Training material

Hi

I don’t want to start a major debate here but i have been watching some of ICT training videos before i realized that there seems to be some doubt if this is credible because of a challenge he took back in 2013 and blew his account up in the process he stated he did it purposely for educational purposes.

I am new to forex and have been studying hard and have been through the baby pips school but was wondering if any of the people at baby pips are practicing Michael’s methods and are they successful or not .

I found his training videos very useful and they all seem to be well put together and he came across as the real deal .I do not want to follow him completely but was wondering if some of his teachings have been useful to anyone .

Also has anybody got tips of for more training material books,videos etc.

Regards
Paul

Hi Paul and welcome.
Personally, I would finish the Babypips school first, there’s so much more to learn not just about the building blocks of trading but also what trading style best suits you. Read as much if the forum as you can (especially posts by Clint, Lexys, Peterma, and some other experienced members).
Enjoy the journey

And don’t forget to read the posts from eddieb They are also very good.

Hi Paul,

As a newbie most people would like reference to material that is going to hand them a strategy or reveal the secrets of the world of trading. If anyone promises you this then I would avoid it like the plague (I have been there and done that).

I know you have heard it all before but your psychology is the most important thing to concentrate on. You may have heard of the 4 ‘Ms’ -

Money
Market
Method
Myself

Most beginners believe that their Method is the most important of the 4, whereas for professionals their method is bottom of the list, number one spot being Myself. Make sure you are in the right place in life and in a comfortable position to trade.

Everybody has their own style of trading, some like to stick strictly to their plan whereas others are discretionary traders. It doesn’t really matter whether you are right or wrong when placing a trade, what’s important is deciding how much you will win or lose and sticking to that. Trading should sometimes be like watching paint dry, if you always feel excitement or start sweating profusely then you are over leveraged! A major mistake of novice traders is risking 5% or 10% due to impatience, instead of 1% or 2%. If you can’t handle a drawdown without becoming panic stricken then this is not foe you.

You can find lots of free information on how to read charts and how to use fundamentals, but unless you are committed to this and willing to sit and watch/learn how this all comes together I think you will find it extremely difficult. Demo accounts are great to learn the basics, but it will not teach you the pain of losing - and trust me you need to feel this to progress! I’m sure you are aware of many successful traders - all of whom have probably blown their accounts…more than once!

For your trading psychology try Trading in the Zone by Mark Douglas. You also need to get on Twitter and follow some of the greatest traders out there. One of my favourites who constantly keeps me in check is Peter Brandt, everything he says resonates with me. Assad Tannous is also a great follow.

School of pipsology is a great place to start. Once you’ve been trading for a while go back and do it all over again. I can’t believe the amount of information that completely went over my head first time round but really made sense after I gained a little experience!

Hi

Thanks for the reply’s .

I have been trading in a demo account now for a few months now and done ok.I am using simple support and resistance levels tracking them on higher time frames .Also using fibs and the Rsi indicator to judge entry points along with market sentiment indicators such as the cot report .Using sensible stops i think trying for 2:1 ratios only risking 1% of the account .I just wanted to know if anybody is using ICT’s material as i have studied this hard and to be fair all what he says makes sense and allot of the things in the baby pips school are mentioned in his own training material so just wanted to know if anybody is using any parts of his material and does anybody have a view on his teachings .I do want to learn this my way with the help of more experienced traders .

I have risked money before on new ventures but they have not worked out for me but i will keep trying to succeed, but i have to admit the more i hear people say that the only winners are the brokers and the banks and that 90% of all retail traders fail the more i think what a immense challenge this is going to be .

Thanks again for the info will definitely take in some of the suggestions regarding training material.

Regards
Mozzer

Nobody in the thread is going to actually talk about ICT?

I’m in the skeptic camp… The way he carries on like a god, makes mistakes then says ‘see, i meant to do that’, while all the n00bs that followed him because he was god crash and burn.

Some of his stuff definitely works, but it’s more just support/resistance trading called something else.