ICT YT - 2024-05-01 - Key Notes and Observations - Day 3 of 3 Summary
LLM Generated Summary
ICT discussed the importance of understanding and engaging with the live stream audience, while addressing criticism and using the comments section as a sounding board for feedback. He shared strategies for manipulating traffic and attention through publicity stunts, emphasizing personal responsibility and self-reliance. ICT also discussed the current economic landscape and its impact on people's lives, as well as the impact of global events on society and the markets. Additionally, he addressed plans to step back from active trading and mentorship, while encouraging the community to continue learning and growing. Michael and ICT discussed various aspects of trading, including patience, self-awareness, and respect for market risks, as well as the challenges of maintaining a sober mindset. They also discussed the potential for central banks to manipulate the market through digital currencies and the significance of faith in overcoming fear, anxiety, and depression.
Transcript
Outline
Live streaming, comments, and feedback.
- ICT emphasizes importance of sincerely asking questions in comments section.
- Ict addresses criticism from viewers, muting those who cannot see the obvious.
Trading and risk management in forex markets.
- The speaker criticizes the lack of attention span and critical thinking skills in new generations, citing social media as the main culprit.
- The speaker emphasizes the importance of understanding the logic behind trading decisions, rather than just following actionable points without considering potential risks or consequences.
- ICT: Live trades cause puckered assholes, unwanted stops, and abandonment of trading plans.
- ICT: Focus on Euro and cable shorts if dollar is going higher, using price action and case studies.
- ICT teaches traders how to identify and trade on gaps, including new day opening gaps.
- ICT emphasizes the importance of economic calendar in framing daily bias and predicting price movements.
Trading strategies and market analysis.
- The speaker emphasizes the importance of understanding market risks and not gambling.
- The speaker encourages listeners to have a sober mindset and not be impulsive in trading.
- ICT: Focus on ceiling to price action, not daily bias or live stream chatter.
- ICT: Avoid watching live streams with "a bunch of fucking children" in the chat window.
- ICT emphasizes the importance of understanding market conditions and risk management in trading.
- ICT criticizes other trading educators for oversimplifying complex concepts and failing to address the real challenges of trading.
Trading and market analysis.
- The speaker emphasizes the importance of patience and self-control in trading, particularly when feeling the urge to act quickly.
- The speaker warns against ignoring the skills and knowledge needed to succeed in trading, and instead focuses on developing those skills through practice and experience.
- ICT warns against impulsive trading, emphasizing self-control and personal responsibility.
- The FOMC event is typically a two-stage event, with a large move initiating around 2 pm and completing between 220 and 235.
- Study the FOMC events with this in mind, but do not trade with a funded account.
Manual intervention in financial markets, potential for collapse of market structure.
- ICT explains why manual intervention may occur in the market, citing events like Non Farm Payroll.
Trading strategies and risk management.
- Trader warns of high risk of losing money during major events like Non Farm Payroll and FOMC announcements.
- ICT explains his trading strategy, focusing on the dollar index.
- He outlines the conditions for taking a trade, including market movement and price levels.
- The speaker criticizes the use of indicators in trading, arguing that they remove personal responsibility and decision-making.
- The speaker suggests that relying on indicators can lead to a lack of understanding of market momentum and direction.
Trading psychology and the importance of a sober mindset.
- The speaker emphasizes the importance of understanding price action and using indicators in trading.
- The speaker warns that a lack of self-awareness and poor trading habits can lead to consistent losses.
- The speaker emphasizes the importance of understanding the adversities of trading and how to deal with them.
- The speaker recommends reading books on trading that focus on how traders handle challenges rather than how to make money.
- ICT emphasizes the importance of a sober mindset in trading, rejecting excuses and blame-shifting.
- He stresses the need for honesty and self-awareness in recognizing price action and making informed decisions.
Trading strategies and avoiding common mistakes.
- ICT explains that current market conditions are not ideal for trading due to lack of high resistance liquidity runs.
- ICT emphasizes the importance of identifying low resistance liquidity runs for successful trading.
- Trader teaches students to wait for obvious market entries with low resistance.
- ICT is frustrated with students who don't listen and repeat mistakes.
- ICT warns against 15 contract trading without stop loss, overtrading, and ignoring his teachings.
Forming session bias using four-hour and one-hour charts.
- Trader analyzes daily fear Vega and identifies low weight on chart.
- The speaker focuses on identifying the operating hours or "kill zones" for a specific market, using the four-hour and one-hour charts to determine the session bias.
- The speaker uses these identified operating hours to formulate a bias for the session, without considering other markets or timeframes.
Psychological and emotional aspects of trading.
- ICT emphasizes the importance of accepting and learning from losing trades.
- Trader seeks help from respected mentor to address psychological and emotional issues driving trading decisions.
- The speaker struggles with external reasons for trading, leading to poor money management and a lack of satisfaction with profitable trades.
- The speaker's lack of self-worth and fear of failure hinder their ability to trust and follow trading procedures, leading to repeated mistakes.
Struggling with trading and the importance of proper strategies and mindset.
- Michael struggles with feeling significant and worthy, leading to impulsive trading decisions.
- The speaker struggles with constantly doing things wrong and lying to themselves about cracking it.
- The speaker advises others to focus on making money through trading and not get distracted by other reasons.
- ICT emphasizes the importance of stop losses in protecting against larger losses.
Market analysis and trading strategies using price action.
- ICT teaches how to identify market conditions and make informed trades.
- ICT emphasizes the importance of understanding market dynamics and anticipating price movements.
- ICT highlights two instances where the market showed weakness after failing to break above resistance.
- ICT emphasizes the importance of PD arrays in identifying market strength or weakness, with a weak market showing signs of lower prices.
Market analysis and price movements.
- ICT explains the significance of a gap and the potential for higher highs.
- Trader discusses market analysis and potential for large range down day.
Technical analysis and market structure.
- The speaker emphasizes the importance of identifying fair value gaps in price action, as this is a signature of Smart Money.
- The speaker believes that understanding where stops are located is crucial for predicting market movements, as it reveals the lifeblood of the market: liquidity.
- ICT: Market structure shift indicated by short position accumulation.
- ICT expects large ranges due to market damage and reduced liquidity.
- Smart money will look to take out low or relative equal lows to cover short positions.
Price action and trading opportunities in the forex market.
- ICT discusses gap opening and trading levels in context of previous day's events.
- ICT discusses retail traders' mindset and potential stop loss placement in a breakout scenario.
Trading strategies using time frames and fair value gaps.
- Trader observes sellside liquidity after large range down day, expects short covering rally.
- ICT analyzes market action and identifies potential retest levels.
- ICT explains how to enter trades based on fair value gaps and institutional order flow entry drills.
Confirming price movements without visual aids.
- ICT: Focusing on key price movements, ignoring minor fluctuations.
Trading NASDAQ with focus on gaps and volume imbalances.
- Analyst identifies weak link in stock price movement and suggests potential trading opportunity.
- ICT analyzes FOMC day trading opportunities, emphasizing buyside resting above midpoint.
Market inefficiencies and potential trading opportunities.
- Analyzes liquidity and inefficiencies, seeking to springboard off support and reach the buy side.
- ICT identifies a potential trading opportunity in a gap between two candles.
Trading strategies for a stock with a large range day.
- ICT assesses price action for potential trading opportunities.
- ICT wants to see a sweep of the low and a gap fill before taking action.
- ICT prefers to trade in the afternoon session after a large range day.
How lottery winners often waste their money.
- ICT discusses how lottery winners often squander their money.
Trading strategies and market analysis.
- ICT describes market action, highlighting buildup of short positions and failure to engage buy stops.
- ICT emphasizes patience and waiting for clear signals in trading.
Trading strategies and market analysis.
- ICT is skeptical of shorting after recent price action, preferring to wait for a potential buy opportunity.
- ICT believes retail traders may be trying to short the market, but is unwilling to take on that perspective.
Fan use and chart analysis.
- ICT grabs socks, adjusts ceiling fan for comfort while monitoring trading hours.
Stock market efficiency and potential price movements based on volume and stops.
- ICT: expects stock to drop after reaching high, plans to secure positions beforehand.
Trading strategies and scenarios.
- ICT discusses various scenarios and responds to questions on how to manage trades in real-time.
Tape reading and trading in a low-resistance environment.
- I demonstrate trading strategies in real-time, showing smooth price runs and quick reactions to market movements.
- ICT observes low liquidity resistance on FOMC day, with price drifting lower.
- The speaker emphasizes the importance of practicing tape reading without using real money, as it helps traders develop their skills and build confidence.
- The speaker believes that men, especially younger ones, tend to struggle with this concept due to their desire to prove themselves, while women tend to be more pragmatic and focused on making money.
Trading in high resistance liquidity environments.
- Trader identifies ideal trading conditions, avoids potential losses.
- ICT emphasizes the importance of studying hard market conditions and resistances, rather than trading in them.
- ICT analyzes a fair pay gap run and determines it's a nice bread and butter trade, but not with a live account due to FOMC tomfoolery.
Trading strategies and risk management.
- Trader assesses risk and potential profit in a trading scenario.
Recognizing low resistance liquidity runs in trading.
- ICT identifies conditions for low resistance liquidity runs by analyzing market behavior and economic calendar factors.
- Avoiding difficult trading conditions by understanding market profile and algorithm mannerisms.
- The speaker discusses the importance of identifying low resistance, liquidity run conditions in trading.
- The speaker emphasizes the need to be in control of oneself and not trade when conditions are not favorable.
- ICT outlines a potential trading opportunity in a stock, highlighting a bullish fair value gap and a potential entry and stop loss point.
- ICT emphasizes the importance of using the body of the candle to determine the narrative and make trading decisions, rather than relying on other indicators.
Trading strategies using price action and order blocks.
- Ict teaches how to trade using his leaked videos, keeping some techniques guarded to avoid abuse.
- Ict uses mean threshold and retrace to identify bullish order blocks and predict higher prices.
- ICT emphasizes the importance of trading with a size that can be lived with in every fluctuation.
- ICT warns against using excessive leverage, citing the risk of losing control of trades.
- Trader discusses price action and potential for a bounce from a mid-range gap.
Trading and navigating difficult market days.
- ICT expresses frustration with inexperienced traders who don't understand his methods and create sock puppet accounts to troll him.
- ICT plans to release a book in the second half of the year, confidently predicting he will reach the number one spot.
- ICT explains complex trading concepts to mentorship clients, emphasizing patience and understanding.
- ICT criticizes traders who seek instant gratification, prioritizing short-term gains over long-term success.
Trading and the psychological aspects of competition.
- ICT believes market makers are vulnerable to being "devoured" and must maintain a wide gap to avoid pressure from below.
- ICT emphasizes the importance of mental toughness in trading, citing examples of successful traders who faced setbacks but continued to push forward.
Trading strategies using price action and human nature.
- Trader discusses reading price action and predicting market movements without using any tools or automation.
- Trader identifies opportunities for shorting and buying in various markets based on market sentiment and price movements.
Market manipulation and upcoming non-farm payroll event.
- ICT discusses manipulating traffic through controversial tactics, including trolling and creating mockery.
- ICT's YouTube channel offers free mentorship and profitable trading insights, despite past criticism and skepticism.
- ICT manipulates attention and expectations, using calculated moves to gain control.
- ICT plans to reveal secrets about Joel Robins and others, causing potential legal trouble.
- ICT expects dollar index to reach old highs and potentially use non-farm payroll as a factor.
Financial markets, including Bitcoin and crude oil, with mentions of institutional order flow and past market events.
- Speaker discusses volatility in cryptocurrency market, mentions potential low and high targets.
- Speaker discusses potential for crude oil prices to reach $175 per barrel due to geopolitical tensions.
Identifying fair value gaps in trading.
- Institutional order flow interviews require anticipating and entering gaps before they close.
The potential regulation of funded account companies in the financial industry.
- The speaker believes funded account companies are unregulated and may be Ponzi schemes.
- The speaker predicts these companies will be gone in the near future due to regulatory action.
- The speaker criticizes the lack of regulation in the trading industry, particularly in forex and futures markets.
- The speaker believes that brokerage firms have unjustly received criticism for various reasons, including clients' poor trading habits.
- ICT warns of regulatory crackdown on traders, citing Biden's proposed 44% Capital Gains Tax and potential taxation of unrealized gains.
- ICT predicts manipulation and price moves will become more frequent as regulators seek to limit traders' profits, leading to a "snowball effect" across firms.
Financial markets and central bank digital currencies.
- ICT predicts central bank digital currencies will replace traditional currencies.
- ICT predicts a "shitstorm" in markets this mid-summer to fall, despite Trump's inability to stop it.
- ICT emphasizes key levels and liquidity during lunch window.
Central banks' control of markets and the importance of trusting oneself in trading.
- ICT emphasizes the importance of understanding price movements and risk management in trading.
- Fed Chair Powell's speeches are scripted, with little relevance to market movements.
- The speaker believes in being self-reliant and not trusting others for success.
The importance of preparing for the future while acknowledging the uncertainty of life.
- ICT expresses frustration with people not taking action towards their goals due to uncertainty.
- Parent willing to sacrifice for children, but not the other way around.
Financial preparedness for potential global crisis.
- The speaker emphasizes the importance of financial preparedness and self-sufficiency in the current economic climate.
- The speaker shares personal experiences of helping family members and friends who are struggling financially, despite having wealth.
- The speaker believes a nuclear bomb will be dropped in a major city soon, causing widespread panic and control.
- The speaker references the Fallout video game series and the Netflix movies released during COVID-19, suggesting a deliberate attempt to prepare the public for a nuclear event.
Current events, fear, control, and preparation for unknown future events.
- ICT expresses frustration with government inaction and corruption.
- ICT predicts summer 2020 will be chaotic with fake alien invasions and government control.
- The speaker knew they were being used as a soundboard to share information (13 words)
- The speaker warned about a large theft and wealth transfer in 2020 (14 words)
Faith, persecution, and the end times.
- ICT warns of impending economic crisis and central bank digital currency implementation.
- Pastor ICT discusses persecution of Christians and their faith in God.
- ICT warns of impending doom and spiritual transformation.
Biblical giving and church practices.
- ICT retires from Inner Circle trader to focus on God and holy living.
- ICT emphasizes biblical giving and warns against 10% tithe.
Personal profit, faith, and market trading.
- Peter emphasizes humility in trading and life, citing personal mistakes and dependence on God.
- ICT shares his motivations for creating content, emphasizing Jesus Christ.
- ICT wants to live a life focused on Christ, free from marketplace attention and wealth.
Biblical prophecies and their fulfillment.
- The speaker believes that current events are fulfilling biblical prophecies, specifically Ezekiel 30 and 39, Psalm 83, and Daniel.
- The speaker emphasizes the importance of recognizing one's sinful nature and placing faith in Jesus Christ as the only remedy for sin.
- The speaker emphasizes the importance of faith in Jesus Christ and baptism in his name for salvation (Acts 2:38, 1 Corinthians 12:13).
- The speaker encourages listeners to read the Bible and seek God's presence in their lives, despite their imperfections and the lack of religious practices.
Faith, spirituality, and trading.
- Pastor emphasizes Jesus' anti-religious stance, advocates for personal relationship with God.
- ICT shares personal experiences of hearing God's voice and having spiritual encounters.
- ICT creates YouTube videos to share faith-based ideas and encourages Berean study.
- ICT expresses gratitude for the opportunity to mentor and encourages the community to continue growing and learning.
- ICT plans to take down some channels and enforce copyright strikes against those who reupload his content without permission.