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

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

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

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!

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

Double Whammy! Argh ):~(

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

Multi-Unit Tactic

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

2nd Inside Day

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

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