it was up at just over 70 - going into an over bought position and due to fall. So I took a short position for a realistic 25 pips, took about 20 minutes.
For me this experience is priceless, and the £247 is peanuts by comparison.
btw people, get on the ETX account now - free betting for a bit! (no I dont work for ETX)
Hi,
Having now walked the dog down the beach and cleared my head from this mornings trade and posts , for myself I am going to try and 'grade' the buy signals -strong - fair-and -weak . I will trade strong and fair signals (but with less dosh on the line for fair signals) weak signals for now I will merely observe. I would have said todays and wednesdays signals were weak. How are you going to define strong and fair ? -well
I'm hoping to provoke some discussion of this , for myself (although a newbie to this forum I'm not a total newbie to trading ) and forgive me if this complicates matters,
I like to observe two other factors- momentum and cycle (you can add these to your IG charts if you wish) When all 3 are indicating a go I would class that as strong , when only two are suggesting a go (and one of them has to be Richards 40MA) I would call that fair. I put this forward only as the starting point for discussion I have not as yet
backtested it against actual results. Constructive demolition of this suggestion would be welcome.
Having now walked the dog down the beach and cleared my head from this mornings trade and posts , for myself I am going to try and 'grade' the buy signals -strong - fair-and -weak . I will trade strong and fair signals (but with less dosh on the line for fair signals) weak signals for now I will merely observe. I would have said todays and wednesdays signals were weak. How are you going to define strong and fair ? -well
I'm hoping to provoke some discussion of this , for myself (although a newbie to this forum I'm not a total newbie to trading ) and forgive me if this complicates matters,
I like to observe two other factors- momentum and cycle (you can add these to your IG charts if you wish) When all 3 are indicating a go I would class that as strong , when only two are suggesting a go (and one of them has to be Richards 40MA) I would call that fair. I put this forward only as the starting point for discussion I have not as yet
backtested it against actual results. Constructive demolition of this suggestion would be welcome.
Thanks a lot for your response. It is very re assuring to know that all months except one has been profitable. Are you following the 2% exposure rule? Thanks
