How to Maximise your Profits

Hi All,

after digging even more from our Trading Mentor, he finally agreed to let us pyramid the trades in order to maximise our profits! :) BUT it is only limited to TA and CBO.

Well, for USD/JPY current trend, he mentioned that this is how famous traders earned their millions and millions of dollars - Well defined bear market. Hence, this should be the time where we should agressively pyramid TA and CBO :)

Currently, I am only have 12 contracts on the trend. If Courtney were to share with us earlier, I would have probably 15 to 20 contracts on it :P *Not that I like to complain*

Your Friend,
Max

Problem with the records on top of my blog

Hi All,

if you have any issues seeing my track records on the top of the blog, please do click on the Trading Records link on the right hand side of my blog and bookmark it :)

It will be a better access to it :)

Max Tay

Dinner with Ms P

Hi All,

After dinner with Ms P, I realised that like what Tanmoy said to me the other time came true... The less you trade the more you earn :)

Ms P total equity is more than mine! Why? She trade lesser than me :) Hence, I have come to a conclusion that I will trade lesser. Which means I am dropping USD/CAD :)

3 Cheers for Ms P! :)

Max Tay

A Tinkering Thought...

Hi All,

After 2 months of trading as a newbie, a tinkering thought came to me... that I need to trade less on Forex. Why? Because Courtney Model of Trading builds on risk management and trends.

Due to the fact that Forex have less trends, hence the less pairs I trade the more I will make *I Think*. I might be dropping USD/CAD soon then *MAYBE* AUD/USD. I might also trade some penny stocks :) we shall see...

In the meantime, I am just working on the system :)

Your Friend,
Max Tay

My Penny Stock ProScreener Code

Hi All,

This code is not for Forex but for people who wants to screen across the stock market for stocks that is below $2 dollars, the volume is more than 1 million.

indicator1 = close
c1 = (indicator1 <= 2.0)

indicator2 = Volume
c2 = (indicator2 >= 1000000.0)

indicator3 = close
indicator4, ignored = CALL "52-Weeks Channel"
c3 = (indicator3 >= indicator4)

criteria = Volume

SCREENER[c1 AND c2 AND c3] (criteria AS "Volume")

Updates on Total Equity Chart

Hi All,

After much consideration, I will only update my Total Equity Chart once a week rather than daily due to time constraints.

I have to key the values into an Excel file, which then created a chart, print into a TIFF file and resize using Office Picture Manager, open using Paint and convert into a JPEG file.

No worries that you will still be getting the truth of my Total Equity Chart :) rest assured :)

Max Tay

Intra-Day Trading.... *sob*

Hi All,

As I eagerly requested for trial-use of realtime services from PRT, I tell myself finally I can try intra-day trading! :)

And yesterday, the result was horrifying :~( I lost 300pips! *LOL* What an interesting day for me. I felt adreline rush but ultimately saddened by the loss of 300pips :( In addition, I can't really be on the screen all the time as I was trading a 30mins bar. Hence, I decided that I should stick with Position Trading rather than intraday trading for now :D

The timing and stress level is more comfortable. :)

Max Tay

This Coming Friday Step-By-Step Webinar - CoFlex, Conquerer, FXCM

Join us for a Webinar on September 11

We are going to DISCUSS about CoFlex, Conquerer & FXCM Step-By-Step!

Title: Step-By-Step CoFlex, Conquerer, FXCM

Date: Friday, September 11, 2009

Time: 9:00 PM - 10:00 PM SGT

After registering you will receive a confirmation email containing information about joining the Webinar.

System RequirementsPC-based attendeesRequired: Windows® 2000, XP Home, XP Pro, 2003 Server, Vista

Macintosh®-based attendeesRequired: Mac OS® X 10.4 (Tiger®) or newer

Space is limited.Reserve your Webinar seat now at:https://www2.gotomeeting.com/register/450206523

When do I take ID trade or not?

Hi All,

I was talking to a fellow Courtney's Forex Trader yesterday and she was saying that she was doubled whammied until she blurred. And of course, I can relate to that feeling.

Though my own experience and discussion with Courtney, I realised that Double Whammies can be prevented by finding reasons NOT to trade. And thank goodness to that I have safely avoided 2 Double Whammies :) One being yesterday GBP/USD Inside Day trade. If I have taken it, I would be sitting on a Double Whammy (DW) today.

So just how to avoid DW? Courtney taught me 3 things but it is NOT a confirmed thing ok? And in a ideal situation, all the 3 indications are to be positive before we take the ID.

1. Look at ADX. There should be a upward trend. Why? When there is a trend, most likely it will not close back where it started.
2. Look at the Average True Range (ATR) 40 indicator. Ideally, there should be an increase of volatility than yesterday and shouldn't be the lowest of the past 40 days of ATR40.
3. Lastly, Look at the opening and closing positions of the bar. Are they forming a near perfect T or t inverted T? if they are, then most likely the next day will form the same thing. This is an indication of a Sideway market where neither the bull or bear are winning. Hence, less likely the next day will close higher or lower.

Ok. There you go. With these tips, I hope that you can really avoid DW as much as possible. :)

Max

Great News! Daily Trade Tracker & Checklist is hosted in Courtney's Server!

Hi All,

Great News! Our Daily Tracker and Checklist is finally hosted in Courtney's Server! So now, you could either download from http://www.maxfuturesprofits.com or directly from my Traders' Tools section :)

Thank you Courtney for helping us to host the file. Really appreciate it. Thanks to Ms P for producing the Checklist. Really appreciate it!

Max

Wow. How fast things changes overnight!

Hi All,

Last night when I was checking out FXCM at 11pm, the total number of pips profit is roughly around 800pips. But yet, this morning, it was at 1,800pips! Wow! How fast things changes overnight !

I realised that I wasn't as excited as when I started out. Which is a good sign. Eric, my GrandMaster of Forex ;) told me that a professional trader don't get too excited when there is profits and don't get too sad when there is losses. Hence, I know I am getting there :)

I am seeing signs of repeating patterns of when I first started out when I had like 4000pips profit. God Bless Us all :)

Max

Yesterday Webinar Notes

Hi All,

as promised :)

Quick notes on forex market and trading techniques from Courtney’s 31-Aug-09 Webinar:

1) We can now expect more volatility in the market. We are going into a period when people will trade more actively. Looking at ’08, a lot of futures contracts break out in Aug.

2) Reversal Bars (RB) are excellent entry points in a trending market

• If number of bullish RBs > number of bearish RB => Bull market
• If number of bearish RB > number of bullish RBs => Bear market
• We can use RB as day trades, to enter into positions or to add on to positions.
• Stop Loss is at the other end of bar. When using RB, we have to be aggressive in tightening stop loss. Can use swing lows or any other methods to tighten stop loss.

3) AUD-USD

• Watch for a down move.
• But don’t enter market now since ADX is still down. Wait for ADX to move up. Be Discipline!

4) EUR-JPY

• Can start to put in sell orders
• Take a SMALL TA-short position (this doesn’t look like a big move)

5) EUR-USD

• Wait for ADX to increase
• Expected to fall in 2~3 weeks.
• Stand aside for this pair. Short correlated, weaker GBP-USD instead.

6) GBP-USD

• Courtney currently trading this pair. Short using 20 Day Momentum.

7) USD-CHF

• Don’t enter. ADX down despite breakouts.

8) USD-JPY

• 2 scenarios can happen:
  i. market breaks down
  ii. market recovers back up

9) When markets are ‘psychotic’ (collapsing n rallying widely) WITHOUT trending, stand aside. Eg. Soyabean meal end Aug-09

10) When a market closes around the same level in consecutive days, mkt is in balance. Use Weekly stochastic n seasonality to predict which way it’ll move.

11) Sept is the weakest month for stocks. Mkt bottoms in Oct.

12) AUD-JPY

• Weekly Stoch: Can short the market.Courtney doesn’t trade this pair due to high spreads

13) USD-JPY

• If we missed a signal to enter, we should wait for the next signal to enter. (ie. Not at the moment)

14) Inside Day Trades

• More profitable in volatile markets. i.e. increasing ATR

15) Diversify through time

• We trade each technique independently (ignore other techniques when trading one.
• Exception: Weekly SSD. Combine trades and use the tightest stop loss

16) Intraday trades.

• Techniques are generally applicable, eg. TA, CBO. Except Coflex as there’ll be too much transactional costs.
• Hourly or half-hourly is recommended

Disclaimer: The minutes-taker cannot be held responsible for any discrepancies. Read at your own risk. Listen to webinar recordings.

Copyright of Ms P.