Haiz...

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

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

Review of Selection Market

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

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

A revelation....!

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

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

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

Shall I or Shall I not?

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

What is more important? Strategy, Discipline or Psychology?

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 :)

Sian....

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...

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

Paper Cuts Paper Cuts Paper Cuts *OUCH*

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

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

CoFlex Enhancement

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

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?

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

Yesterday We Lost a Battle

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.

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!"

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