Yes - quickest is to click on the Buy/Sell column for spot GBP/USD - which brings up the deal ticket and click buy or sell for entry at market price... When the trade is open select pull down and 'edit entry' to put your stops and limit in...
Windowsill
Well-known member
- Messages
- 305
- Likes
- 39
If the system really is a stop for 30 for a gain of 10, its hardly likely to work.
mark120169
Senior member
- Messages
- 3,116
- Likes
- 20
?? No thats a trial I invented called Mini netrap. Just a theory in current markets.
Normal Net trap is stop 30 limit 50.
M
peterf1966
Experienced member
- Messages
- 1,252
- Likes
- 2
I know of one reason why people would sell a system, other than to make money out of it....and that is to save more money.
Many people might well be making good money out of trading, but that's the last thing you want the taxman to hear. Though profits from this form of betting are tax free, that's because the Revenue assume you have a job that you are paying tax on.
The minute you declare yourself a professional trader, and that gambling is your sole source of income, the Revenue see this not as a bit of money earned by gambling, but as an income, and therefore liable to income tax.
So, even a trader making £100k per year, wants to have at least a part time official job, on which he pays some tax, to keep his main income - trading, tax free.
peterf1966
Experienced member
- Messages
- 1,252
- Likes
- 2
Tenapenny
Experienced member
- Messages
- 1,005
- Likes
- 46
Not quite right. If you are a systems seller and spread betting, you will be classed as carrying on a trade and you may be liable for tax on both incomes. http://www.hmrc.gov.uk/manuals/bimmanual/BIM22020.htm & http://www.hmrc.gov.uk/manuals/bimmanual/BIM22015.htm
If the win ratio is high enough then the system can be very profitable... If MNT carries on working well I am sure many people will start trading it for real - it does make use of the 'don't be greedy' approach for slow but very consistent profits... You can then become comfortable with a system with a high win ratio and feel more inclined to up the lot size in order to provide required profits... From what I have read so far MNT has produced +10 pips most days! With many weeks being all winning trades (when there is a trade)...
peterf1966
Experienced member
- Messages
- 1,252
- Likes
- 2
But whats to stop anyone having another job?
A trader who spoke at a K2A seminar I went to (I didn't buy what they were selling) said he works for them exactly for this reason, when he was asked the question - "If your so good at trading, why are you doing this?"
Tenapenny
Experienced member
- Messages
- 1,005
- Likes
- 46
The "other job" is related to what you are doing as a "trader". If you dig deeper into hmrc website you will find out more info but I don't think many net trappers will need to worry about this.
peterf1966
Experienced member
- Messages
- 1,252
- Likes
- 2
Tenapenny
Experienced member
- Messages
- 1,005
- Likes
- 46
Would be a nice worry to have, if the trading was going that well
As you progress with your forex education, you may have that worry but by then I think you will have progressed to dma. Good luck.
peterf1966
Experienced member
- Messages
- 1,252
- Likes
- 2
hmm some good momentum going....but aaahhmm ooot!
stevepatt
Well-known member
- Messages
- 405
- Likes
- 4
Did anyone else get in at 1.4500 and then target 15 pips at the risistance level of 1.4515?
The market bounced six times from this point yesterday so was an obvious target level, as I write the market is nearing the 1.4530 level but who needs the stress? I now it isn't following Net Trap to the letter but it does work I've back tested to the beginning of January and would have made an extra 100 pips +.
I know this is supposed to be set and for get but how many of you actually do that with out having a peek every now and then?
And the market has just gone back to the 1.4515 level
The market bounced six times from this point yesterday so was an obvious target level, as I write the market is nearing the 1.4530 level but who needs the stress? I now it isn't following Net Trap to the letter but it does work I've back tested to the beginning of January and would have made an extra 100 pips +.
I know this is supposed to be set and for get but how many of you actually do that with out having a peek every now and then?
And the market has just gone back to the 1.4515 level
I will exit as per NT if +ve otherwise will wait on... I suspect if there is to be a +ve breakout of the channel it will be later on and I have other things to be doing
+11.4
