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

system · December 16, 2011, 4:44pm

There’s Gold in them there videos… :5:

Flying_Rhino · December 16, 2011, 4:47pm

Ok, so i will wait for that enlightenment then.
There are still a lot of videos for me to watch.

Thanx Michael :57:

dtpips · December 16, 2011, 4:52pm

syzygus, very nice article there. i’m putting my hand up to train for the "marathon"
ICT, can u be my coach?

PIPhanger · December 16, 2011, 4:57pm

ICT, that asian session indicator u used in the livestream is very helpful to me…Thanks for showing that to us…

lazydogs · December 16, 2011, 6:30pm

I think the reversal pattern shows up in a transitioning market. The market just dropped 1300 pips and needs to find liquidity, lots of liquidity in order to make a large move. What better way to find liquidity than to run stops and change direction “unexpectedly”? This is also the time of year to run higher according to the seasonal tendency pattern. I don’t know this is the case for sure, but it seems like the most rational explanation based on what I have learned thus far. Plus last time this happened a few months ago, I was part of the sheeple that helped provide liquidity for the move. We’ll find out for sure when this pattern is released.

wickerman · December 16, 2011, 9:07pm

Hi Guys and Gals

I came across this thread over a year ago, followed it for a while, but got impatient waiting for Michael to reveal “The Holy Grail”. This led me to search various other avenues (FFforums:53:) to try and find a SYSTEM:30: that made consistent pips. I tried many but all to no avail as many were either ridiculously complicated, or crap:18: I checked out this thread again a couple of months ago and realised that i should of stuck around from the off. I urge all newbies to start from Post 1 and run through the thread in conjunction with any of the videos ICT has posted. You will most definitely have a greater understanding of what ICT is trying to convey, as many of the names you see currently and most frequently posting on this thread, are the ones who helped develop the thread and have been here from the start. Thanks to ICT, these traders probably now have an understanding of the market they probably only dreamed of 12 months ago. We will get there too. PATIENCE.

PIPhanger · December 16, 2011, 9:31pm

ICT, would you so kindly post up that SDX-tzpivots indicator you are using in the livestream video…

akeakamai · December 16, 2011, 9:32pm

Just watched “pieces” of that 3-hour live session. Caught some classic ICT Rants, but most importantly imagined how AWESOME this will be for FEB 2012…

ICT pointin out the setups, live, at London Open. Does it get any better??

I think I’ll have some nice gains on my “Demo” account come February, hehe

matty44 · December 16, 2011, 9:42pm

Hey Michael, I have a question about exit strategy…

So today I was bullish at the LO and bought at the CPP. I was targeting R2 and the 161% extension for my final TP. Around 55 pips of profit, and right at R1/previous S/R price bounced down a bit, and then made about 6 attempts to get above R1, before it went down for the rest of the day. Now, as I was sitting there watching price go back and forth between 1.5535 and 1.5555, I was thinking, should I just take full profits next time it gets up near 1.5555? or should I hold on and let it ride til LC. I wanted to trust that price would move 4 levels (CPP,MR1,R1,MR2,R2) during the day and that it would reach the 161%, but I also remember you talking about wanting to see price slice through support/resistance like a hot knife through butter. So do you have any advice on knowing when to give up on a big swing projection like this morning and when to hold on for the full move? If it gets rejected 2, 3, 4, or 5 times from a resistance level, like this morning, when do you just give up and take profits? Any thoughts would be appreciated. Thanks.

Wish I would’ve taken full profits at 1.5555, but I just moved my S/L up to 1.5530 to lock in profits, but eventually got stopped out there (red x), losing out on 25 pips ultimately.

Matty

MCAWally · December 17, 2011, 12:19am

I like this one best, a clever bit of programming.
Here: SDX-TzPivots.mq4
or a zip here: TZPivots.zip (5.31 KB)

Wally

PIPhanger · December 17, 2011, 12:26am

I really appreciate it Wally…Thanks

piptronix · December 17, 2011, 12:38am

A very inspiring post and a good read.
Thanks a lot for sharing your wisdom.

syzygus:

[B]Let’s talk about YOU meeting your destiny learning to trade FOREX.[/B]
The fact that our destiny is in our hands can be a little scary at times. After all, this means each of us are solely responsibility for how our lives turn out. But on the other hand, we are free to shape and sculpt a magnificent lifetime of happiness, achievement and accomplishment as well. Being in control of life is a superb position that many never have chance to experience.

[B]This is special and needs to be respected.[/B]

One’s destiny is not determined by luck or circumstance but rather by the choices that each individual chooses to make. In order to make your life the exciting adventure it should be, you must begin making the right choices that influence your life in a positive direction.

Have a vision. Be demanding. Set specific goals. You must make choices as CEO of your life. Take control of your life. Take some risks. Have a sense of direction with a game plan. Henry Ford once said, “You can’t build a reputation on what you’re going to do.” Nobody cares about what you’re going to do or for that matter, what you can’t do. No, all they want to know is what you’re willing to do – right now.
Henry had a vision and stayed the course. His faith demanded he took massive action to accomplish his dreams. He continued to have good days and bad days. Good months and bad months. He had good years and bad years, yet he never wavered from his destiny.

When you’re willing to go out and give your very best effort day in and day out and kick excuses out of your life once and for all, you’ll soon find yourself living that life you’ve always dreamed of living.

[B]Trading FOREX demands superb FOCUS.[/B]

Maintaining superb focus over an extended period of time is tough. We are becoming a 10-second society. Our attention spans are becoming shorter, not longer.

During my journey, I see many people wanting more and more while trading FOREX, yet most are not prepared to stay the course over the long haul. Folks, this isn’t a 100-meter dash. We are training for the marathon. FOREX trading becomes a skill acquired for life.

[B]Your opponent is yourself.[/B]

In my experience watching people start in the FOREX trading business – Why do people fail while a select few succeed?
People who are SINCERE about success will do as much work as is required, for as long as it takes, without grumbling. They have a passion to succeed. They find or make whatever time is necessary. And they do it now!

People seeking easy shortcuts to success, are always searching for others to blame. The reasoning is never to take responsibility for their actions, it must be someone else’s fault they are failing. They never respect the process or follow any type of protocol on a consistent basis. The markets are what they are. Each student is a separate but distinct entity searching for consistent success.

[B]I suggest maintaining balance in your life while learning your new trade.
[/B]
Your trading idea may just not pan out, and there’s little you can do about it besides taking proactive steps, such as managing risk and having clearly defined exit strategies to protect your long term financial interests. Holding yourself up to unrealistic standards is just going to make you feel frustrated, fearful, and unnecessarily uptight. By accepting your limitations, and trying to work around them, you’ll feel more at ease, and ready to capitalize on a high probability setup when you come across it by stalking the pair in question.

It’s also vital to take losses in stride. You can lose pips and allow yourself to not feel like a loser. It’s hard to take losses, and when you encounter a string of losers, it’s natural to feel shaken and uncertain. But the worst thing you can do is stay on the ground after you have taken a fall. It’s useful to get back in the zone. You may decide to scale back and make a few small trades to try to regain your edge. Or you may decide to stand aside and merely study the markets in order to get a feel for how the markets are moving.

Whatever you do, however, don’t stand still. Keep moving, even if it is just thinking rather than acting. Continue to hammer down in those Demo accounts my friends. There is no better remedy for the FOREX blues caused by self-doubt then executing massive trades in Demo account in current LIVE market conditions.

If you can keep your mind moving and trying to solve problems, you will regain your mental edge. If you do nothing, you continue to allow bad habits seeping back into your life. It’s easy to get thrown off by setbacks and lose your mental edge, but there is a big difference between feeling permanently beaten and temporarily off your game. If you keep problem solving and try to take active steps to get back into the zone, you will get there, and perform like a winning trader once again.

[B]Honing the skills required for consistent profitable trading can take years.[/B]

Although some novice traders hit upon a winning streak early, it is usually short lived. If you want to master the markets, it is vital to plan to persevere and work steadily. Those who practice trades over and over again begin to see certain patterns from currency pairs they stalk. In order to give the method a chance of success, you must trade decisively. Persistence is the key. You’re bound to get better at something if you do it constantly and don’t quit. Don’t let the market psyche you out. When you have a down day, just treat it as experience. Lessons learned. But, try to learn from your mistakes.
You can’t crack under the pressure. In these circumstances it is vital to firmly believe that your trading method will work. You must continue to PUSH the BUTTON as self-doubt and indecision will surely thwart your plans. To trade decisively, it is necessary to believe in your trading method and always analyze your trades.

If you have taken every precaution to protect yourself, and the only way to find the truth is to execute your trading plan and see what happens, you only have one choice: believe in your method, execute the trade, and see what happens. Identify your best trading approach, and start PUSHING the BUTTON to build up some momentum. You have a choice.

[B]In closing,[/B]

Each individual has different set of experiences, mindset, perception, passion, commitment, appreciations, goals, priorities, issues, circumstances, bankroll, level of understanding, emotions, fear, persistency, family issues and a lot more that make us separate individuals.

Thus learning how to trade FOREX markets is not a race. Each person needs to spend quality time formulating their own plan to attain success. Hard work will be rewarded if you stay consistent during the journey. All turtles eventually cross the finish line. The rewards are tremendous to those choosing to stay the course becoming a successful FOREX trader. If your destiny is becoming a part of a special elite group knowing how to generate pips on a consistent basis month after month. You will be blessed.

The road to success always has bumps in the road. Your mission is to pay strict attention, maintain superb Focus and have self-reflection as you rediscover your passions forging a path toward learning FOREX trading craft. Once you’ve found your sense of direction and move towards your destiny, you may be surprised at the success that follows. Have a blessed Holiday Season!

May the PIPs be with you.
FJ

juniorlch87 · December 17, 2011, 8:25am

Thanks Wally for sharing us…it would be a great tools! :28:

Regards,
Junior

traderpilot · December 17, 2011, 11:34am

[B]Just a vision
[B][/B][/B]

While we are killing time till it is X-mas and dreaming of a bag full of pip-making toys, maybe something to think about.
I was looking at the daily (compressed) charts of the eu en gu to see what they did in 2011. Well, we are almost at the same price level as where we started in 2011, so far nothing seemed changed, however compared to a year ago looking at the future contracts there is a big difference. They are massively long compared to last year and are even at an extreme what we haven’t seen in years. Looking at the gu the lows of dec/jan last year have been taken out last oktober, with a strong reaction.The cable is now after a 79% retracement moving higher. However the fiber hasn’t blown out the stops resting under januari 's low. There might be even resting stops beneath that low from the rally of oktober this year. I believe that the big boys will move it this year one more time lower to take all the stops resting at januari low before the rally begins. Thin liquidity might be a big help for them.
Just some thoughts from a developing trader

PureMuscle · December 17, 2011, 1:12pm

Hmmm, that’s what I was thinking too Although I see a lot of people seem to be shifting their focus to the 1.3300 and 1.3350 levels now. Gosh I wish I was better at determining the overall trends But I’m going to keep working on it and hopefully this will be easier to read

Just a question regarding the bond yields that ICT talks about in the beginner videos - when the yields are making lower lows and one of the yields fails to make a lower low, does that mean the USD will strengthen? And vice versa, higher highs and one doesn’t make a higher high, would that mean the USD is going to weaken? Or have I got it the wrong way around I would watch the videos again but my internet is extremely poor at the moment so it may take ages…

Bones123 · December 17, 2011, 2:19pm

Your right with that, generally investors will follow the higher interest rates simply to get higher returns, therefore if the USD interest rate is rising, more investors would be interested on purchasing that currency over others! and vise versa, if the USD I.R. was rising then suddenly started falling, investors would most likely take their money from the USD and seek higher returns elsewhere… at least thats what i get from it all

ivordream · December 17, 2011, 3:26pm

You need to see the relationship on a chart.
Go to stockcharts and create a PerfChart:

$USD,$UST10Y

(US Dollar, 10Yr Treasury YIELD)

Hope that helps.

akeakamai · December 17, 2011, 4:04pm

Checking my handy free chart on timingcharts.com, Commercial Positioning has NEVER been this Long in the entire history of the Euro. I have to believe this is significant. Now are they long because they think the Euro has strong fundamentals, OR because they think there will be a Relief Rally in the very near future?

Just another reason to look forward to trading in 2012

bobmaninc · December 17, 2011, 4:54pm

Thanks for the timingcharts.com referal site seems great

akeakamai · December 17, 2011, 5:11pm

However, look back at May 2007 on the Euro chart…

Commercials were positioned Extremely Short. There was a small sell-off in following weeks, but overall from that point on, the Euro continued to Climb another 2400 pips. All the while, commercials were covering their short positions, which suggests to me they were taking heavy losses…they don’t like to buy into a rallying market, they like to be opposing it.

Then look at the height of Euro bullishness, near the 1.6000 figure. Commercials were positioned Long! Right before the Massive 3600 pip drop… I bet they lost money there too…

So from the history of the charts, I don’t see the commercials as being right all the time. I see very clear examples of them getting their asses served to them on silver platters