I thought ICT gave up? So he’s producing videos again?
Chill out guys. There are many ways to skin a cat. I have no idea what ICT is but there are plenty of free webinars out there. Since one of you brought up my own trading stats on myfxbook (thanks for the compliment sir) perhaps myfxbook would be a good place for any new trader to start.
Pick a couple of profitable traders (not necessarily me) with different trading styles and try to copy those styles in a Demo. Frankly that is how I got going, but like I said…many ways to skin a cat.
Actually, I did not get one for yesterday’s post, but the day is not over. speed bump, I assume you were aka Banker 928 and I Love Pizza.
Shadowline… All I did was tell someone that if they PM me I would point them towards free videos that I think are useful. I assure you that my intent was well meaning.
This conversation always comes down to he did this or he didn’t do that… It’s never about the validity of the tools. Imagine Babypips if you debated the value of the daily candle, or better understanding of trading times and ADR, or half a dozen other concepts that are very helpful in understanding price. Instead, it’s ICT did this or ICT didn’t do that… Do you really think that makes Babypips a better place.
PRACTICE PRACTICE PRACTICE PRACTICE,
Practicing NOT to lose, makes you a better trader. Get mad when you lose. Dont be Passive about the losses, be proactive, and make sure you feel the sting with each one.
Hi Chad,
The others here have already provided you with some great advice.
You are wise to go back to demo trading while you review your strategy. When you are ready to resume live trading, consider trading micro lots to start. Then you’re risking only 10 cents per pip while you build up your confidence dealing with real money.
To echo what the others have said about short-term trading, here’s an excerpt from an article by DailyFX analyst James Stanley:
[I]For some reason, many new traders do everything they can to avoid [long-term trading]. This is likely because new, uninformed traders think that a longer-term approach means it takes a lot longer to find profitability.
In most cases, this couldn’t be further from the truth.
By many accounts, trading with a shorter-term approach is quite a bit more difficult to do profitably, and it often takes traders considerably longer to develop their strategy to actually find profitability.
There are quite a few reasons for this, but the shorter the term, the less information that goes into each and every candlestick. Variability increases the shorter our outlooks get because we’re adding the limiting factor of time.
There aren’t many successful scalpers that don’t know what to do on the longer-term charts; and in many cases, day-traders are using the longer-term charts to plot their shorter-term strategies.
All new traders should begin with a long-term approach; only getting shorter-term as they see success with a longer-term strategy. This way, as the margin of error increases with shorter-term charts and more volatile information, the trader can dynamically make adjustments to risk and trade management.
Traders utilizing a longer-term approach can look to use the weekly chart to grade trends, and the daily chart to enter into positions. [/I]
The answer lies within your question, when you are trading with $1 pip value your trade goes fine, but when its $5 pip value the trades are wrong. This is because you are too stress with bigger lot size and your emotional mind is taking over the logical mind.
Be calm, understand the market movement, trade as per your rules with discipline, no hurry to make quick money.
You assume wrong.
That guy was/is as annoying & ridiculous as that numpty of a mentor you’re so fond of.
Very good advice indeed, providing of course the account is of a decent length & provides a good explanation of the aims & objectives.
At least newbies would have a solid, honest & transparent gauge from which to work with whilst at the same time helping to filter out all the static & noise from those who talk more than they walk.
If you’re going to show stats to support your advice & views, which by the way is admirable, then you’re going to generate much more credibility if you follow Blackwave’s example & show full transparency of your trading record.
Hopefully this will start to become the norm so newbies can make more informed decisions on exactly who to invest the majority time on!
It’s not like it’s not long overdue, especially considering all the chaos & upset idiots like ICT & his kind have caused on Babypips.
Excuse me gents, but can we get back on topic before another thread is ruined.
Thank you
Hi mate,
I am a Newbie-ish too but Indicators are lagging the real thing, what I have learned in the few months I have been practicing is that PRICE ACTION is King.
Analyse the Candles, what are they telling you? Each Candle will tell you something and based on that you take action, follow the TREND, the TREND is your FRIEND, never forget that. Also, try to concentrate on Daily and 4 hrs frames and only use short time frames to place your entries. Your stop loses has to be realistic too. Support & Resistance Zones are extremely important, you must use these every time.
Hope this little bit of info will help you mate and remember, The Trend is your friend:)
Only advice I can add is cut losers quickly, set a daily limit to achieve and stick to it, do not get greedy (Norman Hallet advice). Watch the fundamentals (I do not trade through them). Trade for small profits (30 pips) to start and as you see your strategy develop then increase your TP (in small increments).
Trading is not a race - slow & steady wins the day. If you are having a bad day (we all have them) then is the time to stop (for that day) and take a deep breath.
Hi Chad,
I am also a newbie just like you are. I started like one month ago with trading. Ofcourse i did some research but frankly it was all about making money. Here is my story and I hope it helps you a bit. ( this is just my story doesnt mean you have to do it this way. I am not going to judge anyone how they skin their cats 
)
I am a guy in the ICT busisess and am very competitive. Always want to win and always want to do things perfectly:). Love to gamble and play with money but hate to lose who doesnt. Perhaps its my asian blood lol. always need to learn the hard way and so you will find out why.
- I am using a broker called plus500. Have good reviews and the withdrawal seems to be fine too.
- I started with 100,- euro’s to get all kinds of benefits from them to start.
- Have read some stories online and also on this forum just to get to know.
- used the demo account for like 4 hours and saw that could have made 4000 euro within 4 hours! ( with a capital of 10000). Thought like well if its so easy. ( hell did i know that the pair i was using (GBP/NZD) that moment had a major incident which gave me so much profit.
5.I started depositing 100 euro. and quickly wanted to trade. betted like 50euro margin ( 10.000pound) leverage 1:200
6. the first few days were awesome. once i get in the red and my margin couldnt be kept i posted anoter 100. i was looking like everyminute.
7. before i knew it i was already at a deposit of 3K euro and made a profit of 4K. so total of 7K.
8 Normally you would cash out the money untill it reaches your bank account and take a deep breath and start over.
9. I got greedy. and started making bets like 800 euro margin. 180.000 pounds. pip of 100$.
10. Well what i can tell you that the feeling of getting in the green is thrilling but is nothing compare once it goes to the red.
11. Super Thursday. i was getting a short trade at around 2.3700. but it was getting higher and higer and my loss was around -7000 euro. My heart was beating like hell. it was around 12:30 noon. I was praying to god and everybody that was living to help me out. i tried everything betting small and gain every 20 dollars or what every I didnt care.
Then i was praying and did a stop limit at like 0.10euro cents profit. praying to god that i dont want a profit just dont want to lose 7k. were the longest minutes of my life.
Then something happend 13:00 the rates started dropping quickly 2.4000 to 2.3900.2.3700. Shoot i had a stop limit?! ****. so it dropped more 2.3600 didnt know what the hell was going on but i was like the hell with it.
was currently standing on 10K value 4000 profit 6000 own money.
then it was like for 30 minutes around 2.3600 so i thought its going up again ofcourse whats goes down must go up!.
betting 2400$ in a long trade. within an hour i saw the rate dropping to 2.3400
eventually leaving me with 8100 euro left. and still dropping… I couldnt stand it any more and my heart was beating like crazy. i stopped the trade and had to tell my girl that the 4000 i gained were now a loss of 1900 euro. lucky for me it was weekend so the trading stopped.
Now it was time to sit back relax and think about it. First of all i thought i was so stupid and dumb. why was I so greedy. thinking If i hadnt did the stop limit i could have been very rich. could have gone on a holiday etc etc.
13. then i started to think get it over with p*ssy time for a strategy.
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So my strategy now is this.and it has been helping me alot the gains are not that high but the losses neither its all about timing. and sticking to a pair and try to read alot of news from it. things that are happening etc ( FXstreet APP helps)
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I am still betting the minimal. 100 dollar.
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no 15-min 30min for me anymore takes to much energy better go for 4hour runs or hourly.
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Look for news and look in the past. If the charts are currently keep going in between 2 numbers try to buy and sell at the highest and lowest point. do it only once.
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earn 50 euro a day is enough. more is better but just close it unless you are really sure.
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close the app and open it onlly the next day to see the trend and news. and then decide what you will do.
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always set a stop limit for a max. ( something out of the trend of that day) if its not reaching your limit just let it be. cause the charts always fluctuates up and down. if you are checking it like every minute you will get emotional attached and sometimes you are closing something which doesnt need to close after all.
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play with money you can lose. accept loss and go on.
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Cash out regularly. so you wont lose all your profit…
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dont go overnight unless you are willing to pay the premium
depepnds which market you are on but i am living in europe and NZD is new zealand and starts at 01:00 am. -
Profit should take it slow. 50 dollar a day that makes 250 a week. lets say you lose some its still 150 a week which makes 600 a month. better than nothing.
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you DONT HAVE TO PLAY. if you see its fluctuating too much just hold your ground and wait for an oppurtunity. The best traders know when to bet. not how much
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If you have placed a short or long. dont do another one just because now the rate is better!! jsut stick with the one you had and hope for the best. ( 2 means double the money so also double the risks.
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last but not least. dont let it control your life go out live a little score some chicks do what every. thats why i am also doin gth 4h pattern because i wont have to look on my phone/app/laptop or what ever that much.
I really hope i can help you a bit here. I still need much to learn but every little money you can earn the better for you I wish you dont learn the hard way as I did. cause i can tell you its not good for your heart at all. and try to live in the future and not look back what could have been done.
Greets your newbie companion,
gkoow
You should always remember that your capital is at risk on Forex for you not to be surprised next time. Before using any indicators on Live account, you should understand that you have enough skills, but even skills can’t protect you against loss. I will recommend you to use more demo and next time you will get your profit) According to you situation I could only say that the problem is not with the broker, no scam I suppose.
You should know that there is no a single trader who was not where are you now and what is happening to you happen to everyone.
My advice would be you to continue trading on a live account but instead of $2000 you can go with $200 and your trading should comes to learning and getting experience not to making profits. You need to educate your self and in the mean time trade small, make mistakes and learn from them. So this way your mistakes will cost you less.
play with money you can lose
gkoow, you make trading sound like gambling…and it shouldnt be…
Its only gambling when you dont have a strategy, especially on the smaller time frames where it is even harder to trade.
- Identify your monetary goal you want from trading Long-Term- 3 months, 6 mths, 1 yr, 2 yrs…etc…(not just daily).
- Get a firm, clear strategy that works on demo that can get that target.
- Then go Live.
- Ideally on the Larger Time Frames/Long-Term as suggested in the post from FXCM where trends are much clearer. Too much money lost going after short-term moves…
…when more can be achieved with only a few trades by focusing long-term…
A major sign that you are gambling/dont have a good strategy is if you get stressed, emotional and start begging the market/God…for help… and keep changing your targets, stops along the way.
Like most things, once you have a target, a plan to get that target and practice it over and over, success will come without trying to make it up as you go along.
Its great and exciting to trade with Live money, especially on the smaller time frames where the markets move quickly. But trading is about making money and money should be taken seriously.
Get that plan.
All the best
[B]
Duane
DRFXTRADING[/B]
Hi gkoow,
Try demo and demonstrate yourself as consistently profitable before going live again.
“Retail traders lose. They just lose”.
OP, unfortunately you have proven that you have neither the knowledge or ability to trade successfully at this time. Trade on a demo for about 3-4 years and then come back and let everyone know how you are doing. Then after that open a live account with $1000.00 and trade Mini/Micro lots ($.10) a Pip/Lot for two years and then let everyone know how it is going. Then when you reach a “Yard” per month you can come here brag to everyone. :35:.
OP also remember the point is to trade well, not make money. Making money is a result of trading well, NOT the other way around as some would believe. So we hope to see you in a couple of years, consistent and profitable
For the rest, stop picking on Hogarste, he likes “Mike”, no big deal, the OP hasn’t been successful so far, maybe Mike has a “Nose Nugget” that might help him. I don’t agree with Mikes take on the market, or the guruing, but that’s MHO.
Remember OP, in trading everyone has to find their own way, even in the “Big Houses”, ask the Bright Bros. there are about a billion ways the skin a Rat, so be diligent, proactive, and don’t trust anything I or any one else says, confirm everything before putting one dime in any market.
Oh, speaking of Rats, anyone seen hide or hair of TRO? 
Anyway, Trade Well Amigo
The Ever Focused VIPER
Great post Gkoow…very honest, and we can all identify with that… I have been there… Greed…a terrible force
…
Each loss that we get comes with the consequences that we may have to face or live with.
This is why we have to make efforts and select only such types of trades that will give us Profits.
I know that it will be tough but the way is to avoid getting Big losses.
On hindsight, having an a small dose of occassional losses may be healthy. Too much profiting makes you complacent and horns start to grow out of your head. Losses are painful to bear. What usually follows is serious reflection of what you have done wrong, and the mistake is engraved into the core of your heart. It really hurt, it is beneficial to feel hurt, so that you will be more mindful in future trading, and refrain from making the same mistake again. Sometime, you need to get hurt a few times before a lesson is learnt.
Keep a trade journal and go back to your losses, analyse what you did and try not to do it again.