Inner Circle Trader's Pro Traders Club 2012 - 2013 Series

Hogarste · January 30, 2013, 7:02pm

"jonnycab":

Absolutely. I hate it when that happens, its happened to me a few times, the “NEED TO TRADE!/I MUST TRADE OR I WILL MAKE NO PROGRESS!!” mentality. Thankfully it happens less and less now and as a result, no throwing money away.

When I feel its about to happen due to not finding a suitable trade or missing a really obvious one, I’ll do the same, close/ignore the charts, come back at the next killzone (typically NYO) and then go from there, or review later that evening.

I think setting a realistic profit goal per week/month is also important (I dont think 5% per month is totally out of the question if you have discipline…). This also helps to build the confidence, because you’re meeting these “low” goals. I remember ICT saying the same thing during some of his videos (30 pips a week, the perfect target for any new trader.)

All I need is one good solid trade per week (2% return) to achieve (and actually surpass) my monthly profit goals (I’d like to average 5% compound a month). When you wait, you normally double or triple that and could technically turn the charts off there and then until the next month :). This also provides a reasonable buffer for when you screw up.

Discipline and patience… My biggest problems

Totally dude. Two nice wins last week yielding 7% and I gave it back yesterday because I had the day off and tried to force something. I was even thinking about setting up my own challenge (offline) but basing it on 20 pips per week instead of 40. I mean six year to make a
million, with a little less pressure, and who knows once things kick into gear along the way.

Hang in there.

damagecontrol90 · January 31, 2013, 12:02am

Spent the last week reviewing the methods again after getting burned on the Fiber.
Here is where I am at now.

This is my set up of the day to stalk.
If Cable fakes to the low of the day today first during LOKZ, I will own the Cable lol…
If the low closes below yesterdays low, or Cable drifts higher without coming back, no trade.

Kuzia · January 31, 2013, 12:23am

Lucky you guys getting all the easy action and im working ;(

BigInTheCity · January 31, 2013, 1:37am

If we don’t see 1.3500-10 today I will run down the street naked!!! haha

rod178 · January 31, 2013, 2:27am

Hopefully we will be spared that experience LOL

Fiber Long at 13550, based upon bullish SMT Correlated Pair Divergence, JS, 50, Daily Pivot, LOKZ etc and higher TF trend

BigInTheCity · January 31, 2013, 2:34am

Order to short cable @ 1.5843

IyaJenkei · January 31, 2013, 2:36am

the only problem i really have with oanda. ny time zone. i really wish they were gmt

pipmart · January 31, 2013, 2:48am

you got a better price then i did… 1.3557 lol The only thing I don’t like was it set up so early. I also don’t like that they ran the stops above the asian range so early…

sparky897 · January 31, 2013, 2:51am

Train LKZ is about to depart, please buckle up

TopFroxx · January 31, 2013, 2:51am

why do you guys take the (today) weaker looking fiber? i am long cable 1.58. same reasons as your fiber trades. 1. tp hit

sparky897 · January 31, 2013, 2:53am

I am long on both :rolleyes:

rod178 · January 31, 2013, 2:57am

I always take the weaker on bullish SMT correlated pair divergence.

Cannot resist the ‘cheaper’ price LOL

pipmart · January 31, 2013, 2:57am

Im still long cable from Yesterday… that is my main reason. Out of curiosity how does the fiber look weaker?

rod178 · January 31, 2013, 2:58am

GMT time, imho, is the last thing you want. It screw up your analysis

TopFroxx · January 31, 2013, 3:01am

well, depends on how you interpret it. if you say “ok, judas” then this weakness is fake. but looking at the pairs today, fiber broke the asian range lows by quite a lot, cable wasn’t even close to the lows. plus at the first push higher this morning 2 hours ago cable made a higher high, while fiber didn’t

rod178 · January 31, 2013, 3:10am

I still consider that the Fiber has more potential to run hard today.

Better LT trend
JS is not just random PA ie Fiber JS whipped down for a reason.
I try to ignore JS before LOKZ- Cable was too little too early for me

Suppose we will know which was the best choice within about the next hour.

bteofx · January 31, 2013, 3:15am

Which timezone do you suggest using?

didko · January 31, 2013, 3:18am

i don’t like fiber today…hope it goes up…

TopFroxx · January 31, 2013, 3:21am

no you don’t, entered fiber as well now 1.3548, sl 1.3525 (before i read your post, haha :D)

rod178 · January 31, 2013, 3:30am

Daily Candle start at NYC

currently GMT+2