The Inner Circle Trader's Millionaire Traders Guild

My objectives are pretty much the same every month.

  1. Stick to NYO OTE rules
  2. Trade only in the direction of higher TF
  3. Don’t over leverage
  4. End the month with a net gain

I don’t set specific $$$ objectives this helps avoid let downs on bad months and curbs getting to “proud” on good months. Can’t wait to find out what this mysterious August event is.

I keep wondering as well and am excited to see just what it might be! Perhaps something to do with the 7 modules on the first page… Inner Circle Trader’s Trading Plan Development… Like the seven seals of revelation.

The anticipation is the only things in common here, because I know almost nothing of either. But it is something to ponder for sure!!!

Near-term Goals (end July all):

(a) Finance

  • Finalise Q3/Q4 2012 money management plan, incl. risk/return and net pips to deliver, based on 30-50p pw

(b) Training

  • Revisit ICT Session Open/Close, Asian, SMT & COT modules
  • Selected modules from Clark’s torrent download
  • Revisit selected Babypips school modules to align with the above
  • Backtest selected ICT patterns using testing software

© Process

  • Stick to nightly analysis pattern, based on the ICT elements and checklists.
  • Monitor selected web analysis feeds
  • Monitor LO/NYO real-time more frequently

(d) Technology

  • Relocate VPS
  • experiment with Trade Management EA’s
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My main objective is to overcome the fear of being wrong. And plus getting rid of stop raid paranoia every time I would like to enter the trade!!! This has taken me out of many profitable trades which I had initially planned to take.
Therefore my goal is:

  1. Always stick to the trading plan.
  2. Achieve using a consistent approach in own trading system. (I believe only this will take me to a consistent profitable trader status!)
  3. Continue reducing losses of my live account which I have made before using ICT trading methods.

And also i would like to note that thanks to ICT I have gained much more belief in my future success!

GLGT to all of you! :slight_smile:

My objectives for next month:

1.read one book
2.improve my winrate, RR(risk/reward ratio) already did!
3.do more kitesurfing :slight_smile:

Objective for next couple of months:

1.Forex has become boring!

It is not a silly question. Markets do only range and trend, but they range and trend on multiple levels. How do you assess the probability of a trend moving into a consolidation as opposed to a trend moving into a retrace and continuation of the trend, or an outright reversal? Put another way, how do you identify the cycling between risk on and risk off, and the probable duration of such environments on multiple levels? There are optimal points in which to switch your bias in order to minimize risk i.e. a balance between jumping the gun and waiting for it to become obvious to everyone, and this takes experience and chart time more than anything. Don’t get me wrong - we have excellent tools that can help to guide our analysis, but they are discretionary tools in an ever changing market, and although you may see set-ups occurring over and over again, the whole ‘top down’ picture will never be exactly the same. It is just a case of using the tools that Michael has given us, and fitting them into a correct analysis of current market bias.

It is that changing of bias that has prevented me from fully realising the consistency that is possible. I catch the same killer moves that everyone does, but I also drip it back to the market on occasion. My own understanding of COT and Intermarket Analysis is helping in this respect, and I believe a more active understanding of the higher TF intermarket relationships can help everyone. It always fascinates me when I look at the other markets and see that they are also at key levels, or that one of the markets has been meandering around only to start moving again once the other market has hit a level that it was obviously aiming for. This applies across Treasuries, Commodities and Stocks, aswell as the other currency markets. I can’t profess to always know the cause and effect, but I am working on it.

Michael: This is what I have been looking at recently, and my goal for the coming month is to continue making connections between these markets. I don’t set myself a particular profit target - I just focus on the process and try to improve my understanding of where the market is currently at. I used to get all excited when I had a run of good trades, and depressed when I had a run of bad, but now I just focus on the process because the emotional turmoil is more likely to take me out of the game than the loss of any funds (which I control strictly).

Regards

Technical:

  • I want to give the Intermarket Analysis greater importance in my overall analysis, especially the bond market. It is fascinating how simple those concepts, you have shown us ICT, are, like the Yield/Stock Indices divergence, but so powerful. Waiting for the confluences to happen and BOOM - one shot, one kill!
  • I want to give the SMT greater importance. I have been looking for it in the past, but rather not frequently. I will include this in my daily analysis routine, using it at key S/R levels.
  • Spend further time with Market Structure analysis.
  • Plant in my mind the positive habits - always focusing on higher timeframes and firstly key S/R, then intraday.

Management:

  • Write down my daily trading routine, which will help me to build a habit for my analysis. I will optimally diversify my time to make my business - FX trading - more efficient.
  • Further work on my trading plan, determining how I will react in different market conditions.
  • Working on scaling out scenarios.

Psychological:

  • I have a written plan what I want to achieve with FX trading and I will always have my longer-term plans in mind, rather than focusing on the short-term. I’m still a student, but this isn’t for me a hobby because I’m bored or whatever, it is a serious business and something I will do in my life. The 2 years I’m in FX were a rollercoaster, but I accept this as part of the business cycle. Very few businesses become profitable immediately.
  • Healthy optimism, not exaggerated expectations.
  • Patience, not greed.
  • A major advantage of using the ICT concepts is that I have complete faith in it. If I should at a stage have difficulities, I can focus on my weaknesses as a trader, there is no place for “maybe is something wrong with the concept”. It’s on me only to get back on the road to success should I temporarily swing off it. I feel not that I’m overstating, when I say the concepts here have changed my life.
  • I have not only faith in the concepts because ICT trades with them successfully, but because I have seen them so many times working accurately, when I was monitoring the market. The thing is - those concepts are part of the basic market mechanics. Anyone who spends enough time with it, will see the concepts describe how the markets work.

Sorry for the rant :stuck_out_tongue:

Hello to you all,

first of all thanks for keeping those efforts going and for helping all people ITC.

secondly i need to talk a little about my self, i’ve been demoing since april and the account begun with 100€ in it and now it’s with near 800€, i’ve ben trading for a long time but using indicators and it as been a little frusttrating this walk i took… after i discover ICT concepts and tools the story change direction and yes finally the results become to show positive numvbers…

as my main objective till august 1st is reach the 1k on the demo account…

after 1st august if i reach the 1k the objetives are:

1 - open a live account with 100€ in it
2 - increase my win ratio that actually sits on 66%
3 - increase the R:R ratio cause mainly is 1:1
4 - reduce the number of trades that i take cause as average i take 2 trades per day
5 - perfect even more the LO, NYO, LC, and asia tactics
6 - learn to stay out of the market and avoid the 33% loss I still take
7 - perfect COT charts analisys
8 - learn the concepts of using the trinity (never used nether seen the vids)
9 - end the 1st month (august) of live trading positive with at least 10% off the account monthly.

these are the individual objectives

Collective objectives these are not for august only …

1 - create a room where all ICT followers can be in and chat live their doubts so we can learn from each other in a more quicker way, (never negleting the foruns ofcourse)

2 - create a live trade room where we can invite the users to show is trading style and the aprouch they do in the daytrade session, live to all other folowers that way we can see where they make mistake (if they still make mistake) and help in a better and directional way - this objective is hard to reach but i’ll try to do it, it’s hard cause i dont have that computer expertise but i’ll try really …

well i think it’s all for august.

PS - never forget to give to others what someone offered you once, and only ask nothing in return…

My goal for next month is the number one reason one should trade Forex:

  1. Make money
  1. Only trade Tuesday, Wednesday & Thursday
  2. Be ready for New York Open
  3. Trust in the higher time frame key levels and wait for price to meet them.

…1st off…congrats to everyone on the Top Shot Honours List, it really is an Honour to be recognised by your mentor for your hard work, and its great getting the results after many hours/days of studying, ((the learning never stops though :wink: ))

as ICT says…before i go down a rabbit trail… my months goals…

  1. Try to catch 1 weekly range (hopefully 2), i mean most of it in one trade. I believe this concept is my ticket to success. The risk reward ratio is amazing and gives me the buffer to take losses when they will inevitably happen, Plus trading is less stressful.

  2. If i miss it, trade in the same direction for that week.

  3. Aim for 2% a week, but more importantly 8% for the month. This way i don’t feel bad if i don’t hit my 2% in one week, i know i have a whole month to do it. Less pressure.

  4. Keep watching the showcase pattern every week and go back through the charts and see where i would have applied them.

lastly…Good luck Aaron (Akeakama) Everyone wants to see you make it. Be the first to open the flood gates!

Not much to say except:

  1. Be prepared before LO… have HTF bias/direction in mind alongside assumed s/r levels

  2. Stop chasing trades

  3. Not to fully close out any winners under 2:1… only way to leave the market will be a TP, BE or SL… no manual closing

  4. Make a start re-watching the original ICT vids

First Objective
Patience. I will wait till my setup ( Most of the time I enter market before the perfect time).
2nd
Not to give back my targeted pip to the market. (Most of the time I earn my weekly target but due to greed
or over traded I lost)

You should try ommitting Sunday Trading… see what that does for your learning.

Nice guys, I’m loving the goals and objectives! :smiley:

There are 2 things I really need to work on:

  1. Patience
  2. Discipline

I guess they both go hand in hand in any event. So fewer trades, ZERO trading after either a win or loss, calling it a week when I meet my weekly goals, waiting for the EXACT key levels I have marked, not somewhere closeby, not trading for the sake of trading, taking some profits off at 30 pips etc - you get the idea :slight_smile:

You might want to rethink this goal. If not it was nice knowing ya PureMuscle but looks like you will not be trading after your next trade :stuck_out_tongue:

Hahahaha well spotted bro! :stuck_out_tongue: My mistake, I meant to say no trading immediately after a win or loss :wink:

What i find more interesting is that even though as a group, we are all being taught the exact same things, in the exact same ways… But we all find different things difficult to master…

Guess it just goes to show, it really is the trader that makes the strategy work, and not vice versa!

:57:

I need to increase my profits. May sound flippant but it’s true. Still profitable since going full time but it is week to week with meeting the basement goal of covering what I used to make in my previous job.

I am so impressed with some of the pip hauls you guys have been taking down by swing trading.

So to increase profits I want to transition in to being more of a swing trader than intra-day scalper. I’m really working on that this week.

Again thank you to you Michael for kindly and generously showing and sharing your knowledge and experience with us.

Happy Father’s Day to all fathers and mothers who also assume father’s role.

Briefly my objective for next month and onward:

  • review and keep reviewing ICT lessons until it burnt into my minds, no matter how long it may take (following Jade Master’s story)
  • developing my own customised checklist and trading plan;
  • documenting my daily analysis and actual trades taken, take note for any lessons to be learnt.