Double in a day Quick Start Forex guide to trading success

Your “Double in a Day” Quick Start Guide

Double in a day Quick Start Forex guide to trading success

Double in a day Quick Start Forex guide to trading success. The Double in a Day technique is a new and unusual to many Forex traders.

To help your get the best out of your investment, we have created a Quick Start Forex Guide, (shown below) which you can use as a checklist to monitor the completeness of your “Double in a Day” implementation. This process consists of 13 important steps. Without this guide many trades will be tempted to do steps 1, 5 and 12. If you do not complete all 13 steps you may experience disappointing results.

This guide will develop over time and provide more information, links and videos as result of input from the testers.

 

STEP 1:  Get access to your EAFactory webpage

 

There are 2 Forex entities involved in the Double in a Day EA and Course.

  • EAFactory deals with all aspects related to the design, implementation, upgrade and support of the Expert Advisor.
  • Expert4x deals with all the other aspects.

You will receive an email from EAFactory asking you to register for their website. This email will be sent to your PayPal email address. After you register you will receive an email giving you access to your personal EAFactory page. Why this is important is that from this page:

You Can download:-

  •        your EA into your MT4 Installations
  •        the user manual
  •        future changes to the user manual
  •        any future changes to the EA

Remember that if you have any support questions about the EA specifically, contact support(at)eafactory.com . Store your access information to your EAFactory webpage as you will need it in future. It might be an idea to add the page to your favourites.

 

Step 2: Get access to the training material

As part of the PayPal process, you will be directed to an Expert4x registration page to enter your email and username. This is in order for us to send your course material and password information and to be added to the Expert4x mailing list. After you have submitted your information you will receive an email asking you to click on a confirmation link. Once you have clicked on this link you will be registered as a Double in a Day Expert4x customer. You will receive an email with your course and password details.

The training material consists of modules on a web based course as well as two (2) Ebooks. The Ebooks are downloadable from links in the actual course material.

The course can be accessed from the Double in a Day website main menu and is password protected.

 

 

Step 3: Register on the Expert4x Double Forumroom

Details about registering for the chat room is in your welcoming webpage.

 

 

Step 4: Read the Expert Advisor User Webpage

This guide will help you with the download process and describe aspects of the Expert Advisor you are about to use.

 

Step 5: Download the Expert Advisor into your MT4 installations

This is a semi-automated process and you will need to tell the process the directory that your MT4 installation should be loaded into. Determine this before you start the download process. You can download as many copies of the EA as you like as long as they are not used on more than two (2) computers/IP addresses.

The download process is in the user guide which can be found in your EAFactory webpage.

 

Step 6: Read and study the entire Training Course.

The training course will introduce the main information for trading the Double in a Day technique successfully. Please read the entire course at least once. Reading it twice may not be a bad idea as there are some unique concepts that even experienced traders may need to master.

The course can be found in the Double in a Day main menu.

 

Step 7: Watch the videos provided

These can be accessed for the main menu on the www.doubleinadayforex.com website.  

  

Step 8: Create a few Double in a Day strategies

There are 8 standard set files provided in the Expert Advisor. These can be load by clicking on the load button in the EA.

setfiles

 

You can also create your own strategies. This can be done using the Excel model and/or the EA’s Strategy generator.

The Excel model is downloadable from module 3. http://expert4x.com/module-3-other-double-in-a-day-forex-strategies/ 

We advise you to use Excel to get 95% of the strategy identified and then to load the settings from your Excel model into the EA settings. You can then use the Strategy Generator to do small refinement changes.

 

 

Step 9: Initial Personal testing phase

This is your personal testing phase.

Open a demo account of at least $50,000 or higher.

The purpose of this phase is to:

  1.      Test if the EA is technically doing what you expect it to do.
  2.      Find positive transactions
  3.      Identify negative transaction
  4.      Locate breakeven transactions

The purpose of this phase is NOT to be profitable – so do not worry about that aspect.

Load your favourite currency with your favourite strategy identified in step 8. Set it to trade in one direction and run it continuously for a day or two. Use an account size of $1,000 in your settings.

Make sure you can:

  1.      The EA is technically doing what you expect it to do.
  2.      Find positive transactions
  3.      Identify negative transaction
  4.      Locate breakeven transactions

Make sure that EA is doing all aspects of what you expect it to do. If not restudy the course material and/or raise questions on the Forum.

 

Step 10  Intensive Testing phase

Load as many versions of the EA on as many currencies trading as many strategies as you personally can handle. If you have identified four strategies in step 8 load them on say four currencies. This means 16 charts (4 x 4) – if you want to trade a buy and sell version of each one that would mean that you will have 32 charts on your screen. If this is too much reduce it to a level you are comfortable with.

Run these for 2 to 3 days – Again profitability is not a factor at this stage.

Remember to:

  •         Set your EA to continuous trading.  
  •         One EA per chart
  •         Use different magic number if you are going to buy and sell the same currency.
  •         Set your account balance to $ 1 000 for each EA that you are setting, this way you will not run out of margin in your demo account.

Make sure that for each chart tested you can:

  1.      The EA is technically doing what you expect it to do.
  2.      Find positive transactions
  3.      Identify negative transaction
  4.      Locate break-even transactions

 

Step 11: Study the successful trades to see if you can find patterns or entry criteria

You should now be confident that the EA is doing what you expect it to do. Make sure you can identify positive transactions, negative transaction and break-even transactions. You should now have confidence and knowledge on how the EA works.

The next step is to recreate the successful deals on the charts to see if you can find patterns or entry criteria.

If your experience level at this point does not allow you to recreate trades on the charts and identify potential entry criteria that could have been used for those trades then move onto step 12 using your favourite entry method.

 

Step 12: Trade the EA selectively on high probability trades only

In this phase you would no longer have the EA set for continuous trading. You would start trading the EA using your favourite entry method entering trades selectively when you anticipate high probability trades.

 

Step 13: Report trading successes and failures

Report your own successes and failures and to view other traders successes and failures. Forex trading is a continuous learning experience which is best enhanced by actual trading and good analysis of actual trades.

 

I Hope this Quick Start Forex Guide gives you a Double in a Day structure that you can follow.

 

Please make comments or raise questions about this process directly in the comments section of this page or alternatively post questions on the Forum under “Quick Start Guide”

 

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