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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