That’s definitely good advice, but it’s something I’ve taken a little too much to heart - I’m pretty much a professional at talking myself out of trades - I think it’s been about 3 weeks since I’ve taken a trade? This isn’t necessarily a bad trait, but it’s something I need to get over if I want to make my way as a trader ;).
Also, if there’s one thing I’ve discovered about myself, it’s that my trade management is never an issue. Once I’m in a trade I have no problems whatsoever. The real hurdle is getting myself into that trade.
How often…do you think…Corporates, Central Banks and Sovereigns that moves price in Cable have taken a Cable position in the past 21 days ?
Twice…
It took the market by “surprise”…so they say…month end book squaring…so they say…Cable weakness…so they say…interest rate blahlah…so they say…get the drift…
Where did it get Cable ?
How many trades would you need to make that amount of pips out of those two moves ?
At what risk ?
This isn’t necessarily a bad trait, but it’s something I need to get over if I want to make my way as a trader ;).
You don’t need to, no.
If people knew how often I trade…I would be laughed off this board…
Also, if there’s one thing I’ve discovered about myself, it’s that my trade management is never an issue. Once I’m in a trade
GREAT STUFF ICT!!Been studying all your videos and The Babypips “school of pipsology”!
I´ve never traded virtual or otherwise and would really appreciate
it if anyone can recommend a basic but functional platform to practice on
and potential brokers.
I am trading from Spain/EU and going to concentrate on
the cable.
Many thanks
Had the same problem and how got over it.
Log all my trades and started to only take trades with three or more points.To get three points or more I have a list.
buy/sell zone =.20
pivoit level =.25
round no =.30
smt =1
stochs =.20 to .75 if realy good
pdl/pdh =.25
OTE =.45 which I think is amazing and I think it deserves a full point but at the moment I give it .45
and so on, I end up with 7or 8 reasons to get in a trade which has to =3 points then when its three points I do take the trade.
No I am not making a fortune but it gets me in trades and if my MM was better I would be doing good but I feel a lot more confident with 3 points rather than just three reasons. Dont no if this makes sense but it has helped me a lot especialy now I have the OTE I can get about 4 or more trades a week
Daily fractals were up.
4 Hr fractals were up.
MS1 buy zone.
Round number 1.6220
OTE Entry
When I looked at my chart I actually missed the OTE entry so I entered at the market 1.6234. Price did end up trading back down to hit the 61.2-79% retracement but oh well, lesson learned.
Set TP at 1.6295 and went to sleep. Woke up at 7:30 to see that it had been hit.
Entered off the fibs drawn from the first push up of the day. Noticed PA respected Asia session low all night which was also yesterday’s pivot point and not far from S1 so was okay stating this was the low point. Also, low point created within first 5 hrs of the trade day (12pm EST ).
Trade entered long 1.62257, fib 50% placed on top of swing high for extension projection. 3% profit at 30 pips, remainder at TP of 1.62792. It was almost a mS1 to mR1 trade. Entrance to exit 53.5 pips.
Way ahead of you - I can’t reduce my lot size anymore, though, I’m already at the minimum.
I think what I’m actually going to do (in the specific case of 2+ trades that look plausible), is wait for an OTE at one of the support levels, during London/NY open, or London close. No OTE, no trade. I have a couple of other pairs that I can watch while I wait. Plus, that should help me get over my entry anxiety, given how ridiculously effective the OTE technique is.
IMO, you give to much credit to Stochastic, compared to pivot/institutional levels/OTE/general trend direction.
I love me some Stochastics as much the next guy, but it can sometimes be misleading. Sometimes it’s over 80 or under 20 for long periods of time. You buy in early because you had other signals and the stoch said it was massively oversold. Turns out the long term time frame is majorly bearish and it just plows on through being oversold on whatever TF you’re looking at.
I like the idea of a points system that determines the eligibility of a trade, though.
I agree with LS1, stochs, IMO should only be an afterthought after price action. Like ICT, had said, it’s difficult to incorporate his teachings with one’s current trading plan.
it has been a week of learning for me and I wrote down the ideas I thought I would trade and where my enter would come and where I would like to get out of trades. I was aimin for 25 pips on each trade and I goofed the enters up rushing before the time we are looking for and a few enters after london closed and market went no where but to my stop. If I didnt do those dumb things and follow the rules the choices would have all made 25 pips of each of em. How does it take to get of the dumb things that I am talking about and is it normal to feel like I am about to miss the moves? This is what I am thinking right before I click in the enter. Is anyone feeling this to? Im still really ecited to see this work like it does and like clockwork the moves happen like a favorite tv show i can turn on the forex tv and churn on the Ict chanel and right there you go a new dish of the same platter haha its allmost crazy how it works even if I do stump it up by my silly dumb rushing and I did chase after one move and it was a winner if I stayed in but I wrote down I would have jumped out. If its this crazy on paper I know Im not ready for real money yet.! I get goosebumps on the videos real neat stuff and the quality and trailers are making me buzz like a visit to the movies and seeing a new flick coming out. haha keep it coming and thanks for your answers guys this website is the best.! my goal is 50 next week and stop
That’s kind of what I concluded too. If you watch ICT’s videos, 90%+ of his trades are entered at OTE, and it’s easy to see why. The ones that aren’t entered at OTE lined up with 50% fib level, or the central pivot. I think knowing when to enter outside of the OTE trigger is the “advanced” route and like you I decided to just stick to OTE because it clearly will get you into trades, and you can be sure that the entry is low risk, assuming you are being honest with yourself about the market flows and sum of confluences…
Lately, the Cable hasn’t really been making deep fib retracements into the 62-79%, but more into the 50%-62% zone, I was wondering how viable are those? Because they still tend to work as well as the OTE… I’m not sure if anyone has entered trades in that zone, I try to avoid those setups, but when they appear, and are solid, backed up by other confluences, they seem to work quite well.
well if the swing that you are using to draw your fibs on is less than 40pips, the difference between 62% and OTE is only a matter of a few pips, so I don’t think that’s going to make or break your trade. But on some of the bigger swings, the difference can be 10-15pips and then it probably has a greater impact on the risk/reward ratio of your trade. and a swing that big, entering at 62%, you might need a 40-45pip stop to get 10+ below the 100% retracement level.
and I never see ICT using that wide of a stop so I’m assuming he’s never jumping the gun on his OTE’s, at least not on the big swings
I’m bullish on cable today but I don’t think this level (1.6250) qualifies as OTE because of the consolidation period after the swing high, do you guys agree?
- I can’t reduce my lot size anymore, though, I’m already at the minimum.