I’m still developing my trading strategy. I’ve watched a lot of ICT videos, but my strategy still needs work. backtesting it currently.
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I’m not convinced that ICT strategies are right for new traders. I don’t hear they are faulty, just that they are difficult to understand and follow.
I don’t understand. What exactly are you asking?
You said ¨Trading strategies?¨
What do you mean?
Perhaps, start here. There are several strategies discussed in the course.
I did not study the ICT videos, but I did take a very long amount of time studying and taking notes from the NoNonsenseForex method that was somewhat based on earlier ICT work. I have in excess of 90 pages of web links in the longest trading plan I ever wrote, but the basics of six phases of the plan, revealed slowly as you folllow his chronological Youtube video series, align very well with my core competence of “project management methodology” of the last 25 years. So for me, I was able to establish a stage gated approach to Forex trading which, in waterfall project management speak, fit neatly into Appraisal (or Discovery), Selection, Definition, Execution, Lifecycle Management and Exit.
If I had not practiced project management as a profession for over 25 years, I would not have been able to see the wood for the trees. I never thought, 4 years after all that planning work, that the six steps referred to in NoNonsenseForex, could be applied so fast, I am now taking those basic principles into a new sniping plan in which the Discovery step can be as low as 10 minutes per day, the selection and definition being as low as 5 minutes, and the execution, lifecycle management and exit can be as little as an hour. I guess that is what happens when you apply the same strategy (what and why) to a plan consistently over hundreds of trades, and to ensure you have sufficient measurements along the way to be able to calculate the P&L, and to be able to adjust some of the plan parameters.
I may be a slow learner, and it has taken me, in total, about 15 years to have the feeling of stability and edge by which I can confidently establish and measure new plans in quite a small timeframe (months not years). This is so important because everyone will realize that the plans that work one year rarely will work for a long time. It is very important to have multiple plans as the market changes.
I hope this is helpful.
I wouldn’t waste anymore time with ICT. We’re partially convinced that it’s a sick joke. Used to get YouTube views.
Take your time mate, there’s nothing you’re missing out on. The market always repeats itself.
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