What Every New & Or Aspiring Forex Trader... Still Wants To Know

[PIPhanger]

I love that this thread didn’t break down like all other threads in to the childish callouts etc. Makes for a more conducive learning environment in that we spend our energy working towards a goal. I never understood why people that don’t believe in someone’s work feel the need to post…just move on to another thread.

Anyway, let them believe what they want ICT. I know this: Due to the knowledge I gained here I have built up my account to the point that I will be going full time in April of next year (and I’m not leaving a day job that I hate, I like my current job, just like Forex better). My family and I are in a better position finacially and that makes me happy. Back to the charts…

kjsymes,

This is very inspiring to see someone announce they are making a lot of money with ICT’s tools. I am one of them still struggling to grasp the concepts and make any kind of returns. I’m sure my time will come by the end of the year if not by the beginning of next year.

I’m just curious why a lot of the people, I assume started grasping the concepts, have all went their separate ways and are not very much involved in the discussions on the thread as often. It would be encouraging to see some of your trades posted in the thread to help us out to learn from your trades.

Just curious, because it doens’t seem like your the only one that is doing this, just wanted to find out the reasoning.

I am also in your shoes and like my current day job, but the life style and extra cash forex can offer me would be a lot nicer to have.

Thanks

[eremarket]

Thanks Jay but when folks can do what I share in a “Real” account on this thread almost 300% return in two months… without trying too hard mind you… then they can say “profits talk”. It comes with being in the center of the stage… get ready your day will come too lol

Michael, no doubt about that regarding 300% ROI in 2 months. The best I EVER did was about 200% ROI in 5 weeks…but it was unsustainable for me… (risk was just too much per trade). luckly i toned it down before any real drawdown… but nevermind that. At this stage I’m working to get back to that, in the most controlled, responsible way possible. (as you probably are already aware of!)

Speaking of ROI’s… I hope center stage isn’t around the corner yet for me… as this month was only up about 6%…had I traded a flat 1% per trade. that being said… I’m actually 100% confident I’ll hit the goal of the thread…to generate a $4,800 a month income by the 36th month. My own rework of my plan is coming along extremely well, and I’m tightening up my spot forex game almost every week now.

I’m really excited to see what dec/jan brings… both in my own trading…and for yours! I really expect us to both do better this coming 2 months than this last 2 months. ALthough…i have a huge margin to improve upon… yours is going to be considerably more difficult to increase. 300% in 2 months… that’s fantastic

Jay

[PIPhanger]

PIPhanger,

You are right, I should be more involved and post trades. I’ve learned a lot from others that have posted their trades and I admit I feel guilty that I haven’t been more engaged with the thread.

My excuses are lame: full time job, what amounts to a part time job commuting, a 2-year old, a 2 month old, and wife I love spending time with, plus each day, trades or no trades, I write a market journal for the fiber and cable, and the list goes on. Also, isn’t there some babypips requirement for number of posts before you can post pictures?

I will try to post more trades. Here is something you may (or may not) find interesting, if I do post trades it may only be one or two a week. I have no problem staying out of the market when I don’t understand it. I do not trade just to trade. I don’t trade the Sunday gap. I don’t trade the Asian session. And I rarely trade the London close. So if you don’t hear from me right away it isn’t because I’m not posting my trades, probably just that I haven’t traded…or I got electrocuted trying to put up my Christmas lights today.

kjsymes,

All of those excuses are all understandable. I have a day job as a computer tech and I drive all over the state for work. I leave home about 5:30 in the morning and normally never get back until 5:30 that night and a lot of time it is 8 or 9 that night and maybe sometimes I don’t get home into the next morning. Even tho I am always working 10 hour plus days at work I do enjoy this job way better then my last job.

I have a wife which I also love spending time with and two young girls ages 18 months and 6 weeks. As soon as I am home from work I can’t get away until they are in bed.

I totally understand were you are coming from and I guess I was just curious to why a lot of guys once they get the concepts just up and left. Life does get in the way a lot more they we all would like as we try and make a change in our lifestyles.

If you ever get around to posting some trades up and or getting in discussion of others trades to figure out were someone like myself is going wrong would be much appreciated, but if you don’t I understand.

Look forward to hearing from you more.

Thanks

[techpro89]

Here is a EUR/USD trade I made on Friday, for 40 pips. Market flow had been bearish for several sessions and I had already identified a supply zone around the 1.33 even price. I used the 5Min chart to identify the exact price where I believed sell orders would trump buy orders and cause any rally to reverse. The price broke down at 1.3298, so I pulled my fib, lining up the 79% retracement level on that price. I was basically fishing for an OTE near supply. I was looking for price to bounce around 3207… At NYO price retraced at 3212, not 3207 but close enough. Once price reached 3270 I had enough conviction and set a limit order to go short at 3290. I figured my rr was 1 and went to sleep.

Sorry about the mess, price levels include pivot points, sup/dem zones, and inst. levels I’m watching

5Min chart showing my target getting hit at around LC

[Sunlight]

“How about some real-time action? How about right now?”

Come on then, lets see how good you are…

[Squidge]

What is it today with people who do not appreciate all the time and effort already spent by ICT in helping those less fortunate! There will be quite a few unhappy people if a select few try and spoil it for others!
Just my 2 cents worth .

[techpro89]

What is it today with people who do not appreciate all the time and effort already spent by ICT in helping those less fortunate! There will be quite a few unhappy people if a select few try and spoil it for others!
Just my 2 cents worth .

Heres my 2 cents, can we please just ignore these guys. Its obvious they don’t follow the thread…oh and ICT can you please let me know if I’m on the right track and what other tools I could have incorporated into my trade on Friday.

[PIPhanger]

“How about some real-time action? How about right now?”

Come on then, lets see how good you are…

Market’s are closed right now…lol

[TalonD]

Heres my 2 cents, can we please just ignore these guys. Its obvious they don’t follow the thread…oh and ICT can you please let me know if I’m on the right track and what other tools I could have incorporated into my trade on Friday.

There is a battle plan in place. These kamakazi’s won’t have any effect. I like your picture. Live long and prosper!

[lazydogs]

since there seems to be a lot of people on today, I’ll make another request. Can anyone send me the COT Excel spreadsheet? I lost mine ain a computer crash

Thanks

[system]

Looks good Techpro… had no partial profits taken to fund your stop loss or reduce exposure to Risk while in the trade that I can see… but since we have everything moving lower and such odds in your favor Short… it was likely to reward you. I suspect you already know it was a good trade as you net the pips you set your scope on… nicely done WTG!

[B]GLGT [/B]:57:

Heres my 2 cents, can we please just ignore these guys. Its obvious they don’t follow the thread…oh and ICT can you please let me know if I’m on the right track and what other tools I could have incorporated into my trade on Friday.

[Bones123]

since there seems to be a lot of people on today, I’ll make another request. Can anyone send me the COT Excel spreadsheet? I lost mine ain a computer crash

Thanks

hey lazydogs im not sure what COT excel spreadsheet your looking for, but i can hook you up with the latest COT reports if you want? or are you looking for something different?

[techpro89]

Thanks yea I have another method to limit risk during the trade, but I was shot…couldn’t stay awake so just let it ride out.

So yea the way I usually scalp is taking 1/2 profits at 20pips profit, setting S/L to Breakeven. The rest at 40pips profit

[Bones123]

since there seems to be a lot of people on today, I’ll make another request. Can anyone send me the COT Excel spreadsheet? I lost mine ain a computer crash

Thanks

^^^^ British Pound

^^^^ Euro FX

[coomy]

hi all,
just seeing some making stupid comment on this thread right now, its something i think we will get it more and more as this thread keeps getting bigger and bigger. you dont have to answer to these people ict as you know for the majority of us you have nothing left to prove, not only as a trader but as a human also. its hard to find people generous like you today.
also, very good idea to start a new thread in 2012 as this one was getting way too long. i think you should start a thread on video editing also, man you too good

[techpro89]

Thanks yea I have another method to limit risk during the trade, but I was shot…couldn’t stay awake so just let it ride out.

So yea the way I usually scalp is taking 1/2 profits at 20pips profit, setting S/L to Breakeven. The rest at 40pips profit

WOW I just had a moment of realization. There IS a way to setup my exit this way without monitoring the trade. LOL too funny. Thanks man… probably not your intention to make me realize this but then again I doubt you realize the depth of the impact you have on people.

[MjRmatt]

To a lower middle class westerner in the 21st Century this is the most useful resource on the entire internet.

[AlbertaTrader]

Hi everyone,

I am very new to trading, and have been working my way through the school of pipsology, and Michaels’s videos in the first post of this thread. I have been demo trading for a couple of weeks using a small realistic account size, and have made some small profits in my demo account. I have grown my demo account by about 2.5% in two weeks using ICT principles.

I think I’m ready to start live trading with a small amount of real money. I will implement a risk management policy of not risking more than 1% of my account per trade, and will keep my leverage as low as possible, probably 10:1.

I have applied for a real account with Oanda/fxtrade and will be using there MT4 platform. I am just waiting on them to approve my account and verify all of my documents.

In preparation for going live, I have done a top down analysis on the EUR/USD. I would like to get some feedback from the experienced traders in the group to see if they agree with my analysis.

Here are my thoughts on the EUR/USD:

The US Dollar index is trending upwards, it’s continuing to make higher highs. This is bearish for the EUR/USD.

On the Commitment of Traders report, the large commercial traders are getting close to an extreme high on the long side. This could be an indication that the EUR/USD trend could be turning bullish soon.

Open interest on the Dec Euro FX futures contract is high and holding steady. A sudden drop in open interest would be a signal that the trend is about to turn.

Not sure what to make of the bond yields. The 2 year yield is making higher highs, the 5 year yield is range bound and not making higher highs or lower lows, and the 10 year yield is making lower lows. There is clearly a divergence between the 2 year and the 10 year yields, but I am not sure if it is bullish or bearish for the EUR/USD.

Williams percent R (14 period) on the daily chart for the EUR/USD is low, indicating an oversold condition. This combined with the commercial traders large long positions is another indication that we are getting close to a long term low in the EUR/USD.

There is no backwardation in the Euro FX futures contract. The March contract is priced higher than the December contract. This is normal, if it were reversed it would be bullish for the EUR/USD. Since it is normal I would consider it neither bearish nor bullish for the EUR/USD.

Market flow on the Daily, 4 HR, and 1 HR charts are all indicating that we are still in a downward trend.

Based on the fact that the USD index is still trending up, and the market flow of the EUR/USD is down, I would say that for the near term the EUR/USD will continue to trend downwards, so I will be looking for short trades.

However, based on the position of the large commercial traders, and the oversold Williams % R indications, I expect that we could be nearing a long term low in the EUR/USD. I will be monitoring open interest in the Euro FX futures contract and watching for a sharp drop in OI. I will also be paying extra attention if price trades down near the October low of 1.31456 as this could act as an area of support and would seem like a logical turning point.

Any comments? Do you agree or disagree?

[lazydogs]

thanks Bones, but I am actually looking for an excel spreadsheet that you update every week when the report is released. It was originally posted on the 1st page of thread some time ago

^^^^ British Pound

^^^^ Euro FX

[PIPhanger]

Hi everyone,

I am very new to trading, and have been working my way through the school of pipsology, and Michaels’s videos in the first post of this thread. I have been demo trading for a couple of weeks using a small realistic account size, and have made some small profits in my demo account. I have grown my demo account by about 2.5% in two weeks using ICT principles…

Any comments? Do you agree or disagree?

I agree with all of your top down analysis. I do think we will trade lower, just not sure how much lower, will have to wait and see. I would continue looking for lower prices until price tells us differently. Oct. lows as you say is a great place to watch out for and I would probably stay sidelined once it gets there and wait to see something obvious with the tools lining up on which direction to trade.

You have a very detailed approach and looks like even tho you are new, you seem to have a lot of this method down.

Keep up the good work.

GLGT