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ICT YT - 2023-03-15 - Real Money Real People - ICT Student Kyle

Last modified by Drunk Monkey on 2023-03-16 11:39

Outline

00:00 - Introducing Kyle.

06:41 - What was the impediment to you learning how to read price action?

08:38 - How to deal with impulsive and impatient traders.

13:57 - What was your schedule like when you were going through your mentorship?

19:44 - The importance of understanding yourself and your personality.

22:21 - What successes have you had? What hardships did you meet that you didn’t expect that you would have?

27:56 - The types of wins and success she’s had with funded accounts.

32:13 - What it’s like to have a supportive spouse.

36:15 - Did you ever think you’d be trading at the level you are at now?

Transcription

1 00:00:00,000 --> 00:00:01,770 ICT: All right, Doctor, welcome.
2 00:00:03,629 --> 00:00:04,949 Kyle: How's it going? pleased?
3 00:00:06,990 --> 00:00:13,800 ICT: So, we're gonna be doing an interview with you today. Obviously, you probably like seeing one of the first ones I've done. If you would introduce
4 00:00:13,800 --> 00:00:16,620 yourself, tell us a little bit about yourself where you're from how old you are.
5 00:00:17,640 --> 00:00:24,450 Kyle: My name is Kyle. I'm also known as j cap FX on socials. I'm 32 years old, and I'm from New York.
6 00:00:24,990 --> 00:00:26,580 ICT: 32 You don't even look 32
7 00:00:27,390 --> 00:00:32,880 Kyle: Yeah, no, everybody. Everybody tells me that. I just got IDT at the casino because they thought I was under 21.
8 00:00:33,030 --> 00:00:42,240 ICT: That's a compliment. So tell me a little bit about how you found trading what you got into first, what asset class? Was it first that you got started
9 00:00:42,240 --> 00:00:42,540 with?
10 00:00:43,320 --> 00:00:52,410 Kyle: Yeah, so I dropped out of college back in 2011. Just because I didn't really know what I wanted to do. So when I came back home, a buddy of mine that,
11 00:00:52,500 --> 00:01:01,050 you know, he was my best friend since kindergarten, he actually introduced me to Forex. And, you know, mentioned like, hey, we can make money trading foreign
12 00:01:01,050 --> 00:01:03,570 currency. So really, I started out in forex.
13 00:01:04,290 --> 00:01:08,490 ICT: Awesome. So you've not done anything like with crypto or, or futures? It's
14 00:01:08,760 --> 00:01:19,350 Kyle: just dabble. I did dabble in crypto a bit. You know, I kind of I was part of it when it went up to $20,000.20 $5,000. First time, didn't take profits. And
15 00:01:19,350 --> 00:01:29,700 then I kind of stepped away from the space for quite a while. Kind of get my toes wet again. But obviously keep my risk level kind of low. Awesome. But yeah,
16 00:01:29,700 --> 00:01:31,200 mostly Forex.
17 00:01:31,530 --> 00:01:41,610 ICT: Okay. So how was it that you found my content? Inner Circle trader concepts? How did you fall into that that niche in this industry? Yeah,
18 00:01:41,610 --> 00:01:50,820 Kyle: so funny story is the first, the person that actually got me into trading, my friend that lives down the street, I had already been trading retail concepts
19 00:01:50,820 --> 00:02:01,800 for five or six years, I was mostly just on forex factory, you know, going through a trading systems baby pips, like James 16, he was mostly just teaching,
20 00:02:01,950 --> 00:02:12,720 you know, price action bars, you know, pin bars, outside bars, things like that. And I was doing that for five or six years unprofitably. And then, just so
21 00:02:12,720 --> 00:02:22,050 happened that my same friend that got me into trading ran into somebody at the local bar. And he had mentioned, you know, he had recommended me to your work.
22 00:02:22,230 --> 00:02:31,860 So what he had mentioned was, you know, all the markets are manipulated, and how he found you was through Google, he just, you know, typed in Central Bank
23 00:02:31,860 --> 00:02:42,810 manipulation. And I guess, you were one of the first people that popped up, and this was probably back in 2015 2016. So yeah, once uh, you know, he had pretty
24 00:02:42,810 --> 00:02:48,270 much mentioned to me, like, forget everything that you've learned and just kind of dive into into your work.
25 00:02:48,720 --> 00:02:58,020 ICT: That's awesome. So how long did you study trading Forex before you started seeing results that kept you motivated, or at least gave you the inclination
26 00:02:58,020 --> 00:02:58,980 that you're on the right path?
27 00:03:00,180 --> 00:03:09,150 Kyle: Um, yeah, so honestly, the first five or six years trading retail was completely unprofitable. I didn't see any edge in it. I couldn't really
28 00:03:09,180 --> 00:03:19,320 understand why markets were moving. And every time I bought it, it went down. Every time I sold it went up. So I pretty much you know, I was, I had gone back
29 00:03:19,320 --> 00:03:27,150 to school because I love trading, I wanted to try and get my feet and like a brick and mortar prop firm. But I went to like a local school and it wasn't
30 00:03:27,150 --> 00:03:37,740 really known for finance. Phil, I was studying your free content at the time. And then I joined your private mentorship. And at the time, you know, that $150
31 00:03:37,950 --> 00:03:46,860 monthly subscription was a lot to me. So it took me you know, it took me a couple of years because when I first dove into your private mentorship,
32 00:03:46,860 --> 00:03:55,050 everything was really new to me. Like I didn't really understand the framework behind what, you know, what drove the market, but I was always interested in the
33 00:03:55,050 --> 00:04:04,200 markets, like I was watching, you know, documentaries, I was reading Market Wizards, things like that. So I kind of had in my mind, how the markets operated
34 00:04:04,200 --> 00:04:12,000 from like a floor trader perspective, like reminiscences of a stock operator, I was doing all that research. And then yeah, I kind of stumbled into your
35 00:04:12,000 --> 00:04:20,850 content. And yeah, once I once I joined the private mentorship, you know, that was kind of like the beginning. So like, previous to that it was, that was like
36 00:04:20,880 --> 00:04:28,680 really where I started learning how to trade. So previous to me joining your private mentorship, I kind of just, you know, scratch those years off is like,
37 00:04:28,830 --> 00:04:29,850 they didn't even exist.
38 00:04:31,260 --> 00:04:42,090 ICT: So when you join the mentorship, what was your first impression when you started seeing all the different perspectives on how I teach you as a student,
39 00:04:42,090 --> 00:04:49,470 other other students, how we internalize what price action is likely to do next? Like what how did it differ from what you're used to seeing as a retail trader?
40 00:04:49,919 --> 00:04:58,919 Kyle: Yeah, so like, as a retail trader, they were pretty much just teaching, you know, indicator based systems, you know, it was like, you know, this TDI
41 00:04:58,979 --> 00:05:09,809 line crosses over there. SWANER RSI was like overbought, oversold, you're gonna do this without any real context. And it was you know, there was no real story
42 00:05:09,809 --> 00:05:18,149 behind it. So when I first started listening to you on how buy stops and sell stops, and liquidity and efficiencies, that kind of like put everything into
43 00:05:18,149 --> 00:05:25,289 place, and I kind of understood, alright, there's a framework behind the marketplace and this is how the market is actually booking pricing. To me that
44 00:05:25,289 --> 00:05:33,269 made so much sense because when I was watching, you know, those those videos on floor traders and everything, and reading Market Wizards like, Alright, now
45 00:05:33,269 --> 00:05:36,359 there's like context behind why a market moves,
46 00:05:36,389 --> 00:05:43,379 ICT: right. So what markets specifically in FX Do you trade? Like, what pairs and what time of day do you specialize in?
47 00:05:43,770 --> 00:05:53,220 Kyle: Yeah, mostly the euro and the pound. I've tried trading the Canadian dollar, but not so much. You know, it's not my best pair. And I'm in New York.
48 00:05:53,220 --> 00:05:55,200 So I'm mostly a New York session trigger.
49 00:05:56,039 --> 00:06:04,109 ICT: Have you switched during your time as an FX Trader from peer to peer? Or have you always predominantly just stuck to the ones you're trading right now?
50 00:06:04,919 --> 00:06:13,829 Kyle: Yeah, so before I met you, I was trying to trade every single pair I was, you know, if I bought the dollar is gonna go out was trying to short, you know,
51 00:06:13,829 --> 00:06:23,609 I was trying to short the euro, the pound Aussie dollar New Zealand Dollar, I was trying to sell all of them. And it wasn't, it wasn't great. Yeah, but then I
52 00:06:23,609 --> 00:06:31,709 just kind of, you know, when you had mentioned that, you really should be a specialist in one in one market. You know, I was kind of reading that in Market
53 00:06:31,709 --> 00:06:37,889 Wizards, too, right? There was people that were just trading bonds with people that were just really commodities. And it made a lot of sense. And I had to
54 00:06:37,889 --> 00:06:41,339 slowly wean myself off and just focus on a couple of markets.
55 00:06:41,820 --> 00:06:50,730 ICT: That was actually one of the things that was complimentary to me when I had first learned about Larry Williams being a specialist with bonds and s&p, and in
56 00:06:50,730 --> 00:07:01,470 hearing other really successful traders in those market wizard books. The common denominator was they specialized in one market or two at most. And that was one
57 00:07:01,470 --> 00:07:10,500 of the greatest learning experiences I had, too. So it's nice to see my students have that same thing. Obviously, I kept a lot of flack for this as an educator,
58 00:07:10,500 --> 00:07:18,960 but did my lectures in the medium of using a demo or paper trading account? Was that an impediment at all to you learning how to read price action?
59 00:07:20,220 --> 00:07:27,870 Kyle: Yeah, see it never, it never was and I never questioned it. Because if you open up a debit, a demo account in a live account, the data feeds is the same,
60 00:07:28,230 --> 00:07:36,870 right? So it doesn't, it doesn't really matter if I was taking a demonstrator live for it. Right, I could have mirrored both trades in both accounts. And if I
61 00:07:36,870 --> 00:07:41,250 was getting stopped out on one I was getting stopped out and the other so to me, it didn't really matter.
62 00:07:41,580 --> 00:07:48,900 ICT: Okay. That's gonna be a question that keeps coming up in all the interviews, because I really want to hammer down that that is not something that
63 00:07:48,900 --> 00:07:56,730 anyone should be concerned about. Because your results are unique to you, everyone behind you, and the guy that was before you, you're, you're all gonna
64 00:07:56,730 --> 00:08:07,470 have your own individual results, how they come to you matters, not whether your educator me, someone else you learn additional concepts from their results are
65 00:08:07,500 --> 00:08:19,380 exclusively, exclusively theirs. So it's important for a student that's watching and you've experienced yourself to pursue your own proof the own evidence, and
66 00:08:19,410 --> 00:08:27,780 clearly I've obviously will, will go into those questions later on. But what struggles Did you wrestle with, when you were trying to find your model? Like,
67 00:08:27,780 --> 00:08:35,220 what things that you have to wrestle with, whether it be personal character flaws, or psychological barriers, things that you were afraid of something to
68 00:08:35,220 --> 00:08:37,440 that effect? What did you have to wrestle with until you found your model?
69 00:08:38,070 --> 00:08:48,480 Kyle: Oh, really, I was just impulsive and impatient. So, you know, when I first started getting into your content, I really wanted to just be successful
70 00:08:48,480 --> 00:08:56,490 overnight. And, you know, you quickly realize that it's not, it's not really feasible. And I kind of, I kind of noticed the same thing in my career path too,
71 00:08:56,490 --> 00:09:05,580 because as soon as I graduated, like one of my friends got helped me get a job and he never had a formal education. So me watching him, it was interesting,
72 00:09:05,580 --> 00:09:16,380 because he had the experience and, and I saw him grow, right. And I saw myself grow in that career path as well. So really, just, you know, I had to, I had to
73 00:09:16,380 --> 00:09:25,020 fight with my impatience and my impulsiveness and, and understand that I had to like fail because every time I learned a new concept from you, right, there was
74 00:09:25,020 --> 00:09:32,730 a, an actual equity curve to that specific concept. So when I first started getting into it was just border blocks. And when you're first learning order
75 00:09:32,730 --> 00:09:39,030 blocks, right, you're gonna make mistakes, you're gonna take trades, you're learning about all those different nuances that it was like, it was like that
76 00:09:39,030 --> 00:09:48,300 for every single tool that I put into my toolbox. When I first started learning Fibonacci, you don't just plot on your chart and use all of a sudden, you know,
77 00:09:48,300 --> 00:09:56,670 you don't just get it instantly. So that was the biggest thing was just having the patience to understand like this is really going to take some time and that
78 00:09:56,670 --> 00:10:06,930 was it was it was hard, you know, because I'm Back then, there wasn't a whole lot of people, you know, using chat rooms and things like that. So now I find it
79 00:10:06,930 --> 00:10:16,290 interesting because I feel like I've been with you, you know, through your growth. And now there's all these sub like little ecosystems of ICT traders that
80 00:10:16,350 --> 00:10:22,920 I can connect with. And I've really built a solid network of, you know, people that I can rely on and learn with, right.
81 00:10:25,230 --> 00:10:38,370 ICT: When you mentioned that you had struggles or you were wrestling with impulsiveness, what types of things or coping mechanisms that you employ to get
82 00:10:38,370 --> 00:10:45,720 through that, when it felt like it was not going to happen fast enough for you, like you wanted? Like overnight success, which every I wanted the same thing.
83 00:10:46,380 --> 00:10:54,780 When, when you had those adversities, what, what did you do to help get you through that and keep you encouraged, this keeps studying,
84 00:10:55,410 --> 00:11:04,020 Kyle: honestly, was really hard, because I really did not enjoy doing the job that I was doing, I got into construction, and I really wanted to be in finance.
85 00:11:04,200 --> 00:11:11,490 So when I was going through those periods, a lot of times, I was just, you know, taking a break, because I was like overloading myself with trying to learn and
86 00:11:11,490 --> 00:11:21,450 try to make it work. But I really needed those breaks to kind of like reset and like, you know, refuel and, and get back in the zone and get back to studying.
87 00:11:21,720 --> 00:11:29,760 So that was probably the most difficult thing was, every time I feel like I hit a peak, you know, there was always something new to learn. And it always felt
88 00:11:29,760 --> 00:11:38,910 like, alright, I had something there. And I was working on an edge, but it still was still like I didn't have the full skill set to be able to really be
89 00:11:38,910 --> 00:11:40,080 consistently profitable.
90 00:11:40,680 --> 00:11:52,320 ICT: Okay. So, in your development, looking back now, what milestones Did you reach that you maybe not? At the time of beginning you thought you would reach
91 00:11:52,320 --> 00:12:01,200 or even expected to find? What type of milestone or success Did you find, apart from being profitable? Like, what, what built you up as a trader? What kind of
92 00:12:04,380 --> 00:12:10,890 achievement Did you unlock? If you will, as a student in the marketplace? What what did you discover about yourself?
93 00:12:11,280 --> 00:12:22,080 Kyle: Yeah, so I think I really had to say that it was part of my career, like I had, I had really focused a lot on my career. So I was in high end residential
94 00:12:22,230 --> 00:12:30,210 construction. And when I first started out, I didn't know anything. And when I started getting further, further up the ladder, I started, you know, working
95 00:12:30,210 --> 00:12:40,380 with budgets and higher numbers and understanding risk and talking with clients, like really high net worth clients, like some really prominent people. And that
96 00:12:40,380 --> 00:12:49,710 kind of shifted my perspective, and I started treating trading like a business, and not so much like a casino, that was the biggest thing was, you know, I got
97 00:12:49,740 --> 00:12:58,350 comfortable seeing large numbers fluctuate back and forth and stopped worrying so much about the outcome. Because I knew at the end of the day, I might have
98 00:12:58,530 --> 00:13:07,740 losses here some losses, they're, like relating to my, my career, right there was when we were putting a budget together for a home, like we would have some
99 00:13:07,740 --> 00:13:16,680 areas where the client was taking a loss in and then some areas where they were making a profit, but overall, right, the project was successful. So I took that
100 00:13:16,680 --> 00:13:26,400 skill set and applied it to trading and learning that those risk management skills was, you know, huge to me. Because not only did I get to see, like, the
101 00:13:26,400 --> 00:13:34,260 long term vision of it, like I could have, you know, a terrible week or a terrible, terrible month, but at the end of the quarter at the end of the year,
102 00:13:34,290 --> 00:13:35,640 you know, I'm gonna come out ahead.
103 00:13:38,160 --> 00:13:47,400 ICT: How long did it take you to be profitable? Not your first winning trade, but where you discovered that you have an edge now that while it may not be
104 00:13:47,400 --> 00:13:55,650 perfect, nobody has 100% strike rate? How long would it take for you to get to that point where you were confident that you can claim that you're consistently
105 00:13:55,650 --> 00:13:56,250 profitable?
106 00:13:57,209 --> 00:14:09,029 Kyle: Yeah. So it was probably three years after I joined the mentorship. And I think what what changed my profitability was understanding a model specific
107 00:14:09,029 --> 00:14:16,529 model. And within that model, there were specific tools that I had to implement, which was, you know, the weekly range, the daily range, understanding those
108 00:14:16,529 --> 00:14:26,249 things, you know, the Judas swing, their rally gaps, order blocks. So it really was like a combination of a bunch of different things that created a full model.
109 00:14:26,699 --> 00:14:33,089 Because I had tried just using one model or one concept, and it didn't really, you know, paint the full picture for me,
110 00:14:33,120 --> 00:14:46,560 ICT: right. When you were studying, what was your schedule, like, around your work? How much time did you usually devote to studying? And what did it look
111 00:14:46,560 --> 00:14:53,640 like? What kind of routine was it wasn't just back testing? Was it you using like a Forex Tester program? Give us an idea what it was like when you were
112 00:14:53,640 --> 00:14:54,720 going through that process?
113 00:14:55,020 --> 00:15:04,530 Kyle: Yeah, so my schedule with work was kind of hectic. I was probably working 6070 hours a week. So I didn't really, you know, I had to put my social life on
114 00:15:04,530 --> 00:15:13,020 the backburner, and I was mostly studying after work and late hours, and I was getting up for London, you know, staying up for one day and then going into work
115 00:15:13,050 --> 00:15:24,570 like a zombie. And I did, I do do back testing forward tested, a lot of time, it was just in the live market. So a lot of my study was just really a lot of my
116 00:15:24,570 --> 00:15:25,230 free time.
117 00:15:27,450 --> 00:15:31,650 ICT: Did you journal? And if you did journal, was it impactful? And how did it help you?
118 00:15:32,880 --> 00:15:42,030 Kyle: Yeah, so I do journal. And not only is it helpful for like a statistical edge, I think journaling your emotions and how you're feeling in a trade is a
119 00:15:42,030 --> 00:15:49,140 lot more important than just getting the statistical edge because your statistical edge is going to improve if you can understand your emotions and
120 00:15:49,140 --> 00:15:51,780 behaviors behind your decision making.
121 00:15:54,420 --> 00:15:57,060 ICT: How do you as a trader handle losing trades?
122 00:15:58,710 --> 00:16:06,780 Kyle: So that for me was probably the hardest thing because I was dumped as, as somebody that's impulsive by, you know, overtraining, and revenge traded a whole
123 00:16:06,780 --> 00:16:14,520 lot. So really just having the discipline to take a loss on the day and just come back the next day, because understanding that the market is going to be
124 00:16:14,520 --> 00:16:22,290 here. You know, without me, it's, every time I took a break from the market, you know, whether it was three, six months, while I was going through your
125 00:16:22,290 --> 00:16:35,190 mentorship, I always came back and saw the same set of panning out and, you know, I had to get rid of the FOMO factor. Really just focus on an edge over
126 00:16:35,190 --> 00:16:35,700 time.
127 00:16:36,990 --> 00:16:47,250 ICT: You mentioned revenge trading for for the listeners that never really traded yet, kind of walk us through what that means as a trader when, because
128 00:16:47,250 --> 00:16:57,240 I've done that to every everybody's ever traded with real money has done this before. But from your perspective, what does that mean, when you say that you
129 00:16:57,240 --> 00:17:01,950 experienced the adversities of revenge trading? What was that like for you?
130 00:17:02,610 --> 00:17:11,910 Kyle: Yeah, so really, you have to figure out what it stems from. And for me, it was really just me trying to escape my job. And not only that, I was pretty
131 00:17:11,910 --> 00:17:22,380 competitive person, like when I was younger. So you know, learning how to lose is really tough, really difficult if you're not used to losing, because instead
132 00:17:22,380 --> 00:17:29,040 of focusing on the outcome, right, you have to focus on the process of going through it and making sure you have a proper model, because you know, you're
133 00:17:29,040 --> 00:17:36,840 going to have losses. And getting through that was probably the most difficult because everybody that comes in the markets wants to be a winner every single
134 00:17:36,840 --> 00:17:41,880 day. No, it doesn't feel good to, you know, to leave your desk and not make any money. Right.
135 00:17:42,750 --> 00:17:51,810 ICT: So in comparison to how when you first started learning about this, and how to use the concepts and risk management, the difference between your perspective
136 00:17:51,810 --> 00:18:02,340 on taking losses and the hardships that come with that both emotionally and psychologically? How do you view yourself as a trader, now you feel significant,
137 00:18:02,370 --> 00:18:11,160 significantly less emotions when you take a losing trade? And if that's true, why is it that you have less emotion now behind a losing trade?
138 00:18:11,790 --> 00:18:23,700 Kyle: Yeah, so that was really just a, you know, a really long working process. So even, you know, five years ago, it was really managing my impulses, like I
139 00:18:23,700 --> 00:18:35,010 was a lot more overweight than I am now. You know, I was unhealthy. I was not getting enough exercise, things like that. So just really accepting the fact
140 00:18:35,010 --> 00:18:42,660 that you have to be disciplined, you have to be disciplined with certain things, right. And every time I was on discipline, I was always blowing my account up.
141 00:18:42,660 --> 00:18:51,540 So feeling that pain and feeling the, you know, the desire to try and make the money back, it always put me in a deeper hole. So I know that that's probably a
142 00:18:51,540 --> 00:18:58,140 huge mistake that a lot of people go through is when they're looking at their you know, their equity curve or their drawdown is when they really look at their
143 00:18:58,140 --> 00:19:05,670 drawdown periods. And it's extremely steep, you have to understand like what that's coming from. So for me, it was always revenge trading. So the this the
144 00:19:05,670 --> 00:19:13,050 best thing that I can recommend for somebody that's dealing with revenge trading is you have to understand why your revenge trading in the first place and crawl
145 00:19:13,050 --> 00:19:14,940 out of it, not sprint out of it. Right.
146 00:19:15,600 --> 00:19:23,760 ICT: That's good. Obviously, there's a lot of new students that are finding me and there's a lot of people that are in my mentorship that have not found their
147 00:19:23,760 --> 00:19:33,600 profitable model yet. You as a student that have gone through the private mentorship, and now reach the profitability, what would you say to encourage
148 00:19:33,600 --> 00:19:37,110 those individuals that have yet to find their profitable model or consistency?
149 00:19:38,610 --> 00:19:46,380 Kyle: I think you really just have to, you know, submit to time really, because when I first started trading, I wanted to be a swing trader. And my personality
150 00:19:46,380 --> 00:19:53,970 just didn't, it took me a really long time to just understand that I'm impatient, and I want it you know, it fits more of an intra week, intra day
151 00:19:53,970 --> 00:20:02,940 model for me. So you really have to take time to understand yourself first of all, and then understand As concepts and then figure out your model from there,
152 00:20:03,150 --> 00:20:10,260 right, you can't, it's not very, like black and white, where you can give somebody a strategy and say, Alright, this is your model, you know, obviously,
153 00:20:10,260 --> 00:20:18,930 you could, but if it doesn't, you know, match your lifestyle or personality, then you're going to be fighting, you're gonna be wrestling with it for sure. So
154 00:20:18,960 --> 00:20:26,550 you kind of have to just take your time and understand yourself and your personality and, and then create the model around your lifestyle, right, your
155 00:20:26,580 --> 00:20:29,130 personality, all your weaknesses and your strengths.
156 00:20:29,580 --> 00:20:36,780 ICT: Great points. Could you describe your personal model? And what specific ICT concepts do you employ in it?
157 00:20:37,800 --> 00:20:47,250 Kyle: Yeah, so my personal model is really just trading the weekly or the daily range within those specific profiles. So I utilize the economic calendar. And
158 00:20:47,250 --> 00:20:54,810 I'm really just looking for the Judas swing, you know, above or below the midnight open to a specific standard deviation, you know, market structure
159 00:20:54,810 --> 00:21:00,540 shift, and then entering a fair value gap, like 80 to 90% of my trades are probably using the fair value gap.
160 00:21:00,810 --> 00:21:07,350 ICT: Awesome. So are you a London trader? Or a New Year trader? Or do you do both?
161 00:21:07,740 --> 00:21:15,360 Kyle: Just New York, just New York, I've tried to, you know, change my sleep schedule up to get off for one day, but just my body doesn't agree with it.
162 00:21:15,540 --> 00:21:24,630 ICT: It's very difficult to do if you're not in a part of the world where it's easy to do it. It's it's a challenge. Could you walk us through a typical day as
163 00:21:24,630 --> 00:21:34,470 a trader? And like, how do you analyze it briefly? What's it like for you to wake up start your day? What analysis do you do? Do you do you have a routine
164 00:21:34,470 --> 00:21:36,030 that you follow? And what would that be like?
165 00:21:36,600 --> 00:21:42,540 Kyle: Yeah, you know, it's pretty, it's pretty monotonous. Like, every week, I'm doing the same thing. So Sunday nights, I'm sitting down at the charts and
166 00:21:42,540 --> 00:21:51,750 reviewing my weeklies, you know, preparing for the week, looking at the economic calendar, and then each, during the evening, during, you know, at each close,
167 00:21:51,750 --> 00:22:01,110 I'm looking at, you know, previous day's highs and lows, the session highs and lows, the narrative behind that, and preparing for the following day, you know,
168 00:22:01,110 --> 00:22:04,230 expecting the Judas swing in one direction or the other?
169 00:22:06,210 --> 00:22:16,950 ICT: Could you take some time to kind of like, give us your personal, comprehensive opinion, in view of what it was like for you to go through the
170 00:22:16,950 --> 00:22:28,800 mentorship and to use the concepts that have made available to the community? What successes have you had? What, what hardships Did you meet, that you didn't
171 00:22:28,800 --> 00:22:37,170 expect? That you would have? And just an overall viewpoint, from your perspective, what was like for you as a trader going through it?
172 00:22:38,159 --> 00:22:45,839 Kyle: Yeah, so I actually was thinking about, like, canceling my subscription, you know, multiple times, because I was really just studying on my own, I
173 00:22:45,839 --> 00:22:55,589 wasn't, you know, using the forum, I wasn't reaching out to traders, I was just kind of studying and trying to apply it myself. And then I made, you know, I
174 00:22:55,589 --> 00:23:06,149 networked and met a couple of people that, you know, study your concepts, and a lot of them truly helped me a lot. And they, a lot of them recommended the same
175 00:23:06,149 --> 00:23:15,749 thing. A lot of them just had mentioned, you know, exit all the chat rooms, yes, you know, isolate yourself and go into study. And that's really where I grew a
176 00:23:15,749 --> 00:23:25,289 lot, like, I stopped watching your weekly analysis. And because I understood all the concepts, and I was trying to follow you. And, I mean, it was working at
177 00:23:25,289 --> 00:23:33,239 times, but I didn't really like under, you know, it was like, You were hand holding me. And I had to just like leave the nest and kind of figure it out on
178 00:23:33,239 --> 00:23:42,059 my own. And that's like the biggest growth for that I ever had was just studying by myself, because not only were, I wasn't being influenced by other people's
179 00:23:42,059 --> 00:23:50,549 biases, or headlines or anything like that, you know, I didn't read any news, like I was just me in the charts. So that was probably the biggest turning point
180 00:23:50,549 --> 00:23:59,339 for me with the mentorship content, but yeah, if I if I had any recommendation for anyone that was going through the mentorship or just trying to study on
181 00:23:59,339 --> 00:24:06,209 their own, like really try and reach out to people that are more experienced than you because they can provide a lot different perspective that you know,
182 00:24:06,209 --> 00:24:07,379 might help you on your journey.
183 00:24:09,090 --> 00:24:23,580 ICT: In terms of success, how could How could one understand the level of success that you view you have right now versus what you were trying to do as a
184 00:24:23,580 --> 00:24:30,750 retail trader? Like are you a funded trader? Or do you trade with your own funds? What has that been like for you? Yeah, I
185 00:24:30,750 --> 00:24:41,760 Kyle: mean, the the prop kit the prop industry is really Springboard in my trading career really, because I was I was so reliant on my income from my
186 00:24:41,760 --> 00:24:51,870 career like I had I was making a good six figures at my job so I really didn't have the desire or you know, that really wasn't pushing me to try and like go
187 00:24:51,870 --> 00:25:02,670 full time trading. It really was just like my fear of, of trying to be calm, a full time trader but the Prop. You know, a lot of traders are undercapitalized.
188 00:25:02,670 --> 00:25:11,250 So, managing prop capital is really a springboard in my career. And now I'm a full time trader, and I'm making multiples of what I used to make at my job. And
189 00:25:11,250 --> 00:25:19,320 it's seriously a dream come true. So I'm really trying to, I know that there's some uncertainties with Prop capital, I'm not 100% sure if it's gonna be around
190 00:25:19,320 --> 00:25:27,840 forever, like if, if they regulate it, they might show some of them down, like I was with some prop firms that owed me like $10,000, they shut down because of
191 00:25:28,080 --> 00:25:37,680 ASIC, like Australian regulations. So really, I'm trying to take advantage of what I can to withdraw as much money as I can from the prop firms and just, you
192 00:25:37,680 --> 00:25:46,650 know, fun my own personal accounts. So if, you know if people are out there struggling with Prop firms, they have to understand the statistics behind it,
193 00:25:46,650 --> 00:25:55,410 right. So only, like 3% of people make it to pay out, which is kind of mind blowing, because the parameters to pass is not that difficult. If you're
194 00:25:55,440 --> 00:26:04,320 patient, it's really about keeping it so I was instead of risking 1%, I'm risking a quarter percent. That way I can have at least you know, 3040, trade
195 00:26:04,320 --> 00:26:06,510 losing trades in a row and not blow up the account.
196 00:26:06,870 --> 00:26:09,150 ICT: Say that once more, how much are you risking?
197 00:26:09,540 --> 00:26:18,180 Kyle: quarter percent? Because you know, it's really just rudimentary math like a not a not a lot. If you can just do the math behind it. Right? You have a 10%
198 00:26:18,180 --> 00:26:25,860 drawdown on it. If you're doing 1%, you're only allowed 10 losses in a row and you can easily lose 10 trades in a session.
199 00:26:26,460 --> 00:26:28,350 ICT: Yes, yes.
200 00:26:28,860 --> 00:26:34,050 Kyle: So you know, a quarter percent is really two and a half percent of your daughter, Elena, which is still high, right?
201 00:26:34,830 --> 00:26:43,110 ICT: I'm very pleased that you mentioned that risk allowance that you given yourself for trading. So many people stick to this, they want to build up real
202 00:26:43,110 --> 00:26:52,950 quick wins, get those five figure six figure withdrawals from funded accounts or their own live trading. And they don't really give themselves a chance because
203 00:26:52,980 --> 00:27:01,230 the effects of trading with real money now, if they've never done it before, it's going to be a strong catalyst for them to do things that are outside the
204 00:27:01,230 --> 00:27:10,680 scope of their rules or their model. So when you first started trading, did you have that initially, at one time where you felt like you felt like you wanted to
205 00:27:10,680 --> 00:27:14,910 go out of the models rules? Because now you're with real money? Or did you not have that?
206 00:27:14,970 --> 00:27:24,570 Kyle: Yeah, that was that was part of it. So like when I didn't, so a big part of it was me just saving up enough money as like a nest egg, right? Didn't have
207 00:27:24,570 --> 00:27:33,180 to worry about my expenses for two or three years. Right. And that took me a really long time. But it took alleviated alleviated a lot of pressure from
208 00:27:33,390 --> 00:27:43,200 having to make money, right. So a lot of traders are probably going for those big accounts and want to hit a huge payout. So their job right away. And it's
209 00:27:43,230 --> 00:27:53,250 really extremely unrealistic. Exactly. Give yourself time build up a nest egg of, you know, two, three years of expenses that we if if you have a bad month on
210 00:27:53,250 --> 00:27:56,640 the funded account, you don't have to worry about the bills that you have to pay.
211 00:27:56,850 --> 00:28:05,460 ICT: Awesome. Could you share with us the types of wins or success that you've had trading with funded accounts?
212 00:28:06,270 --> 00:28:17,250 Kyle: Yeah, so I'm even. So I've only been a full time trader for like, a year and a couple months. And it's been a parabolic growth curve for me. So when I
213 00:28:17,730 --> 00:28:27,210 first left my job, I was managing about $100,000 in funded capital. And I had enough expenses where, you know, I kind of the job was just kind of grinding me
214 00:28:27,210 --> 00:28:36,480 down, and I took the risk. And I said, I'm gonna, you know, go full time, if it doesn't work out, and like a year or two, at least I have enough funds to, to,
215 00:28:36,510 --> 00:28:46,470 you know, cover myself and I had built a skill set where I wasn't really worried about not being able to find a job like I was at a very niche industry. So
216 00:28:49,380 --> 00:29:00,330 sorry, I kind of just lost my train of thought. Yeah, just going back to, you know, getting capital. My goal was always to just get the first payout and
217 00:29:00,330 --> 00:29:09,000 reinvest it. So my first couple payouts, I think it was like 20 or $30,000, on $400,000 worth of capital with any of that money,
218 00:29:09,030 --> 00:29:16,050 ICT: excuse me, like, when you when you had your first payout? What did that What did that feel like?
219 00:29:17,640 --> 00:29:24,720 Kyle: It felt it felt really good. And that was really a turning point in my career, where I was like, wow, these firms are really paying out a lot of money.
220 00:29:24,720 --> 00:29:33,990 And there's not a whole lot of risk of fraud unless you're like, you know, buying challenges and blowing them and gambling. You know, the fact that you're
221 00:29:33,990 --> 00:29:41,190 they're giving you like 10 times your capital. If you try and do that with your personal account, it's really hard to do so you know, if you're going to invest
222 00:29:41,190 --> 00:29:52,230 $2,000 and get funded with $400,000 like $40,000 in drawdown limit that you have now. Right, so that was a huge thing for me. And what I did was I really treated
223 00:29:52,230 --> 00:30:00,540 it like a business I opened up, you know, an LLC and I opened up a business credit card to pay for the challenges, but I did have the capital to Hey, for
224 00:30:00,540 --> 00:30:10,980 the like, I wasn't just opening up the credit card, and you know, assuming debt, right, I had the capital, like, I could write it off against my income. And I
225 00:30:10,980 --> 00:30:18,900 was paying for challenges through that means that way I could separate my finances, and really treat it like a business. Like if you're gonna go in and
226 00:30:18,900 --> 00:30:27,450 have a startup, right, like 510 $1,000, really not a whole lot of money to get yourself going. Right. And I had the money to pay for the, you know, the
227 00:30:27,450 --> 00:30:36,450 expenses, the liability on the back end, in case it didn't work out. But as soon as I got that first payout, I was I took all of that money and just bought more
228 00:30:36,450 --> 00:30:43,590 challenges. So now I'm managing close to $2 million in funding to capital. And just you know, taking a quarter percent risk across the board.
229 00:30:43,620 --> 00:30:55,380 ICT: Are you married? Yeah. Okay. How is it that you've introduced what you're doing to your spouse and why she's supportive? Initially? And is she supportive
230 00:30:55,380 --> 00:30:55,830 now?
231 00:30:56,880 --> 00:31:06,180 Kyle: Yeah, so she always knew that I was trading and a funny story is before we got engaged, I had like a 5000 word might have been more like a $7,500 account.
232 00:31:06,180 --> 00:31:15,510 And I completely, like almost blew it up. Like I was lost, like 30% a day withdrew at all. And and what her what her engagement, right. So she always, you
233 00:31:15,510 --> 00:31:21,900 know, she always knew I loved it, because I was obviously I was up late at late, late at night, you know, listening to videos and stuff. She's right next to me.
234 00:31:21,900 --> 00:31:29,070 And then and she's probably thinking, like, Oh, this guy's crazy. I'm not even making any money doing this. But he always encouraged me to just keep going,
235 00:31:29,070 --> 00:31:36,690 because he kind of knew that I that was something I loved. And I think she knew at that, you know, half a day, like maybe this could be something that I do full
236 00:31:36,690 --> 00:31:45,990 time. And the access to markets right now is amazing, right? Like, I think when you went mentioned that you were like fighting the closing prices on graph
237 00:31:45,990 --> 00:31:53,970 paper. I was like, Man, I can't even imagine a time when it was like that. And even like a lot of the younger kids, like I talked to talent and a lot. And I'm
238 00:31:53,970 --> 00:32:03,330 like, Man, you guys don't know how good you have it right now. Yes, absolutely. There's so much X, even your content is like everywhere. Now. I just find it
239 00:32:03,330 --> 00:32:10,530 amazing. Because, you know, I had mentioned like, when I was coming up it was this Forex factory and even your YouTube channel, I think some of your videos
240 00:32:10,530 --> 00:32:13,890 rolling getting like 10,000 5000 Yeah, wasn't
241 00:32:13,890 --> 00:32:26,190 ICT: much fuel. So you, you had a spouse that knew you were speculating early, she didn't try to talk you out of it, she just let you have a run of it. And
242 00:32:26,880 --> 00:32:31,230 she's supportive now because of the results you've been able to show? Yeah, absolutely.
243 00:32:31,290 --> 00:32:38,400 Kyle: I think part of it too, is like her family's not too. They're not too, you know, they're not too conscious about money, they don't really talk about it a
244 00:32:38,400 --> 00:32:46,200 whole lot. So, really, she's there, she's happy with, you know, even if I was just working a regular job, you know, that's not awesome, materialistic or
245 00:32:46,200 --> 00:32:50,610 anything like that. So that's a huge thing. You know, it was it was keeper?
246 00:32:50,640 --> 00:32:58,830 ICT: Can you imagine the difficulty you would have had, in addition to what you had to go through, like everybody else does? If your spouse was against the idea
247 00:32:58,830 --> 00:33:02,460 and vocalize that. Yeah, that would have been,
248 00:33:02,940 --> 00:33:06,570 Kyle: you know, if my spouse was against it, I probably would just quit, you know.
249 00:33:07,140 --> 00:33:19,320 ICT: So you've been very blessed to have that. And it's a very good thing, because what we do, the average person, they don't look at this insight. That's
250 00:33:19,320 --> 00:33:28,020 something I should do. They want to do it when they see other people make money. And when we're married, and we have our relationships, you know, it's,
251 00:33:28,830 --> 00:33:37,380 unfortunately not easy for them to see what we see as a potential profit or potential outcome in the future, where we know that we can use that to kind of
252 00:33:37,380 --> 00:33:44,970 like benefit the family itself. They themselves many times, they don't understand, like, my wife still doesn't understand it. Like she just thinks it's
253 00:33:44,970 --> 00:33:55,740 a video game. But I didn't get the encouragement from her. And I'm so glad that you've had that opportunity. Because, can you mentioned the listeners that have
254 00:33:56,310 --> 00:33:59,640 experienced the adverse side of what you didn't have to go through?
255 00:34:00,480 --> 00:34:07,650 Kyle: Well, so like, my, my, you know, I come from an Asian background, like, Well, my parents were Chinese. So my dad's side of family was always like that,
256 00:34:07,680 --> 00:34:14,970 it would always like, you know, tell me, what are you doing with your life or whatever, blah, blah, blah, because I was like, the black sheep of the family,
257 00:34:14,970 --> 00:34:22,350 me and my cousin. You know, a lot of my cousins have like PhDs and they're doing, you know, crazy thing to have, you know, their doctors and lawyers, you
258 00:34:22,350 --> 00:34:30,570 know, chemists and software engineers, and I was just, I was kind of like a college dropout. Like my brother was a valedictorian. I didn't live up to that,
259 00:34:30,600 --> 00:34:39,720 you know, so, I always kind of went my own route. And I feel like that was part of me just constantly going and trading because I saw the potential at the end,
260 00:34:40,740 --> 00:34:49,290 which probably a lot of people. I mean, it's there, you know, I don't know how many people will actually stick with it and see it through though because at
261 00:34:49,290 --> 00:34:50,910 first it feels like it's impossible.
262 00:34:52,380 --> 00:35:04,650 ICT: You have what is referred to as an entrepreneurial spirit. So people like us, we do don't mind going off the beaten trail. And it's commendable that your
263 00:35:04,650 --> 00:35:19,980 family members are in professionals, like doctors and such. To me, we need those types of people in, in society. But many times, triggers are not cut from that
264 00:35:19,980 --> 00:35:28,890 cloth and their, their individual mindsets are completely different. And it's just amazing to see what you've been able to do with it. I'm just so I'm so
265 00:35:29,490 --> 00:35:41,130 blessed that I listen to you and share your story, and have the feedback that came through your personal experience your spouse, she was supportive, she
266 00:35:41,130 --> 00:35:50,130 didn't try to derail you, but the hardships of having to make a decision about leaving your job. And in doing that, and it occurred to that
267 00:35:50,130 --> 00:35:57,990 Kyle: was a huge thing, because I was already in like a top percentage of income earners. So even behind something like that, where I had like a future was
268 00:35:57,990 --> 00:35:58,920 really difficult.
269 00:35:59,970 --> 00:36:10,200 ICT: That takes a lot of conviction. And either you believe in yourself and what you are about to do, or it's a big gamble. And it seems like you've you've done
270 00:36:10,200 --> 00:36:14,910 the work on siding, whether or not if it was feasible for yourself. And obviously he looks like it's doing well for you.
271 00:36:15,180 --> 00:36:19,020 Kyle: Yeah, it is. Yeah. I can't thank you enough, seriously.
272 00:36:19,050 --> 00:36:25,140 ICT: Amen. It's my pleasure. Did you ever think you'd be training at the level you're trading at now, when you first started?
273 00:36:26,310 --> 00:36:37,530 Kyle: Honestly, no, I didn't, I really didn't. I honestly didn't think I would be full time and had the success that I had, just within a year, like it was
274 00:36:38,100 --> 00:36:47,340 really eye opening to kind of put everything together. And it really clicked for me and out. But it was such a long process of going through those hard times,
275 00:36:47,400 --> 00:36:57,870 and learning all those concepts. Because at first it, you know, felt so foreign to me, like I didn't really understand how fair value gap should react when
276 00:36:57,870 --> 00:37:04,920 price trades into it, and things like that. But now it's like, Alright, now I have a full skill set that I've built up over the course of years, and you kind
277 00:37:04,920 --> 00:37:13,350 of have to look at it like that, right? If you're gonna go in through, you know, even traditional education, you know, starting out as like an undergrad, you
278 00:37:13,350 --> 00:37:20,580 have to go through all those courses and stuff just to get your foot in the door. And once you're in there, you're like, you're just doing these menial
279 00:37:20,580 --> 00:37:28,650 tasks. And you know, you want a salary that is that can cover the cost of living, but you don't really have the experience behind it. And I kind of
280 00:37:28,860 --> 00:37:36,150 experienced that in my career, like, I want it to be the upper management guy. And really, I didn't know anything about the industry, I didn't know, I just
281 00:37:36,150 --> 00:37:43,860 didn't know anything. So like you have to treat it like you're going through this process. It might take you four or five, six years, but at the end of the
282 00:37:43,860 --> 00:37:51,360 day, you're gonna have a PhD level of education that you can now print your own paycheck and not have to rely on a job.
283 00:37:51,630 --> 00:38:01,140 ICT: That's awesome. I don't have any personal experience with funded accounts. And I'm going to ask you a question I'm been getting from other people, what
284 00:38:01,140 --> 00:38:10,650 companies have you dealt with that you've had a positive result in experience with where they've had no difficulty paying out in your experiences, overall
285 00:38:10,650 --> 00:38:11,880 good with them? What companies
286 00:38:12,270 --> 00:38:25,500 Kyle: are so personally, I've withdrawn over six figures from my Forex funds FTM Mo and the fund a traitor and some smaller payouts at true Forex funds. And the
287 00:38:25,500 --> 00:38:35,220 other one I can't remember off the top of my head. There's another firm but yeah, I haven't had any issues. You know, it's over 300 Some 1000 hours from
288 00:38:35,220 --> 00:38:43,320 those more well known firms. I mean, there's so many out there right now that I'm trying to be cautious. I know there's, you know, there's gonna be risk on
289 00:38:43,320 --> 00:38:51,150 some degree. But yeah, I've mostly dealt with the top three, there's sports, sports been great. A lot of people asked me about the spreads, and a lot of
290 00:38:51,150 --> 00:39:00,420 people will complain about the spreads. And to me, I just use a trade copier. But I'm not using ultra tight Ultra tight stops, where maybe a lot of people
291 00:39:00,450 --> 00:39:04,980 might get in trouble with that with slippage and everything. I haven't had any issues with that.
292 00:39:06,960 --> 00:39:15,330 ICT: I want to make sure I heard you correctly, you have been able to withdraw over 300,000 Yep. That's awesome. That is awesome. What was the first company
293 00:39:15,330 --> 00:39:18,390 actually opened up with with a funded account what company was the first one?
294 00:39:19,050 --> 00:39:28,290 Kyle: It was FTM mo comm even like a year ago, a lot of those other firms didn't have the reputation that they have now. And before that, I hadn't even realized
295 00:39:28,290 --> 00:39:37,260 that scmo had been around already for like five years or something like that. And it was you know, it's really changed my trading career because I was the guy
296 00:39:37,260 --> 00:39:44,070 that was you know, applying to Jane Street or SMB capital, and they're like, Alright, what's your background? Do you know anybody? Have you traded you know,
297 00:39:44,100 --> 00:39:49,470 do you have any experience? I'm like, No, I'm like, I work in project management, like working construction.
298 00:39:51,240 --> 00:39:58,470 ICT: Sign me up. Where do you see yourself in the next three to five years? What's your goals for yourself?
299 00:39:59,370 --> 00:40:07,740 Kyle: Yeah, so For me, it almost feels like I'm just getting my trading business off the ground. So, really, I have so much to work on and improve my edge, like,
300 00:40:07,860 --> 00:40:17,940 mentally, and, like with just my entries and exits and things like that my risk management, I mean, it's like a never ending process, like, it feels like I'm
301 00:40:17,940 --> 00:40:26,880 never gonna be perfect. And I that's what I love about trading is that every time I hit a new goal, the you know, that euphoric feeling kind of goes away,
302 00:40:26,880 --> 00:40:35,070 because there's always something to improve on. Okay, so I mean, three to five years from now, I'd love to be managing more capital and, you know, kind of have
303 00:40:35,070 --> 00:40:42,600 my emotions more in check, because at times, they still get away from me, you know, I'm not perfect. And even some of the best traders I know, they, you know,
304 00:40:42,600 --> 00:40:45,660 they get frustrated at times. It's just normal. You know, we're humans.
305 00:40:45,720 --> 00:40:56,100 ICT: Yes. Well, I've had a wonderful time talking to you. I've had just the immense pleasure of listening to your story. I've watched the other interviews
306 00:40:56,100 --> 00:41:05,430 you've conducted with other podcasters and such. And it's been a just a wonderful experience to be able to say I had this a small piece of what you were
307 00:41:05,430 --> 00:41:12,030 able to do with all this information, and I'm so proud to see what you've done with it, and I'm anxious to see really where you go in those three to five
308 00:41:12,030 --> 00:41:13,830 years. I'm hoping he keep in contact with me.
309 00:41:15,000 --> 00:41:17,970 Kyle: Thanks, Michael. Appreciate it. It's truly an honor to speak with you.
310 00:41:18,660 --> 00:41:21,960 ICT: The honor is all mine, sir. Thank you very much. Thank you