Are you disappointed there were so few trades?* NOT DISAPPOINTED
Impressed with zero losses? IMPRESSED
Impressed with the amount made in Demo profits? NOT IMPRESSED
Disappointed the risk was too thin and “not worth it”? WORTH IT FOR THE AMOUNT OF CAPITAL
Expected a higher % return over the trades? EXPECTED A MUCH HIGHER RETURN
You’re too kind, I’m only one of you guys in the pack, figuring it all out, sure I’ve been around so that helps, and I’ve now seen the rewards that trading ICT style brings, and just basically saying, hey check this, I can do this, can you do that? And learn from each other.
But do you know what’s great about this thread, it’s the mentality, there’s no right or wrong here, it’s more have a look at this, it could be this, and someone else says yes it could be this though, and of course, it being Forex there always is the possibility that both might be wrong and both might be right!!!
But ICT again, you don’t have to be right, at worst you want to get paid, and by following these methods, you will get paid even when you are wrong, as long as you’re trading from the right levels, the reaction for that 30 PIP basic profit is there.
man, i think you are enjoying all this attention.
i suppose if everyone here were to begin whining and complaining about life, you’d come in and try to cheer everybody up. and maybe that’s something we should do… someday you won’t expect (…evil laughter… : )
I can tell you it’s not for attention, and no I wouldn’t be the one to cheer you up, unless i was making a live from this…
I know it’s getting annoying and destracting…I will get out of here and stop…2013 here we come…
Are you disappointed there were so few trades?
Neither
Impressed with zero losses?
Neither
Impressed with the amount made in Demo profits?
Possibly
Disappointed the risk was too thin and “not worth it”?
Neither
Expected a higher % return over the trades?
Possibly.
It’s hard to see in those results because I think the stop losses on a couple are after your trade was in profit they were changed to a little over BE? I’m not sure though. It’s all about the Risk:Reward. I’m being a dunce and can’t work it out from the posted chart. What was that like? That would be cool to see.
I’ll avoid being impressed or disappointed because emotional reaction are pretty much always irrelevant. It’s good to see a profitable month though. I seriously suck at understanding what is going on with the meta trader results chart. What is really important to me is the return over risk though. Did you risk 1% to gain 1% or risk 0.2% to gain 1%. It’s a huge difference and has a massive impact on the results I think.
So few trades?
12 months ago I would have said, YES, it’s not going to give me the chance to recover my losses, I could ramble on…
Impressed with zero losses? Not really, had them all the time, BUT now I have more winners because the probability of a winning trade is higher, so the zero losses are profit.
Impressed with the amount made in Demo profits? Don’t know, don’t care, won’t look, all I care about is MY profits, I’ve had profits, but I’ve always been stressed about making them, now I know I don’t have to worry about them any more, I’ve got the right approach the profits come.
Disappointed the risk was too thin and “not worth it”? Not sure what you mean here, but I’ll answer it this way - I’ve alwys traded short stops, since the day I started all those years ago, I could see it was possible, but just didn’t know how.
Expected a higher % return over the trades? 10% this month, and 10% next month, and 10% the month after, and 10%, and 10% for the following 2 months, equates to a heck of a lot more than 50% in 6 months.
Once again, thanks for everything, and I mean everything, the teaching aspects more than anything, you have an unique skill, very unique, that I have only seen a few times in my lifetime, as in, you can have good carpenters, and good carpenter teachers, but to have a good carpenter and a good teachers in the very same one is rare.
Remember, you can please some of the people some of the time, you can please all of the people some of the time BUT you can’t please all of the people all of the time.
Ii think I might just print this off and put it my hand everyday 
Answers below:
how come that seemingly everyone went fiber short today? just a really confusing day for me… divergence on bond yields on usd 5yr, 10yr, 30yr, divergence german, us, and british yields, increase in open interest on the rising days among other reasons i thought we would have a bullish day. obviously i was very wrong. i’m just trying to figure out what everybody else saw expect me. bad day for me.
If I may be so [B]bold[/B]…
What’s the last point?
Post your thoughts…
Not answers…
This is a great example of time and patience, 20 years experience and a trader who is comfortable with himself, the tools and the market he trades. No rush, no fluff just a man at work.
Most impressed with seeing stop moved to break even and then sit back waiting to make second profit if it materialises.
it’s not about the need to get out or anything like that, by all means please stay and trade. What’s interesting is that at some point you knew how to trade, and you proved it with statements. you didn’t just suddenly forget all of it. if you enter the state of mind you had at the time of the good trades, then why couldn’t do it again just the same way? i think that’s one of the issues many responses are trying to communicate, it’s about attitude and state of the trader, and not really about ICT or whether some tool is right 100 percent of the time. They were just as imperfect at the time you made the good trades, think about it
you’re the first who is saying this, and I’m amazed too what happened today. I won’t give up on my view, that it’s just a trick, or a bonus for inner-inner traders. EU is up, cause there is a problem. GU still need some more time spending on upper levels. I will trade it up and down again. Though, after calming down, and give it a breath, a few days ago I think many of us wanted to go long on the 1.2920-30level. now, it’s a bit closer. Funny, that yesterday evening I was thinking about what is the difference between a trend-change, and a correction in trend and somehow I concluded, that a correction can be faster or more intense and there is no backtest on price, cause it’s just want to reach a level, when it meets with new buyers.
I saw this as well,and entered long on Cable at LO. I entered with less than 1% risk, and closed half my trade at first profit and the rest when I woke up for a smaller gain, as I was expecting a reversal. Market flow for the Cable turned south yesterday on the 4 hr, so I considered this to be a countertrend trade. A swing high had also posted on the Cable on 12/4, so I did not expect to break the high of that day, and I also did not expect to break yesterdays high on the fiber, which will then form a swing high at today’s close (plus during the AR, we were a long ways from yesterday’s high). The one mistake I made, was deleting my short entry order on the Fiber at 1.3075 as I thought today would be a bit choppier due to NFP tomorrow. We just broke 4 hr MF on the Fiber, so it’s short’s only for the near future (wish I wouldn’t have closed my Cable short early)
I’ve been trying to figure out why Michael goes short where he does on a 3 day swing for the longest time, and I think I am finally cracking that nut
I added a photo of what I was looking at
We’ll get that tomorrow, we’re approaching the 1.2950 level (OTE zone for the current swing on the 1H) 
My Cable short played out nicely (short at 1.6110 like a few others in here SL @ 1.6130, came close this morning), but it was only worth 2% return (40 pips). Time to up that leverage 
___ You can stop reading here if you like, just some rambling below ___
Seriously guys, from what I’m reading here, patience seems to be everyones biggest problem… (myself included).
YOU DONT HAVE TO BE IN THE MARKET EVERYDAY TO MAKE SOLID RETURNS
The most enjoyment I get from trading is entering a trade which goes instantly into profit because I’ve WAITED for the key levels to be reached… Sure, I make bad trades like everyone else (I would say that impatience was to blame - me trying to force the market before its ready and before my own analysis/level has happened, but Im working on this big time and its paying off).
When I’m making 8-10 trades a month (maybe that is still over trading???) and 4 are bad, I wont even notice because the return on the other good ones more than make up for any losses that are incurred (sticking to the one shot one kill menatlity). Also sticking to the risk model ICT teaches has more than saved my account. Trade less, if you do lose a few, cut risk. Simple as that. Simple, but so hard to do it would seem…
I mentioned in the other thread that I only opened my account (1st September 2012) with £200. Some would argue this isnt enough, because it doesnt make you appreciate loss, “its only a few pounds, who cares?”. While that might be true for some, its teaching me how to manage my capital, regardless of size. If you cant manage a measly £200, how will you ever be able to manage £20,000?
Each to their own ofcourse. If my account is still intact in a years time (and if we’re at breakeven or better), I will have learned so much during that time such that I would feel comfortable in upping my account size to something like £5,000-£10,000 and then using those skills to really make your money work for you. If you take the time to learn this stuff now, you will never ever use a bank to invest your money again…
I agree with you ramble 100%
I didn’t, well I didn’t trade anyway, but take these things into consideration, look at all the stuff I posted today.
1st, a good analysis, whatever you may think of if it was wrong or if it was right, the analysis and the thought behind it was valid and thought process along the right lines, if you followed that you would have had profit, it could have been a loss, but it didn’t hit the levels I was expecting.
2nd, we’ve got the 1.3080 level some into play, but for me it’s not a level I’ve been stalking to go short on, so it’s a pass. I know it’s a possibility, with yesterday’s low being broken, but I have my premise and I’m not going to get swayed by events, if would have been swayed by events, I would have had 100 PIPS or something, don’t know, don’t care.
The thing is, if you get swayed by events, you’ll end up on the loosing side more often, today there was a short premise at 1.3080, and it worked out, there will come the day when everyone else will have a different premise to yours, and yours will work out.
What we do know is reacting to levels don’t work in the long term.
Also learn from it, on Sunday I put forward 3 premises for the following couple of days, in an odd kind of way at least both of them are working out, but lets not worry too much about that, the point I’m making is that if I would have had the alternative premise in mind today based on the fact that yesterday’s low had been broken meaning the potential of a Fractal short at a key high resistance, I would have gone short, but since I didn’t have that alternative premise in mind, I didn’t consider the possibility. Chess springs to mind again
So, more homework, be prepared, and if it moves X’thousands of pips after, so what, maybe next time, but don’t react to it, whether you did react or not, made money or lost, it’s only your concern. The most important thing is the right approach.
P.S. to all, In hindsight I should have started going about my Forex project like I had learned about all other projects, I was quite conversant in PRINCE2 at one time.
Some are natural project leaders.
Some can learn.
We can all benefit.
Oh that reminds of 'Where’s my Cheese?"
Who Moved My Cheese? - Wikipedia, the free encyclopedia
I think I’m a scurrier, what are you? What’s PIPhanger?
[B][I]Thoughts[/I][/B] below:
I am not disappointed that there were so few trades because that means there are less chances to take on a loss and the trades are more choosy so they are less likely to be losers anyways. He said it was trades for a month, but I only see 2 weeks worth of trades and there were 3 of them I think. We should expect 1-3 trades per week so that falls right in line with what we should expect.
I am impressed with 0 losses, because well… that’s hard to do in trading. However I would be more impressed if it were over a longer period of time.
I’m not impressed with the amount made in demo profits because it was on a million dollar account and when we risk 2% and target a 1 to 1 risk:reward ratio and have 3 winning trades, that means we should be around 5-10% profit which would equate to at a minimum $50,000 which is far more than the $8,000 profit.
I am just curious what he was risking and why the overall profit was so small compared to his million dollar account, but it is a nice looking log and would look like a nice steady upward balance curve if it were a graph. It is inspiring nonetheless that the person I am dedicating so much time learning from is proving to me that he is worth the time.
Sorry about just posting answers, I am at work and trying to be quick about this!
Looks like resistance at the 1.29500 level. Some clear SMT divergence has come in, though I do not see a long-term resistance line at this level.
Long pressure on the EUR:
I’ve not being doing this long enough to give really meaningful answers but will answer as best I can:
- Are you disappointed there were so few trades?*
A. No, I’m disappointed that I don’t recognise the one’s that are there. - Impressed with zero losses?
A. No, but if it comes as part of “protect your capital” then see it as part of the journey. - Impressed with the amount made in Demo profits?
A. No, “its not real until its real” but better that than losses? - Disappointed the risk was too thin and “not worth it”?
A. Yes but I think that goes back to question 1 - I don’t see the “good” trades so take not so good ones - Expected a higher % return over the trades?
A. Yes but I think the reason is because my win/loss ratio isn’t good enough, plus answers above.
Other than that I’m feeling fine doctor:17:
Good day / Bad day.
Short on the cable this morning @ 1.6106 after a break in MS yesterday. Measured the swing from the high made yesterday @ 1.6117 to LO low today @ 1.6077 and got an OTE @ 1.6106. Unsure on this swing as wasn’t sure whether to use the high made on the 4th around NYO so had to use a 30 pips stop. This OTE would have been 1.6114 and was the preferred choice but I was maybe worried I may miss the move so I opted for the 1.6106 level. We were also in the daily trinity overbought area.
As I was viewing this as a counter trend trade my fib levels to get long were between 1.6050 & 1.6020 so I took off 50% @ 12 pips, bit early I know but wanted some profit and reduce risk, took a further 25% off @ 26 pips and the remaining 25% (in 2 12.5% chunks) at 40 & 42 pips respectively.
Wish I’d took more money out but it hit the levels I’d anticipated to get short and also to exit so all in all I was happy. Made 6.7% profit.
Fiber,
Again a break in MS on the 4HR chart so I measured a fib from 1.3089 - 1.3041 and I got my sweet spot at 1.3075 but again being a bit unsure on missing the move my entry was at 1.3070, SL 20 pips.
Again I am counter trend trading so my initial targets were 1.2980 - 1.2940.
Like an IDIOT, I entered my TP @ 1.3065 instead of 1.2965!! Got 15 pips profit and made 2.2% profit but it slid all the way to the TP level and could have netted me around 10% profit! (50% off at 30 pips & half at the level)
The major issue I had today was my position was opened incorrectly on the cable and at 8% risk!! So on both trades I was at 11% risk and only made 8.9% profit. I should take my money to Lingfield Park and stick it on the favourite at them odds! Also the TP being incorrect means I should also be paying more attention to deal.
I need to trade when I’m allowed to and not rushing between work!
So a good day in all but the figures are distorted.
No current trades open at the minute and may not trade tomorrow as it’s NFP day and I really need to get my day job back on track as it’s slipping over the past months. Need to rationale between the two, hence why I am more looking to the D1 & 4HR trades plus anything lower and I freak out and can’t understand!
I’ll post this in my journal too so as to remind me about my attention to detail and risk management.