Net Trap Review – Richard Hill

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  • #1022
    ReviewTeam
    ReviewTeam
    Keymaster

    Net Trap Review – Richard Hill

    To The Best Of Our Knowledge This System Is No Longer Available

    Key Info

    Publisher:  Agora
    Cost:  £247 with a 60 day money back guarantee
    Review Date:  February – April 2010

    What It Says On The Website

    Richard Hill is a “quiet fisherman” who has exposed “his secret to stress free Forex profits, swapping the trading floor for a fishing net”. He “left the trading floors of Hong Kong and moved back to England to make (his) own way in the world of Forex”. This is a system Richard uses “personally to net monthly tax-free profits … And, on average, it takes about 10 minutes each morning”. He has no plans to stop using the system and provides weekly updates detailing the trades generated for the previous week.

    It doesn’t matter “who you are, what you do, or how much time you’ve got to spare during the day, you could do this”. “Even if you never thought you’d ever place a ‘trade’ in your life, even if the only ‘Forex’ experience you’ve got is changing your money for your summer holiday”, Richard is “100% confident that with my help you’ll be able to do this”, in less than a week.

    “Setting up your trap couldn’t be easier. You just have a quick look for one simple signal and if it’s there you click your mouse a couple of times and then walk away”. The system is traded at 06:30 (UK Local time).

    No expensive software or trading programs are required and for any issues, Richards direct email address is provided.

    Beta-testers, in September made £1,200, £560 in October and a further £2,210 in November (2009) for “just ten minutes each morning”. To date the system has not had a losing month.

    The system is provided with a 60 day no obligation guarantee, backed by Agora.

    The Material

    Net Trap comes in the form of a 65 page manual.

    The manual confirms that Net Trap is traded at 06:30 UK Local time and that it trades just GBP/USD. An additional check is also required at 08:30 whereby on occasion some simple trade management is applied.

    On page 7 of the manual the bulk of the system is quite clearly explained with the remainder of the manual being mainly for beginners and those wanting to know a little more about the guts of the system. It details what the strategy is about and goes into quite some detail about opening a Spread betting account, placing orders, stops, targets etc.

    Also covered off is some Risk/Money management as well as some well documented examples.

    In our opinion, a print out of the one page guide (page 7), a quick flick through the rest of the manual and some note taking should be sufficient for anyone with even just basic trading experience.

    The System

    A really simple strategy based on just one instrument, GBP/USD on the 15 minute timeframe with one simple indicator, a moving average. It was easy to set up on our IG Index charts and in actual fact it should take less than 60 seconds for most on any trading platform.

    The system is traded once a day at 06:30 (UK Local time) and we traded the system on a real account from the end of March to the end of April, 5 weeks.

    The system is really simple to operate so long as you are up at 06:30 and have had at least one sip of coffee. Entry is 100% mechanical (see subsequent posts), we even managed to write our own indicator for IG Index advanced charts to tell us if there was a trade and, if so, what our exact Entry, Stop and Target was.

    So, in terms of simplicity this system really is 100% mechanical (see subsequent posts) and takes less than the advertised 10 minutes. Actually 60 seconds should be plenty of time for most, especially those that write their own indicator based on the simple entry rules. Stops and Targets are fixed, at 30 and 50 pips respectively, so they are also 100% (see subsequent posts) mechanical.

    Note: Regarding self developed indicators including our own – Please do not ask for or post indicators in this forum as we do not wish to be involved in any potential conflict.

    Apart from the quick check and order placement (when appropriate) at 06:30 there is also another check to be made at 08:30. This is because, if a trade is still open at this time (the Stop or Target has not been hit) the trade must be manually closed out. This does not involve looking at charts and should be more than manageable on any decent mobile phone depending on your phone and broker functionality.

    Can It Work

    During the time we ran the system on a real account (late March to end April) we made a profit as follows:

    • 23 Trading days
    • 11 No trade days
    • 7 winners, 4 losers and 1 break-even trade
    • Net profit of 112 pips, circa +7%

    We also did some back-testing, over the last couple of months (February and March 2010) with the following theoretical results:

    • February: +51 pips, circa +3.5%
    • March: +124 pips, circa +8%

    April (which was all traded in real-time) showed a net profit of +34 pips, circa +2%.

    Note: % returns are based on risking 2% of account balance per trade with a fixed stop loss of 30 pips.

    Compared to the actual results reported by Net Trap, we had a few discrepancies over the period February 2010 – April 2010. These were, in the main, related to broker execution and some slight discretion in relation to trend confirmation. The latter is probably the one aspect of the system where differing brokers will give different signals and thus different results.

    Net results, however, over the 3 month period were quite similar. We achieved a total profit of 209 pips against the official results of 271 pips. Close enough considering some of our results were based on back testing and that we were also new to the system.

    This is the kind of system we like, it ticks a lot of our boxes, which many of you are now familiar with. The timing suits us, it is 100% mechanical (especially if you translate the rules into an indicator – (see subsequent posts)), it’s almost effortless and has also proven profitable (albeit over a short period of time).

    Support

    We had no reason to contact support so cannot comment.

    Summary

    PRO’s
    • Two minutes a day (max).
    • 100% mechanical (especially if you translate the rules into an indicator – (see subsequent posts)).
    • Profitable (albeit over a short period of time).

    CON’s
    • Limited results, just 2 months back-test and 5 weeks real-time.
    • Timing, 06:30 UK Local time, may not suit some.

    Do remember, your comments are important – If you have used or decide to use this system, please contribute to the community by reporting back your findings.


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    #1026
    ReviewTeam
    ReviewTeam
    Keymaster

    Systems For Traders had to be rebuilt in 2013

    This is a selection of key posts and comments from the original forum prior to the rebuild

    ReviewTeam

    01-Jun-2010

    As promised here are our Net Trap results for May:

    • 8 trades

    • 4 winners and 4 losers

    • Net profit of 54 pips, circa +4%

    Note: % return is based on risking 2% of account balance per trade with a fixed stop loss of 30 pips – Net Trap offical results showed a profit of 37 pips.

    ReviewTeam

    02-Jul-2010

    As promised here are our Net Trap results for June:

    • 19 trades

    • 8 winners and 11 losers

    • Net profit of 18 pips, circa +1%

    Note: % return is based on risking 2% of account balance per trade with a fixed stop loss of 30 pips.

    IMPORTANT: Using this system in practice we have found it is not as mechanical as we originally thought and we have actually added a supplementary mechanical rule base of our own (we check the MA actually rises/falls in accordance with the signal). We will continue, on the basis that we apply this rule base, through July and report back.

    ReviewTeam

    02-Aug-2010

    Here are our Net Trap results for July:

    • 14 trades

    • 7 winners and 7 losers

    • Net loss of 12 pips, circa -1%

    Note: % return is based on risking 2% of account balance per trade with a fixed stop loss of 30 pips.

    ReviewTeam

    30-Aug-2010

    Here are our Net Trap results for August (our decision on adding Net Trap to our Systems We Use list also follows):

    • 15 trades

    • 7 winners, 7 losers and 1 break-even

    • Net loss of 11 pips, circa -1%

    Note: % return is based on risking 2% of account balance per trade with a fixed stop loss of 30 pips.

    ReviewTeam

    30-Aug-2010

    We have now been running Forex Net Trap for 5 months (April – August) on a live account. Our results over this period were as follows (our month starts and ends where the majority of the working days fall into the same month – e.g. if the 1st April is a Wednesday this equals 3 days in April (Wed/Thurs/Fri) in the week so that week will count as being in April – So for August this year, as the 31st is on a Tuesday, it means that week will be included in September – Wed/Thurs/Fri falling in September – sorry to be long winded but want to be clear on how our results are calculated):

    April – 5 winning trades and 4 losing trades, +34 pips profit, Official Net Trap result +34 pips profit.

    May – 4 winning trades and 4 losing trades, +54 pips profit, Official Net Trap result +37 pips profit.

    June – 8 winning trades and 11 losing trades, +18 pips profit, Official Net Trap result -9 pips loss.

    July – 7 winning trades and 7 losing trades, -12 pips loss, Official Net Trap result +89 pips profit.

    August – 7 winning trades and 7 losing trades, 1 break-even, -11 pips loss, Official Net Trap result +38 pips profit.

    It means based on a 5 month trading period we have made a 6% profit based on risking 2% per trade and a Fixed Stop loss of 30 pips. This compares with the 12% according to the Official Net Trap results.

    Differences have largely been due to the non-mechanised (at times) nature of the Official Net Trap system. All of our trades were based on a mechanical rule base we defined. This was as close to making the system mechanical as we could get given our resources. “Left handed” trades as one of our members so affectionately put it also affected results, the official call made in hindsight on days when system discretion was at its most volatile.

    We can add that Net Trap is not really measurable due to its discretionary nature, it is difficult to obtain not just the same official results it is difficult to consistently enter on the “correct” trading days, finally and possibly the main observation, we just do not feel it is worth being the sole reason for giving up over an hours beauty sleep each week-day morning, considering the reward.


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    #1030
    ReviewTeam
    ReviewTeam
    Keymaster

    After Net Trap Richard then released two other systems, here are the links to our reviews:

    Newsnight Trader Review

    Anytime Trader Review


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