Richard Hill Forex Net Trap

[peterf1966]

Who's to say it's an incorrect entry when you walk away with a profit, it might not be following the Net Trap to the letter but some times that's what it takes.

Just my opinion, but, any system should only be used as guidance and not think of its rules as set in stone you should be using your own brain, as well as the system, to judge when to enter or exit a trade.

I agree.
If people can only get to the machine at 6.30 and again at 8.30 NT is fine, but it seems many on here CAN get to the machine, and have a play with the settings and rules, so if you can do, why not?
At 2% per trade some experimentation is OK, as long as you learn from your mistakes.

 

[Denman]

NT -30 MNT +10 = -20ps (and learning fast!)

 

[kpk]

Hi All

Could someone please explain the Cons of using a trailing stop loss with either NT/TNT , as no one mentions using one , to a newbie like me it seems like a safe play , am i missing something ? .

 

[Melb]

Well how about this for luck.:clap:
Once my ETX saftey net goes, I will have to think about TNT...but one thing I know - I am definitely dumping IG, ETX just seems to work better, with a fast execution, and no slips when IG has done.

Yes TNT is not ideal - as many have pointed out that it maybe more prudent to pay more attention to entry levels - and perhaps consider the wisdom of entering buy trades with targets in to the figures last seen around 6 days ago But then in taking this step we are straying from NT, MNT, TNT...

I am Tempted to open an ETX account because there is room to profit from their offer...

Enter some trades to fulfill the offer requirements (perhaps as MNT insurance trades) then...

Enter a longer term trade on ETX against the trend (aiming to lose on ETX) and the opposite trade on IG (enter IG first hoping to trade out the spread if the market is trending well)... If ETX starts winning exit the trade and try again... At the end of the 10 day period any losses on ETX will be refunded - but your IG account will have grown by the same amount as the refund (excluding spreads if they were not traded out) ...

Of course if you get it wrong (ETX trade rises) and IG suffers a loss then the 2 trades will cancel each other out for a break even on both exits... Effectively a 'free bet'..... Now that is a nice situation to be in...

 

[Rugby Trader]

Who's to say it's an incorrect entry when you walk away with a profit, it might not be following the Net Trap to the letter but some times that's what it takes.

Just my opinion, but, any system should only be used as guidance and not think of its rules as set in stone you should be using your own brain, as well as the system, to judge when to enter or exit a trade.

Hi Steve,

This is a mechanical system not discretionary so it isn't to be used as guidance. The signal says do this and you do it. So it was an incorrect entry according to the rules of Net Trap. The poster didn’t say he was following his modified version at the time, although he cleared this up later.

No-one says that you have to follow the rules which can be evidenced on this board by all the tweaking and adding of other rules to the Net Trap system, however once you do that it is no longer the Net Trap system but your own modified version.

 

[goldfinger777]

All this week I've started "cheating" a little bit on the NT rules by opening my trade "at the market" at 6:30am rather than placing an order. So far it's worked well. It's prevented being stopped out on both Monday and today, and ended up with a profit both days.

At the end of the day, if the NT system indicates a trading opportunity then I think it's overly risk-averse to then place an order to ensure the market goes beyond the high or low of the last candle before opening the trade. With the combination of the order and slippage we often lose up to 10 points by taking the official NT approach! And as we have seen on Monday and today (and probably many other days), those 10 points can mean the difference between a profit and a loss!

I haven't backtested this to assess its true impact, but certainly I've benefitted all week so far from trading immediately rather than placing orders. Only time will tell if this is beneficial in the long run though!!!

 

[Claviceps]

Good thinking, Biceps. I had the same idea on the basis of Elliot's wave count; how did you come up with yours?

Hi,
wish I could come up wish a theorum to quote and make me sound intelligent ,it just seemed to be the best option at the time . I am a bit of a disciple of Barry Burns at
top dog trading . I haven't bought his course nor do I subscribe to his service however
I have bought some of his publications , and the freebie mini course meant to lure you
into the main course is excellent ,it has influenced my thinking ,and as its free I would recomend it to any of you. (just Google TopDog Trading )

 

[Trader333]

Does anyone know why there is a requirement to use Bid prices as opposed to last traded price ?


Paul

 

[peterf1966]

Hi All

Could someone please explain the Cons of using a trailing stop loss with either NT/TNT , as no one mentions using one , to a newbie like me it seems like a safe play , am i missing something ? .

Cons are if you make it too tight, NT has no room to breathe, so you could be stopped out for break even or small profit, and miss the bigger profit if that happens. It's why I only do it, if I am at the machine (obviously), and only late on, certainly once it looks like a dip and recovery wont have enough time to happen before 8.30am. Not a NT requirement though, but a tweak.

 

[Rugby Trader]

what do you mean by last traded price?

 

[Claviceps]

All this week I've started "cheating" a little bit on the NT rules by opening my trade "at the market" at 6:30am rather than placing an order. So far it's worked well. It's prevented being stopped out on both Monday and today, and ended up with a profit both days.

At the end of the day, if the NT system indicates a trading opportunity then I think it's overly risk-averse to then place an order to ensure the market goes beyond the high or low of the last candle before opening the trade. With the combination of the order and slippage we often lose up to 10 points by taking the official NT approach! And as we have seen on Monday and today (and probably many other days), those 10 points can mean the difference between a profit and a loss!

I haven't backtested this to assess its true impact, but certainly I've benefitted all week so far from trading immediately rather than placing orders. Only time will tell if this is beneficial in the long run though!!!

I prefer to place an order to enter at (or near the level) I choose . Net trap is basically a weather vain for 6.30 to 8.30 ,it either points north ,south ,or nowhere at all . That info is well worth the money paid ,it has a well tested good probability of success and there are no ongoing subscriptions.For those who are away from a computer or whatever during drive time the system will work sticking to the rules . For those of us
who are lucky enough to be at our desks during that time (personaly I work from home most of the time) tweaking the system brings better returns but requires more
attention. There's a return here for everyone providing you use your loaf. Talking of everyone - information concerning the system that We all stumped up hard earned cash for is all over this forum - should We not be in some 'private' members area , or some other 'private' forum. I wonder if too many people jump aboard doing what We do
when We do it - will this not provide a target for the big money to run our stops each day ,afterall the big money is on the other side of the trades we place .

 

[Trader333]

what do you mean by last traded price?

Last traded price is the price the market last transacted at. Bid prices are prices that someone is willing to Buy from you at if you were selling but it does not mean that the last trade went through at what the Bid price is showing.


Paul

 

[pseudo straddle]

Talking of everyone - information concerning the system that We all stumped up hard earned cash for is all over this forum - should We not be in some 'private' members area , or some other 'private' forum. .

Melb suggested that in post #1031 or thereabouts.

 

[tjw]

Hi All

I am new to net trap - one day old and would be very grateful if someone could clarify something for me. At 6:30 pm, when you are going to place a trade, do you use the info from the 6:15 candle or the 6:30 candle? Also, what was the outcome of todays trade please.

Thanks
T

 

[ak88]

Hi All

I am new to net trap - one day old and would be very grateful if someone could clarify something for me. At 6:30 pm, when you are going to place a trade, do you use the info from the 6:15 candle or the 6:30 candle? Also, what was the outcome of todays trade please.

Thanks
T

Its in the manual exactly which candle to use.

 

[yidos1]

Can someone please give us a update on the total profit or loss on net trap for june so far
Thanks Dan

 

[mark120169]

Can someone please give us a update on the total profit or loss on net trap for june so far
Thanks Dan

It varies from Person to person, the only "official" stat is RH's which you will get in your support email every Monday.

Last week was not a good one for NT -30 pips. This week is not over so you will get the "official" results on Monday. Then just add the two together.

M

 

[msharma74]

Hi I've been using NT for about a week now with mixed results as you know. Does anyone know the daily success rate for NT? I don't mean just the +50 pip trades but overall how many positive days did we have. If anyone has got a daily log please can you give me this information. Thanks in advance.

 

[mark120169]

Its in the manual exactly which candle to use.

Agreed, or commit a few days to reading this thread in full and you will figure it out.

 

[pseudo straddle]

Agreed, or commit a few days to reading this thread in full and you will figure it out.

Hard work = not interested

:whistling