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Udemy Course

Please note that this Udemy course does not have much to do with the Double in a Day EA. It explains how the double in a day process works and is essential knowledge in order to progress to future modules.

It is important that you know how to use the Double in a Day Excel model to create strategies of various trend sizes and various gains.

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Practical trading

Objectives

The objective for the first part of the practical trading is to start trading trades that are relatively easy to enter and have a good chance of being successful. Therefore, we will use trades with a 30 pip target and 30 pip stop as these are likely to give a quick outcome. No trade management (eg following stops etc) is required – just very basic trades with a target and stop.

The idea here is to create a trading record where you have achieved a 40% success rate for any 10 consecutive trades using one particular entry technique. We need at least 40% for any 2 of the 3 trading techniques selected. So if you have achieved 80% for technique 1 and say 30% for techniques 2 and 3 you need to continue trading until you have an at least 40% success rate for the latest 10 trades that you have made.

Also all trades need to recorded and analysed in your trade diary (see below)

Trading format

Enter deals with a 30 pip stop and a 30 pip target and the same size lots for all trades.

Account selection

Select a clean unused demo account that represents the type of account you are most likely to trade live. Go for the biggest possible demo account balance you can get because we want to create a track record for each of the techniques you are going to use. Alternatively open 3 demo accounts so that you can have 1 account for each technique. Please record the account number and investor password for this account. You are going to need it when linking your account to FXBlue (see below).

Broker selection

Select a demo account from a Broker that represents the account you are most likely to trade live

Linking your account to FXBlue

Further down on this webpage is the procedure to link your trading account to FXBlue. After you have linked your account please send me your account FXBlue link so that I can see your trade results using FXBlue

Trading techniques

Using the information provided in the Udemy course, the Simple-N-Easy, the Double in a Day past analysed trades, your forex trading experience today and other techniques you may have used in the past select 3 trading techniques that you specifically would like to test. It is good to have more techniques if the 3 selected do not provide good information.

You can use 3 different demo accounts – one for every technique traded or you can use the MT4 comments facility to identify trades using a particular technique in only 1 demo account.

Currencies

Regarding the currencies to be used use currency volatility as a guide – the more volatile the currency the stronger move maybe experienced.

Timeframes

The time frame selection is very much up to you. Bearing in mind that many trades have to be completed in a reasonable short time you could think of using short term timeframes and the longer term ones to add information to your trading decisions

Trading Diary

The trading diary is very important as it will form the basis of one-on-one discussion for all your trades. Maintain records of all your trades with details such as reasons for entry and most importantly your analysis of the results (Post-Mortum). You decide what you want to record – the more detail about reasons for entry and the postmortem the more you will learn

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A note on problem solving and information gathering. Always try to use the following sources of problem solution before asking for support.

  • Read the information or instructions very carefully again
  • Use your common sense
  • Use your Forex trading experience
  • Use logic
  • Make a list of possible answers or solutions to your problem or questions
  • Google or YouTube for a solution

Every problem is an opportunity to develop your independent problem solving skills and learn more about Forex trading.

Please use the comments at the bottom of this page to record any questions or comments regarding this page in particular. That way other traders can benefit from the answer to your question.

Linking your trading account to FXBlue

Go to FXBlue at this link:- http://www.fxblue.com/live/  and  click on the MT4 / Account sync option

Enter your account details and other details and register

Log into your account and make sure FXBlue is in-sync with your account