ICT Forexmas 2014 / Market Maker Series
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the golden gun
RINSE & REPEAT
Hogarste said:
Yeah, he's the only one in the 7-digit club too. He probably thinks our 5-digit losses are cute.
See Troy? Plenty of people taking a beating in this market. You know why? because the payoff is holding the most lucrative job in the world...
Who here is following the ICT risk control of 2% down to 1% and so on? Piphanger do you follow this method? I don't and I have been burned twice. I want to, but greed gets in my way. I am working on this. I am going to put a limit of 0.5% risk when against the 9 & 18 as this is when I have lost the most.
PipHanger said:
learn to break any bad habits you have created, go back in time, into your mind body and soul, learn to be without need and want. create a new beginning from an old end using a different mindset. we must be broken before we can heel, accept loss, create profit as a cycle, keeping risk smaller than reward targets. exercise and eating right is the main ingredient.
Computater707
Well-Known Member
Wow, it stretched to 12? 
He's redoing some bits, so he'll have them back up in a bit. (i.e. over the next few days, per twitter)
I'm not sure if the Stock/Options/Commodities will be going up with this. I didn't think he had those done (so they might be dummy links for the moment).
He's redoing some bits, so he'll have them back up in a bit. (i.e. over the next few days, per twitter)
I'm not sure if the Stock/Options/Commodities will be going up with this. I didn't think he had those done (so they might be dummy links for the moment).
outthislife said:What went wrong that day? Forget about risk management..?
Yes forgot about risk management. I think the underlying cause was my biggest enemy 'unwillingness to accept i am wrong' and its evil twin 'unwillingness to take a small loss when its not worth taking a larger loss to prove yourself right'. This character trait manifests itself in many ways on and off the screen. It has its positives too which makes managing it harder. its a constant battle.
the golden gun
RINSE & REPEAT
You know what stories I think are missing from places like this?
The very real stories of professionals like doctors, lawyers, engineers, and the rest of the college-educated crowd who thought they were "better prepared" for tackling the financial markets, took a dip with $50,000 to $500,000 initial deposit and then lost it all. Yeah you ivy league fucks, you're just another suckerfish in our pool
The very real stories of professionals like doctors, lawyers, engineers, and the rest of the college-educated crowd who thought they were "better prepared" for tackling the financial markets, took a dip with $50,000 to $500,000 initial deposit and then lost it all. Yeah you ivy league fucks, you're just another suckerfish in our pool
outthislife
Well-Known Member
fxsailor said:
Since no one has answered, I follow this. It makes sense, professionally, and I see the "downtime" from your target profits as a learning opportunity. Plus the impact (or lack thereof) of doing it is too tremendous to not consider.
I have this in my notes as it's a little more detailed than just going down to 1%, .5%:
Risk Control & The Holy Grail of Longevity:
1. When you experience a loss, reduce risk.
2. If you take a loss at 2%, the next trade will only assume 1%.
3. If you lose 1%, the next trade will only assume 0.5%.
4. You will only risk 0.5% per trade until you have made at least 50% of the drawdown of your equity dip from the trade risking 1% of your equity.
5. You will then risk 1% per trade until you make 50% of the equity dip from the trade risking 2%.
I find that whenever I feel like I need to "get money back" from the market within the next trade, I'm not trading correctly. I mean, what's the point? There isn't a limit to how many times you can win or lose. Just trading correctly will increase your chances to win more than lose.
"Luck" won't run out - and, honestly, luck shouldn't exist in trading systems anyway.
the golden gun said:Yeah you ivy league fucks, you're just another suckerfish in our pool
kek.
P
Piper
Guest
the golden gun said:
Dun dun dunnn. Save me a seat. :'(
-P
the golden gun
RINSE & REPEAT
Piper said:
learning to trade is expensive isn't it...
Ake, I guess I'm one of those people who worked as a professional, in my case accounting / finance. I don't remember any technical analysis classes from college. Actually I don't remember that much from college regardless. I never think about my own performance in trading versus others. I don't think problem solving skills equate to college education. I know plenty of non college people who have better problem solving skills than many others I've met professionally.
Even if we all become A+ students with regard to ICT material, there is an aspect of this skill that is not just knowledge based. Managing risk and having self control and patience, and controlling compulsive behaviors.. There is plenty that ICT cannot give us (in my opinion) that is required to succeed.
Even if we all become A+ students with regard to ICT material, there is an aspect of this skill that is not just knowledge based. Managing risk and having self control and patience, and controlling compulsive behaviors.. There is plenty that ICT cannot give us (in my opinion) that is required to succeed.
the golden gun
RINSE & REPEAT
Hogarste said:
I was just referring to the people out there that think pretty highly of themselves based on their current career, and just assume that they have what it takes to turn their nestegg into a fortune. Lots of people go in thinking they are going to be good at this, and pretty quickly (myself included) but some jump in with a lot of money (because they're rich already).
I know you're wiser than that Brian, you're not part of the group I was referring to. I know there's a bunch of people that do that, and we just don't hear about them on these forums.
I guess I'm just trying to show Troy that there are people that went in way bigger, and truly did fuck up their lives with this so-called business. Imagine being 55, a few years from retiring, and blowing your whole nestegg because you thought trading was a simple game...
It is mostly a puzzle type game at the heart of it, but once the money starts getting real, it becomes a War Game of sorts, and the stakes become very high. At some point you start to play for your life, because let's face it, in this world your money is your life. Nobody wants to admit it, but that's the way society operates. You think homeless people choose to live on the streets for fun?
Life in the western world is a money-chasing game, and once you respect the fact that trading is a business, a type of financial warfare, you really begin to respect the challenge of it. I don't feel bad for people that fail who are unprepared. You showed up on the battlefield unarmed & defenseless and you got your brains blown out. Have respect for the industry you're in, take the precautions necessary on EVERY SINGLE TRADE, and damn... you just might survive!
If I can take it, I can make it...
I was about to post a chart showing two entries for oil. Oil (as the whole planet knows is in a sell program) but the similarities of these are really interesting. Every day we see this happening, and I did not recognize until it clicked with the ICT videos this year. Then I saw the great post by syzygus, and I am going to go back and print that post out and spend some time going through it - great post
Moderator: Is it OK to post and show charts on these threads that are non fx related when they relate to ICT methology?
Moderator: Is it OK to post and show charts on these threads that are non fx related when they relate to ICT methology?
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