ICT YT - 2020-10-17 - ICT Forex Price Action Lecture - Daytrading and Psychology.srt
Last modified by Drunk Monkey on 2021-06-11 14:56
| 1 | 00:00:16,199 --> 00:00:24,179 | ICT: Okay, folks, welcome back, I appreciate your patience. I knew I said in my community tab on my YouTube channel that I was gonna post a video on Thursday |
| 2 | 00:00:24,179 --> 00:00:36,329 | evening. But I am a family man. So family first. So I just wanted to share my appreciation for that. Not that anyone should really give me a hard time because |
| 3 | 00:00:36,329 --> 00:00:49,559 | I'm not obligated to do this. But nonetheless, this is a consolation video for missing yesterday and shout out to the mentorship. Yesterday, the Aussie dollar |
| 4 | 00:00:50,189 --> 00:01:02,459 | outline that I gave you panned out pretty handsomely, didn't it? Alright, so euro dollar, and we're looking at a five minute chart. So how I could draw a |
| 5 | 00:01:02,459 --> 00:01:17,009 | contrast between intraday swing trading, and day trading. And that of scalping, okay, because there are three different things, but they're basically lumped in |
| 6 | 00:01:17,009 --> 00:01:31,709 | the category of day trading. Okay, so you have day trading, which is basically trading the anticipated major swing for that particular day. Alright, so in a |
| 7 | 00:01:31,709 --> 00:01:43,439 | perfect world, it would be something like buying down here and holding for a run up to this level here, that is a day trade. Right? There are smaller swings |
| 8 | 00:01:43,709 --> 00:01:57,269 | inside this day where you could trade short here and cover here, or go long here and exit here or go long here, exit here, going short here, and covering here. |
| 9 | 00:01:57,629 --> 00:02:06,629 | Now, you may look at this and say there's no way that you would take those types of trades. But if you were a scalping, that's what an intraday scalper would do. |
| 10 | 00:02:07,499 --> 00:02:17,489 | Now, there are intraday swings, where you don't catch this move, but you buy this one, and you ride it up to this level. Or you buy this level here and you |
| 11 | 00:02:17,489 --> 00:02:29,669 | ride up to there. Okay, that's an intraday swing. There's the three contrasting views, but all lumped in the category of day trading, or at least the way I |
| 12 | 00:02:30,389 --> 00:02:42,899 | teach it. And you may look at this as it's all scalps. And there's really no argument here, I'm not trying to say, one person's definition, if you will, of |
| 13 | 00:02:42,989 --> 00:02:51,899 | how you're operating within a daily range is a scalp or intraday swing or day trade, because they're all day trading, if you're getting in and out the same |
| 14 | 00:02:51,899 --> 00:03:03,959 | day, that's day trading, okay, no matter how you slice it, it's a day trade. If you hold over into the next day, that's clearly a short term trader, anything |
| 15 | 00:03:03,959 --> 00:03:19,349 | longer than a week to two weeks is, in my opinion, a swing trade. Okay, so anything beyond two weeks, up to a month, then your position trader, and it's |
| 16 | 00:03:19,349 --> 00:03:31,649 | just simply too long for me. So I put that out there. So that way, you can look at the ideas of working within a individual daily range. Now, inside the same |
| 17 | 00:03:31,649 --> 00:03:44,099 | daily range, if you thought that this move was going to occur from here to here, you can be a counter Trend Trader inside the same daily range. And you've seen |
| 18 | 00:03:44,129 --> 00:03:54,359 | examples of that on my YouTube channel, working with a one minute chart. Going short here, covering just below this low here, going short here, covering below |
| 19 | 00:03:54,359 --> 00:04:06,779 | this low here, going short here, covering below this low here. And not so much in here. It's just consolidation. But you could have looked at this level here |
| 20 | 00:04:06,779 --> 00:04:18,089 | as a short and made an attempt to get below these lows here. And this was a rather tight range going into the closed today as I was operating in, so you'll |
| 21 | 00:04:18,089 --> 00:04:27,869 | see that. But I want you to think about that. And look at this price section and the fractal that's being shown here against the five minute chart. This may not |
| 22 | 00:04:27,869 --> 00:04:37,169 | be your cup of tea, it may not be your timeframe. It may be something you never aspire to do. But everything that's been shown here in this five minute chart, |
| 23 | 00:04:38,069 --> 00:04:51,029 | forms and pans out on an hourly chart, a four hour chart, an eight hour chart, a daily chart, a weekly chart, it's the same thing it's priced, but where is your |
| 24 | 00:04:51,029 --> 00:05:04,679 | comfort, where's the comfort level for you, as a trader, trading in that duration because if getting in and out this Same Day is completely alien to you, |
| 25 | 00:05:04,679 --> 00:05:10,499 | you just can't do it, you can't find the the the nimbleness |
| 26 | 00:05:11,490 --> 00:05:20,070 | to be able to do that, then you have to trade at a higher timeframe, what higher timeframe, that's what you need to determine as a trader, you have to figure |
| 27 | 00:05:20,070 --> 00:05:33,270 | that out for yourself because no mentor, no educator and a teacher can efficiently and optimally push any individual, especially all of their students |
| 28 | 00:05:33,600 --> 00:05:46,530 | into one mode. And that's why I don't teach that way. I give the students a broad range of tools to choose from. It's the same element that we use in all |
| 29 | 00:05:46,530 --> 00:05:55,950 | timeframes. But the way I teach, you can take that information and plug it into any timeframe, and it'll work the same way. It just requires a little bit more |
| 30 | 00:05:55,950 --> 00:06:04,230 | time for the trades to pan out when they're higher timeframe. I like a lot of setups, I like a lot of opportunity. And I like to be able to show how to |
| 31 | 00:06:04,230 --> 00:06:13,950 | practice with intraday charts. So it's kinda like a perfect scenario for me to operate as a mentor, using lower timeframe charts, even for those that are not |
| 32 | 00:06:14,730 --> 00:06:28,500 | equipped, psychologically, or personality wise, to sign up to that type of trading. I'm always making reference to that in my lessons in my teachings that |
| 33 | 00:06:28,800 --> 00:06:37,800 | even if you don't like this kind of trading, forget that it says five minutes up here, okay, just forget that this could be just the same as a hourly chart or a |
| 34 | 00:06:37,800 --> 00:06:51,600 | daily chart, it doesn't make a difference. It's the same signatures and price repeating on all timeframes. Okay, so if we can look at price like this. And |
| 35 | 00:06:51,600 --> 00:07:01,800 | suddenly, when you anticipate price swings, you can see a myriad of different opportunities existing in the same trading day. So any one of these could be a |
| 36 | 00:07:01,800 --> 00:07:11,550 | trading opportunity that fits your specific criteria. And even though you may not get the low, or buy this one buying here and writing it up to here, that's a |
| 37 | 00:07:11,550 --> 00:07:22,410 | winning setup. And that may be the only thing that you see that your eye jumps to, and you don't really see this or this as a buy. There's nothing wrong with |
| 38 | 00:07:22,410 --> 00:07:31,050 | that. There's absolutely nothing wrong with that. Some of my students see things like this, okay. And they say, Well, I took a trade like here, and I got above |
| 39 | 00:07:31,050 --> 00:07:39,660 | this high, and I felt good about it. But then it ran down and gave an opportunity and ran up to here. And I feel so demoralized because I missed that |
| 40 | 00:07:39,660 --> 00:07:49,590 | bigger move. Why should you feel demoralized? Because what you're saying when you do that, is that you think that you should catch every swing in the |
| 41 | 00:07:49,590 --> 00:08:01,110 | marketplace, given that same mentality? Why aren't you upset that you didn't take the trades in the pound yen? Or the Euro yen? Or the dollar Swiss? How |
| 42 | 00:08:01,110 --> 00:08:09,870 | about dollar CAD? Why don't you take those trades to you see how fast it becomes absurd to think that way. But when you focus on one pair, and you warm up to it, |
| 43 | 00:08:09,870 --> 00:08:16,890 | like I teach, try not to have a whole lot of different pairs, it can trick you into thinking especially if you're new, your infancy as a developing student |
| 44 | 00:08:17,280 --> 00:08:28,050 | will trick you into thinking that you should have seen all of those swings. And you have to give yourself time to warm up to one specific setup. And it's the |
| 45 | 00:08:28,050 --> 00:08:39,090 | one that first starts making itself available to you in your study. Or when you're watching price action. That one particular setup that you see easily that |
| 46 | 00:08:39,090 --> 00:08:48,690 | you're not forcing you're not hunting for, it just jumps off the chart, you're going to discover the debt is your bread and butter setup. And if you resist |
| 47 | 00:08:48,690 --> 00:08:56,970 | that, or if you try to look for something else, because you've heard me say, I like this particular setup. And you think okay, well, Michael is my mentor. And |
| 48 | 00:08:56,970 --> 00:09:05,850 | he does well, and he can do this repeatedly. Therefore, this must be the real silver bullet setup. And I'm only going to focus on that one, when all of my |
| 49 | 00:09:05,850 --> 00:09:18,330 | setups and all of my concepts are the same. They're mine, and I like them all. But I just like going to specific ones because it's like, my cologne collection. |
| 50 | 00:09:19,080 --> 00:09:30,870 | didn't think I'd come up with something like that. I got hundreds of bottles of Cologne. Okay, so I'm like a frag head. There are bottles that I call on |
| 51 | 00:09:30,900 --> 00:09:38,100 | multiple times in a week. And they're just called dumb reaches, where you just don't think about it. You just know it smells good. It's mass appealing. And you |
| 52 | 00:09:38,100 --> 00:09:44,880 | just don't want to think about it. Because when you have that many selections, it's a little bit nerve wracking, especially with OCD. But there are certain |
| 53 | 00:09:44,880 --> 00:09:49,230 | bottles that I go to and I'll just say, well, I'll just grab this and I'm out the door. And |
| 54 | 00:09:50,100 --> 00:09:59,280 | these specific setups are ones that I don't even look for. They just leap off the chart, but I know how to find all the other ones but you as a developing |
| 55 | 00:09:59,280 --> 00:10:06,840 | student You're on this YouTube channel and you're watching for certain things. The optimal trade entry is the flagship here. Okay, I've introduced some other |
| 56 | 00:10:06,840 --> 00:10:16,950 | things like breakers and order blocks and such. But the main real flagship is the optimal trade entry, and specific times of the day where they form. But that |
| 57 | 00:10:16,950 --> 00:10:26,130 | may not be what you gravitate to, you may find other things in my teachings and eventually move into my mentorship, you'll find there's other setups, there's a |
| 58 | 00:10:26,130 --> 00:10:34,530 | myriad of different setups, and I've been introducing how certain patterns can overlap with one another, and still give you a new unique model, not in a unique |
| 59 | 00:10:34,530 --> 00:10:42,600 | sense that you aren't exposed to it here in this channel or my lessons. But it's unique in the scope that you probably didn't think about pairing these two |
| 60 | 00:10:42,600 --> 00:10:51,870 | patterns like the breaker and optimal trade entry together within a orderflow context. So if you're bullish, and you put a bullish breaker, and a bullish |
| 61 | 00:10:51,870 --> 00:11:03,810 | optimal trade entry together, it's pretty strong. But you might not like that pattern either. So that's why I opened the books to everything in terms of short |
| 62 | 00:11:03,810 --> 00:11:15,090 | term trading setups, and you can apply them to any timeframe and make it uniquely yours. And it's the one that jumps off the chart. And don't be in a |
| 63 | 00:11:15,090 --> 00:11:24,660 | rush for that to happen for you. Because that that epiphany, that thing that snaps in aha that I know what I'm looking for. It happens for everyone |
| 64 | 00:11:24,690 --> 00:11:33,000 | differently in terms of how much time it takes. Sometimes it takes years. And if you're not willing to submit to the work to get to that point, you're going to |
| 65 | 00:11:33,000 --> 00:11:40,830 | learn a lot of lessons before you get that one favorite setup. It doesn't mean if you don't have your favorite setup mastered, that you can't see setups or |
| 66 | 00:11:40,830 --> 00:11:49,590 | participate, it just means that you haven't found your niche, you're one setup that just constantly is your easy bread and butter setup every single day, you |
| 67 | 00:11:49,590 --> 00:12:01,110 | go into the charts on a lower timeframe, you'll find it. But if you give it enough time, you'll get there. And then when you have a strong track record of |
| 68 | 00:12:01,680 --> 00:12:12,060 | back testing, forward testing, let's forward testing, watching price action live with no real intent of taking a live trade, you're just watching price. And |
| 69 | 00:12:12,060 --> 00:12:21,540 | you're teaching yourself to read the tape, watching what it's doing, anticipating what its next price move will be. That's one of the strongest forms |
| 70 | 00:12:21,540 --> 00:12:28,560 | of study there is because you're not thinking about profits, you're not thinking about if your stock is going to get hit, you're not thinking about what area |
| 71 | 00:12:28,560 --> 00:12:38,850 | should I scale out at, you're just reading the tape, where's it reaching for. And if you do that, even if you don't have access to watch live price action, |
| 72 | 00:12:39,240 --> 00:12:49,530 | you should at least try to find a way to record live data. And if you come home from work later on, or whatever. Or if you're a student, you're in school, watch |
| 73 | 00:12:49,530 --> 00:12:58,530 | that playback. And just sit there and watch the chart and put it in real time or speed up a little bit if you want. But nonetheless, it's going to teach you |
| 74 | 00:12:58,530 --> 00:13:09,270 | lessons that you can't learn from watching my videos, or watching or studying old data that static you need to see it painting real time and recording it even |
| 75 | 00:13:09,270 --> 00:13:20,010 | though it's hindsight data, it's the same as if you were there at the time. And that's powerful, that is extremely powerful. don't discount that. Because by |
| 76 | 00:13:20,010 --> 00:13:30,780 | doing that, you will find your bread and butter setup that one particular setup that you can take and put it in any timeframe and it repeats. And the results |
| 77 | 00:13:30,780 --> 00:13:40,380 | are like gangbusters. It's just it's hard to articulate what it is except for just think of if the pattern was the last one trade entry for you. If your OTP |
| 78 | 00:13:41,070 --> 00:13:47,670 | is the setup that you have always been looking for, and it makes sense to you. And you could care less about breakers, you could care less about mitigation |
| 79 | 00:13:47,670 --> 00:13:55,620 | blocks, you could care less about other order blocks, you just like the optimal trade entry, it's easy, you know what you're looking for, then there it is. |
| 80 | 00:13:56,040 --> 00:14:06,990 | Don't tinker with it. Don't try to make it better. Don't try to add something to it. So it feels like you've created some kind of new hybrid. It's just a simple |
| 81 | 00:14:06,990 --> 00:14:16,200 | little thing. And you milk it, you go in there and you'd look for it every single week. And you learned in this channel, the times of the day and the days |
| 82 | 00:14:16,200 --> 00:14:25,200 | of the week where that is likely to occur. And you don't try to put too many more moving parts on it. You don't need to look at optimal trade entry plus |
| 83 | 00:14:25,260 --> 00:14:32,850 | commitment traders. You don't even look at optimal trade entry. Plus, what's the bond market doing? |
| 84 | 00:14:34,740 --> 00:14:46,350 | Those things can assist Yes, but they don't need to be form fitted in every single setup. And that's one of the things that traders coming to this channel. |
| 85 | 00:14:46,530 --> 00:14:53,490 | They see all these different things. They're like whoa, they're inundated with man, this guy's got so many things. How could I possibly know which one to |
| 86 | 00:14:53,490 --> 00:15:06,390 | choose to make a system or a model out of and none of my models have, I think thousand different moving parts, the concepts are out there for you to take them |
| 87 | 00:15:06,690 --> 00:15:17,970 | and plug them into your own unique model. And it's like a Frankenstein experiment, because I can have thousands and thousands of students all have a |
| 88 | 00:15:17,970 --> 00:15:28,950 | bullish or bearish model. And they'll look at specific components that I teach. And they'll use them in a varying approach that I understand as their teacher. |
| 89 | 00:15:29,220 --> 00:15:37,230 | And other students. If they were sharing it with them, they would say, Oh, that's really neat how you did that. And it's something unique to them. That |
| 90 | 00:15:37,230 --> 00:15:46,710 | makes sense to them on one specific timeframe, looking for specific criteria that they've learned in my lessons, but that's their model. They don't do |
| 91 | 00:15:46,710 --> 00:15:57,630 | anything else. But just that and if it doesn't form, guess what, they're not taking a trade. That is maturity. That's focus that is dialed in. Okay, whenever |
| 92 | 00:15:57,630 --> 00:16:06,000 | you hear me say, we're dialed in, that means we know what we're looking for. We know the direction. And we know we're waiting for in terms of a setup, and we |
| 93 | 00:16:06,000 --> 00:16:17,100 | know where it's likely to go. So it's done. And everything looks like precision, hindsight perfection, to everyone on the outside looking in. But these setups |
| 94 | 00:16:17,100 --> 00:16:28,770 | here, okay, there's five setups in this fractal that are very, very easy to see. Or they should be easy to see if you've been with me for a number of years, |
| 95 | 00:16:28,860 --> 00:16:43,200 | because you can see all those things. If I take them off and go back to just looking at the price action. And make a couple comments about it and then wrap |
| 96 | 00:16:43,200 --> 00:16:55,710 | this video up. Clearly you can see this is among session low and the low forms at 245. Then three o'clock in the morning. Well you know that's the heart of on |
| 97 | 00:16:55,710 --> 00:17:11,820 | the open. Makes a little today with a Judas swing. rallies up breaking market structure trades back down into a breaker bullish breaker. rallies again, small |
| 98 | 00:17:11,820 --> 00:17:23,430 | little retracement back in rallies again, breaks this high and then collapses hard to take out. Sell stops resting just below here. So no one that is using a |
| 99 | 00:17:23,430 --> 00:17:34,800 | very very tight sell stop trailing on Long's can participate once this is rated there. And then the real move with the most dynamic price action occurs running |
| 100 | 00:17:34,800 --> 00:17:47,850 | into this area here. price breaks the short term low. There's your intraday break in market structure. It's Friday, it's not likely to continue with a |
| 101 | 00:17:47,910 --> 00:17:58,530 | really explosive move higher. So if there's a break in market structure, and it's Friday, it's probably made its run here. The market rallies back up. Last |
| 102 | 00:17:58,530 --> 00:18:08,910 | up close candle bearish order block and optimal trade entry. There's blending of two patterns, bearish order block optimal trade entry with a break in market |
| 103 | 00:18:08,910 --> 00:18:19,650 | structure. That's a model by itself. That's a model. What do you aim for? Well, you could aim for the swing low here. And if he got really excited, he can |
| 104 | 00:18:19,650 --> 00:18:29,640 | probably see if it can go down below here. But it's Friday. So you have to be willing to take it early and may not get down to this level. As you can clearly |
| 105 | 00:18:29,640 --> 00:18:37,440 | see it didn't. Now I already know some of you you're like, this guy's talking about hindsight. She's so smart, you would have traded it. Where's your trade? |
| 106 | 00:18:37,590 --> 00:18:46,440 | When you push the button? I'm asking my all these other guys on YouTube aren't pushing a button. I mean, you see them using trading view, I mean everything on |
| 107 | 00:18:46,440 --> 00:18:53,580 | the side over here and over here on this side, you recognize it as trading view. There's a lot of them out there saying, Yeah, I'm going to start doing my live |
| 108 | 00:18:53,580 --> 00:19:04,380 | trading on YouTube. And I'm waiting, there's like six or seven of them. And they have a lot of followers. And I have seen one. One execution had a lot of talk |
| 109 | 00:19:04,380 --> 00:19:13,470 | about what took place like what you've been hearing me do here. But I'm going to show you that I saw this coming. I watched it. And when price was trading right |
| 110 | 00:19:13,470 --> 00:19:24,960 | up on this candle here, I went short. I'm a little disappointed in myself because I could have gotten in on this candle here if I just would have just |
| 111 | 00:19:24,960 --> 00:19:29,940 | pumped the brakes, but I wanted to get into the trade. But I was multitasking so |
| 112 | 00:19:31,410 --> 00:19:39,870 | I knew I wanted to get in it was close enough. But usually you see me I get like the candle that makes the swing high. That's what I pride myself on that's the |
| 113 | 00:19:39,870 --> 00:19:49,770 | precision I like using but actually got out here on this low candle and you'll see it in a second but the idea was I was looking for a run below here and I was |
| 114 | 00:19:49,770 --> 00:19:57,870 | wanting to see it break down and I thought for sure once it created this one as you'll see in the end of this video because it's a sped up recording of me |
| 115 | 00:19:57,870 --> 00:20:05,970 | actually taking the trade It's a pay per trade for all you guys out that like to say, Oh, it's just a demo, right? Because I'm not licensed to get trade advice. |
| 116 | 00:20:06,030 --> 00:20:13,800 | And we're only talking about paper trades. So paper trades are not the same as live trading, you cannot lose money with a paper trade, you cannot make money |
| 117 | 00:20:13,830 --> 00:20:25,650 | with a paper trade. So therefore, I can't get slapped around by the watchdogs. CFTC, all that stuff. That's why I do it. Okay. So if I wanted to be a trade |
| 118 | 00:20:25,650 --> 00:20:33,090 | advisor, I could go out there and get my series three and three, series seven license and talk about stocks and commodities. But to do so I have to give them |
| 119 | 00:20:33,090 --> 00:20:40,950 | all of the information I used to make my decisions. And guess what, I got too much stuff to turn in. So if they're interested, they can find me on YouTube. |
| 120 | 00:20:40,950 --> 00:20:51,480 | I'm right here. And it's all done in this framework. There's no private executions. In my mentorship. Any example I show is always shown on this YouTube |
| 121 | 00:20:51,480 --> 00:21:01,890 | channel. It used to be always shown on my Twitter account, but I don't have Twitter anymore. So nonetheless, when it formed this high in here, I stated that |
| 122 | 00:21:01,890 --> 00:21:16,290 | we would sweep these lows in here that this was likely to run lower. And I'm not worried about this not getting taken, what I was concerned about if it was going |
| 123 | 00:21:16,290 --> 00:21:25,440 | to get below here, because it was getting late in the day. And on a Friday. It's just not a lot of excitement coming in post London close on a Friday, it just |
| 124 | 00:21:25,950 --> 00:21:37,020 | isn't likely to occur. So either way, all this out, and then I move my limit order up just to take an even 20 pips, where I had initially had 30 pips as my |
| 125 | 00:21:37,020 --> 00:21:45,750 | target from my entry on this candle here. I just knew at that time, I wasn't going to get the 30 pips. So I'll take 20 and be happy with it, and placement in |
| 126 | 00:21:45,750 --> 00:21:55,530 | here. And getting out at this very candle here for exactly 20 pips, that's good enough for a precision example for this week. And again, mentioned mentorship |
| 127 | 00:21:55,530 --> 00:22:07,980 | saw 5560 pips short on Aussie dollar that was explained last night, or Wednesday night going into Thursday, for its employment number using the things that I |
| 128 | 00:22:07,980 --> 00:22:19,200 | teach there. So I like to share this publicly with you all. It's not the show off, okay. It's just I'm trying to inspire all these other young educators out |
| 129 | 00:22:19,200 --> 00:22:28,950 | there that drive around, and all these really fancy cars, which are beautiful, by the way, I wish they owned them the approach to saying they took a trade if |
| 130 | 00:22:28,950 --> 00:22:37,620 | they could just do it here. You know, I think it would resonate more with the community. But just we're past all that. I took a trade I took a trade, I took a |
| 131 | 00:22:37,620 --> 00:22:44,070 | trade. And you see on fumbling on, I think it was over here, I got in, I think I got it over here, I can tell you exactly where I got in. I got in right here on |
| 132 | 00:22:44,070 --> 00:22:55,680 | this candle here, right there. Because it was running up into these candles here. That was the bare shoulder block. And I knew it was forming an optimal |
| 133 | 00:22:55,680 --> 00:23:07,710 | trade entry. That was the basis of why I was going short. And I got half down here because it was running out of time. I wanted 30 pips, then it was like 22 |
| 134 | 00:23:07,710 --> 00:23:17,700 | or something for 23 pips or most. And it just wouldn't, wouldn't get down there for me. So I had to adjust my limit order, I'm not widening my stop, you'll see |
| 135 | 00:23:17,700 --> 00:23:27,360 | me adjust my stop, must stop reduces and never expands or opens and takes on more risk. But my limit orders my targets, then I'm okay with moving that |
| 136 | 00:23:27,360 --> 00:23:39,930 | around. If I think I've made an error in my judgment. What he did say that ICT said he just admitted that he gets it wrong. Sometimes Of course I do. Come on. |
| 137 | 00:23:40,740 --> 00:23:49,500 | But if I'm in a trade and I think I've done something wrong in terms of my expectations, or how far it may go, or something evolving in the in the price |
| 138 | 00:23:49,500 --> 00:24:00,450 | action changes my mind about it. I'm no longer as bullish or as bearish, I might just say, okay, just give me a straight 40 or straight 50 or straight, in this |
| 139 | 00:24:00,450 --> 00:24:09,390 | case. 20 pips? Well, initially, I was looking for 30. So you have to be flexible, especially if you're going to be day trading. Because if you go in |
| 140 | 00:24:09,390 --> 00:24:16,800 | there with the hard and fast rule that you're right and come hell or high water, it's going to pan out the way you want it or you're going to take nothing. And |
| 141 | 00:24:16,800 --> 00:24:23,040 | that's kind of stupid, really, because you're just giving your money away in opportunities where you could have paid yourself. So |
| 142 | 00:24:24,660 --> 00:24:36,390 | I could have taken partials at 15 and tried to see if it could go below here. And I didn't. I like to go with the full boat of what I entered in here, which |
| 143 | 00:24:36,390 --> 00:24:46,650 | was really just one standard lot. I worked with a lower account size. And you guys saw me working with like 900,000 I was running up some things with my son |
| 144 | 00:24:46,650 --> 00:24:58,740 | shown him the effects of risk management. What happens when you take losses or string of losses and how much it takes to get it back and the effects of a |
| 145 | 00:24:58,740 --> 00:25:07,680 | period of losing trades. Which we marked up as, you know, flip of the quarter. If it was a losing trade, it would be heads, if it was a tails, it would be a |
| 146 | 00:25:07,680 --> 00:25:22,980 | winning trade. And we would just go in and push hard on the equity. When you see big leverage trades, even if it's paper trade, it's hard to really associate |
| 147 | 00:25:22,980 --> 00:25:30,750 | yourself with that type of trading, especially if you're new. Most people coming into the business, they're never going to have $50,000 to trade with us in a |
| 148 | 00:25:30,750 --> 00:25:41,280 | demo account set up with and most of you probably wouldn't even trade with $10,000. Okay. $10,000 is what I used. And it was only a $200 paper profit. Oh, |
| 149 | 00:25:41,280 --> 00:25:49,830 | look at this, you would expect to see more from you, ICT Come on, this isn't going to hold my attention, right? Well, if that's how you think then just go |
| 150 | 00:25:49,830 --> 00:26:00,960 | watch the other guys. Because you're not gonna see them, press the button on anything. I want you to think in terms of realistic, okay. If someone learned |
| 151 | 00:26:00,960 --> 00:26:11,040 | the skill set of reading price action, and they made the jump mentally, that they want to trade with live funds, they do so on their own, I'm never telling |
| 152 | 00:26:11,040 --> 00:26:20,640 | you how you're ready to do that. But let's assume that you listening, have put the work in, you've been studying, you've been putting your your efforts into |
| 153 | 00:26:20,640 --> 00:26:33,540 | practicing reading price. And you've done very well with a demo account and you're consistent with it. That sometime in the future, if you decide that |
| 154 | 00:26:33,540 --> 00:26:44,490 | you're going to do this with live funds, you don't go in with $10,000 you don't go in with 5000. In fact, you don't even do it with 1000 do it with smaller than |
| 155 | 00:26:44,490 --> 00:26:55,020 | $500 if you can afford to do so. And there are brokers out there that will let you do that. And yes, to empty for sometimes. Okay, there's nothing wrong with |
| 156 | 00:26:55,170 --> 00:27:04,650 | empty for if you are the person trading it, okay? Don't don't get wrapped up in all this stuff that's been going around lately. Okay, about how mt fours a scam. |
| 157 | 00:27:06,240 --> 00:27:19,590 | You can trade with a broker that uses mt four, okay. And it's the educators that use mt four are the problem, because everyone knows now that it's easily rigged. |
| 158 | 00:27:19,620 --> 00:27:29,160 | It's fake. Okay. So that's why you don't see any of those cats on trading view doing in their executions, because you will see right away immediately, they |
| 159 | 00:27:29,160 --> 00:27:39,630 | have no idea how to trade zero, zilch, none. Because if they could, it's real easy to do it here. I don't need to do it at a Live account. Now I'll do it. |
| 160 | 00:27:40,230 --> 00:27:50,310 | I'll do it for $75,000 girl that you can't put in an escrow account, I'll do it. But if you say you're going to pay me, and then you can't do it, well, that's |
| 161 | 00:27:50,310 --> 00:28:04,860 | kind of deflating, it's not motivational. But for all you educators out there that want to drive around your cars, and pose on Instagram. This is a real easy |
| 162 | 00:28:04,860 --> 00:28:15,060 | way of proving you know how to do a trade frame and out, execute it, manage it, use a real stop the entire time. And the people following you don't have no |
| 163 | 00:28:15,060 --> 00:28:22,500 | problem believing that you know how to trade. And if you're teaching, then you have something you can say I can teach this because look what I can do. And |
| 164 | 00:28:22,500 --> 00:28:35,520 | that's all I'm doing here. Because I got lumped in erroneously with a couple people in the past. And thinking that I used a rented empty for server. Okay, so |
| 165 | 00:28:35,820 --> 00:28:47,520 | I don't use I couldn't even tell you how to do that. But I know that people do it. And you've watched examples on this YouTube channel, where I've got in and |
| 166 | 00:28:47,520 --> 00:28:59,430 | out same day. And using some of the things I'm showing you here in this video, I'm doing it with trading view. Okay, trading view is not empty for |
| 167 | 00:29:01,260 --> 00:29:12,570 | I don't know how I could possibly rig this because you can see the little time button down here. Okay, when it's going on. And it's the same chart that you're |
| 168 | 00:29:12,570 --> 00:29:22,950 | gonna be able to pull up if you pull up euro dollar and you use the forex.com data feed, your chart is going to look exactly like this. Okay, in the recording |
| 169 | 00:29:22,980 --> 00:29:32,700 | on my other tab here, this is what you see in the recording in a couple minutes. This is exactly where I got in it on this candle here. And I got out on this |
| 170 | 00:29:32,700 --> 00:29:42,090 | candle when put down here it got my limit and boom, there it is. It's done. All these things here is what I just outlined in my discussion. These vertical lines |
| 171 | 00:29:42,090 --> 00:29:51,840 | here are the exact time windows that I told you on this YouTube channel when I taught with the optimal trade entry pattern recognition series, that 20 video |
| 172 | 00:29:51,840 --> 00:30:03,180 | series. It was the 830 in the morning till 11 o'clock in the morning time window. So If you're looking for a very specific time of day where you want to |
| 173 | 00:30:03,180 --> 00:30:14,340 | trade and you have to set work hours, like what's your work schedule? Well, that's pretty easy. It's three and a half hours. You don't need to be in front |
| 174 | 00:30:14,340 --> 00:30:24,990 | of your charts all day long, 24 hours a day, you know, Sundays plus Monday through Friday, you don't need to do that. You just know that there are specific |
| 175 | 00:30:24,990 --> 00:30:34,380 | time windows, and certain days of the week and certain phenomenon, and repeating signatures, or patterns or setups, it's called that for those outside the |
| 176 | 00:30:34,380 --> 00:30:45,180 | mentorship, these things that repeat all the time, they will form between specific times of the day 830 in the morning till 11 o'clock, that's an easy |
| 177 | 00:30:45,180 --> 00:30:53,130 | three and a half hours to sit down in front of your charts. If you miss that set up that day, who cares, go go do whatever you want to do, after 11 o'clock. Just |
| 178 | 00:30:53,430 --> 00:31:03,270 | don't don't force it. When you have this idea, it really reduces the likelihood of you over trading too. Because if you have this delineated on your chart, |
| 179 | 00:31:03,660 --> 00:31:14,160 | okay, I only do this on the on the examples. I don't have this on my charts when I'm trading, okay? I do this. So you can see it visually how I internalize it on |
| 180 | 00:31:14,160 --> 00:31:23,850 | a naked chart, because it would look like this. When I'm looking at it. I'm not looking at all these other things, these labels and such. That's only for your |
| 181 | 00:31:23,850 --> 00:31:34,020 | benefit. It's for your edification, when I do it, I don't need these things. And it's not a bragging thing. It's not an ego thing. I'm just telling you, I know |
| 182 | 00:31:34,020 --> 00:31:47,220 | what I'm looking for. And it's 27 years, almost 20 years, November 5, I've been doing the same stuff. So for you seeing me with this lipstick on my charts, it |
| 183 | 00:31:47,220 --> 00:31:57,900 | helps you internalize it the same way I am, where I don't necessarily have to put it on the charts when I'm doing it. So I want you to take a look at again, |
| 184 | 00:31:57,930 --> 00:32:10,440 | 830, Windows starts here. And 11 here. Price runs up after breaking the market structure on here. It runs right up into this last up close candle right there. |
| 185 | 00:32:11,010 --> 00:32:21,480 | So that bearish order block gets tagged here. Now I have this little line right there. Why am I having this annotated, because I wanted to see if it was going |
| 186 | 00:32:21,480 --> 00:32:29,790 | to punch up a little bit more. And admittedly, because I was trying to do too many things at one time. I knew the likelihood it could take trade up into this |
| 187 | 00:32:30,030 --> 00:32:43,620 | little bit higher. But I knew as long as I traded very close to the high end of this candle here. I'm fine. In fact, anywhere inside this candle going short, |
| 188 | 00:32:43,800 --> 00:32:58,470 | I'm fine. Now, why? Because it's a breaker. The high here and he stops are resting low that he got rated there. So when price broke down, even though we |
| 189 | 00:32:58,470 --> 00:33:11,400 | went through this candle here, it's still a breaker. So all of this erroneous price action. I'm willing to just count, don't even worry about it. Why? Because |
| 190 | 00:33:11,400 --> 00:33:23,070 | it's the wicks. See the bodies of the candles here. It's inside this candle range. So I'm trying to get short worst case scenario there. But I was willing |
| 191 | 00:33:23,070 --> 00:33:32,700 | to watch it and see if it could spike up a little bit more. But as I said, You know, I got to do it now. And I got in as it was inside this candle. If you look |
| 192 | 00:33:32,700 --> 00:33:41,490 | at the entry price. It's 117 35 and five events. Okay. The high on this candle |
| 193 | 00:33:43,050 --> 00:33:54,150 | is 36 in two pipettes. So it's very, very close to the high end of that. So entries inside this breaker. So that's fine. And I did not get and you don't |
| 194 | 00:33:54,150 --> 00:34:04,050 | need to get the wick. Okay. You don't need to have that. You are going to learn to anticipate that and it doesn't scare you out of the idea. In other words, |
| 195 | 00:34:04,050 --> 00:34:12,840 | when it was a boldface, bullish candle here, even on this one here when it was boldface bullish, I'm not looking at that thinking, oh my goodness, I'm wrong. |
| 196 | 00:34:13,050 --> 00:34:21,540 | Now this is risk reasonable. It's just expected. At least I'm expecting it because it can go a little bit deeper and farther up into the body of this |
| 197 | 00:34:21,540 --> 00:34:31,260 | candle here which is a bearish order block. So this bearish order block and bearish breaker, both of them could be utilized for your pattern, but I'm |
| 198 | 00:34:31,260 --> 00:34:42,420 | looking at this high down to this low for optimal trade entry. Okay, so you can see I was hopefully trying to get down here. I was watching to see if we could |
| 199 | 00:34:42,420 --> 00:34:53,580 | get that and it wasn't likely to do that is this late in the day consolidation was forming. So I had to make a move to get up into here and even then it was |
| 200 | 00:34:53,580 --> 00:35:05,070 | showing and I'm willing to get below that. So with this target here, below Here anticipating a potential run through that low. My limit order was set for 30 |
| 201 | 00:35:05,070 --> 00:35:18,060 | pips as the date worked longer into the close, it became more apparent that I wasn't going to get that so I adjusted and moved my limit order to 117 15 and |
| 202 | 00:35:18,060 --> 00:35:30,720 | five pets, so that's exactly 20 pips and you somebody you're thinking, oh 20 pips big deal but look at the entry on this candle. I was off by one. And |
| 203 | 00:35:30,720 --> 00:35:40,290 | believe me, if I was making my comment section open for trolls to have their fun. They could say, Oh, yeah, you missed this in Believe me. I'm already |
| 204 | 00:35:40,290 --> 00:35:48,390 | beating myself up because I didn't wait because I otherwise would have hit that candle. I would have done it. And then here's the low exit on here. Okay, so |
| 205 | 00:35:50,220 --> 00:36:01,890 | Exactly. 20 pips? Yes, kind of like five pips more than my minimum. Like I try to at least if I'm going to scalp I have to at least be able to bank 15 pips, I |
| 206 | 00:36:01,890 --> 00:36:13,200 | have to be able to do that if I can't, I'm not going to take the trade. Now I can work in 10 PIP ranges and build up like, seven eight pips here, six to eight |
| 207 | 00:36:13,200 --> 00:36:22,080 | pips 10 pips here, build that up, and I can make 100 pips in a day doing that. But it takes a lot of time, it takes a lot of work, a lot of focus. And it's |
| 208 | 00:36:22,080 --> 00:36:32,730 | just not worth it. But the times in the past where I wanted to show off, and let my ego run, I did that kind of stuff. And it's not something that I don't want |
| 209 | 00:36:32,910 --> 00:36:44,070 | my students thinking, Oh, my goodness, that's what I want to do Christmas, it's, it's madness. You don't need to do it. But it is a nice way to practice. And you |
| 210 | 00:36:44,070 --> 00:36:54,060 | can see how fast you know, if you have a goal, which is what I teach all my students have, is to set a goal of 25 to 30 pips a week net. And if you can do |
| 211 | 00:36:54,060 --> 00:37:06,120 | that, and you get to the point where you can manage to have 2% on that, which is a lot for a new trader, I don't think a new trader should have 2% risk on |
| 212 | 00:37:06,120 --> 00:37:18,660 | anything, not even in a demo account. But if you can grow to the point of knowing what your setup is, and you're comfortable with risk 25 or 30 pips, |
| 213 | 00:37:18,960 --> 00:37:32,850 | replaces a job, it absolutely replaces it. And what happens is, the criteria that you use to find that 25 to 30 pips for the week, becomes replicated in |
| 214 | 00:37:32,880 --> 00:37:42,510 | another trading day. And then all of a sudden, you start thinking, well, I can find it in two trading days per week. And then you strip it down and say, okay, |
| 215 | 00:37:43,020 --> 00:37:55,260 | every single trading day has this 830 to 11 o'clock in the morning, New York session. So there's five hypothetical times of the week that you can find shut |
| 216 | 00:37:55,260 --> 00:38:05,430 | ups in between these time windows. But it also exists between two o'clock and five o'clock in the morning for London open. So that would be trades like over |
| 217 | 00:38:05,430 --> 00:38:19,380 | here. So now you have two windows of opportunity per trading day. Asia has a little bit, and London close has a little bit. And you have New York clothes, |
| 218 | 00:38:19,500 --> 00:38:20,100 | which |
| 219 | 00:38:20,609 --> 00:38:27,869 | is the least in terms of volatility, and you have to really know what you're looking for. That's why I don't do a whole lot of teaching on it, because it |
| 220 | 00:38:27,869 --> 00:38:37,709 | will probably get traders in trouble. Whereas learning clothes can be utilized in certain instances where it could be reversal setups and trade back into the |
| 221 | 00:38:37,709 --> 00:38:49,319 | daily range. Or they can be continuations of a larger move that's occurring that would otherwise trip people up. And again, that's not for a discussion on |
| 222 | 00:38:49,319 --> 00:39:01,529 | YouTube. But you can quickly see there's five London sessions, five New York sessions. So that's 10 potential trading opportunities. So at worst case |
| 223 | 00:39:01,529 --> 00:39:13,499 | scenario, okay. In terms of trade frequency, you should have no more than this is optimal trades now, highest order of optimal setups, and time of day, no more |
| 224 | 00:39:13,499 --> 00:39:22,019 | than 10 trades per week. This guy sitting there trying to tell me I shouldn't take more than 10 trades a week, man, I've been taking 50 trades a week. Okay? |
| 225 | 00:39:22,619 --> 00:39:33,779 | how hard you working for those 50 trades? How much sleep? Are you losing with those 50 trades? See, I can look at the calendar and I can teach my students to |
| 226 | 00:39:33,779 --> 00:39:41,429 | say okay, we all have the same 10 opportunities now in front of us for the new week come. But then you look at the economic calendar and which one of those |
| 227 | 00:39:41,429 --> 00:39:50,849 | days and those time windows have a medium or high impact news event around it? Because that's a smokescreen that the central banks use, and they inject |
| 228 | 00:39:50,849 --> 00:40:00,599 | volatility there. Sometimes they use it to go in sync with an underlying premise that's noticeable in price action. Other times they mask a report reversal of |
| 229 | 00:40:00,599 --> 00:40:13,799 | sorts with that news even. And that is narrative. That's something I'm never going to teach on YouTube. But those things those elements help you formulate an |
| 230 | 00:40:13,799 --> 00:40:24,029 | approach for a coming week, where a majority of your focus is going to be on one particular currency, one particular day at one specific time of day, be it |
| 231 | 00:40:24,449 --> 00:40:40,619 | London open or New York open. Every single one of these setups have the potential to pay out 25 to 30 pips. Now like today, I didn't get 30 pips. So I |
| 232 | 00:40:40,829 --> 00:40:51,329 | have a deficit of five pips for the week. On a Friday, let's say I didn't do any trades on Thursday, or Wednesday, or Tuesday or Monday. And this was the only |
| 233 | 00:40:51,329 --> 00:41:01,829 | trade that was able to engage with and it was five pips short. Is that a losing week? To some students of mine coming into this YouTube channel? And they'll |
| 234 | 00:41:01,829 --> 00:41:14,819 | say, Yeah, because I was supposed to make 25 to 30 pips. So that means I sucked, or they sucked. They didn't meet their, their goal for the week. And I'm here to |
| 235 | 00:41:14,819 --> 00:41:26,549 | say that that's not true, you actually did very well. Because if you're aiming for 25 to 30, you have the potential to make 25 to 30, each individual New York |
| 236 | 00:41:26,579 --> 00:41:35,909 | or London open trading session, that does not mean and I'm not in any way, shape, or form, trying to entice you to think that you could trade every single |
| 237 | 00:41:35,909 --> 00:41:47,129 | day and be profitable every single day. Because I think I'm above average. And if I do that, invariably, I'm going to get stopped out, or I'm going to take a |
| 238 | 00:41:47,159 --> 00:41:56,789 | loss, that whatever the full risk is no words, I may get in the trade it start mean, it may start moving in my favor, and I move my stop a little bit to |
| 239 | 00:41:56,789 --> 00:42:06,659 | preserve some of the equity that otherwise would have been risked in the trade. And I was on reducing the stop. But it ends up stopping me out for a loss, but |
| 240 | 00:42:06,659 --> 00:42:17,339 | not a full initial exposure. Or it could be a shin I get in, it's starting out. Or if it's a limit order, and I don't get filled, but then it runs without me. |
| 241 | 00:42:17,969 --> 00:42:27,209 | Those are those those are those Gremlins, if you will, that creep in if you try to do every day trading, okay. Nobody writes books. And I'm not going to be the |
| 242 | 00:42:27,209 --> 00:42:38,129 | guy to do it. Either. titling it everyday trading. Because day trading is not something you should try to do every single day. There are times when you just |
| 243 | 00:42:38,129 --> 00:42:47,369 | simply got to know when not to do it. And my mentorship is seeing that. Right now, in full disclosure, I've committed to |
| 244 | 00:42:48,780 --> 00:42:59,940 | an idea that the dollar was going to go lower, and other foreign currencies were going to go higher this week. I committed to that before the week started. But |
| 245 | 00:42:59,940 --> 00:43:10,020 | yet, I was still able to find trading setups, and I outlined one on Wednesday in the Aussie dollar. And again, I'm not here to protect my ego, because you all |
| 246 | 00:43:10,020 --> 00:43:20,520 | wouldn't even know about it, because you're here on YouTube. But they know they can contrast and balance the value in understanding that even if you get it |
| 247 | 00:43:20,520 --> 00:43:32,880 | wrong, it doesn't change anything. It just means, okay, it didn't give me setups with my expected perception of where price should go. But you can still find |
| 248 | 00:43:32,880 --> 00:43:43,800 | setups and find them with the same tools and concepts that lead to an initial analysis that you would otherwise abandon because of something new developing in |
| 249 | 00:43:43,800 --> 00:43:54,960 | price. And for someone that's brand new to this channel, if this sounds like oh, this guy's it's talking nonsense. And that's fine. I don't want you to believe |
| 250 | 00:43:54,960 --> 00:44:05,010 | anything I say. You go into this channel and you investigate the things I talk about. and test it. If you test it, that's the evidence you've been looking for. |
| 251 | 00:44:05,850 --> 00:44:15,810 | You don't need me to show you a live trading account. Because it's the same thing. If I do this with a Live account, it's gonna be the same price data. It's |
| 252 | 00:44:15,810 --> 00:44:28,890 | gonna be same price data. Look at this price action here. Okay, and this is euro on a five minute chart for forex.com. Alright, I'm going to load up another euro |
| 253 | 00:44:28,890 --> 00:44:47,370 | dollar chart. I'm going to use alanda. Let's look at oh and this price feed. And we're going to look at it on the same five minute chart. Okay, now, here's that |
| 254 | 00:44:47,370 --> 00:45:00,210 | swing low. It breaks it. Now, notice it says Atlanta that's not forex.com totally different brokerage. Totally different data feed right. You don't Ever |
| 255 | 00:45:00,210 --> 00:45:12,780 | see him showing you trades? He didn't push the button? You need to push that escrow button girl. So here's the low that's broken market structures broken |
| 256 | 00:45:13,680 --> 00:45:29,730 | market rallies back up, here's that that swing high down that swing low isn't this isn't this the same thing I was looking at? It's still not on trends, |
| 257 | 00:45:29,730 --> 00:45:43,380 | right? This is the candle answer that that time of day, that time window that time candle. And I missed the one I made a little bit higher high. Here's |
| 258 | 00:45:43,380 --> 00:45:59,430 | forex.com. And again alanda scrunch up a little bit, so it makes it a little bit closer. Is this not doing the same thing? You need me to do this of a Live |
| 259 | 00:45:59,430 --> 00:46:15,030 | account for you can't believe anything. See, you see, see you later if that's how you feel good. See you. And here's the forex.com with the executions. Okay. |
| 260 | 00:46:15,810 --> 00:46:37,620 | And I'll show you. executions. off on look right here. And right here. There you go. See that? See that right there? So again, if you look at I don't have |
| 261 | 00:46:37,620 --> 00:46:48,840 | multiple accounts to Okay, you see these people going Oh, yeah, he's got like 16 different demo accounts. Now I have just my trading account. And there's my tag. |
| 262 | 00:46:49,260 --> 00:47:06,150 | That's my handle. I m ICT. I mean, and account history. That's the trade here. I use $10,000. hypothetical money. It's 2%. If you do 2%, every week, okay, every |
| 263 | 00:47:06,150 --> 00:47:21,180 | week. And that's all you do. You realize that you're doing something that 99.9% of the people in trading aren't doing. Now, let's go back to that hypothetical |
| 264 | 00:47:21,180 --> 00:47:29,790 | example, of 10 potential trading opportunities per week. And which one fits your schedule? |
| 265 | 00:47:31,530 --> 00:47:42,450 | Do you work at that particular time on that particular day? Or can you watch on your smartphone, these potential setups because even if you're working, you can |
| 266 | 00:47:42,450 --> 00:47:53,070 | set alerts to trade if it gets near this handles low, drop it down like seven or eight pips. If it trades up to there, and you'll see me put alerts on in the |
| 267 | 00:47:53,070 --> 00:48:00,690 | recording, because I had to walk away from the monitors. And if it hit there, I was gonna have to stop whatever I was doing, go back and determine if I was |
| 268 | 00:48:00,690 --> 00:48:09,330 | gonna take a partial or if I was gonna see if the exits there. And then I took the alerts back off when I got back to my monitors. And again, you'll see this |
| 269 | 00:48:09,330 --> 00:48:20,310 | on recording in a couple minutes. But you can use alerts on trading view to bring your attention back to the charts. And while I'm not trying to tell you to |
| 270 | 00:48:20,310 --> 00:48:32,730 | steal your employer's time and be a poor steward, there, I believe it's equivalent to you going to the bathroom at work, okay, you can excuse yourself |
| 271 | 00:48:32,730 --> 00:48:41,040 | and work. If your alarm goes off, as you're walking to the bathroom or restroom, set your trade up. And then boom, there it is. You put your limit order in, put |
| 272 | 00:48:41,040 --> 00:48:51,000 | your stop order in, and just let it do what it's going to do. And set your alerts at these thresholds where you would anticipate taking a partial. Now |
| 273 | 00:48:51,000 --> 00:49:06,090 | again, that's how I would do it. Today, if I had a job, that's how I would do it to continuously learn and develop. I didn't have this when I started back in |
| 274 | 00:49:06,450 --> 00:49:23,430 | 1992. So it was a lot harder. And you have a lot of advantages today that we as dinosaurs back in that error, and we wish we would have had, so you should take |
| 275 | 00:49:23,430 --> 00:49:36,720 | advantage of that. But if you have these windows of opportunity, every tree every trading day Monday through Friday, you should consider studying them at |
| 276 | 00:49:36,720 --> 00:49:47,820 | least in hindsight, and you'll see there's a plethora of setups every single week that offer 25 to 30 pips. Now if you get one of them per week, and you can |
| 277 | 00:49:47,820 --> 00:49:59,070 | make 2% gain, and then you stop. You don't take another risk. That's it, you're done. Oh, that's foolish Michael. Because you have to really press your edge. If |
| 278 | 00:49:59,070 --> 00:50:08,010 | you have an edge. You gotta push it until you get the draw down, because that's what happens. That's what happens when you push a sharp edge in trading, you |
| 279 | 00:50:08,010 --> 00:50:19,980 | overuse it adults that you don't need to be pushing it hard every single day. You want to look for the most optimal time, and day. And |
| 280 | 00:50:21,330 --> 00:50:21,930 | asset. |
| 281 | 00:50:22,049 --> 00:50:31,079 | In this case, we're looking at forex. So what pair is alignment with having a medium or high impact news event for that particular day that you anticipate |
| 282 | 00:50:31,439 --> 00:50:45,659 | seeing a setup forming? Then if you look at price, and you can frame out a idea that, yeah, this is broken market structure, optimal trade entry, it should |
| 283 | 00:50:45,659 --> 00:50:58,709 | trade down to here, even if it doesn't trade down to my target. does it allow me 15 to 20 pips? Yes. And that's what I operated with today. I had this error here |
| 284 | 00:50:58,709 --> 00:51:08,009 | also, as you'll see me annotate that as well in the video. And it just went below a little bit on a shallow run. So I had to adjust my limit order. And if |
| 285 | 00:51:08,009 --> 00:51:20,309 | you look at where the price is here, below, it's like threading a needle, where I got out at with the spread, like that's highly, highly precise. I just wish |
| 286 | 00:51:20,309 --> 00:51:26,009 | you would have had a little bit more movement on the downside. But if you look at the other parent currency pairs, you know, today's was kind of sloppy. But |
| 287 | 00:51:26,009 --> 00:51:36,449 | this right here, I'm not going to take away from the London setup, which I was not a week, I was sleeping all through here. But I missed my deadline for a |
| 288 | 00:51:36,449 --> 00:51:44,579 | YouTube video yesterday. And I felt that an execution would make up for that because I wasn't going to do an execution discussion. Yesterday, I just wasn't |
| 289 | 00:51:44,579 --> 00:51:54,389 | going to do it, I was just going to talk about the effects of forcing overtrading. And I kind of used that idea and segwayed into this together and |
| 290 | 00:51:54,389 --> 00:52:06,269 | blended the two. So I hope you can appreciate that. And again, you can see this is a button being pushed here. And here. But one a limit. Okay, a limit was hit |
| 291 | 00:52:06,269 --> 00:52:19,439 | here. So I'm not trying to tell you something I did. Or works hypothetically, I execute on it. And it's something that you learn right here on this YouTube |
| 292 | 00:52:19,439 --> 00:52:30,389 | channel. doesn't cost you anything but the time to watch it. And yes, I talk a lot. I do. I talk a lot because I love what I do. I'm passionate about it. But |
| 293 | 00:52:30,389 --> 00:52:41,489 | the people that listen to me, they want me to talk, because that's where all that knowledge comes from. How you should be thinking about what you're doing, |
| 294 | 00:52:41,489 --> 00:52:48,479 | because you think it's just clicking a button. Watch the money come into your account. You think that's all this is when you first start, all you have to do |
| 295 | 00:52:48,479 --> 00:52:56,429 | is figure out if I'm a buyer or seller today. That's it. That's all you got to do. Right? And why is it that you are all failing? Why can't you see these |
| 296 | 00:52:56,429 --> 00:53:05,429 | setups? Why can't you do it because they're right here in these videos for free. You're not practicing and you're not believing the criteria and framework that |
| 297 | 00:53:05,429 --> 00:53:13,559 | I'm teaching conceptually, and you're not going into the price action and finding this and folks, listen, okay? It's a little bit of a woodshed moment, |
| 298 | 00:53:13,679 --> 00:53:19,679 | because these are times where people get irritated with me and turn me off. Oh, this guy's arrogant. Yeah, whatever he's lying to say with a lot of cannot |
| 299 | 00:53:19,679 --> 00:53:33,329 | listen, this goober. Listen, folks. every single week, I prove these things. And I don't just talk about something. I'm giving you an example. Period. I execute |
| 300 | 00:53:33,359 --> 00:53:45,869 | on the basis of what I teach in this YouTube video. And all the series and via collection that's on this YouTube channel. But if you don't put the work in, |
| 301 | 00:53:46,949 --> 00:53:59,909 | that means practicing. I don't care how good you think you should be. You're not going to have a shred of prowess, or ability or skill. Until you at least |
| 302 | 00:54:00,269 --> 00:54:10,259 | suspend your suspicions. Okay, forget all the nonsense you heard about me. Okay, because if you look hard enough on the internet, you're gonna find I probably |
| 303 | 00:54:10,259 --> 00:54:21,869 | microwave puppies. Okay, I probably you steal hubcaps. There's all kinds of things out there. That being said about me because it's just what people are |
| 304 | 00:54:21,869 --> 00:54:31,679 | doing. If anybody is out here, doing something good. And listen, you don't ever have to buy my mentorship. You don't ever have to pay me a penny. You don't have |
| 305 | 00:54:31,679 --> 00:54:45,839 | to do anything. But just watch these videos. That costs you nothing but your time. But if you don't practice the things I share for free here, you're not |
| 306 | 00:54:45,839 --> 00:54:56,009 | going to see that I'm not lying to you at all. I've been telling you the truth since 2010. It's the same stuff I talked about when I was on America Online in |
| 307 | 00:54:56,009 --> 00:55:12,869 | 1994. Same stuff, same things. And it's been working since then hasn't changed, they're not going to change the algorithm. Because if I believe that that was |
| 308 | 00:55:12,899 --> 00:55:18,749 | even going to happen, or have an impact, I never would have taught. Seriously, I never would have done it. |
| 309 | 00:55:20,130 --> 00:55:35,070 | These things are set in stone, because of the volume between the counterparties that are making price will it is. It's simple as that. It's smart money, and |
| 310 | 00:55:35,070 --> 00:55:45,780 | large, fun trading. That's it. That's all there is, folks. There's transactional flows that come in, okay, big deal. Commerce comes in, okay, big deal, that's |
| 311 | 00:55:45,780 --> 00:55:55,920 | getting pushed in, in the mix, that's not facilitating the delivery of price higher or lower, or where it's going in the grand scheme of things. It's just |
| 312 | 00:55:55,920 --> 00:56:08,850 | being pushed through in retail is this lumped in there, but it's on such a small, itty bitty tiny little scale, it's insignificant. So all the retail |
| 313 | 00:56:08,850 --> 00:56:19,740 | traders out there, all you Instagram traders out there that are pushing this narrative ICT is going to cause the Forex market to stop working, because he's |
| 314 | 00:56:19,740 --> 00:56:34,380 | sharing the algorithm. That's not going to happen. And it's not because there's a lack of an algorithm. It just means that we aren't even big enough to be a |
| 315 | 00:56:34,380 --> 00:56:46,890 | blip on the screen. Think about it. It's insane to even think that the systems and structures that are in place that make these markets priced in how they |
| 316 | 00:56:46,890 --> 00:56:56,940 | price in we collectively are never going to be a juggernaut. To change that. Think about how many people come to this YouTube channel and think about how |
| 317 | 00:56:56,940 --> 00:57:12,780 | many people already turn this video off. Believe me, it's this defamation. It's been on my YouTube channel for years. For years, man years. market maker series |
| 318 | 00:57:12,780 --> 00:57:28,440 | I put out in 2014. Okay, no, it's not only YouTube channel, and no, you don't need it. The idea of pushing this narrative that I'm not teaching you something |
| 319 | 00:57:28,440 --> 00:57:39,090 | that's real. Okay. I have seen real pushback. Okay, there are people and it's not these goobers that are on Instagram that are trying to hide that they learn |
| 320 | 00:57:39,090 --> 00:57:47,700 | from me and they're renaming my stuff. Because if they can discredit me, or say I learned it through wycoff, which I write this debunk and destroy that. Or I've |
| 321 | 00:57:47,700 --> 00:57:53,940 | learned it from this one or that one. I didn't learn this from Chris Laurie Crisler. He doesn't know this stuff. Okay. He doesn't know it. And it's not |
| 322 | 00:57:53,940 --> 00:58:04,110 | disrespect to him. It's just he doesn't know it. You don't get this information anywhere else you don't get from Steve Morrow either. Because Steve Morrow uses |
| 323 | 00:58:04,110 --> 00:58:18,210 | my 1996. Think about this now. 1996. I was doing lectures on the whole delivery of London open. All of that making the high the day. Okay, I didn't call it M's |
| 324 | 00:58:18,300 --> 00:58:29,670 | and W's a call it 123 tops and 123 bottoms. Why? Why did I call it that? Because I was a new trader. And I'm using terms that everybody back then was aware of, |
| 325 | 00:58:29,670 --> 00:58:38,640 | because of Ken Roberts pushing 123 tops and bottoms. It made sense. Everyone knew what I was talking about. So I had to create a language. But as I got |
| 326 | 00:58:38,640 --> 00:58:48,510 | deeper in understanding how these markets deliver, I had to create a language there for my students, which were intended to be only my, my son's. I wanted |
| 327 | 00:58:48,510 --> 00:58:59,220 | them to understand what it was that was occurring. So that's why these names were formed. It wasn't me renaming something that existed somewhere else because |
| 328 | 00:58:59,220 --> 00:59:09,690 | they don't exist anywhere else. Now you're seeing all kinds of wonderful revamping things. And I mean, that was my tongue in cheek that arise renaming. |
| 329 | 00:59:11,760 --> 00:59:26,520 | But Steve Morrow was not my teacher. Sorry, and all you folks around the world that have the beat the market maker system, stuff, all those indicators, TDI, |
| 330 | 00:59:26,970 --> 00:59:39,600 | mayonnaise, water. All that stuff was lipstick attitude, just a simple generic idea of how the daily profile is painted for a daily range. That's it. And it's |
| 331 | 00:59:39,600 --> 00:59:56,640 | funny to look at that stuff, and hear, hear how I talk and talk in 1996 finding its way in all that stuff. And you still don't see any executions from Morrow. |
| 332 | 00:59:58,140 --> 00:59:59,970 | You don't see any executions. |
| 333 | 01:00:00,719 --> 01:00:01,259 | Ever, |
| 334 | 01:00:02,550 --> 01:00:14,040 | you just see screenshots with the entry, as it's moving in the direction of the trade. My entries are always opposed to where I think the markets gonna go. |
| 335 | 01:00:14,970 --> 01:00:26,130 | That's smart money. I'm not chasing price. And that's how I recognize it initially, because I was only buying strength and selling weakness at the time. |
| 336 | 01:00:26,130 --> 01:00:39,150 | That's what I was teaching in 1996. I did not teach the Judas swings. That was what I was holding back with my groups, then I wanted those entries for myself. |
| 337 | 01:00:39,480 --> 01:00:50,940 | And this, you can say I was holding back then. And that was true. I'm admitting to it now. So all this stuff you see out here, market maker, this a market maker |
| 338 | 01:00:50,940 --> 01:01:01,890 | that all that stuff that came after me. And all you guys don't like it can choke on it. Because that's the truth, you can't find I put a bounty out, it's out |
| 339 | 01:01:01,890 --> 01:01:17,400 | there still $100,000 You can find any of my content, any of it in print, in video, anything prior to 1996. Because folks, it just simply doesn't exist. So |
| 340 | 01:01:19,470 --> 01:01:28,260 | you can listen to me say all this stuff and get mad and disgust Oh, he's arrogant. Or you can say You know what? Maybe he's telling the truth. I'm gonna |
| 341 | 01:01:28,260 --> 01:01:34,980 | go in and look at what he's teaching on this YouTube channel. And I'm gonna put it to the test. Let me tell you something to people that really do that, and |
| 342 | 01:01:34,980 --> 01:01:48,420 | really have an intent to learn how to do it. They're converted, and you're never going to convince them that what they have been shown with their own studies, |
| 343 | 01:01:48,750 --> 01:01:57,720 | using this information, you'll never convince them that they've wasted our time or even entice them to do anything else. See, that's the difference between my |
| 344 | 01:01:57,720 --> 01:02:06,120 | group and that's why everyone else on the outside that are weak minded, losing traders, okay. They always say that I'm a cult leader. And this is a cult. Well |
| 345 | 01:02:06,120 --> 01:02:13,920 | guess what, if winning is a cult, I want to be a part of that. And if you want to make me the leader of that group, I'll take that title. I love it. I love |
| 346 | 01:02:13,920 --> 01:02:26,760 | winning. So if you want to be a part of a community that really appreciates one another, we have a high regard for one another. And we have a high regard for |
| 347 | 01:02:26,760 --> 01:02:37,110 | the concepts that I teach. You found your home here, all you have to do is warm up to a new video every week, I might be late like I was yesterday, I may only |
| 348 | 01:02:37,110 --> 01:02:47,610 | put out one that particular week. Okay, cuz I'm not obligated, I'm not obligated to this, this group of, of traders that are watching these videos, I'm obligated |
| 349 | 01:02:47,610 --> 01:02:57,570 | to mentorship, I don't miss those windows. But here, I'm only going to be able to put it out there when I have free time. And I'm not always going to have a |
| 350 | 01:02:57,570 --> 01:03:04,860 | whole lot of time. And then once we go into the new year, I'm gonna have less free time. So I'm not gonna be as often, I may not do two videos that week, I |
| 351 | 01:03:04,860 --> 01:03:16,440 | may not do for an entire month more than one or two videos. I may not be able to do any that might happen. It doesn't mean I'm abandoned my YouTube channel, I |
| 352 | 01:03:16,440 --> 01:03:31,650 | love doing this. But I missed may not be able to do it as frequently or as exactly as the time I was aiming for. Okay, so I say all this stuff to kind of |
| 353 | 01:03:31,650 --> 01:03:44,160 | keep you motivated. Because Listen, folks, I know, times are really hard right now. They're hard. You maybe have lost your job. Maybe you have blown all of |
| 354 | 01:03:44,160 --> 01:03:56,850 | your savings. And you think that this is going to be the answer to your problem. And I'm going to tell you something. And I want you to really hear me here. If |
| 355 | 01:03:56,850 --> 01:04:10,890 | that's what you think. I'm going to tell you the honest to god truth right now. Even if you were in your position to join my mentorship, okay, you're not going |
| 356 | 01:04:10,890 --> 01:04:20,550 | to make money simply because you join the mentorship right away. That's not how this works. Just the same as you're not going to make money watching my YouTube |
| 357 | 01:04:20,550 --> 01:04:32,850 | videos here right away because you finished watching them. This stuff takes a lot of work. And don't be tricked into thinking that you may have a high regard |
| 358 | 01:04:32,850 --> 01:04:41,430 | for me right away watching some of these videos. If you've continued with listening to this one, you probably have a little bit more respect than some of |
| 359 | 01:04:41,430 --> 01:04:52,500 | the folks that have that have crossed paths with me in the past. They think I'm talking too much and I like the sound of my own voice and all this stuff can be |
| 360 | 01:04:52,500 --> 01:05:02,040 | reduced down to a five minute video and it can't because what I'm trying to show you is I'm real I am practical. |
| 361 | 01:05:03,330 --> 01:05:12,120 | I'm not out here telling you that you're going to get rich quick, I'm telling you that this stuff is going to require you to bust your ass. And it's not easy. |
| 362 | 01:05:12,720 --> 01:05:23,760 | It is absolutely not easy. And joining mentorship doesn't make it easier. In fact, you have more work, because I'm not going to sit down with you and say, |
| 363 | 01:05:24,150 --> 01:05:30,030 | we're going to buy here, we're going to put a stop here. And we're gonna take our targets there, because that's what some of you are expecting. And I'm |
| 364 | 01:05:30,030 --> 01:05:38,130 | telling you right now, if that's what you thought, when you sent your email, just send another email and say, I'm not interested. Because that's gonna be the |
| 365 | 01:05:38,130 --> 01:05:49,470 | equivalent because you don't want to be surprised when you find out that that's not how I do it. Just like this YouTube video series that you see me put up with |
| 366 | 01:05:49,470 --> 01:05:59,610 | the optimal trade entry, I'm showing you conceptually, mentorship is just me pointing to where it's likely to go. And if it doesn't do that, what's the |
| 367 | 01:05:59,610 --> 01:06:10,560 | catalyst that changes that to be an untrue statement, and anticipate something opposite happening? Now I don't, all the time do that, because I like to be on |
| 368 | 01:06:10,560 --> 01:06:18,720 | one side of the marketplace and commit to just that, I'm either right or I'm wrong. It's just, I like to be black and white with it. I don't want it to be |
| 369 | 01:06:18,720 --> 01:06:28,320 | ambiguous. I don't want anybody to misinterpret what I'm doing, or and what I'm thinking. My students know when I'm right. My students know when I'm wrong. And |
| 370 | 01:06:28,320 --> 01:06:39,060 | I'm right more times that I'm wrong. That is not me telling you hand holding by here, guys. We're going to sell short here, guys. But your stop here, we outline |
| 371 | 01:06:39,420 --> 01:06:49,560 | openly what the market may look to do. And you learn how to use all those concepts and things that you been exposed to. And some of them are from this |
| 372 | 01:06:49,560 --> 01:06:58,500 | YouTube channel. Not all of them, but some of them. But I cover all that stuff. And I said, Okay, we're bullish till we get to here, or we're bearish until we |
| 373 | 01:06:58,500 --> 01:07:11,820 | get to here. Or it may move to this area that may set up a setup that leads to a delivery to another target. And that's not signal services. That's not what a |
| 374 | 01:07:11,820 --> 01:07:21,570 | lot of people wanted. When they first came in in August 2016. Everybody thought that I'm going to be putting out trades like that, and I started right away, I'm |
| 375 | 01:07:21,570 --> 01:07:31,380 | not doing that I'm teaching you how to number one, get yourself out of the way. Because every single one of you, regardless of where you are at in your |
| 376 | 01:07:31,380 --> 01:07:39,420 | development, you are holding yourself back you are I was holding myself back in the beginning, and you're doing it too, you just don't realize what you're doing |
| 377 | 01:07:39,420 --> 01:07:48,450 | is impeding your development. Some of you are trying to force yourself into day trading, when you're not really fit to do that model, you're probably better |
| 378 | 01:07:48,450 --> 01:07:55,950 | short term trading or swing trading. But you're not going to know that and I surely ain't gonna know it. No mentor is going to know that. Okay, it's |
| 379 | 01:07:55,950 --> 01:08:03,480 | something that's personal, it's internal, you're going to know what you feel comfortable doing and day trading. While it gives you lots of examples and |
| 380 | 01:08:03,480 --> 01:08:14,940 | practicing theory and price delivery, it may not be your duration of choice, and you don't know what that choice is going to be your personality determines that. |
| 381 | 01:08:15,750 --> 01:08:28,470 | And no mentor or educator can force you into that. No one can. Because I tried that with every educator in the book over my first five years or so. And |
| 382 | 01:08:28,500 --> 01:08:40,710 | honestly, it was always detrimental. I tried to be Larry Williams 2.0 it didn't work for me. I did everything his books, and his courses said I did everything. |
| 383 | 01:08:41,160 --> 01:08:53,010 | And it did not work for me. It didn't work. I'm not saying that his concepts don't work. I'm saying that. I could not make that work for me. So am I |
| 384 | 01:08:53,010 --> 01:09:02,340 | surprised when people come to my YouTube channel, and they watch one video, or they watch one series one time, they don't apply it. They think that's not gonna |
| 385 | 01:09:02,340 --> 01:09:12,690 | work for me, or this is complicated. Or this is boring. Like this video probably seems to some of you. But if you're new and it feels boring to you, that's just |
| 386 | 01:09:12,840 --> 01:09:21,030 | your infancy. And it's not me being arrogant, saying you're stupid. It's just me saying you have not been involved in this long enough to know what it is that |
| 387 | 01:09:21,030 --> 01:09:30,150 | you need to be learning or how your mindset should be. Because that's going to be a deterrent to you getting to where you think you should be in terms of quote |
| 388 | 01:09:30,150 --> 01:09:44,100 | unquote, success. I think what you came to this YouTube channel with a preconceived notion that I already know what I should know, in terms of buying |
| 389 | 01:09:44,100 --> 01:09:55,650 | and selling. I just need you to show me where what that's basically encapsulating exactly what everybody has in terms of expectations, not just with |
| 390 | 01:09:55,650 --> 01:10:05,910 | me, but every other mentor out there. educator, teacher, Guru If we were all in a big group setting, gurus anonymous, |
| 391 | 01:10:07,740 --> 01:10:23,160 | you know, and, you know, what do we have to contend with more than anything, it's unreasonable expectations by patrons, customers, students, viewers, you |
| 392 | 01:10:23,160 --> 01:10:34,080 | think you should know this or that. And since you know that, that's what you think you only need to make it all work. When the teacher doesn't place it right |
| 393 | 01:10:34,080 --> 01:10:45,480 | in your hand. Then that method, or that teacher is incapable of teaching what it is that you need to know, when I've been here longer than most of these guys |
| 394 | 01:10:45,480 --> 01:10:56,550 | have been alive. And I know because I've done this, I can do it. And I can transfer the information. But I've also been upfront in the beginning saying, |
| 395 | 01:10:56,580 --> 01:11:05,790 | You're not going to learn this real quick. You're not going to do the things I'm doing like that. And you hear these guys? Oh, yeah, I watched videos, and I |
| 396 | 01:11:05,790 --> 01:11:16,860 | learned ICT stuff in three months. No, you didn't. You learn something that made sense to you that you gravitated to. But you're not consistently delivering with |
| 397 | 01:11:16,860 --> 01:11:24,300 | whatever it is you think you've grasped. You're still wrestling with things. And that's the part you're hiding from yourself. And you won't share with people in |
| 398 | 01:11:24,300 --> 01:11:34,140 | the public forums. I know I did the same stuff. I pretend to be better than I was when I was in America Online. That was me coping with me failing miserably. |
| 399 | 01:11:34,950 --> 01:11:46,890 | That was back in 1994. Yeah, I was teaching before I should have been teaching. Okay, I was only teaching when I had the right side. Okay, when the market was |
| 400 | 01:11:46,890 --> 01:11:54,660 | going up in my favor, because that's all I was doing back then was buying. Yeah, I was teaching then. And people were like, Oh, this is great. And that made me |
| 401 | 01:11:54,660 --> 01:12:07,290 | feel good. I got a hit of dopamine. And I got addicted to that. Therefore, I had to do that every single day. And that was hard to do. It was real hard to do. |
| 402 | 01:12:09,030 --> 01:12:18,180 | Over time, I learned how to actually trade I learned how the markets actually book and how they deliver price. And you learn a lot of that stuff here. |
| 403 | 01:12:18,810 --> 01:12:30,210 | Everything that's in this chart here is explained to you somewhere on this YouTube channel. In some video, or some course series, some area have talked |
| 404 | 01:12:30,210 --> 01:12:42,240 | about it. And for those hardcore students here that have a very good note taking regimen, you know, where those places aren't, some of my students have exactly |
| 405 | 01:12:42,240 --> 01:12:51,720 | the minute marker in what video, which is astonishing, because I don't even have that there are limitations to your development that you're going to place on |
| 406 | 01:12:51,720 --> 01:13:04,410 | yourself. And you're also going to put too many things in terms of expectations that are unrealistic, you're going to place that on yourself also. And you got |
| 407 | 01:13:04,410 --> 01:13:15,420 | to find a happy medium. So how do you find the happy medium, you have 10 opportunities per week that are optimal. You have five London sessions, and five |
| 408 | 01:13:15,420 --> 01:13:24,090 | New York sessions between two o'clock in the morning, Eastern Time to five o'clock in the morning, Eastern time. That's your London session. Okay, very |
| 409 | 01:13:24,090 --> 01:13:35,220 | simple window of opportunity. Your new york session is 830 to 11. They're not the specific ICT line open kill zones. And that's not the specific ICT, New York |
| 410 | 01:13:35,220 --> 01:13:45,030 | open kill zones. These are just a little bit broader, they're more forgiving, in terms of finding the setups, it gives you a little bit more room. But there are |
| 411 | 01:13:45,330 --> 01:13:58,950 | specific elements of time that are much more narrow than that. And even. So that I haven't talked yet even in mentorship yet. And that's algorithmic theory, |
| 412 | 01:13:59,250 --> 01:14:11,880 | which is not required to find profitability. But mentorship is for freaks, people that want to just be unbelievable. Like, it just it's too good to be true |
| 413 | 01:14:11,880 --> 01:14:22,530 | type results. That's what mentorship is, what your analysis concepts is refined to that level and that degree, it's unrivaled. And you guys watch these videos |
| 414 | 01:14:22,530 --> 01:14:31,020 | here on YouTube, and you think it's blowing your socks off. There's things that haven't been taught yet, that are just phenomenal. They're just, it's just too |
| 415 | 01:14:31,020 --> 01:14:46,530 | good, or too good. And until you see it, it's it's things of only dreams and make belief. And that's why you get a lot of hate when you're able to say that |
| 416 | 01:14:46,530 --> 01:14:54,720 | you can do these things. And then when you start bringing the receipts and showing that you can do it. They'll find 15 other things that justify why they |
| 417 | 01:14:54,720 --> 01:14:55,860 | don't want to accept it. |
| 418 | 01:14:57,300 --> 01:15:05,550 | So that's what you have here. Are you the person that listens To me and says, You talk too much, Michael, I can't take you anymore. I got to turn this video |
| 419 | 01:15:05,550 --> 01:15:14,790 | off. I'm telling you, if you're listening up to this point right here, you're never going to get it. Not for me, you're not, you're not going to get what it |
| 420 | 01:15:14,790 --> 01:15:26,910 | is that you think you should have gotten. Because the things that you're turning away from is the very thing that you need to get over the hump. And you're not |
| 421 | 01:15:26,910 --> 01:15:34,980 | prepared to hear that. Just like I wasn't prepared to hear that. If someone would have told me this, initially, even back when I was having success, |
| 422 | 01:15:34,980 --> 01:15:44,880 | initially own luck back in the 90s, as a commodity trader, and I do everything that the books were saying to buy, and everything was oversold, and the markets |
| 423 | 01:15:44,880 --> 01:15:56,850 | were going to go up regardless of what I did. I treated that as skill and it was not skill. It was blind luck. If you would have told me that the things I teach |
| 424 | 01:15:56,850 --> 01:16:05,580 | on this YouTube channel for free. And I say that these are the big, heavy hitters in this series or this video. This is the thing that matters most it's |
| 425 | 01:16:05,580 --> 01:16:15,510 | not the willy nilly pattern. It's not the order block, or optimal trade entry. Tell me which one do which one's a breaker. That's the small stuff. You're |
| 426 | 01:16:15,510 --> 01:16:26,970 | sweating the small stuff. And I was looking for the optimal indicator settings. back then. That's what I thought was the secret. And the secret is, where's the |
| 427 | 01:16:26,970 --> 01:16:41,730 | market drawing to? Why should it drop? Why should it not? What's the setting I should have on my RSI and stochastic? Is my MACD confirming the RSI and |
| 428 | 01:16:41,730 --> 01:16:54,600 | stochastic or is it in disagreement. These were my filters. And I was worried more about that, in the price is telling me what I needed to do. And I wasn't |
| 429 | 01:16:54,600 --> 01:17:03,630 | watching any of that I'm looking at there's three indicators at the bottom of screen. And I don't have those indicators on my screen anymore. So I'm not |
| 430 | 01:17:03,630 --> 01:17:13,950 | surprised when I'm wrong. I can see I'm wrong. I need to make adjustments or get out or don't take a trade in my preconceived ideas about being bullish or |
| 431 | 01:17:13,950 --> 01:17:24,240 | bearish. I have to sit on my hands. Or as we are right now, I think we're in a heightened area of risk. So therefore I must sit on my hands, regardless of what |
| 432 | 01:17:24,240 --> 01:17:34,890 | I see in price. And I wrestled with doing this video today because I told my mentorship on Wednesday. This is the reason why I'm not going to do any trades. |
| 433 | 01:17:35,250 --> 01:17:43,890 | I'm not going to do any executions until the week after the election. Because I don't want you feeling like you should be doing it too. Because my students |
| 434 | 01:17:43,890 --> 01:17:52,350 | sometimes get overzealous and they go in a tray with live funds. And I don't want my students to do that. Because if you're still learning how to fly a jet |
| 435 | 01:17:52,350 --> 01:18:02,010 | plane, then you have no business being in there flying solo, in a real jet plane. If you're in medical school, learning how to be a surgeon, you have no |
| 436 | 01:18:02,010 --> 01:18:14,670 | business playing with a scalpel on a cadaver. You have no idea what you're doing. So everything has a time in place. And all of you, God bless you for your |
| 437 | 01:18:14,670 --> 01:18:26,760 | enthusiasm because I know what it's like I remember how it was for me. But the best piece of advice you're ever going to get is to be patient. You want trading |
| 438 | 01:18:26,790 --> 01:18:36,390 | and being able to find the setups to be absolutely boring. You want it to be so boring that you already know before you turn the chart on, you know what's |
| 439 | 01:18:36,390 --> 01:18:39,990 | likely to paint in these bars and candlesticks before it forms. |
| 440 | 01:18:41,580 --> 01:18:52,500 | Then and only then would you have permission to go into live trading. Because if it ain't boring for you to find setups routinely a couple times a week, you're |
| 441 | 01:18:52,500 --> 01:19:01,620 | not ready for live trading. You're not. And I don't care who tells you otherwise, you're not. And that's the reason why all these other guys out here |
| 442 | 01:19:01,620 --> 01:19:09,240 | aren't even showing you executions on trading view. Because they're not consistent. They don't know how to trade. And they only talk about it in |
| 443 | 01:19:09,240 --> 01:19:18,300 | hindsight or show you fake empty for withdrawals, and screenshots. That's all keyed in trades after the fact. You can't fake what I'm about to show you. |
| 444 | 01:19:19,050 --> 01:19:29,190 | They're real executions. And I'm being upfront and honest and transparent. It's a paper trade because of regulations. I'm not licensed to give trade advice. |
| 445 | 01:19:29,910 --> 01:19:38,400 | There's no regulation on paper trades, because I've already told you it's not the same. It's not equivalent. If I said paper trading is the same thing as law |
| 446 | 01:19:38,400 --> 01:19:47,310 | trading. No. There's a distinction between what I say I say the price delivery in the patterns we're looking for. In studying with a paper trading mindset. |
| 447 | 01:19:47,610 --> 01:19:57,810 | There's no difference between that and what you'd look at in terms of live feed or Live account trading. That price is the same price within reason. A couple |
| 448 | 01:19:57,810 --> 01:20:06,600 | pips or so in terms of the spread but this time Same things happening in a live feed. So if I don't have an understanding of what Bryce is going to do in a |
| 449 | 01:20:06,600 --> 01:20:16,530 | paper trading account on trading view, I sure as hell wouldn't be able to deal with a Live account, right. So I leave my audience with that conundrum, you have |
| 450 | 01:20:16,530 --> 01:20:25,230 | to wrestle with that, if you don't want to, believe me, because I'm not showing you deposits into a bank account from a trading account. Or I'm not showing you |
| 451 | 01:20:25,230 --> 01:20:36,930 | $100,000 cars, okay, or million dollar homes, or $65,000, watches, or vacation properties that I actually really own. If you're not believing anything because |
| 452 | 01:20:36,930 --> 01:20:47,130 | of those things, then you have your expectations misaligned. Because I only promised that you're going to learn how to read price better than anyone else |
| 453 | 01:20:47,130 --> 01:20:57,360 | can teach you. And forecast price movements more accurately than you could ever imagine, and do it consistently. But you're going to have to work your ass off, |
| 454 | 01:20:57,870 --> 01:21:04,350 | it's going to come with a lot of work, it's going to come with a lot more work than you think it's going to take. And you're going to want to quit dozens of |
| 455 | 01:21:04,350 --> 01:21:19,920 | times, and only the strong survive here. Period. But the ones that put the work in, they get it they get it. Because once you know, you know nothing can detract |
| 456 | 01:21:19,920 --> 01:21:30,510 | you from that. Once you have it, once you see it, once you really live it. There's a person out there that's going to convince you to do anything else but |
| 457 | 01:21:30,540 --> 01:21:43,230 | what we do, because what we do is the truth. And there's no denying it. Look at this chart, folks. Seriously. It's only 20 pips I know it's 20 pips. But I can |
| 458 | 01:21:43,230 --> 01:21:54,150 | tell you there was a time where I looked at charts. And this was a unicorn to me, there was no way I was going to capture this talent, the skill, the see the |
| 459 | 01:21:54,150 --> 01:22:04,830 | actual turning points in the majority of the move. Come on, come on. How many examples you need to see this, because I'm going to keep doing it. But how many |
| 460 | 01:22:04,830 --> 01:22:14,520 | do you need to see with this with this medium trading view, it's not empty for there's no way I can funny game it. I can't finagle it, I can't key in orders. |
| 461 | 01:22:14,970 --> 01:22:29,970 | Everything happens as it happens on the screen. Ask your guru to do the same thing. Ask your educators to do this. They're not going to because they can't, |
| 462 | 01:22:31,110 --> 01:22:38,760 | you're going to see that their trade entries are going to weigh off. They'll be chasing price, or it'll go against them 1520 pips before eventually turns |
| 463 | 01:22:38,760 --> 01:22:46,320 | around, and they'll get out way before they should. Or they won't even have stopped loss of movement as it should be managed properly. They don't know how |
| 464 | 01:22:46,320 --> 01:22:58,410 | to trade books. And that's the bottom line. There's no other reason for it. None. No other reason for it not to happen. Period. So hopefully you got a |
| 465 | 01:22:58,410 --> 01:23:06,810 | little bit of understanding about what makes day trading in its three components. Day Trading the daily range for the maximum part of the daily range, |
| 466 | 01:23:07,560 --> 01:23:15,900 | swing trading intraday, and in scalping, because there's three different schools of thought with that, at least under my tutelage. And I've given you examples of |
| 467 | 01:23:15,900 --> 01:23:20,520 | that today. So now let's take a look at the video. Until I talk to you next time. I wish you good luck and good trading. |