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ICT YT - 2022-04-01 - Real Money Real Results - First Year Trading Expectations - Part 2 of 3.srt

Last modified by Drunk Monkey on 2022-04-03 19:48
1 00:00:01,829 --> 00:00:11,369 ICT: Alright, as we mentioned in the first of the series, please read this description, and the risk disclosures. And my opinion is just that, I believe
2 00:00:11,369 --> 00:00:22,229 this is what I think a student can do, eventually they are applying what I've taught. But not everybody is going to get these results, obviously. Alright, so
3 00:00:22,229 --> 00:00:34,379 where we left off with the January results, we're going to take a look at the February 2022 results. So I'm gonna set the
4 00:00:41,640 --> 00:00:51,270 range date for February 1 to the last day of February 28. Double checking my margins, I like to make sure the page is completely full. And we're going to
5 00:00:51,270 --> 00:01:08,160 print that PDF file now. When I just changed the name to February here, and that way, everything will be on the up and up. Take note of the time that I'm doing
6 00:01:08,160 --> 00:01:24,660 this in the upper left hand corner on the broker, and on the lower right hand corner up my laptop, so the times are matching, pull that file up. Okay, so it's
7 00:01:25,080 --> 00:01:35,910 still printing. Until it completely finishes, it'll do this. I was going to edit it out. But I don't want any edits. I don't want any cuts or anything like that.
8 00:01:35,910 --> 00:01:37,740 So give it a couple more.
9 00:01:43,680 --> 00:01:44,790 And you can see it's still.
10 00:01:55,770 --> 00:01:58,500 So give it a moment here.
11 00:02:04,890 --> 00:02:16,770 Again, it's a longer file, lot more trades were taking in February. So I'm going to show you that it's just printing still. So it's saying here because it's
12 00:02:17,580 --> 00:02:33,270 still in the print spooler. Just a little bit longer. And here we are. So there is the statement. Now there's a little bit of a lag. But there's the time, right
13 00:02:33,270 --> 00:02:43,020 there and the time down here. So there's no real disparity between the two time reference points from actually creating the PDF file. And what's actually being
14 00:02:43,020 --> 00:02:53,460 shown here. And again, I'm literally just scrolling through this. And yes, it's monotonous. Yes, it feels ridiculous. And a lot of you that don't really require
15 00:02:53,520 --> 00:03:05,490 me doing this. shaking your head like this is ridiculous. Why'd he do this? But imagine you were that person that's been sitting on the fence. And you've
16 00:03:05,490 --> 00:03:16,200 watched people on the internet, trying to make a name for themselves at throwing mud at me making up things that are completely untrue. Wouldn't you feel better?
17 00:03:17,100 --> 00:03:29,190 If you saw this, if you were the one that were doubting. And it's all I'm doing here, and also just thumbing my nose at the guy. So we're scrolling through all
18 00:03:29,190 --> 00:03:36,810 of your hard copies of the PDF file, the link will be in the description of the video, you're absolutely welcome to download that directly. And you'll see
19 00:03:36,840 --> 00:03:47,400 everything matches what has been printed here. I'm not changing anything. I'm not editing anything, my YouTube videos, once they're up, you know, I don't do
20 00:03:47,400 --> 00:04:00,060 anything to Doc. And also, my mentorship students know that, once I make a video or make a presentation at some time, I won't go back and edit anything. So if
21 00:04:00,060 --> 00:04:08,310 there's an error if there's an oversight if I missed something because of not remembering it, or if I say something incorrectly, I own it, it is what it is.
22 00:04:08,430 --> 00:04:18,450 So I'm never going to go back and fix anything. Okay. I'm showing you this, obviously, is a contrast to what everybody else will never do on the internet.
23 00:04:19,200 --> 00:04:30,780 They're afraid that you're going to see a trade result that has a negative hash mark next to it. Okay. So they're afraid to show you a losing transaction, I
24 00:04:30,780 --> 00:04:45,420 want you to completely grow comfortable with seeing transactions that do not pan out, because that does not end your career. Okay, their speed bumps folks. And
25 00:04:45,690 --> 00:04:55,110 over your career. If you added up every single negative transaction, one that's not profitable. It's going to be a lot of money if you are in the business long
26 00:04:55,110 --> 00:05:05,700 enough, so get accustomed to seeing it. Don't fear it. Don't be swayed by and don't feel like you're a failure because of it. You need to be attentive to it,
27 00:05:05,760 --> 00:05:20,670 but don't fear it. Okay? So I'm going to show you a engineer train wreck here on Valentine's Day, my anniversary Valentine's Day Massacre, we'll get to that when
28 00:05:20,670 --> 00:05:33,660 we get to the 14th. I got a question by one of my students, how do we fix drawdown destiny, this is for you. But we're gonna now go back to the broker.
29 00:05:34,590 --> 00:05:44,100 Okay, so everything that's here is in detail on that PDF file that was just printed. And again, the link will be in the description of the video below. So
30 00:05:44,100 --> 00:06:01,710 we're going to look at the first trading day of February, there's the business there. Okay, and watch the balance that changes each day. Okay, it's a little
31 00:06:01,710 --> 00:06:19,740 bit of a busy day there. And the next trading day here and a little bit more, trades a bit more busier than would be expected. And it's a ray about now, the
32 00:06:19,740 --> 00:06:22,770 trader, in my opinion, would encounter some
33 00:06:24,209 --> 00:06:35,549 internal struggle, where they're trying to find their own groove, okay. And in, you only do that by getting in there and actually executing. So in the
34 00:06:35,549 --> 00:06:47,669 beginning, you want to be mindful of not over trading, don't do a whole lot of transactions, it is beneficial as you can make it as long as you're not blowing
35 00:06:47,669 --> 00:07:00,569 the account. So if you're taking lots of transactions for the sake of overcoming the anxiety of entering, okay, lots of transactions can overcome that, and you
36 00:07:00,569 --> 00:07:09,119 get in change, you get the transaction entered, you exit it, and then watch how the trade pans out. That's the only way you're going to do it. And then you have
37 00:07:09,149 --> 00:07:22,439 a day like this where it's extremely busy. And this would be a day where over trading would be more or less what's being done here. So you shouldn't have days
38 00:07:22,439 --> 00:07:33,659 like that. You don't want to do that. You want to have a very controlled number of trades and transactions and try not to do a whole lot of in and out in and
39 00:07:33,659 --> 00:07:43,889 out unless you're trying to desensitize yourself to execution. I have lots of students that are fearful of taking trades because they don't know what the end
40 00:07:43,889 --> 00:07:52,829 results going to be. And they don't know how to exit profitably. But they feel confident about seeing a setup and here's another day like this a lot more
41 00:07:52,829 --> 00:07:57,419 trades that would be otherwise reasonable.
42 00:08:08,879 --> 00:08:21,959 Okay, next trading day here on the on the February. Again, if you're fearing execution entries, the only thing you can do is push the button get in it, once
43 00:08:21,959 --> 00:08:27,959 you have the transaction recorded, exit it out. Now, for someone that's been trading for a while you hear something like that, it's like this, this is
44 00:08:27,959 --> 00:08:35,579 nonsense. Why would you want to do that you're gonna remember this is the the context of what I'm showing you here is that a student that has been doing demo
45 00:08:35,579 --> 00:08:48,119 only, there's a great chasm of learning that separates demo in live trading. So some of the things that I have seen over the years as a mentor is fear of
46 00:08:48,119 --> 00:08:57,989 executing. And the questions come up, like I see the setup, but I'm afraid to take and pull the trigger, the only thing you can do is pull the trigger that
47 00:08:57,989 --> 00:09:06,779 you have to do that. So the way you would go into that systematically to desensitize yourself from it is put the trade on eat the cost of the commission,
48 00:09:06,839 --> 00:09:15,899 and whether whether the trade is profitable or not profitable at time you exit it. That's how you do it. And then you study what transpired after your
49 00:09:15,899 --> 00:09:26,069 execution. And it's it's a matter of doing that over and over again. And what will happen is, you'll grow more confident in your execution model. What's your
50 00:09:26,099 --> 00:09:32,819 framework? Is it a fair value gap? Is it an order block is an optimal trade entry? Is it a breaker, all the things that I'm teaching or may not even be what
51 00:09:32,819 --> 00:09:41,309 I'm teaching maybe something else that you have? Or maybe you develop yourself? Whatever that model is, if you're fearful of taking a trade or executing it in a
52 00:09:41,309 --> 00:09:48,539 live account, you desensitize yourself by just simply taking lots of trades. And Larry Williams said, that's what he did. He was fearful of taking a trade and
53 00:09:48,539 --> 00:09:55,769 the only way he did it was just taking trades over and over and over again. And then more or less, that's how I did it too as a commodities trader back in 1992.
54 00:09:56,249 --> 00:10:10,169 And it works but you have to be careful not to blow the account and overstay your welcome. And you see here, obviously, the markets presenting a lot of
55 00:10:12,239 --> 00:10:16,229 conditions that would otherwise be impactful to the bottom line here
56 00:10:28,860 --> 00:10:42,180 and this is a day where you're gonna want to change gears. Okay, lots of drawdown on the 14th, almost like 20% or so. So we have to go back into
57 00:10:42,180 --> 00:10:50,880 following the rules following the rules, you're moving away. So now we're back in following the rules taking one good setup and being content with it moving to
58 00:10:50,880 --> 00:10:57,660 the sidelines. Okay, next trading day.
59 00:11:06,510 --> 00:11:17,370 All right, not bad. Here's a few transactions. First trade was a losing trade and mitigate that came back with a net gain on the day
60 00:11:25,500 --> 00:11:39,090 not by much, but there's still some growth going on. Not getting too aggressive about the frequency of trade. A trader about this point will start finding it a
61 00:11:39,090 --> 00:11:50,580 little bit more easier to get in and find their groove, their model their mojo, if you will. Here's the transactions there.
62 00:11:58,500 --> 00:12:06,210 I warned you wouldn't be a boring video, folks. But some of you folks just simply want to see this kind of stuff. And there's this really small little day
63 00:12:06,210 --> 00:12:06,720 there.
64 00:12:11,730 --> 00:12:20,940 And when you don't feel it, you don't see something you don't execute, you leave it alone. Then you have another day here where you feel like you missed the move
65 00:12:20,940 --> 00:12:29,310 and you get spiteful and you go I'm going to go in you're going to try to get what I want to get. And then you end up overtraining again. What's the solution
66 00:12:29,310 --> 00:12:41,220 to this? What do you do to correct this right here? Lower your frequency of trade. Set yourself a boundary on the next trading day one or two at most
67 00:12:41,220 --> 00:12:46,140 trades. If you start going over three and all that you're you're asking for trouble
68 00:12:55,500 --> 00:13:09,420 okay, you see no trades taken there. That's the opposite. Extreme is if you don't trust yourself, you force yourself to stop. Don't take any trace, just
69 00:13:09,450 --> 00:13:11,760 observe go back to tape reading
70 00:13:20,010 --> 00:13:27,270 and I mentioned on my YouTube channel that I wasn't gonna take any more trades the rest of the month of February and you're seeing that actually occurring here
71 00:13:37,770 --> 00:13:49,740 too, I'm getting the ending balance of February. I'm sorry January in comparing it to the ending balance of February. So January's ending balance. There's the
72 00:13:49,740 --> 00:14:03,330 difference or the net gain, and divide that by January's ending balance and that'll give you your rate of return, which is positive 31% for February next
73 00:14:03,330 --> 00:14:03,630 month.