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

Lol, every time you post its a regret :DD when i remember which video was about this kind of thinking i’ll edit this post, because you are in that fume of regrets, sorry and rush to take action :stuck_out_tongue:

hey matty… thanks so much for your quick response… i have played a little bit with a vareity of things forex on demo, but feel totally overhwelmed by ICT’s info… i really do feel this is really good info, but unfortunately i feel a bit of dunce when it comes to transforming that info into a method and training myself and formatting it all…(think im one of those that needs to have his hand help and taught…for which i’m inevitably going to have to pay i guess…which if fair is cool) i did have my own method on GU that i devised…was happy with it on all counts (hours at screen and returns etc until it slumped in October)…
so i know i need to learn a more solid technique with a solid understanding of the market flow etc…and i am inspired by ICT’s info…
i will plug on and take a look at the babypips school… visit this thread if thats ok…

p.s how are you doing with it all? are you live with it and making good profits? is there any particular order i should watch the videos or pay more attention to? ( sorry so many questions lol…)

i wish you well matty …good luck to you…

thanks for the help and advice…

deskpop

Hahaha too true! I need to change that attitude :stuck_out_tongue: I think I know which video you are talking about :wink:

thanks popinjay for your reply also… much appreciated…

cheers deskpop

ICT’s methods are first and foremost discretionary. He provides insights into the market and different tools are suited for different market conditions. If you’re looking for a method that says, if A+B do X and Y…this might not be the method for you. Each person needs to absorb the material and make it their own. On some days, many here trade in the same direction. On others, some go long and some go short. Even on those days where trading directions are different, it doesn’t mean that people are unprofitable. I know I’ve had trades in a different direction than others here, and we were both profitable (Just yesterday, a poster on the livestream names ‘playsafe’ was short on the euro and made about 100 pips. I went long a little later and made 100+ pips on the way back up).

A few things here. 1) The posters are going to be very reluctant to tell you what you should do. They may show you what they did and the reasons…but I’d be surprised if anyone here would say…follow me, I’ll be your mentor on these methods. 2) ICT himself won’t tell you what to do. He is not a licensed trader to give trading advice. All ICT shows us is his views on the market, what he potentially sees upcoming, or how he did a trade (he generally doesn’t like to talk about his trades while he’s in them…he’s managing trades and doesn’t want people to try and copy him). 3) Given that ICT has shared with us freely his trader knowledge and experience, I don’t think any posters here would accept money to mentor you given we received free mentoring ourselves. That would seem like a slap in the face to ICT and I don’t think he would want any of us to make it big by becoming a forex educator instead of a trader. Many forex educators aren’t traders themselves. They educate you on how to lose money.

GO through the first page and the videos. Start with the core concepts. Watch and read and absorb the silent videos. Develop patience.

Before you get into trying to apply the tools, watch the support-resistance video and mark those levels on your chart and spend time studying how price reacts at SR levels. Then, add price time threory, which is watching how price reacts around SR level at specific times of the day (You’ll see the acronyms LO, NYO, and LC and AR frequently for London Open, New York Open, London Close, and Asian Range respectively). The reaction of price during these windows is key to unlocking the methods here.

Be patient. This is a journey and something that is never fully mastered. You won’t learn everything in a week or month, or few months. Think of a trader like a doctor. A doctor goes through schooling and training for 12 years or so before seeing their first patient. Trading takes a long time to learn because you are learning a profession, but in trading…you can see your patient while getting your education. Hence, the reason we have demo account.

The biggest lesson here is patience. Trading is actually a boring profession because 99.9% of the time, you aren’t entering or exiting a trade. You’re just watching and waiting. Analysing. Waiting.

If you can’t teach yourself to develop patience to learn the approach and take your time…do you think you have the patience to be a successful trader?

Wow at NYO cable and fiber couldn’t be more out of sync (for now)
very interesting, and confusing?:wink:
(Im still on my Cable short… didn’t move down enough to move SL to BE yet, while fiber is tanking in such a lovely manner… I might have to borrow ICTs coin, which he uses to determine which pair to trade;) hahahaha)

anyway… I think I will only trade with the curtains closed, and I will keep an eye on any strange vans parked outside… call my paranoid… but I think the BOE has someone watching me, in order for them to mess with me;)
(the newbie thoughts;)) HAHAHAHA

Actually what Im really wondering:
Yesterday I had a bullish bias at LO, which was obviously wrong… but I made a profitable trade anyways…
And one of our more experienced traders here on baby pips told me that he was bearish because the Asian Session was that bearish and made new lows, which is uncommon for asian session…
With this in the back of my mind, I noticed cables Asian session basically doing the same thing, but this time in a bullish version of yesterday… But the following uncertainty kept me out of a buy order (which we now now would have been a good idea…;))

How to we determine if the strong asian move is indicating the continued strong daily move, OR if its a Judas Swing?
In case this was pointed out already before, I would greatly appreciate a pointer in where to find it… (Yes Im still fighting through the past 844 pages of this thread;))
any advice, critique, or feedback would be appreciated;)

Congrats to all of you who caught these huge moves… I still think Ill be able to end the day profitable (1 trade only today)

Happy Hunting;)

Edit: in the meantime this thing got too emotional for me… like a soccer match in brazil or italy maybe;)
I decided to move SL to BE at only +10 pips as I completely lost faith for today into the cables sanity… also took 50% off… better have only a tiny profit but preserve capital and braincells (enough grey hair already…))
So while it was a bit emotional to watch that 90 pips move on fiber while I was cheering up cable to follow suit, Im glad to have successfully preserved my (demo) capital and took out a tiny profit… and what ever happens with cable until 1800, and Im happy to finally say that since I can’t loose out on this trade, is not bothering me too much anymore;)
However, I do feel like cable is the retarded cousin right now (to use pip jokers words;)) and I might opt to trade fiber more than cable until it has resolved its issues HAHAHA

LerningtopimpPips, thankyou for you honest assessment…i really appreciate it… i will try and absorb, but its a little daunting right now to be honest…

i believe i have plenty of patience and tenacity(past demo trading kinda bears that out, win or lose, as does getting back to basics here i think and wanting to learn the correct way)…its just how to go about utlizing energy, time and brain cells in the most efficient way and knowing that you’re barking up the right tree from the off…

hopefully his is the right tree…

cheers

deskpop

Short on the same trade OTE.

At BE right now, lettin’ it ride.

and stopped out. There is always tomorrow.

It is daunting. With over 8500 posts and (I haven’t added it up) but likely over 100 hours in videos. Watch all of the core concept videos first then spend time on your charts looking at them.

The start reading the thread from the beginning. And use the date stamp on the Pro Traders videos as a guide as there are thread posts and discussions pretty much after each PTC video. The thread makes more sense if you watch the videos and read along in the thread.

Going to be honest…I started in November on this thread. Have watched most of the videos. And read almost the whole thread. It takes a lot of time and effort. and then comes trading the live market and seeing how it plays out. Post winning trades ideas and losing ones. You learn more from the losing ones because someone will likely be able to point out something that you missed. Or it could have been a good trade and just didn’t work.

Someone looking for a possible LC counter trend trade? Im eyeing the region between 1.30500 and S2.

Closed my Euro “swing trade” from yesterday. Didn’t like the action in LO where it went above the AR, then formed and OTE. Decided to exit is at 1.3200 for a 107 pip haul. Good thing. The EU fell like a rock today.

Didn’t take any trades during LO or NYO. For LC…shorted the cable at 1.5790. The ADR was met. We got a 23% retracement of the days move. Set a limit sell at the NYO session high because the Euro has been falling and cable holding up. Interpreted this as distribution at the key 1.5780 SR level and inst level.

Entered as a “20 pip a day scalp trade”. Entered at 1.5790. Took half off at 20 pips. Moved SL to breakeven. Now letting it ride as we may have downward action for the rest of the week (or rest of today/tomorrow).

What does this image look like.

No timeframes or prices shown.

The green line is a prior SR level of significance.

The brown dashed lines represent the Asian Range.

The orange line is R1 and the pink line is the pivot.

](http://postimage.org/image/61bm155b9/)[/IMG]

Cable experiencing technical difficulties? :stuck_out_tongue:

looks like a bull flag forming, quick everyone buy :smiley:

looks a bit like a camel, but could be a goat. Not a weasel?

cheers LearninToPimpPips - food for thought…

gl

deskpop

Thanks for the chuckle.

The chart is the current cable 15 minute chart.

The “Asian Range” is from Thursday LO through Friday and Monday’s trading. The R1 pivot level is the this weeks R1 pivot level. The pink line was supposed to be the weekly pivot level, but I drew today’s pivot level by mistake. It is still within the “Asian range” but 60 pips lower.

I was bullish the earlier part of this week. But I think the range expansion will be down tomorrow and the rest of the week. Giving a more significant retrace to ultimately get better prices to buy.

The Euro went above the key 1.3080 level last week. Swung higher and retested several times. Today, the GU went above the key 1.5780 level. And has fallen below it now. While GU was turtle souping at the 1.5780 level, the EU dropped back below the key 1.3080.

I’m anticipating the EU going back and doing a retest of 1.3080 and then both pairs dropping the rest of the week.

Perhaps EU put the weekly high in at LO and GU put it in at LC.

We’ll wait and see.


Loch Ness Monster ?!?

LOL.

This community is awesome.

Weasels, camels, loch ness monsters. And of Course…

bazzoka weilding raptors on great white sharks

Does anyone have that picture that was posted? Can’t seem to find it.

We had bounced off the HTF 1.3230 level on Friday and traded lower on Monday. Since today was Day #5 in the potential fractal formation, I had a short bias. The key is not that the swing high was forming, but that it was forming off a key HTF level. I have a 12 period Slow Stochastic on a the 1Hr chart which was showing Type 1 bearish divergence. I had the 1.3080 and the 1.3040 as key STF levels and we traded down to exactly 1.3041, not bad. My entry was at the 79% retracement (1.32). I scaled into the position, 1/2 at 1.3190 (10pips to ARH) and 1/2 at 1.3210 (10pips above ARH) with a STOP at 1.3230. I took some profits at 30pips, 60pips and finally closed the position at 100pips. ADR fulfilled by London Close. Michael, thanks again for this knowledge… Yo Shabber let me know if you got in on this.,

Potential swing high forming…
http://i1203.photobucket.com/albums/bb394/techpro89/htfbounce.png


Type 1 Divergence and key STF levels…
http://i1203.photobucket.com/albums/bb394/techpro89/type1div.png


OTE and Swing Projections…
http://i1203.photobucket.com/albums/bb394/techpro89/ote.png


Asian Range and NY Midnight Open…
http://i1203.photobucket.com/albums/bb394/techpro89/entry.png