taken out right to the pip
Itās a conspiracy against my position!!! I blame the ECB, BOE, FED, Deutsche Bank, UBS, Barclays Capital, and Goldman Sachs all conspiring against me for my Ā£250!!! :17:
this is ridicoulus. first day demo trading after 2 months or so live trading. what do you think happened? of course, best day since 2 monthsā¦ at least in demo i can make profits. sheesh!
Hey these guys need a few quid for a round of drinks this festive season and once youāve had a few at your xmas party tonight youāll be feeling great again, secure in the knowledge that youāre going to get it all back with massive interest next year now youāve got this trading game nailed. Have a good one (mind the head tomorrow morning :44:)
That reminds me, I donāt remember who said never to revenge trade, I tell you all my trades are revenge trades.
Revenge against most of my x-bosses.
Revenge for every time my bank charged me stupid amounts for going very slightly overdrawn.
Revenge against those bankers that took the publicās money.
Revenge against all those people that have ripped me off over the years.
Revenge against all the people that thought I was doing a daft thing learning Forex.
The list goes onā¦
Revenge is sweet, Itās Payback.
Psychology Topf - psychology. Its all in the mind. I would think the same happens to everyone - it did to me when I first moved from demoing to live. Thereās a guy called Steve Ward here in the UK [URL=āResources ā Performance Edge Consultingā] who runs webinars etc to help with this type of thing. Not sure if his stuff is for everyone but Iāve watched some of his stuff and think its pretty good. (Obviously no affiliation with me etc. )
It is psychology, but a lot put too much emphasis on it, thinking Iāve got to sort my discipline out, but it just comes in the end, keep learning and the psychology falls into place.
This will help a little though - [URL=āhttp://purplepatchforex.co.uk/index.php/psychology1/nlpā]http://purplepatchforex.co.uk/index.php/psychology1/nlp](Resources ā Performance Edge Consulting)
Yep youāre right - and we dont even need to go outside our merry gang for help and advice - its on tap as it were (
ya, i know. itās obviously psychology. although itās not the typical symptoms like revenge trading or whatever, but for me it seems that i am trying to be ātoo perfectā (if there is something like that) when trading live. i am very cautious, thinking very very much about every trade. but it might be a bit too much at some point.
it seems that when iām letting lose a bit and behave more relaxed while trading, that the results get better (today was not at all the first time i experienced that). this is certainly not easy for me with real money. i am not a dumb guy, you know. actually a lot of people think iām quite intelligent. i was good at school and uni, although i have never studied as hard as most of my fellow students. and i am going to start doing a phd in finance soon. yet, i admire you guys, being profitable, pulling the trigger at the right levels, at the right times. i just want to be a professional trader so badlyā¦
has anyone seen āmillion dollar tradersā? at times i feel like the ex it engineer. he has described the markets as something like āin IT, with exactly the same input, you will always get exactly the same output. in the market, however, even if all parameters are the same, the output will be differentā. i really like that quote and can relate.
the market is too dynamic for the static thinker that i like to be most of the times. i think itās about ātrusting your instinctsā in the end. iām not talking about the stupid āoh i have a gut feeling, itās going up! itās gotta go up!!ā thing, but about trusting the instincts slowly incorporated into your subconscious by watching, learning, applying ictās methods. like many of you said (or was it just ppfx saying it multiple times??): itās about using the RIGHT tools, at the RIGHT times. i know the tools, and sometimes i know the times. but in my eyes choosing the right combination of them both is a very dynamic process and with complexity on a completely different level. could be exactly what the subconscious could do for a sophisticated trader whilst letting go.
just my 2 (analytical) centsā¦
Hi ICT and everyone!
As itās the end of the year I figured I would post what I understand and what I do not. There are many tools but I have yet to master most.
Things I understand fully:
OTE
SMT Divergence on correlated pairs
Kill Zones
Market Structure (Breaks/swings/ST,IT,LT)
Fibonacci retracements and extensions
COT and Open Interest for use with longish term swings.
Things I still do not understand fully or how to apply to trading:
Asian range:
I understand the rules as explained but still do not understand how the range is the accumulation of positions for the day. In the videos it is said āI use the asian range to see how smart money is going to trade for the dayā I still cannot use the asian range for this or anything beyond a rule for entry (Above or bellow.)
Higher time frame support and resistance:
Ok this is improving slightly but I would still really appreciate any insight! Itās said to be the most vital aspect of trading but iām still not anywhere near 100% on it.
At the moment I mark the swing highs and lows. I understand their roles and role reversals in the market structure world but I am not confident in drawing them. I have never had the same S&Rās as ICT has in any of his reviews. This is important to me because these S&Rās are the foundation of these trades. If I have them in incorrect areas then every other tool is pointless. (āYou need to use the tools at key support and resistances guys or they wont work! -ICT in nearly every video :Pā)
Pivot Points:
Iām still at a loss here. I have not been able to use these either. They currently offer me no % edge at all as they will keep me out of as many profitable trades as they will keep away form losers. For example staying out of a buy because price in in the resistance zone. Or buying in a support zone then price moves down further hitting stops.
Market Flow (Fractal indicator breaks)
The Judas Swing:
I do not have any way of determining a false break from a real breakout. I also do not know how to determine the reach of the judas false break if it is indeed a judas so entry is not possible as I do not know how to calculate what risk to use.
I also am at a loss in terms of ranking the importance of the tools. I know that S&R trumps all, but beyond that what holds more power I know there are no absolutes in trading but does anyone know the weighting behind each of these tools? Which are the ones that override others? What takes priority? For example I would currently ignore support pivots if market structure was down.
Can anyone help me fill in these blanks?
Not so sure, ICT says, learn some stuff, learn it well and do the same over and over again, day in day out, the problem arises when you are trying to do everything day in day out and doing it wrong.
Now let me think what tools Iāve used this week,
- Asian Highs and Lows.
- OTE.
- Higher timeframeSR (goes without saying), thatās the basis for all our trading.
- Divergence.
The setup, as youāve seen it, EURUSD, EURX, USDX, and all enough to bag well over 100 PIPS.
Iām finding it hard to think of more stuff Iāve used.
Iāve excluded pivots weekly and daily, COTS, Volumes I didnāt use, to mention a few.
Keep it simple, learn it well, do it over and over again, if thereās something going on in the market that is not clear to you, leave it, in couple of months time it will be clearer, then trade it.
TopFroxx, this sentence right here stands out, and I have a feeling this may be your problem. You are putting too much pressure on yourself to perform, which is going to get you into trades you wouldnāt normally take, for the sake of reaching your goals
excellent post! K.I.S.S. at itās finest. ICT has a million tricks up his sleeve, but only a few are necessary to be a profitable trader.
thanks for the replies guys. many true words.
ppf, so you would use these tools, and only these tools for your next trading week as well? did you use them (and only them) for your last profitable trades the last couple of weeks? because ājustā because this combination of tools worked this week, it does not have to be that way in another week.
Umā¦, I always whatever Iām doing use the minimum possible for maximum results, and I think this is the combination, I remember now, I also used reflection this morning, but thatās kind of OTE with a twist, so itās not a 100% hard and fast list. I didnāt see any real divergence to my Oscillator on my first trade this week, that was the clear Support Resistance on the 3 pairs.
But when you think about it, itās what you will see in most of ICTās weekly videos, minus the EURX, minus an oscillator, so that proves that simple works, and those particular tools work, he doesnāt use so few tools to show off he does it because they are the best and itās all you need.
Yes, I watch MS and MP as well, and the clean support areas, but those above are the 4 key tools, and you could have got similar results just by using those, use them and you should get consistency, more general understanding and youāll just keep on improving.
Also focus on what you are doing, and maybe on what one of us is doing, there are 3 or 4 of us here, that post a lot about their views of the current market, keep an eye on one, youāll get differing opinions, but whoās wrong and whose right? I know Iām certainly not always right, but if you look at one view, you can draw a conclusion from that compared to your own view, but try and compare 5 views and it gets a bit confusing.
These are just suggestions and thoughts, hope they help.
[I] Hereās a few things Iād note with regard to some of your points. I wont try and answer all of them as there are others here who are better informed of ICTās concepts but if it helps please see below:[/I]
[I] Higher Time Frame S&Rās ---- What I do is every Sunday I start with the monthly chart and mark up the key highs and lows. At this TF its pretty easy as there are only a few you need concern yourself with with regard to the coming week. Then do the same with the weekly (new cahrt). Then go down to the daily chart (separate chart) and do the same. I look back a couple of years and mark up the long term highs and lows which are obvious (and mostly the same as on the M and W charts by definition) and then the intermediate HLās over the past 6 mths or so. Then (again new chart) the same with the H4 - look back 6 mths to a year noting the near term HLās in particular then I do the same with the H1. I dont mark up my 15m chart as I like to keep it clean but what I do do is to have my Dly, H4, H1, 15m and 5m charts open on screen all the time - obviously reduced size but at a resolution I can see all the Key SRās on each time frame. This helps me keep my individual charts uncluttered and I can scan the all at once to see where price is at any time in relation to a partiucular timeframe H or L. If you do this you really cant fail to get the key HTF S/Rās and you can see them all the time without flipping through different charts at varying timeframe. Of course you can maximise a chart where needed but maybe its just a process thing thats causing your problem and this might help. I dont always get exactly the same S/Rās as ICT but Iām confident in the ones I track at each time frame and again maybe you just need more confidence in your own choices and to be honest it is near impossible to be massively different on the Key ones as they are obvious - as I say maybe its a process thing.[/I]
[I]Pivot Points āNot sure if youāre talking about ICT trinities here but assuming youāre talking about Daily and Weekly pivot points (which are noted on just about all broker sites) and you are using the ICT dailypivot macro all you need do is put them on your chart (I only use them on my 15m chart) and use them as confluence supports along with other tools like OTE, reflections KSRās etc. In quiet markets (no news) they can be pretty good scalp indicators but I recommend using them only as supporting indicators. [/I]
[I]Iām not sure you can weight these tools in the way you are suggesting. It might be that youāre thinking too deeply about each of them in an engineering sense and trying to afford each with some particular merit which is the same in all markets / situations. In my experience tools dont work like that - this is not engineering science -there is art in the application - experience really does help with knowing what and when - know that and everything will drop into place.
Another thing Iād say is dont sweat what you donāt know (apart from getting comfortable with HTF key S/Rās) and just focus on the stuff you feel good with - time and experience will do the rest.
I know this is basic stuff and I hope it doesnt sound patronising but anyway - hope its some use
[/I]
woolo,
Asian range, - just stick the indicator on your chart and use them as SR levels, Friday and Monday for the following week, other days for the next 24 hours.
HTF S/R, you just got to practice, watch the SR videos again, try and keep them to a minimu.
Pivot Points, I prefer not using them and just using the Asian highs lows.
Market Flow, just think of the basic, if the swing at SR is further than than the last, i.e. a higher high or lower low, the market is likely to have a higher low, and a lower high respectively, just think that as a basis, the rest will follow.
Judas Swing - Iām not that conversant with the Judas Swing, itās kind of expect it to do the unexpected, Part 7 helps a lot with it.
Best tools for me, as you say S/R then KILL ZONES (Topfroxx I forgot KILL ZONES) Asian Range, Fib/OTE, get those right and youāll be well on your way. Use them as your foundation, your prerequisites, without them youāll get cracks in your walls.
I agree with Purplepatchā¦
The Asian Range, HTF, S/R, OTE (Fib), Power of 3 Pattern (or Fractal) are the only tools I focus on for the last 2 months. I actually went back to those ICT videos and re watch them over again until it sink inā¦This past 2 weeks I manage to trade without losing just buy using this tools. In addition, having a bias before placing a trade as to where the market is heading either up or down will be a big help too. If I am not sure where the market is heading, I stay awayā¦ like today
I am still learning but I now know what tools that works for me and I am sticking with it and maybe later on I could add more toolsā¦
Thats all good advice thanks.
Iāll give the obvious highs and lows a go for S&R. I think Iāve really just been forcing support and resistance by using the fractal indicator rather than my eyes. Just drawing over the key swings then marking out the highs and lows of the moves with horizontal lines does appear to show support and resistance quite well.
Your description of market flow purplepatch is basically how I use market structure breaks because they are really quite clear and obviously repeating. Break down then retracement then a swing back down. This just repeats and repeats inside each leg of a higher time frame move. Iāve just abandoned the the fractal indicator approach to flow because the pure structure approach just looks so obvious.
Yeah I agree killzones are fantastic. Iāve got my London open as 7:00 to 9:00 GMT and the vast majority of daily highs and lows occur in that tiny box. Its pretty cool.
Thatās my interpretation atleast