Thank you ICT. Great rant regarding the FIBER on Twitter. Very educational stuff. Happy fathers day to all the Inner Circle dad’s out there. I think the goals below are achievable over the next month.
Performance:
Increase Equity in account by at least 1.8% each week.
Net at least 40 Pips per week.
Documentation:
Maintain a trade journal, which explains my reasons for entries TP, and SL.
Maintain my log of trades.
Prepare a brief paragraph of what I expect in the week ahead, independent of the thoughts of others. (Include a top down chart analysis) for Cable and Fiber.
Write a brief paragraph regarding my prior week performance vs expectations
Discipline:
My RR is usually 1:1, which I’ve been ok with as I win at 66%. However, I’d like to take steps towards improving, which will result in bigger wins. To do this I’d like to have at least 1 trade win over the next month that uses a Fibonacci EXTENSION (127, or 162). I’d focused much more on retracements for getting in to entries. I’d like to evolve to using extensions for projection
Continue top down process.
Continue the development of my trading plan.
Analyze every loss to see if it was a good trade that lost or if I did something wrong, and analyze every win to see what I did well, and what I could have done better.
My plan is to go back through all the materials and put them into practice with about 3 demo trades per week during the NY session. This will also help me learn the platform and tools better. I am a computer programmer so I already sit in front of the computer all day every day. I keep the charts open most of the time but I usually just watch them. So far I’ve only taken 2 demo trades. One was break even and the other was +50 pips. That’s going to change this week. I am going to start opening trades when I see the setups. My goal is consistent profits. Whether it’s 1% or 100% it doesn’t matter as long as I am building my skills.
Before committing to my goals I should explain where I am and how I got here. After spending a couple of months reading everything I could find then a month demo-ING, I opened a very small live account, before you all scream TO SOON, this was important to me as the psychology was always going to be difficult for me. Anyway the account size I am talking about could have easily been spent on books which would not have helped me with this aspect in any way. This was in January this year, I still have this account all be it much reduced to a point where money management is out of the window, not a problem really expected to blow it, however this has now become a matter of pride not to blow it. To get to this point I did all the usual things 200+ indicators, bells & whistles, but then found ICT. What a revelation, stop raids, OTE, power of 3 etc, etc. I love it, as a side note have I missed something about the new series, just come back of holiday!
So where am I now, not getting very far which is really stupid, I am getting plenty of profitable entries but failing to take profits as in the quest to build up my account I am chasing long runs, so my objective for now and continuing on is rather simple. I will be taking the break down the big rock approach, that is break down the big rock, then the next big rock and so on until all rocks are gone. To do this you need to analyse yourself and process on a continuous basis. So after all that my immediate goal is “breakdown the take profits rock”, that is close trades at first profit take point until proper money management can be employed.
P.S. hope I don’t regret sharing all this after I have pressed the button!
Oh man, be part of the “top shot honors” is a very special fathers day gift, thanks for that. I’m feeling honoured
For next month, I am going to reread the babypips school and focus on the Nyo setup.
Waiting for a clear judas swing low under Asian range low and check for OTE on Nyo, or vice versa for sells.
I want to get 1 nice trade with a 1:2,5 RR, which is 5 pct monthly with 20 pip stop, 50 pips tp
Also I must remember to add the spread to the level I want to enter because I missed a nice setup last week
Edit: needless to say I will start using the ICT Preflight Checklist to document the trades so I will have a head start for September :-))
First off, I need to iron out what times I am available to trade and stick to those times
Second, I would love to understand inter-market analysis and what risk on/risk off looks like, how other markets respond to either environment.
Third, I would like a fuller understanding of smt and correlation divergences
Fourth, I would like to see consistency in my manual trading and a deeper understanding off all these methods.
Fifth, I would like to take a minute and appreciate where I’m at. Just like my children (fathers day moment) keep growing and there perspective continues to grow, and change, so does mine and I’m willing to bet I will grow and develop even more. So sometimes in the journey it’s nice to think back and reflect at how far we have come.
Hi everyone. I am currently going through thw videos on ict other newbie thread (you all have gone through it i imagine). I just wanted to ask if it is worth going through the 1000s of posts in the old thread or if anyone could direct me to certain points that are essential to read over?
Please dont see this as me being lazy, its just i want to spend my time as efficently as possible as its alot to take in and go through!! I know its been said 100s of timea before but thanks ict for all your hard work. I hope in 6 months or so i would of caught up somewhat so i can be an active member of this thread. Thanks
from post 8248:
The more I see, the more I’m convinced it’s worth my time.
I know it's been said before again and again - and it can't be said often enough imho so here goes:
I highly recommend reading this thread from the beginning and to watch ALL the PTC videos.
That said, by all means - skip them in case you think you know it all. Rest assured your money will end up in good hands (mine ).
Ha ha. I def dont know it all otherwise i wouldnt be posting that question! I take it the same applies to the other ict thread i was asking about (…all new traders want to know…)?
Finish babypips school with a higher level of comprehension than I did the first time through.
Finish going through the videos of ICT with a high level of comprehension.
Continue to read the other thread which inspired me. " You know, the long one with over a million views"
Finish the 4 week challenge and learn to incorporate the lesson from it into my trading life.
Learn to see the right side of the charts instead of dreaming about the left.
Find the needed synergy between work and trading "I am a salesman, working schedule is nuts!“
Complete my wife’s biggest honey do, make a baby! " that is a recurring monthly goal” not sure if it counts but definitely has to be worked into the schedule because it doesn’t happen by osmosis!!
Happy father’s day to all of you father’s out there!!!
When I was learning how to drive (back in 2005) I enrolled myself in a driver’s training class. Also included in the class was 10 in-car sessions with the instructor. On my first session with the instructor, he told me that if I JUST did the 10 sessions with him, that I probably wouldn’t learn very much. He said the lessons would be much more meaningful if I had the time to practice driving on my own, in between the lessons. This way I could practice and become proficient at one skill, so that I could use the next session to learn something new… rather than waste all my sessions with him, learning the basics.
Well what does this mean for you? Luckily you get an unlimited number of sessions with ICT because the videos can be played over and over again! But the idea of being able to learn from your instructor [B]and then practice it on your own time[/B] is an excellent strategy to learn this stuff.
All the original members of this thread did NOT have all the videos given to them at once. We were “forced” to practice the lessons given in each video, as they were released weeks and months apart. IMO, this forced delay of information really ground those basic lessons into our heads.
Since everything is available currently, I understand it is hard to know what is considered “basic” and “advanced”. So I would humbly suggest that you do watch all the videos, but then only focus on implementing the concepts from [B]1 or 2[/B] of them over a few weeks, so as not to bog yourself down with too much information. Pacing your learning is essential here. It will take you many months, perhaps years, to really grasp the concepts at a practical level.
And about the posts in the thread… consider that a “bonus level” on the ICT video game. That will make some good sunday reading, but not particlarly essential to your ability to make money with these concepts. Even [B]consider focusing primarily on posts by ICT[/B], and certainly feel free to skip over all the posts made by myself, hahaha
I have a question of my own. I am currently beginning the third week of the four week challenge. The first week I included Sunday in the trading, The second week I didn’t because the day is so short and the range is so short you are making practice trades every two minutes and it drove me nuts! I began using Sundays high and Fridays low for Monday.
In short I would like to ask what method worked the best for the exercise and try to gain some insight from those of you who have done it and can give a bit of advice.
They’ll need to be in the exact location for MT4 to find them (after) you’ve restarted the application. Bruce’s post is BIG help and a step forward. I had some real confusion trying to find the indicators, load them into MT4, get them open once they were in there… It really added to the learning curve.
If you have any questions, please feel free to post in the Newbie section with a brief, accurate title and I’m sure someone will pop up almost right away with information.
