Richard Hill Forex Net Trap

[Sang Froid]

RE: Msg 1432

Sangfroid you make some good points some of which have been covered already, but perhaps you need to read a lot of pages to pick them up.

I am one of those who got 50 today and plusses the previous 2 days, all at £2 a pip. But last week was a disaster.

When you read back you will see that some of us - like you with some trading experience - have reservations and use this 'system' accordingly. Notably that you can't beat a trend in the support and resistance. There have been times when the system indicates one should buy for a 50 pip profit, yet looking at the big picture that profit would be above resistance. Taking that approach I have saved money by not trading at all and in the event the 50 pips have not been reached, or often the market has gone down. Its also the case with the rise in MA (which works on 40 only) where if the indicated rise is the minimum 1 pip over the ten candles on which we base our judgement, then there is rarely a good result. Therefore I keep my money in the account on those days too.

I do not know if the MA has altered since Richard Hill published the system. His weekly comments are not ground breaking stuff. They usually reassure people of some of the rules and answer some obvious queries, and no more. (More related to newcomers). He does not offer alternative strategies or figures, except that he has suggested changing stop levels for those who are on a wide spread or guaranteed stop. He reinforces the need to keep to the system and take a long view. On your query on stops, just remember that this system relies on making gains from early trading spikes by 8.30 am., therefore tight stops are inadvisable.

I am delighted that some of our colleagues here have immediately put their sharp minds to the system to make some modifications - especially see the XL posted yesterday. So there is an alternative to hedge one's funds. But I can't see the rewards/risks changing much as this is a purely mechanical system no matter where the market goes. But certainly, making judgements based on experience do help. A late night or early morning look at Wall Street and Asian markets is good preparation before placing the trade. Like yesterday when things dropped late in the day with an obvious result fofr the exchange rate. So a quick look at the charts to see that the sentiment fed through to prices overnight is advisable. In the event the Asian markets brought the rate down so there was a good chance that it would not have an adverse move at start of London trading. so it was, and the market rose nicely for us.

This is not advertised as a way to make a living, but more of a bonus cash income. To make a living one would have to put maybe on £15/pip, though I guess some might try it. The recommended risk is 2% of the pot which is about right. HTH

cheers

mish

Yourself and Melb make some excellent points and this is exactly what I wanted to hear.

I like the fact that some of you have 'tweaked' the system to accommodate for an ever changing market an the ingenuity of this must be congratulated. I use... from what I can gather a very similar system to NT. Without going into too much detail I open trades on the back of the Asian session before London opening using a 60ema and ATR for stops. This NT has really got me intruiged though I must say.

The fact that NT is discretionary while still having elements of a mechanical system appeal to my trading personality. The quotes of yours that I've highlighted I think reflect this.

Melb makes the point that if enough people see the gains to be had with NT.... like any system it will be its downfall, but with constant modification it could overcome this, however how many times will this have to be done until it become the bas**d child of NT I don't know

I'm caught in two minds..... I either carry on with the way I'm trading.... making a bit ... losing a bit, making a bit more, breaking even.........

or go for NT and see what happens.

If I being really really honest with you guys, and please don't take this as any form of insult, the thing that's holding me back is.... I've been trading for three years and to buy a system I will feel like a failure. I can't trade on my own and need someone else's system to tell me when to place trades. That's it laid bare

 

[Melb]

Good luck to you, but I have to say that even if every retail trader out there used NT, they wouldn't move the market one bit. Believe me, the real "big players" will not be using NT.

Perhaps I should have said big players trading in a similar fashion to NT (or putting money on the same side of the NT trades based upon their own criteria)...

The flip side of the same coin is that if everybody stuck to using exactly the same trading methods that they use today in all market conditions then the future of NT's success is assured...! NT followers profits come from anothers loss... This would be a nice scenario (I like to dream)

 

[Melb]

Melb makes the point that if enough people see the gains to be had with NT.... like any system it will be its downfall, but with constant modification it could overcome this, however how many times will this have to be done until it become the bas**d child of NT I don't know

I'm caught in two minds..... I either carry on with the way I'm trading.... making a bit ... losing a bit, making a bit more, breaking even.........

or go for NT and see what happens.

I think Darwin theory probably applies exactly to any system...

When considering a 'system' (whether bought or your own) - it may be better practice to allocate your funds to a number of different 'systems' rather than putting all of your eggs in the one basket... NT could be just 1 of them...

 

[paulhayes57]

At the time you posted your original comment the market did look to be dropping despite rising ma... It is not a bad call to stay out of the market for valid reasons... Taking that NT trade today would in the traditional sense be considered at best "risky" - if I were not trying to adhere to NT, MNT, TNT then I would have been waiting for the reversal after the fall (price was still falling when we were entering our buy orders) and entering the buy at a lower level which in hindsight (wonderful thing) would have produced more pips! After all the best place to enter the market is at reversal not mid trend...

But this is not trading NT, MNT, TNT... This is using our discretion - which to be honest all successful traders do... Your rules (you decided to stay out) are not wrong...

The important point is that no trade is much better than a losing one... The market is still there other days and there will be better (less risky) looking opportunities that will provide the profit... If you are analysing and applying your discretion you are filtering your entries which is no bad thing for your trading in general (even though outside NT etc)!

Hi guys
new to this site just started net trap system 2day got +50 could anybody tell me what is mnt and tnt please

 

[pseudo straddle]

Hi guys
new to this site just started net trap system 2day got +50 could anybody tell me what is mnt and tnt please

You will gain a lot from reading this thread from the start and making notes -
PS - are you the Antiques bloke from Morecambe?



PPS - mini or micro net trap and two net traps

 

[missionary]

RE: Msg 1442

Thanks Sangfroid and also Melb too.

So let me now throw this back at you !

I can do NT and more-or-less know what to expect, but am also wary of its limitations. So where else do we go to make funds out of Forex in a similar manner. Or do we go out on a limb and look at the 'G code' ? I know its not forex but its in the same arena. My objective is to make a living from trading, something that has eluded me so far !

cheers

mish

 

[Melb]

RE: Msg 1442

Thanks Sangfroid and also Melb too.

So let me now throw this back at you !

I can do NT and more-or-less know what to expect, but am also wary of its limitations. So where else do we go to make funds out of Forex in a similar manner. Or do we go out on a limb and look at the 'G code' ? I know its not forex but its in the same arena. My objective is to make a living from trading, something that has eluded me so far !

cheers

mish

Other threads in this forum are good places to look... Not sure about putting up links on here - I suspect it maybe against T&C's - other great free resources are babypips dot com... There was a great site given by 'Black Swan' earlier in this thread if you look back... There is a good collection of systems and ideas there to tailor to your trading personality....

 

[paulhayes57]

You will gain a lot from reading this thread from the start and making notes -
PS - are you the Antiques bloke from Morecambe?



PPS - mini or micro net trap and two net traps

thanks pseudo
no not antiques bloke from morcombe ?

what are mini net traps and two net traps and where do you get them from not in net trap manual !
cheers
paul

 

[peterf1966]

thanks pseudo
no not antiques bloke from morcombe ?

what are mini net traps and two net traps and where do you get them from not in net trap manual !
cheers
paul

Hello Paul,

MNT and TNT are variations to NT invented by Mark, and the methods on using it tweaked by Melb on this forum, so it's not in the manual - have a read back over the last week or so's posts.

If you are new to Net Trap and trading, it's best to follow the NT manual to the letter to start with.

 

[Denman]

Hello to ALL. I would just like to say thanx for your advice and 'forex' knowledge that you so freely share. As most of you know I am only about two weeks old as a 'Trapper' and not only am I thoroughly enjoying this new vanture, I am also in PROFIT!
I am about to combine NT with 'MNT-TNT', I am currently using IGindex - Will I be able to combine them from just the one 'broker'? Thanx again.
Good Luck All

 

[MikesDirect]

Hi Denman,

Many thanks for sharing that video. I think I understand it now.:clap:

Cheers

Good luck!

Hi guys,

Two questions if I may?

1) Errrrrm is not the said video giving away the NT system for free when you guys have paid for it?

2) If NT is a "set & forget" system (ie a loss would always be -30 and a win +50), how come some people are showing different results for wins (eg +20, +11 etc)? Are people in fact monitoring the trades and pulling out and settling for less than the +50 (which in fact is therefore no longer sticking to the rules of the NT system)?

Regards & congrats on today's +50

Mike

 

[Melb]

I am about to combine NT with 'MNT-TNT', I am currently using IGindex - Will I be able to combine them from just the one 'broker'?

Yes you can set up the 2 orders at the same time - as Mark had pointed out to me previously by default the IG screen will only allow 1 ticket on the screen at a time... You have to go into "My account/Settings/Preferences" then look for allow multiple deal tickets and enable that... The trailing stop not allowed/allowed option is under preferences also should you decide to use them...

 

[Denman]

Mikesdirect. Yeah, I did think of this but as you can get a 60day trial(with the said video) and then request the cost, I thought it would be ok. I think I have sussed the 'Trap' but will not be returning it as I value the 'support/backup'.
And, yes again, I think some are 'tweaking' the trap, so will be having results.

 

[Denman]

oops. And, yes again, I think some are 'tweaking' the trap, so will be having results differ.

 

[thelurker1]

Mikesdirect. Yeah, I did think of this but as you can get a 60day trial(with the said video) and then request the cost, I thought it would be ok. I think I have sussed the 'Trap' but will not be returning it as I value the 'support/backup'.
And, yes again, I think some are 'tweaking' the trap, so will be having results.

Take down the video, its a crimnial to be posting it for all.

 

[peterf1966]

Hi guys,

Two questions if I may?

1) Errrrrm is not the said video giving away the NT system for free when you guys have paid for it?

2) If NT is a "set & forget" system (ie a loss would always be -30 and a win +50), how come some people are showing different results for wins (eg +20, +11 etc)? Are people in fact monitoring the trades and pulling out and settling for less than the +50 (which in fact is therefore no longer sticking to the rules of the NT system)?

Regards & congrats on today's +50

Mike

1. Yeah vid is intened for NT users only, and shouldn't be on here

2.At 8.30 you close out manually, if the stop or limit has not been reached, so your result could be anything between -30 and +50 under net trap, so it should be set and forget until 8.30. People tweak it, trail stops, have to close early to go out, misinterpret rules, have different slippages, etc.

 

[Tanguero]

RE: Msg 1432
When you read back you will see that some of us - like you with some trading experience - have reservations and use this 'system' accordingly.
mish

Certainly we should put some effort in redefining the system. Time will come when it will stop working, if not for too many followers then due to the market changing (will it work if the cable hits parity?).

We may also start running some parallel stats, adapted resuts against the system. Let the battle begin!

 

[pseudo straddle]

1. Yeah vid is intened for NT users only, and shouldn't be on here

2.At 8.30 you close out manually, if the stop or limit has not been reached, so your result could be anything between -30 and +50 under net trap, so it should be set and forget until 8.30. People tweak it, trail stops, have to close early to go out, misinterpret rules, have different slippages, etc.

Sorry Peter - but - nah! can't be arsed.

I think Denman has it right - your paying £247 for the support and weekly emails.

I mean would you pay me for something like -

at 6:30 if the candle is green you go long or if it is red you go short SL =30 TP =50 if still in at 8:30 close out - no support tho!

 

[mark120169]

TNT triallers, am I right in assuming that you're trading NT on one platform (eg IG Index) and then MNT simultaneously on another platform (eg Capital Spreads)?

Can do. Today as we took a gamble to go live with TNT I just enabled "mutli" tickets in settings in IG Index (Same place you switch on Trailing stops too.)

With IG Multi tickets set you can have two (or more) orders set up on screen at the same time "ready" to submit once you add in the 6.15 figure to each.

M

 

[mark120169]

Hello to ALL. I would just like to say thanx for your advice and 'forex' knowledge that you so freely share. As most of you know I am only about two weeks old as a 'Trapper' and not only am I thoroughly enjoying this new vanture, I am also in PROFIT!
I am about to combine NT with 'MNT-TNT', I am currently using IGindex - Will I be able to combine them from just the one 'broker'? Thanx again.
Good Luck All

Yes....once again , in settings in IG index account enable "mutli" tickets. then you can launch more than once ticket to set up an open order at the same time.

M