Gotto say thanks ict! Since studying your stuff, I’m up 180 pips this month - happy Christmas and lots of luck in 2013 all
No, I was getting annoyed with what you said earlier in the thread when you were discrediting him, saying his alleged under performance would cause people to lose interest. What gives you the right to hate on him? I understand if you get sick of hearing about him but no need to go on blast about it. Just move on.
For the comment about Professional traders I have another quick statement about that.
About six months ago I was in the L2ST trading room for two months with Kam Dhadwar. He is by far and away the best trader I have ever come across and the quintessential professional trader in every sense of the word. His weekly goal is 30k and he hit that goal every week that I was in that room. When you sign up for his room you get his philosophy, methodology, business plan model, and even a performance tracking excel sheet like pro athletes use. Not one time in the hours of videos he gives you and the ones on his web sight does he talk about big banks or QE3 or any fundamental news. The only time he talked about news was in the morning before a news release. Kam’s style was to build positions just like the commercial traders do only he was doing it on a smaller scale of course ie. intraday.
Sorry but professional traders who make 30k a week don’t run trading rooms for $xxx/month. Sounds like just another marketer. There’s thousands of these guys on the internet.
When I say professional, I mean they are earning a salary to trade… Someone employes them, and they are fully certified…
I’m not here to win everyone over to looking at fundamentals… For those that don’t, years of frustration will more then likely be more convincing then I… And if you are entirely successful and happy plugging away with tunnel vision on the charts then that’s great! Give yourself a slap on the back for being more successful then the pros while using less of the tools available…
Thanks. I think it’s important to keep up with key macro economic data but I still don’t feel it’s absolutely necessary for day to day trading. For me it’s more useful to prevent entering the opposite direction of a trend which has just established due to a rate cut for example. Also I’ve heard of plenty of profitable pure technical traders in history such as those profiled in the market wizards books.
He would not say exactly what his account size was but his daily risk limit was about 6k and he would say that was less than 1% of his account so I assumed he had at least a 1 million dollar account.
So his goal was 3% returns per month… Lol?
Yes, I understand your logic because it doesn’t make sense but if you spent two months in his room like I did you would have no doubt that he puts out these numbers. He builds 40 lot positions on average and distributes them accordingly every day. His level of confidence in his technical analysis is incredible.
What? did you read it correctly?
dude…
weekly goal = 30k
that’s 120k a month
=1.4 mil a year
lol
Ok weekly, yes I misread… So 12% monthly… How much did you have to pay him to join his room?
$199 Euro a month which is about $320 for me.
Do you know how many subscribers he had?
Come on Banker we are getting off the subject. Let’s just give ICT some credit. The man has done a phenomenal job of teaching well rounded mechanics for technical and fundamental analysis.
sorry but, i don’t even understand your point anymore. That some people look at fundamentals more, and others less, sure not a problem in the very least. isn’t it always like that. if i want to go to another city i suppose i could read the departure schedule in the train station, or i could sit in the field looking at trains and attempt to jump into the one i see directly passing. something i will never try :18: but there’s people who run the trains and people who read the schedules, so what?
Uhm ok… I’ve stated my point pretty clearly. Perhaps you should go back and read through the discussion???
If you are not extensively analyzing fundamentals, not basing the markets bias and direction off of fundamentals, and are placing most of your emphasis of your trading decisions purely on chart patterns and price action… Then you are doing exactly what professionals don’t…
That’s my point.
The result of ignoring fundamentals is that you have no clue why price is moving, you have no clue whether or not a pattern is going to succeed or fake-out, you are just hoping that if you trade the patterns enough times, you will come out top due to a pre conceived notion that the pattern gives you an edge. The markets change, patterns don’t behave the same over long periods of time. … And trying to guess if price will respect a S/R level or break through it isn’t guessing anymore when you know the fundamental context the pair is operating in when it reaches that level.
Sure some may look at fundamental more, and the others less… 90% of the posts and threads on this forum suggest most would fall in the latter category… Otherwise I wouldn’t be trying so hard to explain this.
Banker are you doing a myfxbook at the start of the year? I recall ICT challenging people (yourself included), and Jezzode I recall actually stood up, but I didn’t know if you wanted to or not.
The day he made that challenge, early October if I remember correctly, I told him I would make a myfxbook the next day and start right away… Otherwise I wasn’t going to wait around for him dragging his feet… For whatever reason he insisted he had to wait until January rolls eyes … So I’m not going to wait around for his schedule to line up
i would love to see what a fundamental trader can do. whether it’s impressive or not. as you already said, there are pretty much only technical traders here, so i would like to get some perspective and see what is possible. pull yourself together and join the challenge please. for the sake of education. or if you don’t want the challenge, just a myfx account to follow would be nice as well. to see how long your average trades are and all that.
If I made one I would make a thread to go with it, no point just putting up trading performance without the justification… So if I ever make a thread, the myfxbook would be included.
so, will you?