i’m not sure how the forex platforms work, but spread betting is classed as gambling, because we bet for example £1 per pip for cable to move up (buy) and every pip it moves up we are in paper profit until we close the position or until our limit is hit; you can also have a stop and also take off some of your position when it gets to a certain price. Also if you leave your position open over night then they charge you about 1 or 2 pips max, I think they do this because they have to close and re-open it as a new bet so that its still classed as gambling.
I think it works the same way as what everyone else is using but because its classed as betting we don’t pay tax in the UK. You can spread bet on pretty much anything too.
ICT should just move to the UK!!! he won’t have to wake up super early and won’t have to pay tax!! I’ve got a spare room in my house I could give him a room in exchange for mentoring lol
Had a -3% hit to the account today. It took a few hours for me to shake off the loss and now ready to move forward. Two weeks to go in the month … let’s squeeze out some more pips.
Hello Traders,
My earlier weakness was to chase the price and result, you know always loss. I have overcome that, no trade without
confluences, my quantity of trade has reduced too much only 4/6 per week, but I m very glad to find that last two weeks
equity is +15%. But here is a problem, most of the time I miss the boat. After watching hidden OTE vdeo, I practiced in historicaldata, it helped a little bit, but last two week in bearish market, to be honest I could not able to catch the anticipated price as desired. Most of the time placing sell limit order measuring fib from important s/r or days h/l or session h/l or institute level but price went near my order but did not hit due to 2/3 pip. So, I put orders few pips +/- from OTE, but this time instead of hitting 70.5 OTE it reverse from 62% on the other hand while placing order for 62% it goes above 79% level and hit stop loss 40 pips. Over all, Michael says it’s very important to catch the big move to make the equity big, but my result is poor in this regard.
I trade in 15 min chart and can catch the bias with top down analysis from higher time frame . Looking to previous day’s
possible OTE it’s always shows clearly where should be fib level drawn but running market it boggles me a lot.
Does anyone facing same struggle? If yes, how do you overcome? Or any suggestion from ICT forum will be appreciated.
yes struggling with the same thing…
I guess one thing that kept me from going short this whole week was the trinity, which is an essential part of my entry requirement… the fib extensions of the trinity also didn’t hold up as I was hoping for…
what I lack, among many other things, is the knowledge or feeling of when I can use the TT and when it should not be used…
it seems like TT works best in ranging environments but nut so much in trending markets? will take a lot of chart time to know when a ranging market is changing into a trending one before it starts moving strongly… because once it starts going in one direction, we apply the “don’t let the bus run over you” rule, aren’t we?
time for the weekend;)
this week really didn’t give me anything… Tuesday’s Judas up would have been a nice short entry BUT the trinity kept me out…
I guess G8 start today won’t be the friendliest market environment to make up the missing pips;)
have a great weekend y’all and I hope I’ll be luckier next week…
I am not an accountant, but I think that spread betting is tax free in the UK only as long as it is not one’s principal source of income. Once it becomes one’s principal income then it is subject to income tax just like any other income.
This certainly used to be the case, and I have not heard that it has changed. So I’d check with an accountant who knows his eggs before spending all the trading profits without setting anything aside for tax!
To be honest, for me, the ‘Hidden OTE’, is a little too hindesight for my liking… Its a great concept in theory but i dont think it is something i can see myself applying… Using OTE to get into a trade is great but only when it seems obvious… I’ve been caught so many times in the past where ive used to wrong swing high or swing long point to draw my fib and as a result been stopped out… I think its similar with hidden OTE, even in Michael’s example, i would find it difficult to anticipate whether to use the Asian high or low etc. I guess we should be looking for other confluences along with the levels it highlights but hmm - just can’t see myself applying it too much tbh…
For me, i want my trading to just become about the easiest most simplest anticipated setups that happen… The ones where there is no ‘maybe this level or this level’. I think if that means where i go down to the point where i am taking one trade a week then i would want that to be the case… For me my aim is just to be able to be consistently profitable on a monthly basis… No target - be it 2% or 20% a month, as long as my figures are positive i’m happy… I’ve achieved this the last two months and would like to be able to maintain this for a good few more months before i think about going live…
Thank you SanJ, I want and desire consistency weekly basis as trading live account, that’s why looking how to avoid miss the boat, otherwise have to repent, :o and congratulation you for last two months trading and wish good luck coming months/years in live account. :57:
Maybe I might be more on the aggressive side but I think going live asap would be great in your case. The sooner you start with real $ … the sooner you can adapt and that is a hurdle in itself. From the info I see you posting, I don’t see you bleeding money away anytime soon when you will switch over live so I would say just jump in with a small amount that suits you and go for it. Maybe set yourself up a rule where one or 2 negative months in a row initially sends you back to demo. Whatever it takes to keep you trading live and disciplined to meet your goals.
I know someone who basically is full time trader, but have a part time job which declares as main income, so his spread bet profits are tax free… :27:
plus, the mortgage people didnt like ‘‘trader’’ as a occupation too, so this was another reason for the part-time job (evenings and weekends, so not messing his trading times) :45:
I dont have to worry about this as of now, but this is the way to go. :57:
The revenue will turn a blind eye providing, & as long as, the spread bet returns aren’t considerably higher than the declared primary “part-time” income. But if his or anyone else’s betting returns begin dwarfing the declared primary taxable income, they will eventually tick up on their radar.
It’s no secret they now have compulsory audit trail arrangements in place with all the financial bookmakers which flag up & identify any large and/or consistent company-to-client debit/credit transactions.
That’s usually when the brown envelope drops onto the doormat informing you of an imminent “tax audit” where they will crawl over the details of all betting transactions, including dates & times, with a fine toothcomb. If they find any irregularities they will immediately override the paper declaration & demand backdated tax & NI contributions as well as issuing a hefty fine for late payment & deliberate avoidance.
Ive been planning to go live this summer since i more or less started demo-ing… But at the same time, i wanted around 4-6 months of consistent profits - that to me will tell me that i am doing something right with the way i trade and it will have the potential of being a good consistently profitable strategy… Once i know my strategy is sound - the only thing holding my back will be the psychological factors. I think tackling them separately will just work better for me and the way i am as a person…
So as long as i can keep up with ending each month consistently in some sort of positive profitability, then end of July / start of August ill be funding a live account with a small amount which is about all i can afford right now… That will give me a good month or so before starting my final year of university to more or less trade full time Monday - Friday which i am really looking forward to lol…
I do like the idea you mentioned of 2 negative months sending me back to demo - think its another great way to help control my capital and exposure on my account… I also was planning (and i think i actually saw this idea posted by somebody on here), for every positive ROI month that i have, fund my account with a little bit more money - whatever i can afford (student living lol) just to kind of keep the ball rolling…
But yeah, as long as i remain profitable by the end of every month, ill be going live in the next 2/3 months
:57:
P.S. and i can feel tycoon about to tell me off again for this… But the only time i feel like i shouldnt be going live yet is when i make ‘noob-ish’ rookie mistakes! I still feel quite inexperienced to most on the forum as ive only been doing this since really the start of this year… But like i said, 4-6 months of consistent profitability will be good enough for me
I understand exactly what you mean when you talk about the feelings of missing the boat. But (and i know this will be a lot easier said than done), but i think the best thing to do is to change your focus from thinking about the trades you missed - because orders didnt get filled, to looking back and reflecting on trades you did get in, but ended up hitting your SL…
The way i try to look at things, if my trades dont get filled, it is what it is. The market will still be there with more shots for pips tomorrow. No amount of getting angry or frustrated over missed trades will change the fact your order didnt get filled. I’ve started missing more trades because ive started using limit orders more to get into trades - i find it helps me with the whole ‘anticipating the trade before hand’ and not reacting to the market. So now if my pending orders dont get filled, i will usually be out the market…
Just focus on making sure the trades you do make are profitable and you wont have anything to worry about
I wasn’t profitable last year which was my first year of forex trading, however since starting a fresh in January after the release of all the ICT material I’m up 20% this year. I don’t think that’s great but I’m trying not to rush things, I’m hoping ICT will still be here for another 2 and a half years and I plan to gain more experience as I follow this amazing journey and learn even more. There’s no doubt in my mind that I will make
Millions from these concepts and I will travel to Maryland when I’ve reached a million so I can meet Michael and thank him in person, he doesn’t know yet lol and I haven’t asked him either lol fingers crossed he will be ok with it
hahaha I actually also thought about visiting michael once I reached my first anticipated level of compounded funds…to thank him in person.
maybe we should just all meet up in a few years in vegas or so;)
stumbled across this video. It’s a very insightful explanation of whats going on in greece.
If the Iron Hands of the forum admins allow me to put up the link, I’d suggest you all to watch it;)
