Being a complete newb when I was directed to BabyPips I went through the School and wanted to continue my learning, that’s when I found ICT’s thread.
After more time than I would like to admit I came to the conclusion of the following:
1.There is no Holly Grail and if anyone has a hugely profitable system it will not stay that way if it is made public. So there really is no point in advertising it.
2. Because I was a complete Newb I found his thread a free way of learning most of the general information about the markets so I can compile my OWN way of trading.
3. I feel many people are so emotional about the issue because they wanted someone to TELL them the right way to trade.
4. I do think he is secretly laughing his ass off because he understands this and in all the mountains of information there is a way of trading profitably.
I like the way things are. The markets are the great equalizer, put up of shut up. If you feel your are smarter or better prove it… There is nobody making any decisions for you or holding you down. It is only you against the market.
He was obviously just another ego inflated time waster who resorted to type by blowing up & fizzling out, just like all the empty vessels eventually do.
It’s my forum handle just like Tansen is yours.
Is Tansen a mask?
By the way, there’s no underscore between double & 6.
You can’t afford to have sloppy observational skills in this game. It’ll cost you dearly.
It’s [U]you’re[/U] screaming, not your screaming.
I’m not screaming. Neither am I making passes at you or anyone else, simply posting a view just like everyone else.
And I’d hardly describe this thread as a debate.
Making assumptions is something else that will bite you on the ass if you transfer that bad habit across to your trading.
I don’t delete posts. I have no need to.
But then members aren’t the only ones who have the authority to delete posts on here.
Now this is actually constructive…
I still use lots of ict tools including almost everything that you listed. BUT… here are a couple I really don’t use and flat out don’t like.
Daily Pivot points: I tried these things for a while but they just were a distraction. Every time price reached a pivot of some importance I would try and use it a buy or sell signal… I know, I know. Not the correct use. For me though its better just to ignore them. Not to mention its a pain to look at ny pivots then to switch to London pivots (which ones should I use? lol)
Monthly Traders Trinity: This was one ict used a lot early on. I think it was an over bought/sold indicator… I never liked it or used it. Mainly because I couldn’t ever figure out why it would work. The one thing it might be good for is to remind you were price is in relation to last months range. Pulling a fib would be just as useful to me though.
Now to be fair there are a couple of things that I LOVE that I learned from ICT. His concept of higherhighs and lowerlows. I think some of you call it DOW theory. His fib work (I use it slightly differently then he taught it). His Asian range concepts I like although I use the asian range mainly to separate the daily trading sessions… so not so much as a buy or sell signal. Its more as a point of reference as a look at the week. His thoughts on bonds and stock market indices has led me to learn more about inter-market relationships (that is still a work in progress).
So I would advise newbies to check his stuff out. I would warn them that it isn’t a mechanical system he is teaching so don’t use the tools as buy and sell signals but more as a paint brush to paint a mental image of the market and what is happening. Then trade it when you think you can take advantage of a situation setting up in the market.
Hmm seems like I had you pegged when you came in still adding nothing but jumping on the bandwagon and attempting to incite responses in general to gain reaction from people. Obviously this is a mask because I spent time posting so much. I don’t need to make assumptions your mannerisms are pretty evident and are those of a person who doesn’t trade seeing as the majority of your posts are in this thread or just bashing others in general you strike me as the individual who just sits on the sidelines gawking at a profession they are too afraid themselves to delve into because they are afraid to open themselves to criticism. Seems like I struck a nerve when you inadvertently thought I told you to grow up.
Anyways I’m pretty sure your response is going to be pretty lackluster so I’m just going to go ahead and unsub to this thread now so I guess you’ll have to find someone who is willing to give you the attention that you need. Toodles.
Looks like it elicited the desired reaction in your case then
Hahaha. You, me & everyone else knows that’s not going to happen.
You’ll be back sneaking another little peek every so often!
There you go making wild assumptions again, tut tut.
I bet you also believe that successful, clued up individuals are seriously going to pitch up on here & start rolling out their wares for free out of the goodness of their heart to a bunch of anonymous greenhorns just to “give a little back” & make the world a better place.
heh someone pass the popcorn. It used to be entertaining but there are so many on my ignore list now I can’t even read half of it,
As someone said, ICT just has too many moving parts.
[QUOTE=“TalonD;561095”] heh someone pass the popcorn. It used to be entertaining but there are so many on my ignore list now I can’t even read half of it, As someone said, ICT just has too many moving parts. woop there goes another bear… gotta run.[/QUOTE]
I have actually been known to remove some people from my ignore list purely to enjoy the full glory of their inane posts - it’s pretty consequence-free now that I’m a semi-retired poster.
I have to admit to occasionally clicking on ‘view post’ on those. A guy on skype is pokin fun at me for wasting time here, but it’s like watching a train wreck in slow motion, you just can’t help gawking
My final final post on the subject - this weeks action on the Eur/Gbp was typicaly fundamental driven - EZ is staring at the possibility of Deflation - an even bigger enemy to business than inflation - it must be averted at all costs.
Central banks like to use interest rates to fight inflation/deflation - it’s what they know - so no big surprise from ECB.
UK, on the other hand, has no such difficulty - indeed the opposite, business on the up, and as always inflation can come with that - thus the hints of rate increases for 2014 from BOE
So no rocket science needed for my comment last weekend as to the likely direction of Eur/Gbp
So where does ICT come into all of this?
Having a bias, however derived, is well and good - but getting into a trade at the correct time and level is another thing, this is where ICT’s teachings on TA can be of help.
Any basic awareness of technical analysis will do just as good a job.
Hell, even the very basic 3 Ducks top down structure will get you looking the right way if you’re seeking a route map.
Try telling his number 1 student his stuff is worth the paper it’s written on.
nearly 4 years diligently applying his “teachings” & yet another account is well on it’s way to getting burnt to a crisp!
You guys really are too funny for words.
Many thanks Compact, by your logic all any of us need is “any basic awareness of technical analysis”.
The 3 ducks utilizes, very effectively, the principle of momentum - it’s a very old system, first using a 50sma, long before Andy began to promote it ( and a good job he does too).
The ducks would have got you short on Eur/gbp on Tue past at 8440 - you would obviously have to have been at your computer on Mon and Tue watching the 5 min for the break of the previous low - ( you could try and ‘guage’ where it might break that low - if you’ve ever tried that you’ll know it is no easy task.)
A simple ICT technique would have had you set a sell stop on Mon morning at 8.00 gmt at LO, when price was 8470, entry at 8450
Both trade outcomes almost identical (due to my brilliant fundamental analysis) - but which was the easier?
I can see that you had 7 losing trades and 5 wining trades. That’s ok. Considering risk on 1 of November, everything is alright. Now by my calculations you should be around 86 pips ahead and that’s considering the worst case scenario…
So you did 2 months of trading and that’s it? you done with it?
Now to all of you out there: Guys don’t be quick to judge! In January will be 1 year when Michael started his challenge. I think he will be up 10-12K +. What’s gonna happen then? will you run back to him with all your sorrows? Do your own research and don’t listen to herd Good luck!
Personally however he does I’d never have any interest in following anyone who blows an account deliberately just to make a point and generally displays less maturity than my four year-old.
Does anyone still buy this theory? As a trade, I’d see this as high risk, low reward, and thus something an intelligent trader wouldn’t make. Imagine professional forex teachers like Chris Lori or Kathy Lien deliberately blowing up accounts.
[QUOTE=“Kevin LaCoste;569449”] Does anyone still buy this theory? As a trade, I’d see this as high risk, low reward, and thus something an intelligent trader wouldn’t make. Imagine professional forex teachers like Chris Lori or Kathy Lien deliberately blowing up accounts.[/QUOTE]
People seem to. And no, I couldn’t see those others you mention doing such a thing, one of the many reasons I am not a fan.
