Rollins onyango

ICT_TRADER/ Fundamental Analyst/ Futures Trader

[Trader Theory @tradertheory]

ICT 2024 Mentorship \ Lecture #2 Summary👇

ICT provides detailed trading advice and mentorship to his son Caleb and other listeners, focusing on analyzing price action, identifying key levels, and developing proper trading mindset and habits.

IDEAS:

Focus on relative equal highs/lows and inefficiencies (fair value gaps) forming after 7am to identify trade opportunities

Annotate charts with observations and reflections to reinforce learning and manage emotions

Don't anticipate setups - wait for clear confirmation before considering trades

Be content with small, consistent profits rather than chasing big wins, especially when starting out

Study price action on 15 min, 5 min, and 1 min timeframes, looking for specific patterns at key times

Journal trades and observations without negativity - focus on what you did right and areas to improve

Don't compare yourself to others or rush to be profitable - focus on developing skills through practice

Price movement is algorithmic and scripted, not driven purely by buying/selling pressure

Manage expectations and emotions - don't expect perfection or get overly excited about wins

Be humble and avoid bragging about results - focus on your own development instead

Preserve capital by not quitting your job until you can consistently double your income trading

Focus on one side of market (long/short) based on overall directional bias

Pay attention to price action in first 30 minutes after 7am, 8am, 9am for potential reversals

Don't feel pressured to have an opinion - be comfortable saying "I don't know" sometimes

Avoid being influenced by social media and other traders' opinions when developing your skills

Understand your strengths/weaknesses and trade in alignment with your personality

Be patient and disciplined - don't overtrade or chase missed moves out of FOMO

INSIGHTS:

Consistent small profits are better than inconsistent large profits when developing trading skills

Journaling observations without emotion helps manage fear, greed and regret

Patience and discipline in following rules is more important than making money quickly

Understanding algorithmic nature of markets is key to anticipating price moves

Managing expectations and emotions is crucial for long-term trading success

Developing your own style aligned with personality leads to more consistency

Avoiding comparison to others allows focus on personal growth and development

Studying patterns at specific times of day reveals repeatable phenomena

Being comfortable with uncertainty is important - can't predict every move

Developing skills through practice is more valuable than chasing profits early

Understanding underlying market structure provides context for entries/exits

Focusing on one setup/idea at a time allows mastery before expanding

QUOTES:

"Don't expect perfection. Don't expect everything that you do to be without pain. It's going to be hard, especially in the beginning."

"You have to be content with enough, you know, if, if he gets his rent paid, or half his rent paid with whatever the channel does while he's learning that's a huge advantage."

"Unless you have two years of salary, and you've had consistently being able to double your income with your trades, you have no business thinking about quitting your job."

"Don't worry about trading right now. Don't worry about entering anything. You need to be focusing on what is important in the marketplace right now."

"Your happy ending comes by doing very little and being content with that. That's the secret sauce in trading doing very little and being content with it."

HABITS:

Analyze charts daily focusing on 15min, 5min, 1min timeframes after 7am

Journal observations and reflections without negativity after each session

Study price action patterns at specific times (7am, 8am, 9am)

Practice identifying relative equal highs/lows and inefficiencies

Review trades/journals on weekends to reinforce learning

Avoid social media influences and comparing results to others

Focus on developing skills through practice rather than profits

Be patient and disciplined in following rules and processes

Manage expectations and emotions around trading results

Study algorithmic nature of markets and price delivery

Annotate charts with key levels and observations

FACTS:

Markets are algorithmic and follow scripted patterns at specific times

Volume does not always precede price - algorithms can move price with little volume

Relative equal highs/lows form predictable patterns for liquidity grabs

Fair value gaps and inefficiencies are key levels algorithms target

First 30 minutes after 7am, 8am, 9am often see reversals

London session (2am-5am EST) range provides context for NY session

15-second charts reveal more granular price action than 1-minute

Institutional algorithms use inefficiencies for entries/exits

Price can move significantly on very low volume in thin areas

Brokers may interfere with highly profitable traders' executions

Social media sentiment can be used as a contrarian indicator

Consistent small profits compound better than inconsistent large wins

RECOMMENDATIONS:

Start by analyzing 15min, 5min, 1min charts after 7am each day

Journal observations without judgment, focusing on what worked well

Practice identifying key levels like relative equal highs/lows and inefficiencies

Study price action patterns at 7am, 8am, 9am for potential reversals

Review trades/journals on weekends to reinforce learning and spot patterns

Manage expectations and emotions around trading results to avoid mistakes

Practice proper risk management and position sizing before live trading

Use demo accounts to practice entries/exits without financial pressure

Develop your own style aligned with your personality for consistency

Master one setup/concept at a time before expanding your approach

Preserve capital by keeping your job until consistently profitable

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