ICT Advice for the beginners traders

1. Don’t tell to anyone

  • Don’t ask or seek approval from family, friends, and co-workers. No one will support you
  • Contrary once they will see your success they will become jealous to your new lifestyle and freedom.
  • Don’t tell co-workers that you are planning to leave the job once you make it.

2. Learn Risk management

  • It’s the first thing you want to understand, losses are part of it and you cant avoid them.
  • Use stop loss – taking a loss is not bad.
  • Focus on % gains, not Dollars. (loosing $2OO is not much, but if your account is $2000 it’s 10%, and its a lot.
  • Be willing to lose its unavoidable, normal and acceptable – Make it controllable. Don’t let it kill you.

3. Reduce trading Frequency

  • More trade frequency leads to more losses
  • You don’t need to trade every day, day trading does not mean trading every day.

4. Avoid short-term trading change to long term

  • Even if markets move your way
  • Don’t change strategy while you are in a position
  • Focus on your objective/targets in R per day, week, month
  • If you are profitable on Wednesday, you don’t have to trade the next two days
  • Be content with enough

5. Prevent life imbalances

  • Don’t allow the market to steal your life
  • Don’t miss time with your kids and partner
  • ICT – I made millions and I would give them all back if I can get back time with the kids that I missed.
  • Manage your family time – then markets. When with family focus 100% on them and the same with trading.
  • Keep studies and trading scheduled – off days are off.
  • Be patient with the development
  • Give yourself a realistic timeline for your development.

6. Don’t waste time with the retail trading books

  • If what is in the books works everyone is a trader
  • Only recommended book
    – Market Wizards 1 and 2 (for inspiration) Larry Williams and How I made Million Dollars Trading Commodities
    – Ryan Jones – The Trading Game (Money Management)
    – Alexander Elder – Trading for the living

7. Stay away from Soc. Media Drains

  • Avoid looking for trading gurus – it will make you dependent on someone. Not independent.
  • Don’t count the money of others – you can’t sleep in their house, drive their yacht, or drive their cars.
  • Don’t feel insignificant to others. Don’t compare or measure yourself with others.
  • 98% of people selling stuff are fake. They even don’t trade real money.

8. Match your style to your personality

  • Scalp if you can make quick decisions
  • Swing trade if you can sleep with an open position
  • Don’t copy someone’s model, get inspired, but develop your unique model.
  • Stick to the one method, one instrument
  • Write down, when to buy and when to sell. Build many journal cases.
  • Every strategy has down days, weeks, and months. Don’t jump to another model just because of a few losses.

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