ICT YT - 2024-09-09 - ICT Mentorship 2024 - Lecture 24-summary

# Summary

ICT YT - 2024-09-09 - ICT Mentorship 2024 - Lecture 24

The speaker discusses the economic calendar, focusing on the upcoming PPI and CPI numbers. He emphasizes the importance of understanding price action and waiting for clear setups rather than chasing trades. He highlights the significance of the weekly inversion fair value gap and the need to avoid high volatility periods. The speaker also stresses the importance of managing anxiety and stress in trading, using techniques like deep breathing and visualization. He advises traders to have a well-defined trading model and to avoid impulsive trading. The session concludes with a detailed analysis of price movements and setups on various time frames.

 Action Items

[ ] Watch for a potential setup to form between the low and upper quadrant of the daily range if price breaks below initial lows

[ ] Consider recording price action with a software to learn from past moves rather than relying on replay features

[ ] ICT offered to create an audio lesson on managing stress and anxiety in trading if there is interest

 Outline

# Economic Calendar and Market Gaps
- ICT discusses the empty economic calendar for Monday and Tuesday, with significant PPI and CPI numbers expected later in the week.
- He mentions the FIB (Fibonacci) levels and the importance of the weekly inversion fair value gap.
- ICT highlights the need for price to reach the weekly inversion fair value gap before selling off.
- He annotates the chart with key levels and discusses the importance of not chasing price movements.

# Weekend Activities and London Livestream
- ICT shares his weekend activities and mentions a London livestream planned for the evening.
- He promises to cover both Forex and futures during the London session.
- ICT mentions taking the day off to rest before the livestream.
- He discusses the importance of checking bank statements for fraudulent activities.

# Opening Range and Economic News
- ICT explains the opening range and the importance of the previous day's settlement price.
- He mentions the absence of real news drivers on Monday and Tuesday, making it crucial to avoid high volatility trades.
- ICT touches on the importance of clean price action and the potential for economic news to introduce volatility.
- He emphasizes the need to wait for clear setups and avoid chasing price movements.

# Managing FOMO and Impulsive Trading
- ICT discusses the importance of managing fear of missing out (FOMO) and impulsive trading.
- He advises traders to sit still for the first 30 minutes and not engage in price action until it makes sense.
- ICT shares personal experiences of managing anxiety and stress in trading.
- He emphasizes the importance of having a well-defined trading model and understanding price action.

# Trading Psychology and Stress Management
- ICT talks about the importance of trading psychology and managing stress.
- He shares techniques for resetting the nervous system, such as yawning and deep breathing.
- ICT discusses the impact of stress on health and the importance of maintaining a calm mindset.
- He emphasizes the need for traders to control their thoughts and breath to manage anxiety and stress.

# Live Stream and Trading Setups
- ICT explains the live stream process and the importance of watching price action in real-time.
- He discusses the importance of having a well-defined trading model and understanding price action.
- ICT shares his approach to trading, including waiting for clear setups and not chasing price movements.
- He emphasizes the importance of patience and discipline in trading.

# Managing Expectations and Trading Outcomes
- ICT discusses the importance of managing expectations and not focusing solely on being right or wrong.
- He shares his approach to trading, including waiting for clear setups and not chasing price movements.
- ICT emphasizes the importance of having a well-defined trading model and understanding price action.
- He advises traders to focus on the process and not the outcome, and to manage their thoughts and emotions.

# Trading Setups and Price Action
- ICT discusses the importance of understanding price action and identifying trading setups.
- He shares his approach to trading, including waiting for clear setups and not chasing price movements.
- ICT emphasizes the importance of having a well-defined trading model and understanding price action.
- He advises traders to focus on the process and not the outcome, and to manage their thoughts and emotions.

# Managing Anxiety and Stress in Trading
- ICT discusses the importance of managing anxiety and stress in trading.
- He shares techniques for resetting the nervous system, such as yawning and deep breathing.
- ICT emphasizes the impact of stress on health and the importance of maintaining a calm mindset.
- He advises traders to control their thoughts and breath to manage anxiety and stress.

# Trading Setups and Price Action Continued
- ICT continues to discuss the importance of understanding price action and identifying trading setups.
- He shares his approach to trading, including waiting for clear setups and not chasing price movements.
- ICT emphasizes the importance of having a well-defined trading model and understanding price action.
- He advises traders to focus on the process and not the outcome, and to manage their thoughts and emotions.