My Trading Journal Blog (Courtney Smith)

Taking a week break

2009-12-04T23:37:00.002+08:00

Hi All,

I am taking a week break from my trading and blog. Look forward to see you again :)

Your Friend,

Max

Photos of Japan

2009-12-02T10:28:00.004+08:00

Hi All,

Jenifer and Jason have painstakingly arranged the photos into facebook albums. Thank you! Do visit the albums - Part 1, Part 2 and Part 3.

Enjoy!

Your Friend,

Max Tay

Gold... Gold Gold! Ole Ole Ole!

2009-12-02T10:20:00.002+08:00

Hi All,

I have plans to go into Gold CFD in the next week or so. Yes I missed the last trend (missing profit about US$150) but nonetheless, let's look forward to the next one :)

I am basically focusing on the basic techniques that is learnt in Ideal Business which is primarily Inside Day, Trend Analysis, CBO and MUT.

Let's prepare for rain and pray hard for the rain :)

Your Friend,

Max Tay

Cashflow Warrior Academy

MUT is wonder :)

2009-11-26T22:04:00.002+08:00

Hi all,

I just want to give MUT is fantastic testimony :)

MUT is really a good method to generate about 5 to 10% of our capital per month. Just in this week, ignoring the stupid things I have done for 20 days momentum, MUT have made me about 7% of my total equity! This something rather amazing. If you still are not sure what's happening with MUT, its good idea to find someone who knows and explain. :)

Your Friend,

Max Tay

Cashflow Warrior Academy

Haiz...

2009-11-25T09:27:00.002+08:00

Hi All,

Recent trading experience told me that I should not be trading when I am travelling... makes plentiful mistakes. Hahaha... I was waking up like 5am tokyo time to setup my trades as I need to go off at 7am tokyo time (8am Singapore time).

Nonetheless, I am still in learning mode. Good experience but using money to get it :P I will use more restrictions when come to CoFlex, 20 day momentum and Conquerer. MUT is doing well, seriously not recommended for non-breakout trades including Renko.

Looking forward to a good week.

Max Tay

Painful lesson last week

2009-11-16T07:22:00.003+08:00

Hi All,

I learnt quite a painful lesson last week where I shouldn't pyramid using the same method unless all methods have been used. This is to be on the safe side. Diversify through time helps us to more or less confirmed the trend and all positions should be positive and this is the best time to pyramid using the same methods :)

Your Friend,

Max Tay

Going Japan for 1 week

2009-11-15T22:28:00.003+08:00

Hi All,

I am going to Japan for a Research Trip. I am bringing my laptop there but I might NOT be available to tabulate my trades. I do my best to but if can't so sorry about it :(

Your Friend,

Max Tay

Shifting of Blog soon...

2009-11-09T23:10:00.002+08:00

Hi All,

My Internet Business Specialist, Andrew Boey is in the midst of setting up the Max Futures Profit blog to be at Cashflow Warrior Academy website. Once, it is setup, i will just update from there onwards. So stay tune. :)

For now, it will be here first until the location have been setup.

Max

Problem with Renko

2009-11-09T09:47:00.003+08:00

Hi All,

I am facing a little tiny issue with Renko where there is a divergence of the boxes. E.g. AUD/USD i sometimes see 2 extra box and sometimes I don't. Meaning some of you may find my Renko entry is different from yours.

If you do have it, please feedback to me. I will be bringing this issue up to Courtney :)

Your Friend,
Max

It's Updated!!!

2009-11-09T09:44:00.001+08:00

Hi All,

Finally my blog is updated!!! :) Well, I am still short of shifting the website to Cashflow Warrior Academy... I need to speak to our Internet Business Specialist Andrew Boey regarding about it.

please comment on the new excel file :)

Your Friend,
Max Tay

FREE Stuff! Commitment of Traders

2009-11-08T15:06:00.004+08:00

Hi All,

Commitment of Traders show us where is all the smart money are doing, which in my humble opinion is a VERY VERY important indicator. ScarrTrading needs us to pay $20 a month for it but I found a Good Commitment of Traders Chart for All futures and the best part is that ITS FREE! Anyway, the link is at http://www.dailymarkets.com/commitment-of-traders/.

Enjoy :) *Sorry Courtney* :P

Your Friend,
Max

Courtney Smith's Support Group Gathering

2009-11-08T14:44:00.002+08:00

Hi All,

We are holding the next Courtney Smith's Support Group this coming wednesday 11th November 2009 730pm at Kreta Ayer CC. The location of the CC is at http://www.streetdirectory.com/asia_travel/travel/travel_id_4816/travel_site_4640/.

You can email me at Max.Tay@MyCFWA.com.

Your Friend,
Max

1st Day @ Courtney Smith's Mastermind Seminar

2009-11-07T21:52:00.002+08:00

Hi All,

I am again blown away by Courtney's teaching. Totally amazing with regards to Risk Management and Renko method. A bit sad that we couldn't hear Andrew Cardwell session on RSI. It is rather an important one as Andrew Cardwell is going to share with us how to use RSI to see trend change (NOT using divergence).

He states that if we are using RSI for trend divergence, we will see multiple divergence in a strong trend. Hence, he has a way to use RSI to indicate trend change on top of divergence... :) Amazing...

Look forward to Day 2...

Max

New Update to blog

2009-11-05T06:51:00.004+08:00

Hi All,

I am still in the midst of revamping and shifting the blog to Cashflow Warrior Academy website :) please bear with me.

Anyway, I am now working on purely on Courtney Smith's Methodologies only on the 10 pairs I was talking about. Though my account is drawndown, but after reading the book Trend Following by Michael Covel, I am pretty much confident that it is a matter of time that my account will go back up again :)

Your Friend,

Max Tay

Original 20 Day Momentum ProRealTime Code

2009-11-03T23:56:00.001+08:00

Hi All,

this is the code for the original 20 Day Momentum in ProRealTime.

period = 20

C = close [period]

return C as "20th Day Close"

Review of Selection Market

2009-10-25T18:10:00.006+08:00

Hi All,

I found a bit of time before my good friend's wedding dinner to type in something about Market Selection. Though Courtney said that we should just trade the 5 major pairs in Forex market, I decided to trade the following in the Forex market on top of the 5 major pairs - EUR/GBP, AUD/USD, USD/CAD, NZD/USD & AUD/JPY.

Why? Because I can't trade futures nor stocks. Hence, in order to get myself into a trend, hence, I will trade as widely as possible in forex. As usual for corelated pairs are EUR/USD, GBP/USD & USD/CHF, AUD/USD, NZD/USD & USD/CAD. Loosely related pairs are EUR/GBP & GBP/USD, AUD/USD & AUD/JPY.

Like the turles, I put myself a Capping of Units for risk management purposes. :) In addition to that, I have incorporated Greg Seckker (i think that is how you spell his name)'s Income Generator into my strategies of trading.

Your Friend,

Max Tay

Change in selection of Market

2009-10-19T06:52:00.002+08:00

Hi All,

After reading the Turtles book, I have made a decision to change my market selection again. Once I am more free, I shall type what changed. Apologies for the lack of update as currently I am in the midst of chasing my Top Rookie of the Year award. And I am only left with less than 2 months! :D Hope to get your understanding. Really appreciate it!

Your Friend,
Max Tay

New Excel File

2009-10-19T06:50:00.003+08:00

Hi All,

Last night I just finished creating a new Excel file for daily tracking which includes Conquerer indicators stop. I will be releasing it out pretty soon once I finish some touch up.

Look out for it as I will be emailing Courtney.

Your Friend,
Max Tay

I am now following Courtney's 20 Day Momentum

2009-10-06T15:01:00.002+08:00

Hi All,

Just to let you guys know that I have decided to switch from the 20 Day Momentum channel to Courtney's 20 Day Momentum :)

Reasonale? I just want to follow strictly to the rules and Principles :)

Your Friend,
Max Tay

A revelation....!

2009-10-05T20:43:00.005+08:00

Hi All,

today I had a revelation on my own trading. I am convicted that BIG money is earned on the BIG trends as just witnessed in USD/JPY. However, I realised that I was taking too much trades without thinking. And that is the main reason for my profits from USD/JPY to be eroded. I was jumping into too many trades and was chasing too many trades hence, gotten myself too much into the negative zone.

I realised what top traders like Courtney does is to be patient. Always seeking for confirmation and assurance that the trend moves to the right direction. I also realised that Courtney don't usually take coflex unless there is a confirmation if ADX is trending down. Waiting for another 5 day condition before taking another CBO trade.

This is very important things that we should emulate as this will reduce our risk to a great extend :)

Your Friend,
Max Tay

I am officially dropping AUD/USD

2009-10-03T12:29:00.005+08:00

Hi All,

I am officially dropping to the original 5 pairs that Courtney suggested as my last trade for AUD/USD was stopped out yesterday. I initially started out with 12 pairs and along the way I dropped alot of pairs until today after 3 months, back to the original 5 pairs.

Have I wasted time and money? Maybe... I do admit that money is wasted BUT I guess this is what Eric Oh always say.... Tuition Fee :) The time is not as I gained lots of experience here :) I am going to stick to the 5 pairs for forex unless Courtney asked me to go other pairs :)

Your Friend,
Max Tay

How to Maximise your Profits

2009-09-30T09:14:00.002+08:00

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

2009-09-29T09:40:00.002+08:00

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

2009-09-28T21:08:00.002+08:00

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...

2009-09-22T22:42:00.003+08:00

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

2009-09-19T08:30:00.003+08:00

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

2009-09-13T00:27:00.002+08:00

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

2009-09-10T22:15:00.003+08:00

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

2009-09-08T07:52:00.002+08:00

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?

2009-09-08T07:27:00.003+08:00

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.

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.
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.
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!

2009-09-03T10:49:00.002+08:00

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!

2009-09-02T07:30:00.005+08:00

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

2009-09-01T00:40:00.004+08:00

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.

Next Step-by-Step Discussion Webinar

2009-08-31T09:30:00.002+08:00

Hi All,

I am working towards to have a webinar this friday evening. Hopefully I can work out my schedule by today.

Cheers

Max

Last night Discussion Webinar

2009-08-29T08:04:00.004+08:00

Hi All,

this was the 2nd time I have ever run a Discussion Webinar. I was pretty uptight about it as I don't know whether how good it will turn out. Nevertheless, it turn out well.

Some key things I could have done better was that the capacity of the room is only 16. there are some other people who couldn't come in. I sincerely apologise for that. Not intended but I will try to improve on that. Another thing was I have to mute all :( Wasn't intended that way but rather the distraction sound from some parties are just simply too distracting, hence for the benefit of all. BUT they still could type in the questions and we can discuss along the way :) Just that I become the narrator of all questions, hahaha.

Please keep your feedbacks coming so that we can improve the whole process better :)

Max

Shall I or Shall I not?

2009-08-28T12:24:00.002+08:00

Hi All,

Everytime I myself see a profitable trade and the next day see another signal to enter based on the same technique, I always ask myself this question. Should I pyramid?

This question I answered myself yes in so many times but yet come out injured :D Hence, after several occasion of unsuccessful pyramiding, I told myself to keep my ass out of pyramiding :) I guess it is the same thing when I asked Courtney that I saw a CoFlex signal 2 days ago, I just started trading, shall I enter the trade using CoFlex now? Courtney always reply wait for another signal :) The same reply came out is "We are always lookings for reasons NOT to trade rather than reasons to trade."

Hope this helps :)

Max

Yesterday Webinar notes.... (See Disclaimer)

2009-08-26T07:53:00.003+08:00

Hi All,

Got notes from a very diligent student to share with all of us yesterday webinar :)

Some interesting points on forex and techniques:
(all quoting Courtney of course)
1) Mkts are currently going sideways.
Volatility will increase in Sept.

2) EUR-JPY
Wasn't trading this pair much currently, as it is going
sidewards.
But expect a major breakout on the up/down side
soon. (refer to weekly charts in 2008 to see trend)

3)EUR-USD
Should try to short.
Courtney broke some rules on this pair by entering
TA etc when ADX was down, becoz he thinks
weekly SSD is very impt signal. Lost money...
At the moment, Long on coflex is the correct
position to be in.

4)AUD-USD
Pay attention. Weekly SSD in W24 n W30.

5) Whenever a breakout fails, pay attention.
Differentiate between a premature breakout
and a false breakout.
Former goes back to expected direction.
Latter fails n keep going in opp direction.

6)GBP-USD
Very important pair. Watch closely! SHORT this.
Switch from shorting EUR to GBP, as this looks weaker
now.
Watch for ADX to move up (soon)
Can hv many trades using differ techniques.

7)USD-CHF
Corr. not trading

8)USD-JPY
Watch!
Has potential to be profitable on short side.
Has rising ADX while others hv decreasing ADX.
Possible to short using TA, 20D, CBO n
Conqueror.

9)Sept is a good mth, since Jul n Aug is dull. about
to enter into a trending period.

10) Don't trade ID if mkt is not volatile.
Check ATR for volatility. (eg.16 is low)
The less trending the mkt, the more double-
whammies.
Can trade ID in:
EUR-USD
GBP-USD
CHF
JPY

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

Conquerer's Indicator

2009-08-26T04:34:00.003+08:00

Hi all,

I did the programming of the 2 Indicators required for Conquerer in PRT.

10 Day Ago 10 Day Moving Average

period = 10

MA = Average[period](Dclose(period))

return MA as "10th Day Ago MA-10"

40th Day Ago Close

period = 40

C =close [period]

return C as "40th Day close"

Hope this helps :)

Max

What is more important? Strategy, Discipline or Psychology?

2009-08-23T00:12:00.002+08:00

Hi All,

Today I was asked a question by one of my Mentor that continues to baffle alot of people.... Which is more important? The Strategy, Discipline or Psychology?

If I haven't started trading, I don't think I would have chosen the right answer. :) Yes, the answer is Psychology. I was discussing with Roy Phay about trading system and both of us agree that there is no perfect trading system and probably most system made money. BUT the key question is how many of us will have the mindset to continue using the system when we are not making money like now? :)

Max

P.S.: My Mentor answer is 1% Strategy, 19% Discipline and 80% Pschology :)

Max Tay's Weekly Stochastic Divergence detected!

2009-08-21T23:36:00.001+08:00

Hi All,

Though today yet again marks the lowest of my Total Equity, but my feeling about it is so much better. Hence, a Weekly Stochastic Divergence was formed :D Lame but I guess it is just part and parcel of a Trader just like what Eric told me in the afternoon. :)

Gam Ba Teh~

Max

I am blessed to have you all...

2009-08-21T22:58:00.002+08:00

Hi All,

I think its really fantastic to see the comments left by KinLiang, Andre, Jane etc... When I went through the trading again, I realised that there is always few months of ranging market in every pair of forex. And I kept asking myself did I analyse wrongly, the answer was mostly no. Can I do better? Definitely! And that is why as much as possible I been talking to Courtney almost everyday. And that is how mainly I kept my confidence up :)

Nonetheless, I know I am with the right Trading Mentor and market will prove that the techniques work! :)

Max

I am getting used to it :D

2009-08-21T07:42:00.002+08:00

Hi All,

after so many days of sliding down, I kinda getting used to losing money *OMG* is that good or no good? :D

I was talking to Dr Chua Ley Suang yesterday and she was feedbacking that she trust the system completely and just getting papercuts all over while waiting for a trend to form *ouch* She in her bubbly matter told me why did she signed up Courtney Smith's class. She said that she have read about the Turtles before! In addition, the person next to her at NWA have heard about Courtney before and told her that Courtney is a legend and did lots of amazing things in the industry.

It's rather interesting to see that newbies like me are so ignorance of things. Nonetheless, I am glad that I was shown to the right Master to make things happen. Let's pray hard that a trend will form soon :)

Max

Sian....

2009-08-20T10:28:00.002+08:00

Hi All,

Today marks my lowest Equity Chart of my trading career... To say I am not affected by it is lying :D For the past 2 days, I couldn't even get myself to do my own Equity Chart. It is rather dreadful... hahaha

But I told myself that I promised myself and everyone that I will do it to give a truthful picture of what I have went through instead of just selling a rosy picture :) Hence, today I did it out finally after much resistance and reluctance of showing the truth...

God Bless me and my trading :)

Max

What a loss to the Local Forex Trainers Community...

2009-08-19T12:18:00.003+08:00

Hi All,

this morning I received one news that I think is definitely a loss to the Local Forex Trainers' community... Founder of a local Forex training company left. I was speaking to him about Trending and Ranging market's strategies and he broke out the news to me. He is a person whom I respect ever since I was in Training Industry. But overall, I know he is definitely no regrets about it.

Nonetheless, as an experienced Forex Trader, he said that for the problem with Trending strategies (e.g. Courtney Smith) is you get lots of paper cuts during Ranging market and of course vici versa. And most retail traders, especially newbies like me :P, couldn't accept small losses and expects the strategies to win all the time. They didn't last long enough in the game and what counts is at the end of the month and not everyday! That's why the recommended trading time is about 1 year. (Sound familiar?)

Now, I fully understand why Courtney emphasises so much on Risk management. So that we can last through the paper cuts until a Trend is form as most of the time, the market just trade sideways!

Max

BUG Fix: Daily Trade Tracker version 090818

2009-08-18T07:43:00.004+08:00

Hi All,

Someone feedback a bug on the stop for CoFlex. It doesn't tick the Last Bar for its stop. Hence, I have fixed that up and and now downloadable under Traders' Tools :)

NOTE: You can don't download the new one, as this is NOT a major Bug Fix release. But of course, if you prefer to see the tick you can download the new one :)

Thanks to all who feedback! :)

Your Friendly Coach,
Max

Cashflow Warrior Academy - "Everyone Never Work Again!"

The Day that I broke Rules on 2 pairs at one go... So does my Mentor & Ms P!

2009-08-18T06:23:00.005+08:00

Hi All,

yesterday night was an exciting night :D I saw the effects of our excellent analysis of charts going into full swing :) Power of Weekly SSD!

Pretty amazing after 5 weeks of Bull Rally for GBP, Weekly SSD once again predicated ahead of time that a major trend change will come :) And Courtney sees that now it's the time to break the rule as Principle always (ALWAYS) wins the rule :) Hence, despite EUR/USD's ADX is trending down, he went in an order of TA! :)

This was then I realised that how powerful and important Weekly SSD is when comes to when to break the rule! :D And of course, I copied his trade though 10pips later :( as I took notice of his TA only at night. But better late than never ^^. Anyway, thanks to Ms P, I was highlighted a Weekly SSD for USD/CAD. Similar situation as EUR/USD, ADX is trending down, but I went in an order of TA since there is a higher high and a higher low.

To round up, I think this week will be a rather exciting week where we are seeing a revival of USD, I will be shorting AUD, EUR/USD, EUR/JPY, GBP and longing CAD :) Let's keep our fingers crossed!

Side Note: Ms P confessed that she broke some rule too... this is what she said,"Today mark the first day i broke rule without Courtney's approval!" haha so funny ;)

Your Friend,
Max

Cashflow Warrior Academy - "Everyone Never Work Again!"

Daily Trades Tracker is OUT!

2009-08-16T07:40:00.005+08:00

Hi All,

Finally I found time to make it happen! :) Thanks be to god! Anyway, the Daily Trades Tracker will automatically remind you of what stops should the technique have and calculate the amount of risk you are taking with each trade :) Coupled with the Checklist, it should be a bleeze to trade now :)

Download here - https://www.yousendit.com/download/YkxLQ3R3Q3RVVGxjR0E9PQ (8mb)

I will probably come out a short 10 mins video to explain how to use it :)

Your Friend,
Max

Cashflow Warrior Academy - "Everyone Never Work Again!"

Checklist to make sure you only use 15 mins a day!

2009-08-14T13:37:00.001+08:00

Hi All,

finally it is out~ the checklist that Courtney he himself approved :) In my humble opinion, will make our lives so much easier :)

Here is the link: http://docs.google.com/fileview?id=0B4DieVaB-kziMzkyYWE3NzQtYzg3My00MWY2LTg5MTQtZDAwZWU4YWZhZjgw&hl=en

Do feedback :)

Your Friend,
Max

Cashflow Warrior Academy - "Everyone Never Work Again!"

Paper Cuts Paper Cuts Paper Cuts OUCH

2009-08-14T11:00:00.002+08:00

Hi All,

I have asked Courtney Smith why are we having so much paper cuts for the recent weeks. Guess what he said? "Recent market have been sideways for 7 pairs of Forex... hence, the market is giving us paper cuts now and then."

I guess that is why keeping to our 1% rule is so important :) Anyway, we have now 2 Newbie Traders' tool which is the ProRealTime Setup video and the Checklist. I will be uploading a 9mb Excel File for keying in orders for checking of risk automatically soon.

I am using the spare time from my trading to do it. Hence, it is quite limited *15mins a day*

Your Friend,
Max

How to put in CoFlex Trades

2009-08-13T17:11:00.002+08:00

Hi All,

after looking Courtney's trade, he did something that rather amazing. Instead of keying into the trade immediately, he actually wants to give some pips away to determine it is confirmed a sell signal by put into an Order to Sell if it breaks the low of the bar and using the Last Bar concept for the stop.

That would be better risk management. Using instant gratification principle, if we don't earn money from the start, we don't do the deal. Hence, the stop is the Last Bar.

Kewl!

Your Friend,
Max

This is where we went for dinner before we leave KL...

2009-08-13T12:47:00.003+08:00

This is Courtney Smith's Ideal Business Seminar SGD "Siao-On" Team :)

Setting Up ProRealTime with All Indicators

2009-08-13T12:33:00.004+08:00

Hi All,

If you need help to setup your ProRealTime, please click on the link to download a video of me setting up ProRealTime.

https://www.yousendit.com/download/Y1RwanZqMGM1UjVFQlE9PQ

*Note: This is the 1ST time I am creating a video. It is not perfect. Do feedback :)

Your Friend,
Max

Cashflow Warrior Academy - "Everyone Never Work Again!"

New Happenings~

2009-08-13T11:31:00.003+08:00

Hi All,

It's a rather exciting journey as I just created a video regarding setting up the ProRealTime and with a very very amazing lady's (who chose to be anonymous) help, We too managed to complete a Courtney Smith's Trading System Checklist to help us as newbies.

I should be able to set it up for everyone to download and use. Please bear with us before we send it out :)

Your Friend,
Max

Channel BreakOut Codes

2009-08-13T08:45:00.002+08:00

55 Days High & Low Channel BreakOut Code

// Define a period
period = 55

H = highest [period]( high )
L=lowest [period]( low )

return H as "55-Day Channel Highest", L as "55-Day Channel Lowest"

20 Days High & Low Channel BreakOut Code

// Define a period
period = 20

H = highest [period]( high )
L=lowest [period]( low )

return H as "20-Day Channel Highest", L as "20-Day Channel Lowest"

CoFlex Enhancement

2009-08-11T06:42:00.003+08:00

Hi All,

Today we are going to talk about CoFlex Risk Management and application of Weekly SSD on CoFlex.

As Ash from KL brought up a very good point in the KL Course, that if CoFlex is a trend following technique, how does ADX Filter applies in this technique? The following is what Courtney said. He said. Basically CoFlex works when the 2 lines crosses. TEMA is on top we go LONG and if Moving Average is on top we go short.

However, using this technique will create lots of paper cut. Hence, he looks at ADX Filter to increase or decrease the number of contracts for Risk Management. If ADX Filter trends down, he will put in a smaller position. If ADX Filter trends up, he will put in a normal position. (ADX measures how strong is the trend)

And regarding about Weekly SSD, when it happens, Courtney is always looking for reasons to go inline with the Weekly SSD direction. CoFlex is always one of the main reason in there to make it happen. Oh he also added he might break the rule of Reversal Bar to go inline with the Weekly SSD direction even if there is no confirmed trend :)

Hope this helps.

Your Friend,
Max

A Great Lesson Learnt about Weekly SSD

2009-08-11T06:27:00.002+08:00

Hi All,

This week I finally understand why I was at USD900 for my total equity beginning of last week and this week I am at USD587.52.

Because I didn't heed myself to weekly SSD and that was a killer. I saw the weekly SSD but I just continued adding more contracts e.g. EUR/USD and GBP/USD. In the end what happen? Both got killed :) I lost probably more than USD100 this time round, most of them got stopped out :(

Application of Weekly SSD is rather "chim" (deep) and I guess we just need to go through more often to make sure that we know what's happening.

Your Friend,
Max

What to do if I got trades in and then Weekly Stochastic Divergence appears?

2009-08-10T23:13:00.004+08:00

Hi All,

Today I learnt a very important lesson about Weekly Stochastic Divergence (SSD). I asked Courtney that what if I have trades in and Weekly Stochastic Divergence appears? What should I do since I know that probably 1 to 5 weeks, most likely 2 to 3 weeks time, the market will change direction?

He replied it would be good to combine all the trades into 1 trades, meaning lock in the profits for the 2 smaller ones and leave the biggest profit on the table for the market to move, hence reducing the risk further :) E.g. I have now 3 contracts of EUR/JPY on LONG, but since there is a weekly divergence, I closed my 2 smaller profits contracts and leave the largest profit still open. And combining the 3 contracts based on difference techniques, I am only taking a 0.33% risk now per technique. And I didn't put in a CBO Order but using that existing to be my CBO Order if it ever breakout - then I will be taking only a 0.25% risk per technique. Bearing in mind to change the stop to the tighest one of all which is the last bar of the CBO Order.

Vici versa for losses trades, I just closed my EUR-USD trades. I have too 3 contracts on LONG, but since there is a weekly divergence, I closed my 2 bigger losing contracts and leave the smallest loss still open. And combing the 3 contracts based on difference techniques, the risk is 0.33%. Changing the stop loss to the tighest one which is my TA Swing Low.

The understanding of Weekly SSD is so important as it have to deal with Risk Management and Profit Increment. Meaning we take a smaller position (less than 1%) when there is a weekly SSD and going into opposite direction (predicted to go SHORT but system show signals to go LONG) and taking a bigger position (maybe 2%) when the weekly SSD is going into the same direction (predicted to go SHORT and system show signals to go SHORT).

Your Friend,
Max

SG Traders' Gathering - 16th August 2 to 5pm

2009-08-10T18:41:00.003+08:00

Hi All,

It is confirmed that we will be having our 2nd informal Newbie Support Gathering this coming Sunday. Details are as follows:

Date: 16th August 2009
Time: 2 to 5pm
Venue: TBC

Please RSVP before this wednesday 12th August with Nigel at nigelnick@singnet.com.sg so that we know where to get. And if you want to offer your place, please contact me directly.

Look forward to see you all this coming Sunday.

Your Friend,
Max

Our Traders' Pledge

2009-08-10T08:26:00.005+08:00

Hi All,

After we came back from KL Course, we have came out with the Traders Pledge (just change Singapore to your Country). This is the draft :)

We the Traders of Singapore, pledge ourselves as Profitable Traders, regardless of market conditions, emotions or techniques to win as much as possible based on Courtney Smith's System so as to achieve happiness, prosperity and financial freedom for all of us!

Any feedbacks? :D

Max

© Copyright owned by Cashflow Warrior Academy - "Everyone Never Work Again!"

Enjoyable First day of KL Class

2009-08-09T06:31:00.002+08:00

Hi All,

it's a rather enjoying trip to KL with a bunch of fantastic people like Denise, Nigel, Andre, Shirlin Medelynn, Shan Shan and Clareesh! We had lots of fun together and really happy that we made it together to KL. These people is super on coming to making money through trading! We even had a small tutorial class before the class started!

Just finished the 1st day of Courtney's KL Class. Was reminded of several important psychology of a profitable trader :) thanks Courtney! Lots of people were amazed by Courtney's methodologies and wanted be to part of our Google group mailing list! Courtney also commended me in the class for helping him out to answer questions on the forum and make me so pie say (embarassing).

Well, the main reason why I decided to help out is because as a newbie, I really needed lots of help in which I got it from those seasoned traders and Courtney who are so willing to share about basic trading terminologies and the techniques itself. And since now I got the answers, I can give this set of information to others so that Courtney wouldn't be so tired answering the similiar sets of questions that I have asked him before :D

Once again, I really want to thank all the people who have helped me in this trading business such as Tanmoy, Eric and of course, Courtney he himself!

Max

Yesterday We Lost a Battle

2009-08-08T06:41:00.003+08:00

Hi All,

I am writing this in KL as we are going to Courtney Smith's KL course. We are very happy that we were able to meet up with Eric Oh and June Yau. They are absolutely one of the best person you can ever find on earth!

However, yesterday we realised that we have lost a battle. One of my very good friend & trading partner got a margin call AND until now I still can't login into my account to see my account status. :( This week have been very topsy turvy for all of us. To tell you the truth, I am very worried for my friend. Maybe I am indirectly responsible for the incident as we trade more pairs than necessary. Let me talk to my friend and I will get back to you what should we do.

Though we may have lost a battle, BUT we will not lose the war! Press On

Your Friend,
Max Tay

My Mind Blanked.

2009-08-07T08:34:00.003+08:00

Hi All,

When I saw all my hardwork went down the drain, my mind blanked. If you see my Total Equity Chart, the drop is like Financial Crisis! I started questioning myself, have I done this technique correctly? Did I analysis it properly? this and that and this and that..... until it just blanked.

I decided to close the application and sleep. *LOL* I woke up at about 4am and saw that it stablised at about 600 plus and answered a few questions on the forum and went back to sleep... Until my alarm woke me up at about 730am, my total equity is still at 600 plus, my mind started to work again...

I started to see something... new higher swing highs are created! Without the down, technically it also created a few new higher swing lows :) Higher highs and Higher lows. They are signs of Bull Market. Well, I guess that is difference between Backtesting and actual trades. In backtesting, I am training my technical skills. In actual trades, I am training my emotional skills.

And in this 17 days of trading, I realised that emotional skills and Risk management is more important than technical skills. And that is why Courtney doesn't want us to do Demo Accounts as it doesn't train us emotionally as a trader :)

Your Friend,
Max

CASHFLOW WARRIOR ACADEMY - "Everyone Never Work Again!"

My Total Equity Chart just went into a Megaphone Formation

2009-08-07T05:34:00.002+08:00

Hi All,

What do we get if we got a Higher High and a Lower Low? A Megaphone formation. :) My Total Equity Chart just created a lower low after creating a higher high :(

This week have been so volatile that I am utterly confused of what has happened. I believe I am not the only person who suffered from this ups and downs. Nonetheless, I shall persist on. I am dropping GBP/JPY and contemplating to drop a few more pairs e.g. GBP/USD in the process.

Nonetheless, let us head to KL and discuss with Courtney regarding about it. I will keep blogging as there is free internet access in our hotel :)

Jia You!

Max Tay

Cashflow Warrior Academy - "Everyone Never Work Again!"

Yes I broke the Rule and got Punished... T.T

2009-08-06T06:55:00.002+08:00

Hi All,

yesterday I tried to do something Courtney taught us to do - when to break the rule. Yes, you heard me - Break the Rule. And backfired, got punished - Stop out. *HAHA*

It was a Channel Breakout for EUR/USD *almost* hence, I used the high of the bar instead of the 55 day high. And what happen? Double Whammy and all my trades were stopped out T.T I guess I am still not ready to break the rule yet :D Well, I shall talk to Courtney about this and get back to the blog where I have gone wrong breaking the rule... for now, I will just follow the rule :P

Your Friend,
Max Tay

Double Whammy * 2 Yet again... BORING

2009-08-06T06:42:00.002+08:00

Hi All,

Let me summed up yesterday market, copying what my trading partner, Nigel Nicholas said - "CHOPPY". Yet in such environment, following Courtney's trading system, after 16 days of official trading, I am getting 50% ROI for my trading (From USD500 to USD760.49)!

Rather amazing :) Well that's the only good news I can think of yesterday *HAHA* Because both of my Inside Day is losing money. In fact, EUR/USD is a double whammy and both Long and Short contracts (including MUT) got stop out *yet again*. Nonetheless, I guess we are pretty fine with that as we are still profitable newbie traders *HAHA*

Don't feel just good BUT I am pretty proud of myself when I limit the EUR/USD Inside Day loss to be 1% rather than the usual 2%. And that deserved a pat on the back :D

Your Friend,
Max Tay

1% Risk Management

2009-08-05T09:47:00.002+08:00

Hi All,

ok. I have finalised myself regarding ID and the 1% risk management. As Courtney have said 1% risk per pair per technique meaning there is 4% risk on each pair if I used CoFlex, 20 Day, TA and CB together.

So for ID, it should be 1% on all the contracts that we will be doing. That includes MUT and ID contracts on both Long and Short. Just like all other techniques :)

Case Closed.

Your Friend,
Max Tay

2nd Double Whammy!

2009-08-05T06:40:00.005+08:00

Hi All,

Today I experience Double Whammy yet AGAIN! Eh? This time round, both MUT and ID contracts didn't profit at all for both Long and Short. Didn't Courtney said it's kinda rare :D well, with 5 pairs probably so BUT then I am dealing wth 10 pairs now :D So I guess my chances of meeting Double Whammy doubled.

BUT I must say I am very proud of myself :) I kept to myself that per trade is 1% risk of my Total Equity. Hence I lost about 2% here. Which leads me to a question. Should it be 1% for the entire Inside Day meaning for both Long and Short or 1% for Long and 1% for Short?

Well, I will clarify with Courtney and get back to the blog :)

Your Friend,
Max Tay

Lesson Learn from Newbie Support Group Gathering

2009-08-03T07:04:00.004+08:00

Hi All,

I learn something very valuable from the gathering and I commit myself to doing it. And that's Risk Management.

Courtney mentioned that he followed a very simple method - BUY on the next day open if it is a bull market and SELL it off if it drops $0.10. He never short the market so he didn't earn any money in a bear market. He was a profitable trader using this method! He explained that because of Risk Management and that is why he is a profitable trader.

It have jolt me to remember what Courtney said in Never Work Again and the Iron Clad Rule when comes to investment for Warren Buffett - "Rule No. 1: Never Lose your Money! Rule No. 2: Always refer to Rule No. 1!" With the incident of EUR/USD - both MUT and CoFlex contract was negative 200 pips each, I realised that I threw the 2 Rules out of the Window. As what Courtney have said, we are suppose to grind it out bit by bit until the BIG one comes :)

So I commit myself to use 1% of my total equity for all position, unless the 1 position takes more than 1%. Meaning 1% risk per instrument per technique. :)

Your Friend,
Max Tay

1st ever Newbie Support Group Gathering

2009-08-02T22:43:00.003+08:00

Hi All,

Today marks the 1st ever Newbie Support Group Gathering! The venue was at TCC Circular Road. And *ALAS* we didn't take pictures!!! BUT Courtney, yes he came, took a video of us :) Maybe I can go grab it ;) Anyway, A very BIG thank you to all who came and the staffs of TCC Circular road for making this a BIG success.

All of us were quite surprised that Courtney came :) And he really gave in all his best to educate us on trading! With that, all of us gets to understand about risk management, trend analysis, coflex and many more even at a deeper level.

Thanks Courtney for supporting us all the way! :)

Your Friend,
Max Tay

The Truth about 20 Day Momentum and its variation...

2009-07-30T19:10:00.002+08:00

Hi All,

Today I learn one truth about 20 Day Momentum. That what I have been doing is a variation of 20 Day Momentum and not the one that Courtney is sharing on the video. Thanks to Senior Eric who pointed out the truth.

Huh? Meaning? :) Meaning 20 Day momentum is to compare with ONLY the 20th Day close. If the Yesterday Close breaks the 2oth Day Close, we go into the market. That's it. It's so simple right? BUT Courtney said that this trade is NOT recommended for newbies as 60% of the trades are losing trades, hence, newbies might not be able to handle the psychological side of the strategy.

So when I told Courtney what I did, he said that there is NOTHING wrong with what I did as it is a variation of the 20 Day Momentum. In fact, there will be lesser number of trades as it has break the highest bar for the past 20 days. And more importantly, easier for us, newbies to understand :)

Hope that will help you understand.

Your Friend,
Max Tay

Weekly Stochastic Divergence

2009-07-30T15:41:00.004+08:00

Hi All,

After losing the profits of my 2 weeks in 2 days, I have consulted with Courtney who shared with me about Weekly Stochastic Divergence.

He said that generally he uses Stochastic as a tool to determine the size of the contract. If there is a Weekly Stochastic Divergence, there is a major trend change. Hence, the opposite direction trades have more contracts e.g. based on 2% where as the same direction trades will have lesser contracts e.g. based on 1/4%.

In general, depending on the Seasonality, other than that, Risk Management should be at 1% :) BUT it's still quite hard for me as a newbie to identify the Weekly Stochastic Divergence... T.T

Your Friend,
Max Tay

I am TOTALLY Speechless yet again...

2009-07-29T10:05:00.003+08:00

Hi All,

Have you ever have the feeling of falling from cloud 9? :) Well I have... in fact just this morning! *THUP* Humpty Dumpty had a great fall. Haha... Most of the trades in the end turns out sour :( I am really totally speechless yet again.

From US$900, it fell all the way back to less than $700... Which leads me to think maybe I should quit all my positions at US$900! :D But then again... A promise IS a promise ;-) Didn't we commit ourselves to follow the system?

Hence, my Senior Eric said that... that is why Courtney advises us to maintain our risk at 1% :) Lesson learnt. And time to move on! :)

Your Friend,
Max Tay

Simply Amazing...Speechless

2009-07-28T15:11:00.002+08:00

Hi All,

When T Harv Eker introduce the concept of my money works hard for me and makes me more and more money, I think its crazy that it will happen... But now it really did!

At 2pm today, my current total equity (meaning some of the profits have yet to be actualized) is at a staggering $930 from a base of $500 in just 2 weeks! That's a 86% ROI! Truly amazing. And in the afternoon, I am just swimming in the pool *LOL* Just joking. I am working my Academy Business. :)

Thank you everybody for helping me. Thank you Courtney! And Thank you Universe!

Your Friend,
Max Tay

Double Whammy! Argh ):~(

2009-07-27T17:44:00.002+08:00

Hi All,

I think I can go buy 4D or Toto leow... As I just hit a double whammy for my Inside Day :( NZD/USD pair for both my ID and MUT contracts. I think most of you will not hit that as I keyed in my orders at 5am and it filled my contract for SHORT before 8am :D

Now currently, it is on LONG contract for both my ID and MUT contracts. Greatest lost in my trading career US$28! :D But what is amazing that because all other trades are positive, overall I am still positive! :)

That's why I always try to remind myself that I am the CASINO! :)

Your Friend,
Max Tay

Verified! 20 Day Momentum Code for ProRealTime

2009-07-27T17:42:00.003+08:00

Hi All,

The code for 20 Day Momentum have been verified by Courtney himself! :) Cheers guys! We are on the right track :)

Max Tay

20 Day Momentum and ADX

2009-07-27T16:35:00.003+08:00

Hi All,

I just learn from Courtney that though you can enter the trade for 20 Day momentum once the close breaks the 20 Day close, he prefers to look at ADX Filter for all trend techniques like 20 Day Momentum.

Meaning, ADX must be higher than the previous day before he takes the trade. I would say because ADX measures the trendiness of the bull or bear, hence it makes sense for us to see ADX :)

Change! :) Everyone please take note ok? Remember as what Courtney have taught us on the first day, we are finding reasons NOT to trade rather than finding reasons to trade :)

Your Friend,
Max Tay

20 Day Momentum Additional Stop

2009-07-27T16:00:00.003+08:00

Hi All,

I just learnt from Courtney that it is possible that for 20 Day Momentum we can use the last swing high and swing low as the stop to increase the effectiveness of the technique :)

This is good :)

Your Friend,
Max Tay

Why my orders have to add or subtract 3 pips?

2009-07-26T13:38:00.003+08:00

Hi All,

The question that has always been on my mind... Why does my orders have to add or subtract 3 pips? And Courtney answered it during today's course!

His reply is that the amount of buyers and sellers at the high or low is A LOT. Hence, it is less likely that we get it at that price :) So, when we add or subtract 3 pips, the price of the order is weird. hence, very little amount of buyers and sellers, therefore we can fill the order at about the price and confirm that there is really a breakout :)

Your Friend,
Max Tay

Why Why Why?

2009-07-26T07:26:00.002+08:00

Hi All,

A lot of people asked me why I went to learn forex under Courtney Smith and not under my friends in JF Lennon or FX1?

Let me just clarify that I didn't go learn Forex under Courtney Smith. I went to learn trading systems from Courtney Smith which can be implemented in both Forex & Futures, probably stocks too. And since, I have little capital to start with... Forex seems the logical choice to start with... and with the objective to migrate to Futures in the future :)

Currently, sitting on a ROI of close of 40% after just 2 weeks, the situation looks very rosy for incorporating this part of the trading into Cashflow Warrior Academy :) That is one of the main reason why I wanted to take up Trading System, since this is my weakest link in my Personal Finance. Don't seem so now :)

Your Friend,
Max Tay

Going into the 2nd Weekend...

2009-07-25T07:48:00.002+08:00

Hi All,

I am going into the 2nd weekend as a Forex Trader! And today is Courtney's class again @ Copthorne King's Hotel! But I couldn't go as I am attending the Cashflow Club Leaders' Training. One of my main reason of learning trading is because one of the fastest way to grow our money is to do trading as taught in Cashflow Game 101 and 202 (Especially 202 with the introduction of Technical Analysis of Options).

Of all the paper assets, Forex remains the highest leverage vehicle - Up to 400:1. For retail investors like us, the only hope to be financially free is to have leverage as what RK teaches. Hence, this is why if my trading experience for this 3 months is good. There will be a high chance of incorporating Forex Trading into the Cashflow Warrior Academy. :)

I wish everyone have a fantastic weekend ahead of you!

Your Friend,
Max Tay

A Letter to the Google Support Group :)

2009-07-24T04:41:00.001+08:00

Dear Tanmoy,

Thank you so much for your compliments :) Really appreciate it. The conviction of the system comes from backtesting just 1 pair of forex - USD/JYP which is the last sheet of my excel file. I went through 3 techniques - Channel BreakOut, CoFlex and Inside Day trading.

I should say I am pretty lucky in the sense that I am in my own business hence, I got slightly more time to complete the backtesting of 1 complete year data in just 3 days - Sunday, Monday and Tuesday. The ROI was rather stunningly at more than 100% mostly based on 1 contract! Hence, I started my live trading on Wednesday rather enthusiastically.

Initially I started with what Courtney suggested 5 major pairs of forex. 15mins is all I need to key in the orders. :) But learning the techniques was time consuming :D I watched Trend Analysis Video for more 10 times to really understand the concept! Then I realised that since the same methodologies can be implemented across the board, why not try with other pairs too. That is how I gone into 12 pairs of forex... Now that takes more than 15 mins to key in the orders :)

As a newbie, Risk management is very important, hence I created the excel file to calculate my risk :) As I don't have much capital, I asked Courtney what if I have low capital e.g. USD500, I couldn't just risk 1% right? That means I can't take a lot of trades! He replied that yes that's right, hence, in reality, if a person have low capital, he/she might have to take slightly higher risk. Point taken. So I decided in most cases, I should only take about 5% risk. In worst scenario, I take whatever it takes to take the trade :) During these trades, I reduce my position to the minimum number of contracts e.g. 1 :)

So every morning about 7am to 9am, I spent time to analysis 12 pairs to enter or exit the market :) Well, technically, if you do 5 pairs probably 730am to 830am is the longest you need, as 1st 30 mins is to exits all inside days, RRR and/or Reversal Bar. Next 30 mins is to analysis the charts for exits and entries to the market :) well, I am just using what Courtney taught us to enter and exit the market. *Follow the Rules flawlessly*

Luckily, as I am in micro, I made a few mistakes here and there during my learning period, the losses are little but yet the wins are more! Just like what Courtney said - losses are 1 yet winnings are 2.5 :) But ultimately I am still learning and will move on to mini account once, this account hits a ROI of 100% or 90 days of practicing, whichever is faster :)

Thanks to guidance from people like Eric Oh - A very big thank you to him. Had to privilege to sit beside him and be educated by him about certain forex basics. Thank you Eric! And of course, Tanmoy for take effort to start this google group which in fact have benefitted me a lot to understand that in this journey I am not alone ;) Thank you Tanmoy! June for collecting all the emails from everyone. And of course the picture too :P Thank you June! Courtney for taking time to answer a lot of my newbie questions. Trust me it's not easy :D Thank you Courtney!

And lastly, everyone in the group for helping and encouraging me along the way :) Couldn't have done it without you guys and gals :) Thank you. I look forward to talk to everyone on Sunday after the course. BUT I still don't know what room. And I heard from someone that there was a Webinar last night? I didn't receive any news about it T.T

Your Friend,
Max Tay
Coach

CASHFLOW WARRIOR ACADEMY - "Everyone Never Work Again!"
m: (65) 9271 8133
e: Max@MySmartMillionaire.com

Wow.... Sitting on 2,000 pips at one point

2009-07-23T23:44:00.002+08:00

Hi All,

It's rather amazing how things are when New York market is awake.... it seems that the market suddenly went wild and I at one point was sitting on 2,000 pips of profit! :D

Well, to follow the system means I will wait until tomorrow morning closing before I do anything :) Nonetheless, the system have been working for me for the past week :) To start with a base of USD500 to tonight inclusive of all open position is USD800 is simply amazing for me. My friend who trades by the minutes in forex is even more stunning :) Though she attended Kishore's class.

I prefer more of Daily trading rather than by hour or minutes as this way is more relaxing and we can enjoy life better ;) No offense to hour or minutes traders, personal preference.

That's all for tonight. Got a meeting at 8am. Hence, I need to wake up super early to do all my trades :) Ciao~

Your Friend,
Max Tay

Doubly Mistake on RRR... haha~

2009-07-23T09:56:00.003+08:00

Hi All,

I made a double mistake today :( Well was a comical one though. Haha.

What happen was that I was on 20 Day Momentum on EUR/GBP and the price got rejected due to the Rejection Rule. Hence, I activated RRR into the system :) However, the prices went LONG, hence, temporarily the trade is a loss.

When Courtney was online in Skype, I double confirm with him that RRR applies for 20 Day Momentum and he replied no and said he will be back in a sec. I immediately cancel the RRR trade and put in back my 20 Day Momentum trade *Now talk about immediate action ;)* To my horror, when he is back, he replied that he was distracted and after reading my question again, he said that RRR applies to 20 Day Momentum Rejection Rule! I almost fainted when he said that... =D I have already left house for breakfast....

Anyway, when I got home, the trade is a loss. Courtney said, "Always remove losses and remain with winners". Hence, I remove the trade and skip the RRR since, there will be plentiful chances for me to practice it again :) Though this lesson cost me about $11.50, but it's still a good lesson! Overall until now with all my open positions, I am proud to say the Total Equity now stands at about $680. Let's keep our fingers crossed that it will grow even more :)

Your Friend,
Max Tay

RRR with MUT without Limit sob

2009-07-23T07:12:00.005+08:00

Hi All,

Newbie is a newbie :) I used RRR (SHORT) with Opposite direction (LONG) supposingly MUT on NZD/USD yesterday for the very first time. Quite proud of myself.

*ALAS* I never set the 20 pips limit on the SHORT position, hence what happen was this. First, LONG Channel Breakout and the price got rejected, as the close is lower than the breakout level. RRR comes into action. We are to get in with a SHORT position immediately. I got in without using a MUT on SHORT. On Courtney's teachings, RRR we are to set up 2 more waiting position on LONG if the prices shoot all the way up breaking the high of the rejected bar. 1 position supposingly with MUT. Hence, I set up 2 more position on LONG with 2 contracts each.

Prices overnight shoots all the way up. My SHORT position got stop out. My two positions of LONG got activated. With luck, one of position hits the limit of 20pips and got out. Hence, my loss is minimized. *phew* Thanks to MUT. BUT overall, the LONG position is also negative when I close the position. Hence, I should have set a MUT for the SHORT position to reduce the loss too! *SOB*

Anyway, this is a good lesson for me. And I will be doubly careful the next time round :) BUT the good news is that overall I am still positive - all my open position inclusive I am still at about $630! Thank you Universe! My money works hard for me and makes me more and more money!

Your Friend,
Max Tay

What a disastrous night...

2009-07-22T21:37:00.002+08:00

Hi All,

You know now I understand why we as newbie should start Micro account rather than mini :) My current open position shoots up to 1,300 pips and crashes down to negative 100 pips in just less than 24 hours :D

This has taught me a very good lesson as how risk management is so important :) I guess that is why Courtney focus the morning session on Mindset and Risk Management. Hence, it might not be a bad thing to focus on other stuff once the trade has been set for the day.

Like what my Senior, Eric Oh, says Cast your net in the morning and get it back the next morning and cast a new one again :) And I like his analogy because this way My Money works hard for me and makes me more and more money! :)

Your Friend,
Max Tay

Daily Trading Excel File

2009-07-22T12:52:00.005+08:00

Hi All,

I find a need to have a Daily Trading File to help me manage my risk better. BTW do note that Courtney advises us to trade only 5 major pairs.

Hence, I deviced a way to do it more systematically because the file will tell me how much risk am I taking so that I can increase or reduce the number of contracts I should do. At the same time, I conclude that what Robert Kiyosaki said is right where You make money when you buy not when you sell. Hence, entries to the system is more important than exiting. No, don't get me wrong, both are important, just that entry is more important than exit.

Therefore, I put those techniques that require fast entries and exits to the market first on the left e.g. CoFlex, 20 Day Momentum, Riding the Rejection Rule and probably Reversal Bar in the future. Then the rest of the techniques e.g. Inside Day, Channel Breakout and Trend Analysis which takes a bit of time to key in.

So what happen here is that I scan through all the pairs for CoFlex Entries and Exits first, Then 20 Day Momentum, Riding the Rejection Rule and lastly Reversal Bar. And I will scan for any exits all my Channel Breakout and Trend Analysis (Note that I usually exit my Inside Day trading at the close at about 7am to 8am to save time :) ). Lastly, setting up for all the Inside Day, Channel Break Out and Trend Analysis. And then, I will go do my other stuffs leow...

Thats' all for now. Feel free to ask me any questions so that we can improve and if you want the file, let me know and I will email to you.

Your Friend,
Max Tay

Multi-Unit Tactic

2009-07-22T12:18:00.004+08:00

Hi All,

I just learnt from Courtney that actually Multi-Unit Tactic (MUT) can be used on any other methods that he taught! e.g. Reversal Bar, Riding the Rejection Rule, Inside Day, etc...

This is rather amazing :) of course we set the MUT to 20pips for forex and probably 20% of the trade for any others...

That would increase the profitability and reduces the risk of every trade :) At the same time, Courtney also mentioned that he would prefer to increase the contract of non-MUT rather than the one with MUT as he said, "Always give the benefit of the doubt to making a lot of money!"

Though I chose to stick to balance approach (meaning 2 contracts with MUT and 2 contracts none) in the beginning, I am gradually shifting to what Courtney teaches.

Your Friend,
Max Tay

Oh so I am not the only one...

2009-07-22T11:56:00.002+08:00

Hi All,

I just receive a mail from Mr Chio stating that they too face the same thing in their demo account using Courtney's methodologies. It is psychologically very hard to let go the profits when you see it in the screen. I guess that is why Courtney said you don't need to see the screen for the rest of the day :)

Anyway, just to re-confirm my determination, I hereby proclaim that I will stick to my trading system no matter what happens! Why? Because I am THE Casino! :) Like one of my mentor always say, "Psychological (Mindset) aspects are always more important than technical know how :)"

Your Friend,
Max Tay

22nd July Mixed Feelings

2009-07-22T10:01:00.002+08:00

Hi All,

You know at about 9pm last night, once again I was feeling I am a legend in my own mind :) seeing 1,300 pips in all my open positions is good BUT in this morning closing time, it is only about 400 pips. Giving away about 900 pips really makes me feels like a idiot! Thinking I should have exit then...

But like what my Forex Senior, Eric Oh have said,"You need to follow the system! That's Courtney's system." I realised that we agreed to follow the system and so we must do so. I should be glad that the system makes sure that I am on the positive side :) ROI about 16% for the past week of trading :) This is something I have never done in my entire life.

Thank you Universe!

Your Friend,
Max Tay

New Link to View the Track Record

2009-07-22T10:00:00.001+08:00

Hi All,

Thanks to Tanmoy's suggestion. I think I figure out how to let more people view the file more comfortably :)

Please click on this link http://spreadsheets.google.com/ccc?key=tbVWLiIbrjIUIk1tvbLusGA to see the file in google documents :)

cheers!

Your Friend,
Max Tay

We are finding reasons NOT to trade rather than reasons to trade

2009-07-21T13:37:00.002+08:00

Hi All,

I have just spoken to Courtney and he reminded me something I felt that is very important. And that is

We are finding reasons NOT to trade rather than reasons to trade!

Too many of a times, newbies like me, became impatient and keep finding reasons to trade rather than reasons NOT to trade. That's why I respect and admire Courtney Smith for being so true to his own words :)

Thank you Courtney!

Your Friend,
Max Tay

Trend Analysis Synopsis

2009-07-21T13:23:00.002+08:00

Hi All,

I have finally grasped the concept of Trend Analysis *I think* haha... anyway, it is as follows:

First, ADX Filter rule: ADX MUST be higher than yesterday. If not, we don't take the trade.

Secondly, we identify the last 2 swing hi and last 2 swing lo.

Thirdly, we see which trend it is.

Definition of Bull: Higher Hi and Higher Lo
Definition of Bear: Lower Hi and Higher Lo
Definition of Neutral: The rest

If it is a Bull Market, we set an entry if it breaks the Higher Hi (whatever price + 3pips), we go into the market.

If it is a Bear Market, we set an entry if it breaks the Higher Lo (whatever price - 3pips), we go into the market.

*NOTE: We don't go into a trade, if it is a megaphone formation (Higher Hi and Lower Lo). BUT if it is a Pennant formation (Lower Hi and Higher Lo), we set up two entries to go into the market - One for breaking the Lower Hi & the other one for breaking the Higher Lo.

Lastly, we set the stop loss to be Last Swing Hi for SHORT or Last Swing Lo for LONG. We change the stop loss everytime there is a new Swing Hi (SHORT) or new Swing Lo (LONG). And of course, only Bishop Rule applies here.

That's all folks :)

Your Friend,
Max Tay

20th July Result

2009-07-21T07:39:00.002+08:00

Hi All,

Can I make a confession? You know I must admit that when people talk about Forex Market making money, I said yah yah... if Forex Market is so good, everyone will be rich leow... BUT now... it is a different story...

Yesterday just basing on Inside Day Trading, the system made about 495.1 pips :) Nice one. I am pretty amazed myself too. As this are real trades and I am still in training mode, I am using Micro account. BUT I kept thinking what if I am using a mini account?!!? That would superbly nice :)

With my capital less than USD5,000, I don't think I would open a Mini account for the time being. At one point in the trades, I was using as much as USD75 for the deposits in Micro, so in Mini, that would be USD750 (assuming I am using 400:1 Leverage). Hence, I know I need at least USD2K for mini :)

Jia You!

Your Friend,
Max Tay

I AM NERVOUS

2009-07-20T16:14:00.002+08:00

Hi All,

This is so funny. Now my pip count for the day is at about 1,100 pips. And I am feeling nervous :) Thanks to Courtney!

Now I pretty much understand why there is someone in the course asked this question that he is nervous too when he is winning. At that moment, I thought that question is funny as Who would be nervous when someone is winning!?! Now, I am in his position! :) So ironic.

Nonetheless, I decided to call my Forex Trading "Shi Xiong", Eric Oh who calmed me down saying that is normal :) It's always good to have someone to coach, guide and be your listening ear and that's why We set up the Cashflow Warrior Academy just to do that! Thank you Eric once again!

I will give you a breakdown of the results tomorrow latest by 9am in the morning :) It might go higher! :D

Your Friend,
Max Tay

London Market is really the biggest forex market

2009-07-20T14:56:00.002+08:00

Hi All,

Though I know this already but the influx of activities when London market opens is tremendous! :)

This allows my Moo Moo Land money NZD/USD hits the 20 pips mark after almost 12 hours setting the order for it :)

For the first time (well this is really the first time I have 15 positions open), all the open positions are positive *OK I admit for 2 split seconds only* haha. Really Amazing. Thanks Courtney!

Your Friend,
Max Tay

CoFlex Stop Loss

2009-07-20T14:41:00.002+08:00

Hi All,

When talking to our Trading Mentor, Courtney Smith, I learnt that though in CoFlex Video, he said that we use the Last Bar technique to have the stop loss. BUT he improved the method by using the last swing hi (for a SHORT CoFlex) or swing lo (for a LONG CoFlex) as the stop loss.

Yes, the gap is wide hence, the person should always follow the risk management taught by Courtney. Like me, I am using just 1 contract for the time being for all my CoFlex trades before I will increase my position in the future.

Your Friend,
Max Tay

Its Monday!

2009-07-20T11:54:00.002+08:00

Hi All,

I work up at 516am this morning! Geez. This is not good for my health, well, because I would like to confirm the market opening at NZD market 5am :D What I saw was HORRENDOUS pip spreads! :( I still made certain calls then, but it turn out fine :) GBP/USD remains System's worst call until now. But generally it's fine.

Was very busy keying in orders in the morning. Made 6 Inside Day Tradings and 5 pairs hit 20 pips and got out safely :) I had lots of time to prepare on sat and sunday, guess preparation work is necessary :) My Ideal Business have started for 4 days and like what Courtney have said; at times we feel like an idiot - like me when I saw GBP/USD was negative 100 pips and at times we feel like a genius - like me when I saw my account crosses $600 from $500 - ROI of 25%! But I guess, we should all have faith in the system and follow the rules flawlessly :)

And fantastically, this morning, I have the privillege to talk to our Trading Mentor, Courtney through Skype. And he had answered alot of my newbie questions (I hope he don't find me annoying :P). Later I will post my learnings if I have the time.

That's it for now.

Your Friend,
Max Tay

Difference between FXCM's MarketScope Close and ProRealTime Close

2009-07-19T18:34:00.002+08:00

Hi All,

I realised that the closes are different on these two different charts, hence I decided to listen to Courtney Smith's Newbie Webinar and realised that ProRealTime Closes is based on GMT 00:00 which is 8am Singapore Time. But MarketScope's Close is based on 2 hours before that.

Therefore the difference of time. Great! Solve the mystery finally :)

Your Friend,
Max Tay

Great Forex TimeZone Converter

2009-07-19T17:26:00.002+08:00

Hi All,

I found a great tool for newbies like me which is Forex Market Time Zone Converter at http://forex.timezoneconverter.com/index.cgi?timezone=Asia/Singapore.

BUT it contradicts with what Courtney said about Forex Market Opening hours... hmm. let me check it out tomorrow morning and get back to this blog later.

Your Friend,
Max Tay

2nd Inside Day

2009-07-18T19:32:00.002+08:00

Hi All,

Initially I thought I forgot to put in the limit trade, but yes I did :) EUR/JYP made 20 pips long, hence, 1 contract exit. 2nd Contract was a losing trade at -$2.70, therefore in total, this trade is a loss of $0.70.

Amazingly, Multi Unit Tactic is working as it should be :)

Your Friend,
Max Tay
Coach

Cashflow Warrior Academy - "Everyone Never Work Again!"

My Trading Journal Blog (Courtney Smith)

Taking a week break

Photos of Japan

Gold... Gold Gold! Ole Ole Ole!

MUT is wonder :)

Haiz...

Painful lesson last week

Going Japan for 1 week

Shifting of Blog soon...

Problem with Renko

It's Updated!!!

FREE Stuff! Commitment of Traders

Courtney Smith's Support Group Gathering

1st Day @ Courtney Smith's Mastermind Seminar

New Update to blog

Original 20 Day Momentum ProRealTime Code

Review of Selection Market

Change in selection of Market

New Excel File

I am now following Courtney's 20 Day Momentum

A revelation....!

I am officially dropping AUD/USD

How to Maximise your Profits

Problem with the records on top of my blog

Dinner with Ms P

A Tinkering Thought...

My Penny Stock ProScreener Code

Updates on Total Equity Chart

Intra-Day Trading.... *sob*

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

When do I take ID trade or not?

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

Wow. How fast things changes overnight!

Yesterday Webinar Notes

Next Step-by-Step Discussion Webinar

Last night Discussion Webinar

Shall I or Shall I not?

Yesterday Webinar notes.... (See Disclaimer)

Conquerer's Indicator

What is more important? Strategy, Discipline or Psychology?

Max Tay's Weekly Stochastic Divergence detected!

I am blessed to have you all...

I am getting used to it :D

Sian....

What a loss to the Local Forex Trainers Community...

BUG Fix: Daily Trade Tracker version 090818

The Day that I broke Rules on 2 pairs at one go... So does my Mentor & Ms P!

Daily Trades Tracker is OUT!

Checklist to make sure you only use 15 mins a day!

Paper Cuts Paper Cuts Paper Cuts *OUCH*

How to put in CoFlex Trades

This is where we went for dinner before we leave KL...

Setting Up ProRealTime with All Indicators

New Happenings~

Channel BreakOut Codes

CoFlex Enhancement

A Great Lesson Learnt about Weekly SSD

What to do if I got trades in and then Weekly Stochastic Divergence appears?

SG Traders' Gathering - 16th August 2 to 5pm

Our Traders' Pledge

Enjoyable First day of KL Class

Yesterday We Lost a Battle

My Mind Blanked.

My Total Equity Chart just went into a Megaphone Formation

Yes I broke the Rule and got Punished... T.T

Double Whammy * 2 Yet again... *BORING*

1% Risk Management

2nd Double Whammy!

Lesson Learn from Newbie Support Group Gathering

1st ever Newbie Support Group Gathering

The Truth about 20 Day Momentum and its variation...

Weekly Stochastic Divergence

I am TOTALLY *Speechless* yet again...

Simply Amazing...*Speechless*

Double Whammy! Argh ):~(

Verified! 20 Day Momentum Code for ProRealTime

20 Day Momentum and ADX

20 Day Momentum Additional Stop

Why my orders have to add or subtract 3 pips?

Why Why Why?

Intra-Day Trading.... sob

Paper Cuts Paper Cuts Paper Cuts OUCH

Double Whammy * 2 Yet again... BORING

I am TOTALLY Speechless yet again...

Simply Amazing...Speechless

RRR with MUT without Limit sob