Or just short cut it, learn it live, follow along with this thread, see the guys take the trades, they always say what they are about, if not then ask, you will learn loads.
Lazydogs - I couldnāt agree more with what you said earlier. Iāve been following ICT for about 2 years now and just started trading live 2 weeks ago, using the simplest tools like S&R, OTE, SMT divergence, along with Chris Loriās āinefficient price movesā stuff that Iāve seen in a couple of his videos. But I always keep a look out for the more complex stuff that ICT taught and it can help just add extra confluence and make you more confident in a trade.
JUAJIT - Iām not sure how much benefit you would get from just reading through all the threads because everything ICT taught was in his videos, he didnāt really post too many charts with explanations of tools and trades. But Iām sure the videos will be back soon on his new website. This can be your first lesson in patience. Better to get used to it sooner rather than laterā¦
Also, maybe check out Chris Loriās website as he has free videos and thereās kind of an overlap in some of the tools him and ICT use. And ICT always recommended him, so it would be a good start anyway.
Youāve been following ICT for 2 years now and all of sudden decide to join the forum here? What prompted you to come out of the woodwork?
Firstly if you donāt have the time for learning forex, then move on. This isnāt for you. Secondly, donāt try to run before you can walk. Ie learn the basics from the school here. Get some charts out and pick ONE pair, watch and learn how price moves. Get the data and play around with that. Then pick some of the popular threads here and see if you understand them. Give it a year before you can jog.
Well the last 2 years have been on and off so Iād always fall behind, then spend a few weeks catching up with videos and stuff, then fall behind again, so never really had much to offer in terms of discussing trades people are taking. But now Iāve started trading live, it seems like the right time to get involved.
Fair enough. Which broker(s) are you with your live account?
Bear - good to see you join, the more the better we are - please keep up with your analysis - thatās how we can hope to win. ( they call us dumb because we cannot work together, they call themselves āsmartā because they do).
Thanks for the welcome, Peter. Itās nice to have a group of people who understand and use ICT concepts to talk stuff through with. I know it all went tits up with the challenge but Iām confident his tools are the real deal. However, it seems like a no-no to utter the words OTE, market structure or SMT divergence in any thread but this one.
mrchilled - I use FXCM. Was it you or someone else (BigInTheCity, maybe??) who talked about using the One Touch Binary Options. I was wondering how itās different from just ābettingā Ā£x/pip that the market will go up or down? Is it more risk? Less risk? Or just the thrill of putting an actual bet on. Which I understand I suppose. I get bored watching football unless I can stick a tenner on something! (A trait I make sure I donāt carry through to trading. But who would need to? Watching these charts is exciting enough even when thereās no money on the lineā¦):22:
For those with that million dollar question (not the million dollar song): [B]Where do I begin[/B]
From there on, please search this thread and/or previous ICT threads for explanation, search the internet or drop a question here.
Most important, those tools are nothing without emotion, trade and money management.
Its like a wheel here all same questions goes around comes around, but in reality is easier than u thinkā¦
I totally agree. ICT may have introduced dozens of different ways to trade but in reality all you need is 2 or 3 different parts of all those methods to be consistently profitable. So many newbies over complicate the process by trying to add 20 different indicators, signals, or whatever else. It just doesnāt have to be that complicated.
i feel the same about the material, a good collection of tools and explanations, though not a complete way of trading. A trading plan would have something like - this is the idea, the entry, the stop, then some scenarios about what could happen, and if it goes my way what do i do, and what if it goes against, what i do then and why and where and at what specific price. i believe that things are not as simple as set an entry and a stop, then hope that stop is not hit and price goes enough to take tp1. but i may be the person who complicates things, and yes itās not that simple. you guys coming into this line of work and are just beginning, do not for one second believe it is āthatā simple.
iāve heard not long ago someone else said he would demonstrate how simple things are, yet the fxbook is no longer there and thats that.
excellent point.
money management, risk 1% wait? how about where i add if it goes the right way, and where to take off if it goes the wrong way. Trade management - where specifically do i know i am right, and where specifically do i know i am wrong. what do i do then? can i do what i am supposed to be doing? - emotion management
perhaps setting a stop at 30 pip and having it hit is a form of specifically knowing one was wrong, but the cost is 30 pip, do that twice in a day and itās 60 pip in the red and good luck having a positive emotional outcome on the third trade.
i just think that one has to be careful with some of the information and some beliefs that float around, and careful to not wait on having that 30 pip stop hit too often. Good luck to all into this coming week, and best success in building a good method.
Maybe we should make a thread that is a concentrated discussion on market structure / market flow discussion I think that would be useful for newcomers that want to learn while they wait for the video releases, as well as for us who have doubts (myself especially)
???
I bet when youĀ“re just starting this thread is overwhelming, it still is for me.
this could be a good idea, to take one significant concept that many people use, and focus discussions around it until it becomes more clear how people think about their trades.
in connection with trade management, many moons ago there was a document somewhere on the internet about a trader known as Phantom. written in a general style, no method described, but i remember it made make a few clear points about developing one, and about trade management. Some people may still find it helpful, one of the ideas was that pros approaching a trade have an outcome expectation, yet they keep doing things, i.e increasing or reducing position along the way until trade is closed.
on a side note look at gold / other commodities
gold went crazy
The rest of commodites also have dropped this week, probably due to the feb 20 FOMC Minutes, if you look at stocks theyĀ“ve also dropped, we need to now watch if this continues, if so then I can see USD gaining strength.
For me, tools are just toolsā¦ It wonāt work if you donāt know how to use it, when you are going to use it, and what time or events this tools are apply to. We trade or speculate the market base on our own beliefs. Those beliefs are base on what we see or what we had experience before, the analysis (technical and or fundamental) that we did prior putting that trade.
I also went thru this thought process as you have stated above. There is nothing wrong asking these questions before or when you are in a trade. I think it is healthy for traders to practice this thought process as they come up and record it if possible in a journal so whatever the outcome is (win/lose) you will know if you are repeating the same mistakes and how you can correct them later on. Trading plan with a specific goals in mind can help as far as how many pips you want to come out on this specific trade or how many pips you are willing to lose but you still feel fine about it. You know how they say donāt be greedy, so having that specific goals in a week or a month of ROI will help you to reach that goals and donāt have to keep wondering around whether if I should hold on the trade, cut my losing trade, or just close it when it hit my TP because you know what your target isā¦Most of us here are Intraday /Day Traderā¦It would probably a different scenario if you are not an intraday trader.ā¦Maybe a swing trader or position trader will have a different situation than thisā¦I donāt know how they do it yetā¦maybe I can figure it out when that day comes 
Can we make our trading strategy simple in a complex trading world? Yes, we canā¦everything is possibleā¦ but not when we are just starting out and still trying to figure things out what method/systems/tools that will work for each of us in every given trading opportunity. Keep learning and focus more on winning consistency even if it is a small % of return/pips.
Well, thatās my beliefsā¦
Hi again,
Iām afraid I didnāt explain myself fully in my last post. Iām an experienced trader (trading live for 4 years plus 3 months trading demo). What Iām looking for is some tools to add to my trading system. Thatās the reason I said I had no patience to go through the hundreds of pages full of posts of this thread and the previous ones: Iām not looking for a full trading system, just some pieces to add to mine. I trade the 4 hour and daily charts, so i guess iām a patient trader. So I think Iāll keep following this thread from now on to see what trades you take and why, and waiting for the videos to be re-loaded. Thanks to everyone
Regards
Michael is back YAY!
it is about beliefs is it not! amazing how they work, for good or otherwise they are powerful entities. take for instance ICT discussed trade setups that went on for 70, 90, 160 pips, and it didnāt matter the extent of his live trades as long as people believed it was possible, they looked for ways of doing it and some found those ways, and there are traders that now show setups of 100 pips and more.
and a lot of this happens with the journal,
in how itās being said people should know themselves, and i wondered what on earth are they talking about? itās not like you can invite yourself to a meeting and talk to the other āselfā but the journal was in a way a tool to do just that. everyone should give it a try, the insight is amazing
Is ICT BearMark or PishPoshā¦ I was happy to have gotten myself off of the bashing threads mostlyā¦
For a while Kuzia, I suspected you were ICTā¦ Funny thing the on line worldā¦