Summary of ICT 2024 Mentorship \ Lecture #1 August 5, 2024
Summary of ICT 2024 Mentorship Lecture #1
Main Ideas:
- Personal Approach to Mentorship:
- Mindset for trading:
- A strong focus is placed on the mindset required before engaging in trading. The speaker encourages students to have a clear purpose and direction when approaching the markets.
- Understanding market dynamics:
- The speaker discusses the importance of understanding market movements, emphasizing that price action is influenced by time and algorithms rather than just buyers and sellers.
- trading Methodology:
- The lecture introduces a structured approach to trading, focusing on identifying relative equal highs and lows, smooth price action, and the significance of specific time frames.
- journaling and Self-Reflection:
- The importance of journaling trades and reflecting on emotions and market behavior is highlighted as a means of developing as a trader.
- risk management:
- The speaker stresses the necessity of proper risk management, particularly the importance of trading with small positions to mitigate losses.
- Learning from Live trading:
- The speaker advocates for learning through live trading rather than relying on market replay, as it provides a more authentic experience of market conditions.
Detailed Bullet Points:
- Teaching Philosophy:
- Encourage children to work for their income.
- Avoid creating a dependency on parental support.
- Mindset Preparation:
- Establish a clear reason for trading.
- Be aware of personal biases and emotional responses.
- Market Understanding:
- Market moves are algorithmically driven.
- Focus on time as a critical factor in market behavior.
- trading Methodology:
- Identify relative equal highs and lows.
- Look for smooth price action and avoid jagged movements.
- Use the 1-minute, 5-minute, and 15-minute charts for analysis.
- Focus on specific times (7:00-7:30, 8:00-8:30, 9:00-9:30) for observing price levels.
- journaling Practices:
- Record trades, emotions, and market reactions.
- Analyze past trades to identify patterns and improve strategies.
- risk management:
- Start with micro contracts to reduce risk.
- Avoid over-leveraging accounts.
- Live trading Benefits:
- Engage with real-time market conditions.
- Build confidence through live execution.
Speakers/Sources Featured:
- The primary speaker is identified as "ICT" (Inner Circle Trader), who shares insights and personal experiences regarding trading and mentorship.
- Caleb, the speaker's son, is mentioned as a participant in the mentorship process and is expected to document his trading journey on a YouTube channel.
Notable Quotes
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Category
Educational