This were posted [B]only[/B] few hours ago…
Inner Circle Trader’s 20 Pip Scalp Method - YouTube
:41:
Well, as I thought, I ended up getting stopped out at BE after the news came out.
My mistake today was not setting my TP where I normally would have as per a 161 or 200 extension of my entry swing. If I had, I would have made a nice tidy 3R profit.
Greed got the better of me today as I was trying to hold for the daily range.
It reminded me of what Michael’s been saying. Focus on being profitable, not on being right. Hopefully some others here can learn from my mistake today before they make it on their own.
Cheers,
NT
Isn’t this the same as the LO tactic? Except for using 20 pip stop instead of 30 pip and taking half off at 20 pips rather than 30% off at 30 pips?
Why not just use 20 pip stop for regular LO trades then?
hmmm
Or maybe the hybrid 25 pip stop? 
that wasnt my point,
this is my point:
Re: your question, this video just shows one way to use the tools, and how many pip is your stop loss, is down to risk management, goals etc. Michael recommends 20 pip SL in this strategy as it is ‘‘scalp’’ in its nature and your R:R should be at least 1:1
me personally, I’m comfortable with 25-28 pips, so use that.
my 2 pips
Funny thing that… after watching this first thing this morning, my only wins today were using this method… trading the news however ended up shredding me :(.
Would you have called it a mistake if price had fulfilled its daily range? Funny how all our actions become mistakes when the result isnt what we expected 
You’re right, probably not. I would be basking in the glow of how amazingly right I was for one day.:59:
However, The mistake was not taking 80% or 90% off at my pre-determined level, and then letting the rest ride.
There is still plenty of time left in the month though, and new thread and new learnin’ to be had.
My mind works the same way, but recently it has been bothering me a lot. How exactly do we guage our efforts if the right decision can result in lost money/opportunity? it’s almost as if the results are meaningless and something to be ignored. it seems to me like the real goal is mindless execution of our trading plan. The only real mistake then is not having or not following our plan
I think the results obtained within a given number of similar trades should definitely tell you if profitable or not. I compare trading with the same principles I used when I played alot of online poker in the past. I was consistently profitable because I always tried to make decisions based on the highest probabilities in my favor. You may have losing streaks and also lose when the right decisions were taken but if they were correct and are done over and over … you will profit.
I am not sure that I should even grace this Forum being a complete ‘Newbie’ but I just have to add to the enormous following and the acolades that surely must have been posted to Michael’s wall for his humble altuistic nature. I am astonished that someone of his obvious calibre has taken valuable time out to post this amazing amount of knowledge. If it were in my powers I think an honour showed be bestowed upon you…! With sincere thanks. I shall be following your presentations intently these coming weeks and know that I shall be better informed for doing so… Jacqui : )
Its much like poker. You know you have good chances to win a pot preflop All-In with AA, like 90%. But what happens if i would be completely new to poker and lose my AA three times in a row. That would make me think about my decision to go All-In with AA next time, maybe even fold… and thats obviously a mistake, cause i will most likely win the All-In (90%). And again, it comes down to risk management. How much am i willing or accepting to lose if my AA hand loses? Nobody can tell you. Guidlines exist, but in the end everything is up to you, your wallet and your personality.
In this case, ICT is the one who is telling us AA wins 90% of the All-Ins. Whithout his advice, someone of us would have to find out how often a hand like 72o wins and All-In preflop and that could turn out to be a pretty expensive experiment.
Totally agree. I am putting in alot of chart time using historical data taking paper trades to see for myself how well what I’ve learned is fairing out. I review the results, make some tweaks, add something new to the mix such as a added confluence requirement to take a trade and re-do the exercise. This is helping me gain confidence in what I believe are good trades and also helps confirm the expected results based on similar repetitive trades.
Hey Akeakami, that is precisely what it is.
If you followed your trading plan that day and made money, you get A Grade.
If you followed your trading plan that day and lost money, pat yourself in the back and you get A+ Grade.
If you did not follow your trading plan that day and made money, you get F Grade.
If you did not follow your trading plan that day and lost money, you deserve it.
Unfortunately, our minds tends to play tricks on us. Its real simple, yet we try to make it hard.
What would examples of a trading plan be?
Max risk 2%
Max trades 2
Trades must be in OTE format and in killzones
Going along with higher time frame
something like that?
Big SMT divergence between the US Dollar, GBP, and EUR. The line on the bottom is the US Dollar, clearly making higher highs. The GBP is making new lows, while the EUR is making new highs.
I think that as we become more experienced you get a sense of feel, which is very helpful. No two moments in the world financial markets are exactly the same. No plan can be written in the future when trading occurs, they are written prior to our trading and things change. We learn more with each new experience, therefore every plan will either have been written at a time we have less knowledge, or needs to be updated constantly. I think a plan (like a war plan) is great to have to fall back on, to define the specifics of how we use tools or track progress versus goals. But I have to think that the sense of human feel that comes with experience is an asset.
along with that, with details on entry/exits, how to manage your trade if it requires management.
Your emotional state that day. If you are grouchy and feeling down, don’t trade etc etc.
Big bounces off of last week’s low
The market hit new highs near the end of London session
Price gradually dropped after London session.
Looks like positioning for longs at the beginning on today’s London session, and we just hit this OTE. I am long.
Order got hit to go long on Cable @ 1.5782…
Lets see how it goes…