ICT YT - 2024-08-05 - ICT 2024 Mentorship - Lecture 01-summary
Summary
ICT discusses his approach to mentorship and parenting, emphasizing the importance of teaching children to be self-sufficient and not relying on others for an income. He also shares his experiences in molding his children's minds to think for themselves and not become lazy. Additionally, ICT discusses his live streaming approach and trading philosophy, emphasizing the importance of simplicity and transparency. He also addresses the community's tendency to either seek financial gain or pretend to learn from him, while some individuals even go as far as mimicking his language and trading style without actually following through. Furthermore, ICT emphasizes the significance of being genuine and original in trading and content creation, and offers to provide tools and resources for journaling and studying to help individuals overcome their personal struggles with external influence and control.
Outline
Using OBS streaming service for live streams, audio delay issues.
- ICT struggles with OBS settings, delays audio check.
Teaching children to be self-sufficient and not rely on others for income.
- The speaker, ICT, explains why they're teaching their kids to be self-sufficient and not rely on others for income.
- ICT shares their approach to teaching their kids, including making them work hard and not giving them money without effort.
Trading strategies and market analysis.
- ICT explains the importance of having a reason for trading and being mindful of market news.
- ICT provides insights on how to approach trading, including the importance of being responsible for losses.
- ICT emphasizes the importance of proper training and mentorship in trading.
- ICT plans to share his knowledge and experience with his son through a YouTube channel.
- ICT argues that price action is coded to follow time-based patterns, not buyer/seller pressure.
- ICT teaches a simple approach to trading based on time and market analysis.
- ICT encourages listeners to try his methods and see the results for themselves.
Teaching son how to trade cryptocurrency with full disclosure.
- Father and son experiment with trading cryptocurrency, using Top Step as a test case.
- The speaker's son wants to create a YouTube channel to share his learning journey, and the speaker is supportive of this decision.
- The speaker believes that the son's struggles and successes will draw a crowd and provide valuable insights.
Trading mindset and strategies for beginners.
- The speaker will mentor the listener on trading, focusing on their mindset and chart setup to determine their trading style.
- The speaker will help the listener develop real skills and a consistent baseline for evaluating their trading performance.
- The speaker emphasizes the importance of understanding market retracements and setting up a long-term trend model.
- The speaker encourages traders to focus on their own strategy and mindset, rather than trying to copy others.
- The speaker warns against using their content without permission, threatening to take down channels that violate their rights.
- The speaker encourages their students to create a secondary income stream through live streaming or other means to alleviate financial stress while trading.
Trading risks and importance of proper preparation.
- ICT argues against inviting uncertainty into trading decisions.
- Influencer warns against selective attention and lack of transparency in live streaming.
Overcoming mental barriers to trading success.
- The speaker emphasizes the importance of having the right mindset for learning and trading.
- The speaker encourages the audience to be the type of person who proves others wrong and does more than expected.
- The speaker's childhood experiences shape their need for control in adulthood.
- ICT emphasizes the importance of proper journaling for traders, citing the need to understand market bias and profiling.
- ICT challenges viewers to prove their trading skills by making $100,000 in 4 weeks, offering $500,000 to the successful trader.
Mentorship, learning, and market expectations.
- ICT: Overconfidence increases difficulty, time limit on learning.
- ICT warns against lazy learners with unrealistic expectations.
Trading and the importance of mental preparation.
- ICT warns of the dangers of chasing a "quick fix" in trading, leading to long-term negative consequences.
- The speaker compares basic training in the military to trading, emphasizing the importance of physical and mental toughness.
- The speaker prioritizes being an "island unto yourself" in trading, relying on one's own analysis and decision-making.
- ICT warns against gambling in trading with real money, citing personal experience.
Trading fear and anxiety, using a quarter to practice with small leverage.
- ICT teaches on market analysis, identifying potential liquidity draws and low-hanging fruit for short-term bias.
- ICT advises new traders to start small and let go of fear of first trade with real money.
Market analysis and trading strategies.
- Observe price movements and identify areas of liquidity and inefficiency to make informed trades.
- Market predisposed to move in one direction, but intervention possible.
Using time frames to identify market movements and make trades.
- ICT teaches traders to focus on 3 time frames: 15, 5, and 1 min.
- ICT identifies algorithmic characteristic to make money by buying below open and holding for whole day.
Trading psychology and proper techniques.
- Trader struggles with holding on to trades due to fear of losing gains.
- Trader records and analyzes price action to improve trading skills.
- ICT warns against impulsive trading, emphasizing the importance of a proper mindset and following rules.
Analyzing market liquidity and predicting price movements.
- ICT emphasizes liquidity and its importance in market movements.
- Trader shares 81 "pet techniques" with unique names, reflecting personal significance and discovery.
Identifying smooth price areas for potential disruption.
- The speaker observes that the market will go to areas of smoothness to disrupt orders above or below it.
- The speaker is not a fan of using Market Replay to watch price action, preferring to use other instruments instead.
Identifying high probability price movements using chart analysis.
- The speaker expresses frustration with the availability of real-time market analysis, wishing it weren't available to anyone.
- The speaker emphasizes the importance of journaling and annotating charts to study price movements and identify potential trading opportunities.
- ICT discusses the importance of identifying high probability trading opportunities by analyzing market dynamics and identifying relative equal highs on charts.
- ICT highlights the concept of priming, where traders continuously create expectations and manipulate market sentiment to influence price movements.
- ICT explains how to identify failure swings in price action, which the algorithm refers back to for trading decisions.
- ICT highlights the importance of identifying relative equal lows and highs in price action for trading success.
Identifying trading opportunities using price action and market structure analysis.
- ICT emphasizes the importance of understanding the time element in the market's behavior.
- The speaker emphasizes the importance of identifying smooth locations in price action on different time frames to increase the odds of a profitable trade.
- The speaker warns against blindly following his teachings and encourages listeners to use their own judgment and experience when trading.
Technical analysis and market behavior.
- ICT explains how to identify bullish breakers by analyzing candlestick patterns and volume imbalances.
- ICT demonstrates how to trade on the narrative of the market by focusing on short-term highs and inefficiencies.
- ICT identifies a scalp opportunity in a choppy market, highlighting the importance of identifying levels of support and resistance.
- ICT analyzes the market's reaction to these levels, noting the significance of clean breaks and the potential for a punishing move towards shorts.
Technical analysis and trading strategies using market replay.
- Long-term market participants can be identified by their consistent presence at the final table, just like in the World Series of Poker.
- ICT discusses market replay and trading strategies with live chart analysis.
Market analysis and trading strategies.
- The speaker emphasizes the importance of identifying smooth areas in the market where the price is being defended or offered.
- The speaker uses the concept of "bias" to explain how traders can determine which side of the marketplace the price will reach.
- ICT explains that price action in the market is like a dysfunctional family, with the market inviting traders to romp around and find a spouse.
- ICT emphasizes the importance of being reasonable and identifying problems in a relationship to overcome adversities.
Technical analysis and market predictions using charts and time frames.
- The speaker identified smooth areas in the market and used analogies to explain their analysis.
- The speaker used three time frames to identify potential highs and lows, with each time frame providing a stepping stone for their analysis.
Trading and market analysis using key times and chart analysis.
- ICT consistently predicts market movements despite skepticism from viewers.
- The speaker emphasizes the importance of identifying key times in the market, such as the 7:00 AM to 7:30 AM window, for trading.
- The speaker encourages traders to be mindful of smooth market conditions and avoid disrupting them with unnecessary actions.
Trading strategies and market analysis.
- The speaker shares valuable insights on trading, including identifying market trends and making informed decisions.
- The speaker demonstrates a unique approach to trading by using a "bazooka" when necessary and a "match" when less powerful tools are required.
Trading strategies and market analysis.
- ICT shares his expertise on trading, revealing his methods for analyzing markets and executing trades.
- He emphasizes the importance of honesty and transparency in learning and sharing knowledge.
- ICT expresses his willingness to pour himself into mentorship and teaching, despite his potential to earn millions through private lessons.
- ICT emphasizes the importance of being in front of charts during specific hours for pre-market analysis (7-7:30 AM, 8-8:30 AM, 9-9:30 AM).
- ICT explains how to identify bias by analyzing equal highs and lows in the pre-market range, and waiting for one side to be disrupted before taking a trade.
Identifying bias in financial markets using smooth areas and jagged edges.
- ICT explains how to identify bias in markets by looking for smooth areas and jagged edges.
- ICT criticizes traders for not following his teachings and instead relying on other methods that are "gambling".
Technical analysis and market trends.
- ICT identifies a bullish breaker and highlights it for viewers to focus on.
- Viewers are encouraged to annotate charts and journal their findings to reinforce learning.
- The speaker identified a fair value gap in the price action and predicted that it would be attacked by sharks.
- The speaker advised against trading into levels where the sharks have already had a frenzy.
- The speaker discusses the importance of identifying fair value gaps in the market and how they can be used to make trading decisions.
- The speaker highlights the significance of inversion points in the market and how they can be used to identify potential buy areas.
Using time frames to predict market movements, with emphasis on avoiding over-leveraging due to geopolitical tensions.
- ICT identifies three opportunities for bias in the London session, starting at 7am.
- ICT emphasizes the importance of not over-leveraging due to geopolitical tensions and market volatility.
Identifying market bias using time and price analysis.
- ICT warns of over-leveraging and provides a secret trading strategy.
- ICT emphasizes the importance of confidence and hard work in trading.
- The speaker emphasizes the importance of having a bias-free mindset when trading.
- The speaker provides practical tips for identifying and managing one's emotions during trading.