Hi BiginTheCity, sorry to barge into the thread like this, I tend to lurk a little. I am also in the UK and used to have a spreadbetting account with Interactive Markets, but pulled out due to a few niggles in the way they would cancel an order at midnight whether in profit or loss and re-instate your trade at the same point. That’s ok if you are in profit but if you are not, then you lose actual money when price may have moved in your favour after midnight. Plus their minimum price per point was £1, again ok if you have a large account, not so if you don’t. Last niggle was their charting software, If you looked at higher time frame and marked support/Resistance lines and then switched to lower timeframe to enter a trade, all your lines would disappear!
Sorry for rant, but what is the minimum pip price @ cmc? also do you have similar niggles with them.
My reason for asking is I am going to go live next year again, but am trying to decide who to go with.
I miss you guys. On total lock down at work and school. Finals in a week and a few days so I won’t be bothering anyone here much for a couple weeks. Very buzzed about the new videos.
I had an “aha” moment with ICT’s Trade plan part 7. For a minute it all came together and then I lost it again. Means it is close but I’ll have to go through the material again. Wait for the right pitch. He says when you get in line with market structure, “Trading is easy.” I think that was my aha moment. There is a point when you get it. At some point you say: “Banks, I understand market structure like you do and I know ALL your tricks. Like it or not, I’ll be along for the ride and taking profits when you do.” He lost a trade this summer but he’d have to go back and look at his trade log. That’s cool. I think I won a trade this summer, but I’d have to check my account log.
What ICT is doing is worth any price he would want to ask. He says, “Why sell this if I can just trade this way and make money?” That’s why all commercial EA’s are scammers. Why would you sell a successful EA, requiring a web site, pay apparatus, supports staff, customer service? Stupid. If it really worked, the developers would just make as much as they wanted by using it and save on all the headaches.
Yes Vinster, there are many ‘aha’ moments, I had another one at the end of the week, it was something that Dodge did (thanks Dodge), not directly related but it got me thinking about Kill Zones and how important they are.
Us that have joined the party a little later have one disadvantage, we have all the information at our disposal, which is great, but it means we haven’t been through the process and built our knowledge bit by bit. I’ve been doing it like that to an extent but it’s like reading Chapter 10 then Chapter 2, then 6 then 3 kind of thing, so this got me thinking, one of the first things that are in the aspiring trader thread is Kill Zones, and that is something that I have not been taking into consideration as I should, so I’ve been studying it hard, and that will be my focus next week.
So Kill Zones guys, I think generally we don’t we take advantage of that knowledge enough on this thread, it’s hardly ever mentioned, but it’s one of the foundations of the methods, and it’s another thing that I think will really put us another step ahead.
Does anyone know what indicator ICT uses to outline each day? He uses it in a lot of his videos, and it’s basicly just a dotted line a the start of each day, but I can’t seem to find it…?
Is that really it? Not that it’s too important, but mine doesn’t have sundays trading in there, and it can’t choose when I want the lines to start? They just start at 00.00 on my chart, which is +2 gmt, so I don’t know if that is really when a new trading day starts…?
I’m wondering about entry technique now. I like the OTE but now i’m being drawn to the 5 min consolidation structure break order entry. The one at the end of the market structure video.
At face value it appears that when the OTE fails on the first bounce then the structure break never happened so you would never have entered. Where as if the break did happen then retraced up well then the OTE would have failed too. Really the OTE on the 5 min chart entry is only going to grab 3-10 pips more. When looking to catch the 1h/4h swings that sort of pip count is pretty negligible. The risked equity would be the same just for more pips with less chance of being wrong as the entry would be on a structure break.
I only use MT4’s default period separator when on a 4hr or higher timeframe chart…I then use a custom period separator for anything lower then a 4HR with the periods being Midnight NY time. I believe ICT has this in the zip file of all his indicators.
Just remember not all brokers have a sunday candle…
