Time to crack some pips ICT style!

[akeakamai]

Amazing results PM!

Are you compounding this account from where it is now, or are there plans to deposit funds in the future?

[PureMuscle]

Amazing results PM!

Are you compounding this account from where it is now, or are there plans to deposit funds in the future?

For now I’m compounding - still paying off some wedding debts But after that’s done I’ll start pouring some money in

I like trading with the small account though because I’ve reached a point where losing a trade doesn’t hit me so hard from an emotional standpoint. There’s just something “epic” about building a small account into something substantial

[PipJoker]

For now I’m compounding - still paying off some wedding debts But after that’s done I’ll start pouring some money in

I like trading with the small account though because I’ve reached a point where losing a trade doesn’t hit me so hard from an emotional standpoint. There’s just something “epic” about building a small account into something substantial

Heh, i was thinking rather the same thing - “What happens when I actually start making money out of this!!?” Its like “is this real?; Is this really possible?;” etc etc It somehow hard to let yourself believe that you really can make a living like this, and a GOOD living. Why i think its the same thing because when you lose 10/20$ a trade MAX its not so hard, you don’t eat for that, you don’t pay your debts for that. You can always calm yourself down and say “I’m just learning”. But when you start making 1000$ a month/a trade then it starts to mess with your head… Then fear comes into play and this is a new psychological barrier am facing right now. New fight is coming

[IyaJenkei]

Heh, i was thinking rather the same thing - “What happens when I actually start making money out of this!!?” Its like “is this real?; Is this really possible?;” etc etc It somehow hard to let yourself believe that you really can make a living like this, and a GOOD living. Why i think its the same thing because when you lose 10/20$ a trade MAX its not so hard, you don’t eat for that, you don’t pay your debts for that. You can always calm yourself down and say “I’m just learning”. But when you start making 1000$ a month/a trade then it starts to mess with your head… Then fear comes into play and this is a new psychological barrier am facing right now. New fight is coming

That’s what I’m debating lol I’ve reAched the calm with a small account. thinking about dumping half my savings and seeing how I do emotionally. Ive always thought the best way to learn is just jump in.

[akeakamai]

There’s just something “epic” about building a small account into something substantial

Yeah it’s smart too

It requires patience to do that… a lot of it. especially if you have the “disposable” funds sitting right there.

I could never do that properly and I paid the price. I don’t know if it is just me, but every time I’ve jumped the gun with deposits, it ended in a terrible run of losses.

For me, the only way it seems I can handle deposits is by small increments. To me, it is important to get comfortable trading with the account value, in order to have the proper psychology to accept wins and losses.

And if you can get to the point where you are simply risking profits only, and not the capital base itself, you can make trading even more comfortable yet.

[leecote]

Hi PM, Another ICT disciple here, but earlier on in my development than you. I just found this thread and read the first page, it looks great and I look forward to applying your checklists and hopefully some other hints to my own progression. Thanks for sharing your results, it’s nice to also see ICT’s methods from another’s developing perspective.

[PureMuscle]

Nice - had a bit of a break to close out the month, so here’s to September and more profits!

[TopFroxx]

Nice - had a bit of a break to close out the month, so here’s to September and more profits!

nice to have you back bro. looking forward for more trade ideas

[PureMuscle]

I took a break since Aug.8

It’s been so long that I barely remember how it feels to trade. I have been observing… just watching the tools work. Got to be honest I don’t feel like I missed very much. You caught what there was though man, really impressed what you did this month, very inspiring. And to think… September it only gets better lol

nice to have you back bro. looking forward for more trade ideas

Thank you very much kind sirs! Gotta show ICT that his stuff works ya know

First trade since coming back (I couldn’t resist until Monday!) and bang on the money - gotta love this business

Pair: EURUSD
Bias: LONG
Entry: 1.2505
Exit: 50% at 1.2550

Remainder targeting 1.2570 or so

[PureMuscle]

I would like to reflect on this month for a moment. Here’s a post I made right at the start of August:

Haha thanks bro! I have told myself now, the reality is that at this stage in my trading I would rather be disciplined that be profitable. Even if I lose each and every trade I take, I am focusing entirely on discipline. That’s why I have been risking 0.5% on each trade so far, and I’m doing my absolute best to stop revenge trading too. I agree with your sentiment bro - consistency will eventually lead me somewhere closer towards profitability.

I’m gonna get the toughest part of trading sorted before focusing on the fun part - that is, applying ICT’s concepts in each and every trade : D

So I have no intention of quitting until my account balance is $0 ; )

After pulling back 22% this month, I can say without any shadow of a doubt that discipline is the key to success. It doesn’t help being an absolute master of ICT’s tools if you lack even the most minute aspects of discipline. When things start going southward, hang in there and cut risk heavily no matter how absolutely tantalising a trade looks - your fortunes will change, trust me, or better yet, trust ICT!

My biggest learning points from this month would be:

1. Cut risk after a loss EVERY SINGLE TIME. This is seriously non-negotiable. If you do this you will take a couple of months to kill your account, if ever!

2. This one goes with number 1 - Only increase risk again once you have made back the amount you lost from the previous trade.

3. If you make a loss, take a step back and just LET THE MARKET GO! Chasing the market is EXACTLY what the smart money wants you to do.

4. Minimize trades - I used to trade in excess of 5 trades a day, now I’m averaging just over 1! That’s more like it! Trading for the sake of trading makes you see things that aren’t actually there, and you trade purely because you feel that opportunities may slip you by. Don’t believe this nonsense, because there is always another opportunity just waiting.

5. Focus on the higher TF trades. I used to sit on the M5 and M15 charts for 95% of my day. Now I spend 95% of the day looking at the H1 and H4 timeframes and absolutely minimal time on the M5 chart. This is probably the single most important thing ICT teaches us. You will dramatically increase the probability of your trade being successful if you take trades based on these timeframes, and in addition, you’ll be cutting out all the “trading for the sake of trading” trades which you would’ve taken by looking for M5 OTEs.

6. Document your trades every single time. I have done this for every single trade this month and it is astounding how much insight it gives you when you are pondering why something worked out or didn’t work out. Also, it helps you identify instances where a trade is so similar to one of your previous trades that you can feel confident that at least it is a valid or invalid entry.

7. Last but certainly not least, setting goals has helped me significantly. There is nothing more satisfying than meeting your goals for the week, or being down on Monday but coming back to close out the week in the green. Perhaps that is my competitive spirit (I love sports ;)), but I just feel that the challenge it provides me with far outweighs the stress/pressure.

Anyway, here’s to an awesome August and to ICT, the Champion Mentor in FX trading!

The August summary from my trade analysis spreadsheet, in case anyone is interested:

Don’t ask why it doesn’t tie up precisely to the myfxbook link - I have no idea lol! Take out the trades on NFP Friday and the silly USDCAD trade I took before I went on a break and the results would’ve looked even better… But lesson learnt nonetheless!

[YoungSkywalker]

Great thread PureMuscle, subscribed! And congratz on a superb month both in terms of returns and discipline.

I have a question as well: how do you make 3 charts (EU, GU, USDX) overlaing? I’m guessing the screens are from NetDania but I can’t seem to do such a thing and it would help me big time. Also sorry if the question was asked before, I only read like 5 last pages, the rest remains to be read

[PureMuscle]

Thanks a million bro! I can guarantee the road still has many bumps left in it

As for the overlays, do the following:

• Open a EURUSD chart (basically it’s the default one anyway).
• Right click on the chart anywhere
• Select “Relative to” > “GBPUSD”
• Let it load…
• Select “Relative to” > “USDOLLAR”
• Let it load…

Voila Remember to compare highs with highs and lows with lows for EUR and GBP but highs with lows when comparing EUR or GBP with USDOLLAR.

[YoungSkywalker]

I know what to compare, no worries Cheers mate!

[TopFroxx]

Thank you very much kind sirs! Gotta show ICT that his stuff works ya know

First trade since coming back (I couldn’t resist until Monday!) and bang on the money - gotta love this business
)

nice man, was in the same trade

[IyaJenkei]

@"PureMuscle"

I would like to reflect on this month for a moment. Here’s a post I made right at the start of August:

After pulling back 22% this month, I can say without any shadow of a doubt that discipline is the key to success. It doesn’t help being an absolute master of ICT’s tools if you lack even the most minute aspects of discipline. When things start going southward, hang in there and cut risk heavily no matter how absolutely tantalising a trade looks - your fortunes will change, trust me, or better yet, trust ICT!

My biggest learning points from this month would be:

1. Cut risk after a loss EVERY SINGLE TIME. This is seriously non-negotiable. If you do this you will take a couple of months to kill your account, if ever!

2. This one goes with number 1 - Only increase risk again once you have made back the amount you lost from the previous trade.

3. If you make a loss, take a step back and just LET THE MARKET GO! Chasing the market is EXACTLY what the smart money wants you to do.

4. Minimize trades - I used to trade in excess of 5 trades a day, now I’m averaging just over 1! That’s more like it! Trading for the sake of trading makes you see things that aren’t actually there, and you trade purely because you feel that opportunities may slip you by. Don’t believe this nonsense, because there is always another opportunity just waiting.

5. Focus on the higher TF trades. I used to sit on the M5 and M15 charts for 95% of my day. Now I spend 95% of the day looking at the H1 and H4 timeframes and absolutely minimal time on the M5 chart. This is probably the single most important thing ICT teaches us. You will dramatically increase the probability of your trade being successful if you take trades based on these timeframes, and in addition, you’ll be cutting out all the “trading for the sake of trading” trades which you would’ve taken by looking for M5 OTEs.

6. Document your trades every single time. I have done this for every single trade this month and it is astounding how much insight it gives you when you are pondering why something worked out or didn’t work out. Also, it helps you identify instances where a trade is so similar to one of your previous trades that you can feel confident that at least it is a valid or invalid entry.

7. Last but certainly not least, setting goals has helped me significantly. There is nothing more satisfying than meeting your goals for the week, or being down on Monday but coming back to close out the week in the green. Perhaps that is my competitive spirit (I love sports ;)), but I just feel that the challenge it provides me with far outweighs the stress/pressure.

Anyway, here’s to an awesome August and to ICT, the Champion Mentor in FX trading!

The August summary from my trade analysis spreadsheet, in case anyone is interested:

Don’t ask why it doesn’t tie up precisely to the myfxbook link - I have no idea lol! Take out the trades on NFP Friday and the silly USDCAD trade I took before I went on a break and the results would’ve looked even better… But lesson learnt nonetheless!

That was an awesome post and a lot of.it resonated with me. Very insightful thank you.

[mizugami7523]

subscribing, great job!!

[Sybrand]

I’m also using a USD Oanda account.

How do you see the USD index on a price chart?

[PureMuscle]

I’m also using a USD Oanda account.

How do you see the USD index on a price chart?

Go to NetDania Charts | Forex Charts from DailyFX | DailyFX, right click on the chart and select “New” > “USDOLLAR”.

[piptronix]

Muscle , which part of SA are you from?

[PureMuscle]

Right, I entered a little trade today on the fiber, but it ain’t looking particularly strong, probably due to it being against market flow and in line with the crowd, but nevertheless:

Entry: 1.2620

It is sitting in a higher TF OTE and lines up nicely with R1, as well as the obvious institutional level at 1.2620. Cable made a higher high whilst fiber did not:

Only looking for a few pips really before the upwards trend should resume, but let’s see what happens