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

[FXTraderCro]

Hi Fx Trader, I am looking to learn how to trade using SMT divergences just to see if this method suit my personality. Can you point out a video o document to take a look at ??

Thanks and cheers !!!

Here is the specific video:

Correlation Concepts - Inner Circle Trader - YouTube

[Flying_Rhino]

Nice write up Clint thank you.

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

Hey bobmaninc,

more or less the same here. I found a version of that tool somewhere here in the thread and liked the whole idea of it. But it didn’t work for me b/c some of the formulas must have been wrong, it gave me really weird results. And i could only enter whole lots and nothing like 0,5 or 0,02 lot (that’s what i’m trading currently), so as much as i liked it i could not use it.
My suggestion for you is to build your own version. Take the original tool as an inspiration.
At least that’s what i did, changed something, added something and deleted something, added a bit of my personal style and now i have this:

pic is clickable

EDIT: when the pic opens click it again to have the full resolution

p.s.: Yes these are my results (demo of course). Not really cool, i know, but i’m not done yet

:57:

[Allan87]

That’s what the Trade Journal link is going to be on the first post… I promised a complete nuts to bolts plan… You will have a complete flight plan to go along with your “Top Gun” training.

Hang in there we’re almost there. Remember we have to go through the boring stuff first.

I realise this was posted well over a year ago but is the trade journal still kicking around anywhere? As a newbie a checklist of some kind incorporating the different teachings would be invaluable.

[bobmaninc]

Flying Rhino thats a pretty cool trade log. Pretty close to what I am looking for. I just suck badly at excel. Guess its a good time to learn if I plan to make a business out of this. Hope you dont mind but I stole a screen shot of you log to use as a reference. If you do let me know I will delete it. thanks

[akeakamai]

@Allan87

I realise this was posted well over a year ago but is the trade journal still kicking around anywhere? As a newbie a checklist of some kind incorporating the different teachings would be invaluable.

I’m not sure that that was ever released…

You could perhaps e-mail Michael, and get the scoop on the checklist from him.

I can offer you something though, from my own trading routine. Hate to see a newbie leave empty-handed

[MCAWally]

I made a DJ_FXCM_USDX out of the mt4 usdx indi, then I went made a mirrored version, then I went mad and made a whole bunch of indexes.

But of course if your truly a SMT trader that wants to be taken seriously, then this is your setup.

jj :32:

SMT_Indexes .zip (24.5 KB)

Wally

P.S. I just realized that I made a booboo with the DJ_USDX it says it’s DJ_USDX_mirrored in the top left corner when it’s not. I’ll fix it in the zip update later.

[obie]

I made a DJ_FXCM_USDX out of the mt4 usdx indi, then I went made a mirrored version, then I went mad and made a whole bunch of indexes.

Nice job! How about XAUUSD, $CRB index, Tnotes…:32:

[MCAWally]

Nice job! How about XAUUSD, $CRB index, Tnotes…:32:

I can only make an index for symbols that are on my MT4 so Tnotes and CRB are out (I’d kill for a decent free CRB), Golds no problem but that’s what the XAGUSD (silver) is for so just start a gold chart and SMT with silver and use that to trade either.
If I get time this week I’ll make up bunch of the more lest common ones so I’ll add gold to the list for you.

Wally

[PIPhanger]

Flying Rhino,

I was just checking to see if you could post that excel sheet to this thread? That is one amazing trading log. It would be really helpful if you could share it.

Let me know,

Thanks

[Flying_Rhino]

Flying Rhino thats a pretty cool trade log. Pretty close to what I am looking for. I just suck badly at excel. Guess its a good time to learn if I plan to make a business out of this. Hope you dont mind but I stole a screen shot of you log to use as a reference. If you do let me know I will delete it. thanks

No worries mate, use it as you like. I posted the screenshot as an inspiration for you…and everyone else.

:57:

Flying Rhino,

I was just checking to see if you could post that excel sheet to this thread? That is one amazing trading log. It would be really helpful if you could share it.

Let me know,

Thanks

Well…this is not as easy as you might think. This is not an Excel sheet. I made this with a program called “Numbers” which is Apples answer to Excel. I tried to convert it into an Excel file but the converted file didn’t work properly. Formulas got messed up and lots of my cell formattings could not be converted. Also i have an old version of Numbers b/c i’m running an older Mac OS and that is b/c of my older Mac computer that has still one of the Motorola processors built in. I can’t install a newer OS b/c that requires the new Intel processors Apple is using for some time now.
All together i would have to buy a new Mac to be able to use the latest software and then it MIGHT work to convert my Numbers file into a working Excel file…but i’m not shure about that.

I can post the file if you want to, but all i can say is that it will work on a Mac running OS 10.4.11 (with PPC processor…the Motorola thing) and a compatible version of Numbers.
So if you can use it let me know and i will post it.

:57:

[PIPhanger]

No worries mate, use it as you like. I posted the screenshot as an inspiration for you…and everyone else.

:57:

Well…this is not as easy as you might think. This is not an Excel sheet. I made this with a program called “Numbers” which is Apples answer to Excel. I tried to convert it into an Excel file but the converted file didn’t work properly. Formulas got messed up and lots of my cell formattings could not be converted. Also i have an old version of Numbers b/c i’m running an older Mac OS and that is b/c of my older Mac computer that has still one of the Motorola processors built in. I can’t install a newer OS b/c that requires the new Intel processors Apple is using for some time now.
All together i would have to buy a new Mac to be able to use the latest software and then it MIGHT work to convert my Numbers file into a working Excel file…but i’m not shure about that.

I can post the file if you want to, but all i can say is that it will work on a Mac running OS 10.4.11 (with PPC processor…the Motorola thing) and a compatible version of Numbers.
So if you can use it let me know and i will post it.

:57:

Not sure if I can use it, I will have to do some digging to see if I can find out how to convert it…

If you post it I guess I can hack on it to see if I can infact convert it over…

[mozdef]

[B]Account Management & Trade Management… One and the same?[/B]

What if the best way to manage your trade, is also the best way to manage your trading account?

In each case, the account and the trade start off at a neutral position, neither in profit or loss. The risk on the account can be pre-defined, just like a trade. You must decide on what value represents a Blown Account, just like you would for a losing trade. If you’re like me, you won’t be waiting for 100% of your account to be depleted before you admit the project has failed. If you are cutting your risk on losses… anything more than 20% drawdown is absolutely ridiculous, and is an obvious sign that you are simply ignoring your money management regimen, and are in need of a serious reappraisal of your current trading psychology.

Once the risk has been defined… the ball gets rolling. This is where it gets interesting
[B]In the trade…[/B] the outcome is the result of the Net Buying/Selling of the market, which will inevitably drive the price to your T/P points… or your S/L
[B]In the account…[/B] the outcome is the result of your NET TRADING ACTIVITY, which will inevitably drive your equity to your Goals… or to Bustville!

There is a difference here, and it should put a smile on your face
We know we don’t control the buying and selling in the marketplace… but we have COMPLETE control over our trading activity! This is where your confidence as a professional should be coming from.

[B]But we can do MORE than that…[/B]

What do we do with a winning trade? We take partial profits, and leave a portion of the trade on to reach for loftier targets.

Why do we do this?

The road to those loftier targets isn’t always straight and level. The back and forth action can shake you out, as you fear your winning trade turning to a loser. However, after taking some profits, the risk of a losing trade is taken off the table, and we are free to perceive the trade from an objective point of view.

It is my belief that you can apply the same concept to the entire account building project. The equity swings are just like price swings. The profit on your account is just “paper profit” until you withdraw it, just like a profitable trade is paper profit until you close it.

The trick here is to see the profit as a buffer. The money is yours to trade… but the risk isn’t on you. It is a surplus to your original deposit, and is basically the market’s money. Then the matter of trading is simply offering chances to the market to get its money back… sound familiar? Suddenly… you aren’t the Player (the gambler), you are the House!

[B]YOU[/B] become the entity that punishes those that chase… trying to get their money back!

[B]YOU[/B] control your edge, and you don’t mind offering up [I]portions[/I] of your profit. You will feel very safe… yet those opposing your trade will feel desperate… panic-stricken… that is the goal of your entries.

They will inevitably give you much more money than you offer them, simply because of your advantageous psychological position!

You’re starting to trade AND talk like ICT now

[incog13]

@MCAWally

I made a DJ_FXCM_USDX out of the mt4 usdx indi, then I went made a mirrored version, then I went mad and made a whole bunch of indexes.

But of course if your truly a SMT trader that wants to be taken seriously, then this is your setup.

jj :32:

SMT_Indexes .zip (24.5 KB)

Wally

P.S. I just realized that I made a booboo with the DJ_USDX it says it’s DJ_USDX_mirrored in the top left corner when it’s not. I’ll fix it in the zip update later.

Thanks so much for this Wally! I had doubts if it would work with my MT4, but I was proven wrong. I am a complete newb with mq4, but would be interested in trying to write a AUD / Gold index because they are so closely correlated. Would you be able to include your mq4 code for one of these so that I could get a better idea of how to write the indicator? I would understand if not, but I honestly don’t know how to get started on that task. Thanks!

[Flying_Rhino]

Not sure if I can use it, I will have to do some digging to see if I can find out how to convert it…

If you post it I guess I can hack on it to see if I can infact convert it over…

Here you go…try your best

Trade Master.zip

If you are successful i would appreciate it very much if you could share the converted version here for everyone else to use.

:57:

[PIPhanger]

Here you go…try your best

Trade Master.zip

If you are successful i would appreciate it very much if you could share the converted version here for everyone else to use.

:57:

Do you have File\Export and then export to excel? Or was this what you already tried?

[Flying_Rhino]

Do you have File\Export and then export to excel? Or was this what you already tried?

I tried that.
I got a file that i could open in Excel but as i said formattings were not converted and some of the formulas didn’t work in Excel.

[dafttrader]

I would be quite happy to convert your sheet to excel. I am down in London for the weekend but back Sunday night. Once back I will download it and reformat it for excel if not dome already. I run both windows and osx and am good with excel and vba programming. Just give me a day or two and I’ll have or uploaded here.

Regards

DT.

[MCAWally]

@incog13

Thanks so much for this Wally! I had doubts if it would work with my MT4, but I was proven wrong. I am a complete newb with mq4, but would be interested in trying to write a AUD / Gold index because they are so closely correlated. Would you be able to include your mq4 code for one of these so that I could get a better idea of how to write the indicator? I would understand if not, but I honestly don’t know how to get started on that task. Thanks!

Here you go an XAUUSD + mq4 and a gold/aud index with mq4 injoy.

XagUsd+source.zip (5.92 KB)

Wally

[soulreaction02]

Hi All, may i ask a simple question which i really cannot figure out after watching the videos umpteen times and follow the thread way back last year. Thanks ICT for all your valuable info which cannot be found anywhere way back when forex was found. Although i read a couple of books by millionaire traders and one very important point they touch on which you also emphaise a lot is regarding the risk management and compounding the position size. The author mentioned that if he got 70% of his trades correct, with reward to risk more than 2 to 1, guess what over 5 years you will have your account … provided discipline and psychology are put into use. The authors which i read their books are mostly from singapore which i am also residing, and the reason i choose to read more of local traders because i am quite a normal IQ guy and i don’t intend to complicate things for myself. I realized they mentioned a lot about trading psychology which i found very detailed in your teachings. Cooooolllll. You are really a millionaire trader man, of course i never found about so many different types of trading styles like judas swing, the asian session and the power of 3 and the SMT divergence which totally blow my mind off. Kudosss to you ICT:) Hip Hip Horray.The authors mentioned that trading is not about intelligence or even you had a masters qualification you definitely will make profits , nonononono. Its all about patience and discipline. yeahhhh yeahhhhhh.

Btw my question is: what is the difference between judas swing and the exploring the asian range. You mention that 0000GMT to 0500GMT: you can observe the consolidation and see what the “SMART MONEY” are doing. if they accumulate higher which means it will be a up trend for the day??? If they accumulate lower which means it will be a down trend for the day???

You also mentioned the judas swing right after the asian session which is a so call “trap” which will reverse after the judas swing when close to a key S/R point or OTE entry. However if the judas swing occur after the asian session, and the asian session is telling you the “SMART MONEY” is accumulating uptrend, the judas swing is going down after the asian session what will happen is i will have a buy order because the SMART MONEY is accumulating, however the judas swing will swing down after the asian session which may hit my stop??? Please enlighten me regarding this question.

Thanks Shifu. A simple question but due to my personal characteristics(long-winded) hehe

[vladul11]

Ake, how is your trading going?