ICT Pro Traders Club video posted on the first post of this thread…
Babypips was not loading for me to include Feedback section in this installment. I’ll review the posts in Wednesday’s edition… get your trades and questions in to make the video!
Just entered another short trade on the Cable, seems to have hit some major resistance at the 1.6270 area, entered short at 1.6268 (79% level of 1.6275 to 1.6243). I placed my SL at 1.6285, a price that hasn’t been reached since 2009, and aiming for the 1.6160 level (R1 and ADR high)
5.8:1 Reward to Risk ratio. Just hoping this goes as planned, maybe I won’t have to trade next week either!
The trade I’m really hoping to hit, is a bounce off of November’s high at just below the 1.6300 level. I’m assuming that it’ll happen either today or tomorrow, but I guess I’ll just have to wait and see.
I was thinking back to ICT’s video where he encouraged people to post their trades in order to get that “spotlight” and take your accountability to the next level. I really think he’s on to something there, for us new/struggling traders (i’m the struggling variety), so I want to try it out.
I want to apply it to something else though, hoping it will be just as useful. I have a problem of trading out of boredom, and usually I’ll take trades I essentially know are crap trades, but it just seems more interesting and worthwhile to do that watch some re-run of the simpsons or something. Especially asian session, cause that’s when I’m usually full of good food and feeling on top of the world with nothing going on.
So I took a swing trade on the fiber, sunday open, and netted +69 pips (that’s factoring in the scaling) and I’m really interested in keeping it as my total for the week.
Problem is I’ve got 4 great trading days ahead and I’m sure I’ll be tempted to take (stupid) trades cause I’m really stoked about those 69pips hah! But been trading for 3 years now and I know how alluring the greed demon can be so I’m hoping hoping hoping that some extra accountability will teach me that patience and discipline I know I need.
Basically I’ll just edit this post if I end up taking a trade. I’ll even post the excuse I gave myself at the time, I got nothing to lose by telling the truth. But if I get to friday afternoon and I still got those 69 pips, I’ll be on here telling you how happy I am that I actually had the patience to not take a single trade for 4 days! I’ll do it for everyone here, to show that patience is possible for those who wait (…)
There I think I’ve successfully created some accountability
Well I’m glad (for me) that I wasn’t the only one to sit through that horrible horrible mud. I know ICT said in his last video that the conditions weren’t favorable for a London close trade, but it had ALL the attributes laid out in his video tutorial. Overbought according to ADR, at resistance which was implied (pivot MS3) and actual (previous 1.6274 high). It retraced back 35 pips which was 20% of the days 180 odd pips, in the right time zone, and there was SMT divergence as Fiber came down handsomely! Well I guess it was just one of those times it didn’t work. Finally got myself out at B/E.
Anyway, what is it with this thread? I can only access through my phone which makes it a nightmare to navigate!
Jeez what a mess, I took the London close as well, liked the look of it and over leveraged, moved my S/L twice, was suffering a 22% unrealised drawdown at one point. So wrong, so very very wrong.
Anyway price is headed towards B/E so, as I’ve already sweated all my blood out, I’ll hold on. Asia has hopeful made the daily high so I’ll go sit on the naughty step for a bit and reread my notes from the top.:mad:
Fiber put in a very nice tradeable short last night (March 1st), but I was sick in bed! It hit the high for the third time in 2 days (1.3850), came down to the pivot, back up for OTE just above MR1 and is now fast approaching 1.3750 and the day’s S1.
heres the Euro trade I took last night, its almost the excat same reasons as the cable trade I took the night before it was only for a quick 30 pip scalp but I was excitied to see the same trade unfold night after night
I think I took in a lot of information over these past few months, and am starting to digest and process it in a very meaningful way. [B]ICT[/B], your message is really getting through to me, and I really appreciate the effort you put into all this. I see the reasons for why you laid it all out in the order that you did, it’s been very helpful. I know you’re the real deal because of how well you understand the psychology of the losing trader. You caught all my pitfalls throughout the videos, and helped me bring them out into view so that I could finally start working on fixing them.
It’s just such a relief to finally have a grasp on what profitable trading actually entails. Perhaps this thread was timed perfectly for my level of development, but either way it feels like you’ve single-handedly turned my trading career around. I booted my ego to the curb and put all my focus on learning patience and consistency, and I see no reason to look back now.
I’m seeing the setups, taking them with low risk entries, and then sitting happily on my profits! I’m rambling a bit because I’m literally shocked that I’m doing this so effectively. I said this before, but I’ll say it again, your thread and videos really give me the feeling that I’m in a university class with a really good professor. You deliver the realities of trading bluntly , and even call out our flaws, and I appreciate that too.
I dont really have a question on the material but I remember you saying somewhere, maybe it was your old thread, that you had been offered jobs at banks and turned them down. I found that inspirational at the time, matches my independent mindset, so I was hoping you could elaborate on that story in one of your videos. Also, anything about your early career, I would find very interesting. You seem like you’ve got a pretty firm grasp on how the banks are trading, so I always assumed you had some kind of experience there. (actually thought that’s what inner circle trader referred to before you explained it )
anyways, Me=infinitely grateful , and I look forward to all the things you’ve yet to teach! keep it comin
So, I think I’ve figured out my biggest problem with trading - it’s that I am able to find 3+ reasons to enter a trade at multiple levels ahead of time.
For instance:
Right now, on the cable, I’m looking at both the CPP, and R1 as possible short entries. The CPP has the following lined up with it: Previous Support/resistance (right around the 1.6250), an institutional level (1.6250), the CPP, and it is in an OTE zone.
There is also a lot of convergence on the R1 level on the cable - it is at the 1.6300 level, previous monthly high from November, previous resistance, R1, yesterday’s MR1, and it is in an OTE zone when you draw fibs from the PDH to the PDL.
The problem I have with this, is that I get lost when I have 2+ areas with multiple confluences - which one should I enter at? I’m always hesitant to enter at the both levels for fear of unnecessarily being stopped out.
If you have any doubts before you enter a trade it’s best NOT to enter because your own doubts and the resulting fear will have an impact on your trade management. You’ll get flushed…because you are an easy target for their “flush operations”.