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

piptronix · December 19, 2011, 9:48pm

I also don’t see it.
I thought it was because of my “newbieness”.

piptronix · December 19, 2011, 9:51pm

akeakamai:

Do you have a copy of the LO trade profile?

Combine with 4H/Daily flows for a solid bias. Go in there looking for shorts or longs ONLY, and then attack with the technical tools. Pivots, Figures, OTEs, institutional levels, daily Highs/Lows

AND remember your money managemnt. Take some lots off at the 20-30 mark. Aim for the extensions, look for the pivot levels to be filled. Wait for small range consolidation days to take place before your setup for extra potential on your winners

I’m sure there’s so many more little things, but that’s my “basics”.

It’s just a really really good template. ICT not telling you “this is how you have to trade”. He’s just saying, this is what works for me and this is how I do it. Change what you want… explore the variances in profit. However if you ignore some main components… don’t expect it to look like the picture on the box, lol

Hi AK

When you mention the LO trade profile, are you referring to the buy and sell templates?
Or am i off track?

MCAWally · December 19, 2011, 10:06pm

See how the 4th session lows refered to the the 2nd Asian session highs … the 1 st session highs refered to the 0 asian session low… the 5th session highs the 4th asian session highs… ect. This particular time of the year is’nt good for this analysis but still it’s there.
For added extra home work: Mark off the 2 hours before NY midnight opening candle so 3am GMT and extend the line through for 24 hours and then think Pivotal point or axle. I have no idea why but it’s there on the Cable and Fiber I’m hoping one the the upcoming vids can clue me in.
I have a few other micro Asian observations but waiting till Micheal’s finished before bring them up.

Wally

georgewhite · December 19, 2011, 10:07pm

i dont sleep already these days

TalonD · December 19, 2011, 10:11pm

Now I don’t feel so bad. I’m not really seeing it yet either.

akeakamai · December 19, 2011, 10:16pm

I mean this… whatever you want to call it

piptronix · December 19, 2011, 10:19pm

Thanks Ak
Thats what I meant yes.

Sorry if I sounded blunt, I’m just feeling a bit slow today.

akeakamai · December 19, 2011, 10:22pm

well it’s good that came up, I think the picture will help some more people see it

piptronix · December 19, 2011, 10:26pm

Including me, I’m still having trouble seeing it.
I will have to watch the video over and over, because I’m still struggling to see a pattern from looking at Clint’s chart above.
when I get this right it will really be an AHAAAAA moment

matty44 · December 19, 2011, 10:28pm

Not seeing anything either…aside from the fact that price will respect previous asian session highs or lows, but we already knew that. I’m not seeing anything predictive of price direction in London, or anything like that.

Matty

akeakamai · December 19, 2011, 10:31pm

You’re right, we don’t have that info yet, but we will on Christmas, lol

I’m just trying to build the skeleton for the full system, when the final information is factored it.

I’m just excited about the potential, sorry if that’s throwing some people off

matty44 · December 19, 2011, 10:33pm

Oh, okay. It sounded like your light bulb turned on immediately while I was still trying to screw mine into the socket.

akeakamai · December 19, 2011, 10:34pm

I been following ICT concepts since march 2010… by most metrics I’d be considered the slowest learner here, lol

ClarkFX · December 19, 2011, 10:41pm

YUUUUUUUUUUUUUUUUUUUUUUP Lol, just bugging you AK.

As for the Asian range, look at the overall move, is it going up, down or sideways? Now how did the market [I]generally [/I] behave… Just look at the overall net change, did it go up, down, or was the day just chop? I’ve been using this for a while, I forget who it was exactly that reminded me about it, I think it was hellogoodbye4201 who first picked it up from one of ICT’s webinars.

I actually haven’t watching Day 3 yet, but I’m going to assume that’s what it talked about, have to study for my final first!

Regards,
Clark

NorwegianBlue · December 19, 2011, 10:43pm

Same here… sounds like a long time when you say it like that.

ClarkFX · December 19, 2011, 10:47pm

Holy crap, has it almost been 2 years already?? O.O
I didn’t even realize… Man time flies, I was only 16 back then, haha!

matty44 · December 19, 2011, 10:53pm

When talking about the overall net change, are you talking from midnight to midnight GMT? I’ve been going back and looking at the last 100 or so asian sessions, and I’m just not seeing a correlation. Would you mind showing a few chart examples of how you use this Clark?

Matty

piptronix · December 19, 2011, 11:01pm

wait a minute…
That means you are only 18.
Man, you have a bright future!!!

syzygus · December 19, 2011, 11:04pm

nice use of LYBYE…go for that bhag…lol

tastefullvenom:

I have written my vision in the first part of my trading plan so that I can keep my ultimate objective alive. This is it …

Why do I want to be a trader?
My life’s main objective is simply, to live a happy life. I feel that much of my happiness depends on three key areas which are health, family and money. So in my continuous pursue for happiness I tend to take decisions based on this. Unfortunately health is not something that I can directly control, but if I had more time to invest in exercising the body, it will help in keeping me fit and also releases stress from my mind, making me feel healthier and happier as I like physical exercise. I believe that a happy family is one which is built on love, trust and support. The way I see it is this. Love and trust are a direct result of the interactions in the relationship between two persons, being it between me and my wife, or between me and my future child (wife is 20 weeks pregnant at the moment). For these meaningful interactions to happen there has to be quality time available. Therefore, if I had more time available, I could have more quality time with my family which in turn would make me happier. The other important aspect of family is support. For me family support comes in two varieties, emotional support and financial support. From a logical point of view, emotional support happens also during quality time; therefore more available time, gives way for more time for emotional support. On the other hand financial support comes directly from my financial situation, which brings me to the last key area, money! My priority here is to have enough money to support the family’s needs, but the ideal would be to be able to earn more, whilst working more flexible hours. Enabling me to have more time for family and exercise whilst affording some luxuries, like private tuition for my child, lunches, presents, holidays, some charity, etc. I realize that this idea of being wealthy is also a result of my personal greed and ego, hence if I ever manage to get to that level; I MUST keep my feet to the ground at all costs as it may harm my ultimate goal which is TO BE HAPPY, and not ‘to make more money’. My dream has always been to own my own business, as I believe owning a business will make me wealthier and by time, with proper business management allow me to be more flexible and work my desired hours. Unfortunately due to the capital needed to start a business and the risk involved I never took this step, which finally brings me to answer the original question, ‘Why do I want to be a trader?’ Trading has allowed a minority of people to achieve success with relatively low starting capital and a lot of effort. I realize that 90% of all traders end up losing money, but I also believe that the main reason this happens is because the herd underestimates the effort needed to become successful in the market. Hence, with considerable effort and study I can become successful at trading and achieve my goal. I have the will power, determination and whatever it will take to develop my trading skills enough to allow me to eventually earn more money than I presently am able to, and at the same time allow me to be flexible in my working hours. This is the reason why I want to become a trader.

What sort of trader am I?
I am a trader which is planning to achieve his goal by taking a small step at a time and making consistent profits. Therefore I intend to be happy to make a few pips a day and achieve a constantly growing account, as opposed to being aggressive and making more pips with more losses and huge draw down swings. My currently available trading hours and capital are most ideal for a swing trader with some intraday trade opportunities. Therefore I will concentrate my study and practice mainly in these two disciplines, giving priority to swing trading as I feel it fits me best. The markets cannot be controlled, but I can control myself, therefore I will create and strictly follow this plan which will be updated regularly. I will log and review all my trades in order to learn and fix any flaws in my system in order to achieve consistent profits.

What are my strengths and weaknesses?
SWOT Analysis

STRENGTHS (internal)
 Determined to be successful at trading
 Quick learner
 Started this trading plan (90% of traders do not!)
 Systematic and able to follow a system
 Have access to plenty of information to study
 Good planning skills

WEAKNESSES (internal)
 System not presently clearly defined
 Not very patient
 Tend to enter/exit market NOT at the optimal levels
 Afford only a starting capital of around €1000 (which has been already set aside for the right moment)
 Losing trades has a negative impact on my emotions
 Due to work have limited trading hours available

OPPORTUNITIES (external)
 Can increase capital with successful trading
 Studying can help me develop ‘my system’
 Trading plan + system can help me control emotions
 Swing trading needs less time staring at charts

THREATS (external)
 Not all study information out there is valid
 Unpredictable market, no system is 100% profitable
 If the starting capital of €1000 is lost, there might not be another shot at this!
 Consecutive losing trades will put a lot of pressure on me

Action Plan

Create trading plan so that I have a framework which I can use to log and filter what works and what not. This will help me to define my system and become more patient.

Choose studying material carefully and study every chance I get. ICT’s material is right there on top of my list

Log and review all trades to remove any flaws and continue doing what works. A reason which I had control on has to be written for all my losing trades. This must be logged at all costs.

Demo trade until I have enough trust in my system that I can make consistent profits. At this point I expect to become less emotional on losing trades.

Switch to live account and continue same actions 1 to 3.

OBJECTIVE
Current objective is to make a monthly profit of 6% on demo account. I know this might seem like a small percentage for most but what I want to aim for is consistency. I am risking only 0.25% on most trades so it is not as easy as it might seem, at least for a newbie like me. But if I could do that consistently I would feel comfortable enough to increase my risk per trade and monthly profit objective without being afraid of pulling the trigger, or getting too emotional and closing trades early. Like many mentioned already, with a measly 6% monthly I could almost double my initial capital in a year which is not bad. When I manage this for 3 consecutive months without fail I will consider going live.

PIPhanger · December 19, 2011, 11:08pm

I think the thing that is throwing a lot of us off is we are looking at every single Asian range thinking this should happen all the time when actually it’s probably only going to happen a couple times a week…

I’m just guessing so not sure if this is right…what does everyone else think…?