Good outlook and never stagnate over a loss or incorrect Trade idea… keep moving ahead and keep the focus forward.
GLGT :57:
That’s a really good idea, I’m going to practice that. The more you dwell on it now, the stronger it affects your state of mind next time you’re about to make a trade. And like you said, this goes both ways - win or lose.
I watched a set of trading psychology DVDs from Mark Douglas and one of the things he said really stood out to me. It was along the lines of: “Whenever you suffer a trading loss, it has the potential to bring you back into the feeling of the combined pool all of the negative things that have happened in your life.” Hell, do I know what that feels like.
I think the brain has this ingrained stance that it hangs on to all of the past mistakes so that you don’t repeat them, but this also has the downside of carrying around a history of mistakes and/or regrets. Being able to center yourself after a loss, therefore, is extremely important and also can be extremely difficult.
As for balancing after a win… well I find it hard to buy into a lot of the positive mindset stuff (a personal downfall of mine) so a little euphoria is alright with me
Nice discuss …newbie learn pliss
Interested to know too!
It was part of a theme that week on “misinformation” distributed by commonly accepted authorities.
:57:
Hi Michael, Can I clarify your comment? Am I distributing the misinformation or is the article distributing misinformation? I am genuinely confused by this and I am still waiting for guidance. You said you would reply that evening, and I followed up with another Twitter post to show where my confusion lay, but I haven’t seen anything in any of your Livestream videos or on here yet.
Best regards
Ali
Hello everyone, thought I’d give an update for my second month of live trading. I remember last month, I went down 4% in one day and so reduced risk from 2% to 0.5% and still managed to end the month at -0.78%. I am very happy to report that this month I pulled off 6.57% while still risking only 0.5-1.0% on each trade. 5-6% was my goal so I’m quite satisfied with this result. No insanely big returns required here, slow and steady haha.
I still have this big mental issue where I move the stop to breakeven waay too soon. If price moves in my direction about 10-15 pips, I move the stop to breakeven or breakeven+1. More often than not, the price retraces and clips my stop before going back in the expected direction. I can’t complain too much since I’m still coming out of these trades +1 pip, but I’m trying to figure out why I do this. In the 6 trades that this happened, the price only retraced back to the original stop twice. So if I had left the trade with my original stop and original take profit, the results would have been much better. But my brain!! It tells me to move into that “no loss possible” zone even if it means cutting potential profits waay down. Strange brain.
Anyway, if anyone else experiences this or has figured out a way, let me know! I’ll just keep practicing control, we’ll see how next month goes. Thanks everyone!
Gj, I have had the opposite problem, not moving my stops and putting expectations on large swings that have not transpired and been taken out and let a winners turn to losers. Haha
But if you have clearly seen that you are moving too early and it would have been better to just leave it, then write it down and put it in your rules for next week/month and out loud say ‘I will not move my stop’. best of luck
I’ve been waiting for this setup on the EUR/USD for a week now. The 1.3280 area was marked as a resistance line almost a couple months ago. Also, it was the intersection point for a descending trendline from all the way back to Feb (I don’t know what people think about trendlines, but I’ve noticed them act as key levels in the past). Also, the stochastics on the daily were in the heavily oversold area (again, I don’t rely on the indicator but I do observe it occasionally…).
I somewhat scaled in, with one sell limit at 1.3271 and the other at 1.3277 (Yeah not much of a difference I suppose) at 9:40AM EST. I took profit on one of them at 1.3224 (as a buffer to the support level at 1.3220). The other is still running with the stop moved up (somewhat arbitrarily, just breakeven + a little).
I’m quite happy with the trade as I can count the number of 50+ pip trades I’ve made ever on one hand. Also, this one closed trade netted me 7.75% while still risking a moderate 2%. That’s my target for the entire month! I was even telling myself last week how I need to learn to make one good trade a week rather than scraping pips on a day-to-day basis. Less time in the market = less chance of losing money right?
Anyway, sorry for the rambling post - I’m just really grateful to have found a community like this and teachers like you. Thanks!
EDIT: I forgot the mention the very first thing! 1.3263 was an OTE level from the highs near April 2. So I kinda took the whole region of 1.3260-1.3280 as my potential entry point.
Nice Trade!
Caught the same OTE at .3265. Covered 80% at .3220 and the rest at .3205
Did you end up closing your position? I left 20% of my position still running as part of my practice with getting comfortable with longer term trades, moving the stop only after dips or bounces. That little piece I left running is at +130 pips now! Unbelievable…
No, I closed it all out.
I hit my target for the week and more often then not, when I don’t close my positions, they move against me, so I decided to take my profit and run on this one.
Nice move holding on!
Alert: GBP/NZD daily chart in an OTE short situation, and bouncing off the 2.000 figure at resistance.
Just sayin. 
Just saw this thread today. I’m a little behind… Haha, I’ll be lurking around. 
So bad unemployment #s for the Kiwi killed that little dream for the moment. Keep an eye out on this one though, the techs line up.
Anyone know how ICT is getting the Nasdaq, Dow, and S&P averages to show up in MT4? Or does anyone know a site that will show the hourly figures for those averages?
I had set the target to 1.3103 and it just clipped it this morning. That hit my 6% growth target for NEXT month… Think I’m gonna sit on the sidelines for a week or two before I get overconfident and jump in and lose big. Thanks, and good trading everyone!
Hey there guys! Hope you all are having a nice weekend. I’m sitting at the screen this Sunday and while going over the different pairs I came over a nice potential long setup on the AUD/USD. SO far I haven’t done so good with the ICT concepts, but I’m hanging in there and think it’s a good idea to share my views for others to see and review so here goes:
AUD/USD Buy setup (Daily)
[ul]
[li]Divergence on the USD Index
[/li][li]Divergence on the Accumulation/Distribution Indicator
[/li][li]Oversold on Williams %
[/li][li]Divergence on Stochastics and Oversold
[/li][li]Price in a monthly Trinity level buy zone
[/li][/ul]
As far as Support & Resistance the 1.0150 level is interesting and on top of that, by drawing a Fib from the low of 2011-12-15 to the high of 2012-02-29 we have a nice OTE converging right at the 1.0150 level which also happens to be an institutional level that has provided some support in the past.
Have a look at it yourselves. I’m unable to post an image at this time, but will do it as soon as I am back at my main PC.
What do you think? Is this a good long setup on the AUD/USD?
