Guys I was just digging through my ICT stuff and found the trade spread sheet. I went ahead and filled it out for this year of trading. What I noticed is if I enter lets say 2 lots in order to add them in since I cash out at different levels of profit. I have to log them different. Is there a way to do this. For now it worked because when I enter 2 lots and cash out differently on my statement it lists it as 2 trades. So it made it easy to log. But in my head I have only made 5 trade (not counting my ongoing trade now) but on my log it says 11 trades. Still all in all I like what it is telling me. I will post it to show you all what one I used in case there is another I am not aware of
Thatâs exactly what im feeling right now. I am using all my free time to catch up. I have finished all the videoes on the list twice, now I am trying to drill a little deeper and start practicing with some of the ideas. Lucky for me, I am still a college student and got plenty of free time :59:
Thanks for the reply Clint, excellent work (as usual!)
Since there is significant difference between the two charts (one is making lower lows while the other is making higher lows) one can not figure out when divergency will occur. ICT used both charts (started with the dollar index from Forex ltd a year ago and switched now to netdania (daily fx)). Which one gives us the best divergencies, is Michael aware of the difference between the two? Anyway, maybe Michael could answer this questionâŚ
âŚjust a quick note re:USDX, the one on the netdania site is 15 min lagging (well, the free version anyway), so cant be used on live trading (unless one is position trading and looking on divergences above 1H), this means that there is not much choice really, dailyFX or forex ltd. Iâll go for the first one. If good enough for ICT, good enough for me
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I initially thought that the decision to switch was made because Netdania was closer to Michaelâs pay feed, esignal, than Forex Ltd, but after Clintâs post I now realize that it is a completely different index altogether.
Therefore, I think you also need to consider the following:
How much importance do you place on AUD over CAD,CHF, SEK? (look at the composition of both)
Is it better to have equal weighting rather than an index dominated by the Euro? (If you are trading the Euro, then surely the answer would be yes, as divergences in other currencies would make the USDollar divergence clearer to see).
Just a quick update on yesterdayâs trade that I posted⌠It turned out well, as I sold Eur/Usd at 1.3360 and took profit at a lower pivot level, at 1.3329. It seemed to be a search and destroy period, as price swung back soon after up near the 1.3375 intermediate resistance level (up to 1.3379 I think, blowing out some stops). All of this is looking so much clearer thanks to Michaelâs lessons. And so, I continue on my quest to become a profitable demo traderâŚ
P.S. I just bought Eur/Usd at 1.3318, looking for a range-bound scalp. I saw divergence with the GBP (actually, euro was flat while GBP spiked up), and saw a daily low support level at 1.3317. The candlesticks also seemed to signify a turnaround. Fingers crossed to take a few pips off this one!
Hi everyone, First post on babypips, so hopefully Iâm doing this right. Let me reiterate a common theme which is a huge Thank You to ICT for his generous mentoring. I started my forex journey not knowing the invaluable resource I had stumbled uponâŚso of course moved on to more flashier things in search of the quick river of pips intended for my account. After a few months, and luckily not a huge amount of money, I realized that this will take a good deal of work and effort. I think I came back 2 days after after all the videos were taken down. Major panic, but glad to see that all worked out for ICT. Sorry for the long post but I need advice as to buying a new computer as I donât want to download MT4, tools, etcetera onto my employerâs laptop. Should any current computer work adequately for trading or are there any features that I should be sure to include?
ICT, Thanks againâŚyour unselfishness is admirable and much appreciatedâŚhopefully we can all pay it forward a little bit.
I have nothing special for a computer - a $219 laptop bought last year is my main one - cause the $189 lap top I bought 3 years prior is now broke - - - I have a back up pc that works fine and is windows 98 yet OH geez.
Not a recommendation - -just stating, I have nothing special - and it works fine for now.
Just a quick update on the little scalp I took earlier today (a few posts above). I had a hunch they were going to run it down first a few pips below the daily low support of 1.3317, so I left some space with a stop loss at 1.3310. Sure enough, they ran it down to 1.3312, but I didnât get the kiss of death. Eventually, price worked up slowly, and I had set a take profit of 1.3335, targeting a modest 17 pips for slightly less than a 2:1 risk ratio. I eventually closed 75% of the order by the time it got up to 1.3332, as I had my evening jog coming up. I left the last 25% of order to go up to 1.3339 or to go down just above break even for stop loss.
Unfortunately, my first conservative take profit was correct, as the price kissed 1.3336, missing my new take profit by 3 pips, and then tumbled down to 1.3318, hitting the stop loss. I hope this story of pipping the EUR/USD to death didnât bore too many people, but I thought Iâd try a scalp as things were being slow at the start of the Asian session.
Iâm pretty stoked about tonightâs London open, but Iâll have to do an analysis around midnight to see whatâs up. In the meantime, I think Iâll watch a few ICT videos!
P.S. Sorry about the newb question, but I keep seeing BRN referred to in posts from the beginning of this thread? Does anyone know what this stands for? Thanks.
Here is the set-up you need. Anything less, and youâre just wasting your money â
Just kidding! â Just wanted to see if you were paying attention.
I agree with PerchTird. It just doesnât take a whole lot of CPU capacity, memory, hard-drive space, or display capability (monitors) to trade forex using any trading platform and charting package out there.
And with a minimum computer, you can stay connected to your browser, and you can stay logged in to this Forum, while you are trading and working with your charts, all without overloading your computer.
I am partial to desktop computers, so I canât talk from experience about laptops. But, in the desktop category, any computer on the market today has more than enough capacity for retail spot forex trading.
Problems, when they occur, usually involve all the other stuff you like to do, while youâre waiting for a trade to set up, especially anything involving videos. And gaming â well, forget it, if a minimum computer is what youâre on.
So, buy a computer that can handle that other stuff that you know youâre going to do â intense web-surfing, watching videos, etc. Compared to those âotherâ loads on your CPU/RAM/HD/etc, the added load of your trading platform and charts will be almost negligible.
Many broker websites suggest minimum system requirements, and from my experience their suggestions will point you in the right direction.
Also, if your internet connection speed is adequate for videos, it will be more than adequate for trading. If you want to set up an absolute minimum computer for trading only, then a DSL connection (or anything faster) will do just fine.
Perch and Clint, thanks for the input. Clint, Iâm loving the dream office setup but the picture on the wall in the background should be those dogs playing poker.:56:
Hi, If you have a computer you could use just buy a memory stick (2 or 4 gig), download MT4 onto it and run everything off that, then you could also use it on any computer with a web connection that you happen to be sat at.
If you are actually in the market for a new computer anyway then I agree with Clint, almost any computer will do but generally the better the spec the more things you can do at the same time.
Hope that helps.
I think its a great idea Micheal i would cretainly be there every day reading what u have to offer, just like i am hear every day. i hope u can make it happen.:51:
