ICT Forex Scout Sniper Basic Field Guide - Vol. 6
Summary
TLDR本视频是ICT狙击手系列的第六部分,主要探讨了交易中风险控制的重要性。视频中讲解了如何通过设定风险百分比、有效止损以及在不同情况下如何管理风险。同时,通过欧元/美元等货币对的实例,展示了如何使用斐波那契投影来预测市场动向,并强调了在市场不利时如何通过时间止损来保护资本。视频还提供了关于如何设定多个盈利目标和在不同时间框架下交易的原则,旨在帮助交易者建立一套完整的交易策略。
Takeaways
- 📈 交易风险管理是交易成功的关键,不能完全消除风险,但可以通过策略来控制和减轻风险的影响。
- 🎯 通过观察之前的交易作业和预测摆动目标,可以更好地理解市场行为并为未来的交易做准备。
- 🚫 不要将止损放置得太紧,以免市场的正常波动导致提前退出有利可图的交易。
- 💰 交易时应限制每笔交易的风险在账户权益的1%到2%之间,以降低单笔交易可能造成的重大损失。
- 📉 在面对亏损时,应该减少接下来的交易风险,而不是试图立即通过加大风险来弥补损失。
- 🕒 使用时间止损策略,如果交易在一定时间内(如日线图上的3天)没有按照预期方向移动,应考虑减少风险或退出交易。
- 📊 利用15分钟时间框架来管理止损,根据最近的摆动低点或高点来调整止损位置,以适应市场的变动。
- 🔄 在交易中实现利润后,应逐步将止损移动至盈亏平衡点或更低,以保护已获得的利润。
- 🌐 在不同的时间框架上交易时,要考虑时间因素和市场结构,以及支撑和阻力水平。
- 📈 交易者应该学会接受市场不总是能达到预期的目标,并且在达到一定利润后应该考虑部分平仓。
- 📝 保持交易日志和进行回测是提高交易技能和理解市场动态的重要手段。
Q & A
在交易中如何控制风险?
-在交易中控制风险的方法包括减少风险和控制风险的时间。尽管无法完全消除风险,但可以通过设定止损、合理分配资金、遵循风险管理原则等手段来尽可能地控制风险。
什么是行业标准的风险百分比?
-行业标准的风险百分比通常是每笔交易风险不超过账户总资金的2%。然而,更保守的做法是将风险控制在1%或更少。
如何设定止损来控制风险?
-设定止损可以通过观察市场结构、支持和阻力水平以及时间因素来确定。例如,可以在关键的支撑或阻力水平下方或上方设定止损,或者使用斐波那契扩展水平来设定目标和止损。
如何使用斐波那契工具来设定交易目标?
-斐波那契工具可以用来识别潜在的支撑和阻力水平,从而设定交易目标。例如,可以测量从一个高点到一个低点的价格波动,并在斐波那契的127%、162%和200%水平上设定买入或卖出的目标。
什么是市场对称性,它如何影响交易?
-市场对称性是指市场价格行为的平衡和对称。当价格从高点下跌一定幅度后,理论上应该至少尝试上涨相同的幅度。这种对称性可以使得交易模式变得更加清晰和高概率。
为什么在交易中不应该追求最大化利润?
-追求最大化利润可能会导致过度贪婪和不切实际的期望,这可能会使交易者忽视市场的真实动态和潜在风险。更重要的是保护资本,通过接受一部分利润并让剩余的交易继续,可以减少风险并提高长期的盈利能力。
如何使用时间止损来管理交易?
-时间止损是一种在特定时间内如果市场没有按照预期方向移动就退出交易的策略。例如,如果基于日线图进行交易,可以在3天内没有看到预期移动的情况下减少风险或退出交易。
在交易中,为什么要避免在看到一些利润后立即退出交易?
-立即退出交易可能会导致错过更大的市场移动,因为有利可图的交易往往不会在批发价格水平停留很长时间。此外,过早退出可能会受到市场波动的影响,导致在交易真正成熟之前就被止损。
在交易中,为什么要逐渐减少风险?
-逐渐减少风险可以帮助保护已经获得的利润,并且减少因市场突然反转而造成的损失。这种方法还可以帮助交易者保持耐心,避免因急于恢复损失而做出冲动的决策。
如何使用15分钟图表来管理止损?
-在15分钟图表上,可以找到最近的两个摆动低点(对于多头交易)或摆动高点(对于空头交易),并将止损设置在这些水平以下或以上10到15个点的位置。这样可以在保护利润的同时,给予市场一定的波动空间。
Outlines
📈 风险控制与交易策略
本段讨论了交易中风险控制的重要性,强调了即使无法完全消除风险,也可以通过策略来减少和控制风险。介绍了如何回顾之前的交易课程,包括如何预测摆动目标,并通过实例展示了如何在欧元/美元的牛市和熊市情况下控制风险和有效设置止损。此外,还探讨了交易者应该如何限制自己的交易风险百分比,以及如何在开放头寸中追踪止损。
📊 深入分析市场波动与斐波那契投影
这一段深入分析了市场波动,特别是如何使用斐波那契投影来预测市场动向。通过不同的时间框架,例如15分钟和4小时图表,展示了如何识别关键支撑和阻力水平,并利用斐波那契扩展来设定交易目标。同时,讨论了市场对称性和交易模式的识别,以及如何在不同的货币对中应用这些概念,如加拿大元和英镑美元。
🔄 市场结构与交易策略
本段内容继续探讨市场结构和交易策略,特别是如何在市场下跌时寻找买入机会,并使用斐波那契水平来确定潜在的目标价位。讨论了如何在市场结构中交易,并结合实际的市场行为例子,说明了如何在市场变动中寻找交易机会,以及如何在市场达到预期目标后调整交易策略。
🚀 交易心理与风险管理
这一段强调了交易心理和风险管理的重要性。讨论了交易者在面对盈利时的心理状态,以及如何通过设定止损和止盈来管理风险。提出了在交易中保持纪律和耐心的重要性,并建议交易者在连续亏损后减少风险暴露,以避免情绪化交易。
📉 应对市场波动的策略
本段内容讨论了在市场波动时的应对策略,包括如何设定止损以保护交易免受不利市场变动的影响。介绍了时间止损的概念,即如果市场在一定时间内没有按照预期方向移动,则应减少或关闭头寸。此外,还讨论了如何根据市场行为调整止损,以及如何在市场变动中保持警觉和灵活。
🌐 多目标选择与时间框架交易
这一段介绍了如何选择多个交易目标,并在不同的时间框架内进行交易。讨论了如何使用斐波那契投影来设定交易目标,并强调了在达到第一个目标后如何调整止损以保护利润。同时,提出了在交易中使用15分钟图表来管理止损的概念,并解释了如何根据市场行为调整止损位置。
Mindmap
Keywords
💡风险控制
💡止损点
💡盈利目标
💡市场结构
💡斐波那契扩展
💡时间止损
💡多头市场
💡空头市场
💡交易心理
💡多时间框架交易
Highlights
本集将探讨交易中的风险控制,以及如何减少和控制风险。
将回顾前几集的内容,包括预测摆动目标和一些实例演示。
介绍了如何使用斐波那契扩展来预测价格目标。
讨论了交易时应限制在资本的一定风险百分比内。
解释了止损的概念以及如何根据风险每笔交易设定止损点。
强调了风险减少与紧急避险的重要性,并提出了另一个家庭作业任务。
通过实例展示了如何在不同的时间框架下使用斐波那契水平来确定市场转折点。
讨论了如何在市场对称性出现时识别高概率交易模式和设置。
介绍了如何在英镑美元等其他货币对中应用所学知识。
强调了在交易中使用时间止损的概念,以及如何根据市场动态调整止损。
讨论了如何根据市场结构和关键水平进行交易决策。
分享了个人交易经验,包括如何处理盈利和亏损的心态。
提出了在连续亏损后如何减少风险的策略。
强调了交易中耐心的重要性,以及如何逐步提高资本。
讨论了如何通过时间止损来管理交易中的风险。
介绍了如何使用15分钟时间框架来管理止损和追踪市场。
强调了在交易中不要试图获取市场的所有利润,而是要满足于获得一部分利润。
预告下一集将讨论如何选择多个目标,设置合理的退出价格水平,并介绍ICT利润分割比率。
Transcripts
okay guys welcome to the sixth
installment of the ICT sniper series and
we're gonna be looking at a few things
in this topic this is probably gonna be
one of the most brief out of the series
but I promise you were gonna have a
gangbusters the last two episodes in
this series this one's kind of important
because it it really focuses on the risk
aspect of trading and the element of
reducing risk and controlling risk while
we essentially can't remove entirely
every aspect of the risk we can do our
best to try to control it as best we can
and or mitigate the effects of risk over
a period of time in this episode we're
going to obviously look at every view of
the previous episodes assignment
projecting swing targets and I'm gonna
be looking at some examples and
projections an illustrative form and
we're going to be giving a euro USD
bullish example a euro USD bearish
example controlling risk and effective
stop loss placement okay we are we
looking at the concept of limiting your
trading to a defined risk percent of
equity what is the industry standard
what is ideal for most speculators and
when you're hot how high is high and
we're gonna get stop-loss concepts and
how many pips per risk per trade I get
this a lot in email and how to remove
risk in open positions trailing your
stop-loss and watching your six okay
we're looking at Risk Reduction vs.
bailout and we'll have another homework
assignment we're going to be studying
the average number of pips intraday
okay folks real quick just give you a
quick example for a bush
upside objective swing projection we
have this high here down that is slow
you see how we have this price swing
here now it's comprised of smaller price
swings this is a daily chart but the
overall swing is from this high down to
this low and the 200 extension which we
didn't give the actual level when I fib
in this series what we did talk about
the 200 being the pretty much the
maximum level that we like to see which
is a basically a measure move type of
price phenomena from this high to this
low that same range is the same thing
from that high up to this fib level you
can see it pretty much nailed the high
if we break this down you can go down
into a 4-hour chart
okay and what we're gonna look at here
is that market moving lower here we have
this swing up okay so there's going to
be a fall chrome point right here okay
and I'm gonna do I'm going to give you
fib projection right here and the two
hundred levels down here now we did wick
through it a couple times getting a
small little reaction here now but this
is the overall price swing and then
broke down here is D 127 easily reached
162 easily reached and then went down
below these market structure lows over
here okay so you can see the complete
fruition of the market maker cell model
here we have the consolidation the
breakout of it the first little pause in
here and rally up failure swing and then
subsequent optimal entries which we
called this advance right here on
Twitter and then slammed it down okay we
were calling in advance this level here
in this level in here as well you can
find that on Twitter again it's all time
and date stamped
now you could take this even further and
go down to a 15-minute time frame okay
and just simply looking at the fifth of
them ever you can see that we have this
swing here when it breaks this low here
okay it's going to be a focal point
right there
so anything moving down in price will
most likely be a fib level for downside
objectives
okay here's the 127 extension from this
low to high
it's 127 and 162 and then 200 extension
here and as a result prices up here okay
you can see just take these other fibs
off starting to blend well price is
moving lower you can see this rally up
once it takes the low that we're
anchoring the Fed from out okay this
being the fulcrum point you have your
127 your 162 and just fell short of that
you want an extension here and again
that's the reason why I don't really
marry the idea that the 200 is always
going to get hit I really like to 162
and I like going 127 obviously but we'll
break it down further in the next video
as to the other targets and other means
of looking for additional targets and
multiple targeting and that'll be in
part 7 and I know we've been dealing you
know or at least attempting to move
exclusively with the euro/usd pair for
this teaching series but just for you
know the sake of argument let's take a
look at two other pairs we'll look at
the Canadian dollar okay here's the
Canadian dollar and let's go down to a
chart okay and zoom out slope it
all right we have the market trading
lower into a level of support which I'm
not going to outline here but if you go
out to your higher time frames you can
find the order block where this reacted
to but if you use this high here market
structure shifts right there said this
becomes a focal point right there trades
up Kings bike comes back down fine
support that same level if you pull a
fifth from that point down to the lowest
low okay you have your 127 easily
reached 162 easily reached and then 200
very easily reached okay if you take
your FID level here's the 50% level or
fulcrum or equilibrium okay you can see
the 100 which is basically what you're
getting with that 200% Fed level okay
but I'm trying to teach you everything
is based on like a 50% basis okay so
it's like a 50% rule if it moves down
this many pips once it breaks that high
it should at least try to move this him
number of pips up okay and when it does
that we have what's referred to as
market symmetry and trading patterns and
setups become very very clean and very
high probability when that occurs okay
since we've taken out this low I'm sorry
this high rather here okay one could do
this when high down this low
you have 127 up here and you 162 up here
which incidentally is an old high back
here you zoom in you can see that is the
case over here and again it's assuming
we do have traction and continue to move
to higher the next pair we're going to
look at is the British Pound USD and you
guys a nice order block and then a
reaction of it this is put on the charts
in advance and you can see the reaction
of price afterwards but we're gonna look
at taking this fit off and we'll take
the rectangle office
see me a little bit okay now we have the
same scenario here we have price moving
down nice price leg here comes and
rejects this low okay there's several of
them in here that you can use obviously
we will use this one here this swing
when this high here we're anchoring gets
broke to the upside
you'll see the Fibonacci levels come
into play here's the 127 easily reached
162 and then 200 extension here okay
going back to this higher market
structure high here using that same
reference low this is how you trade
within a market structure so once this
high is violated right here we would be
looking for upside objectives 127 easily
reached 162 easily reached 200 level
easily reached okay let's go out to an
hourly chart same pair okay
it's scrolling a little bit and now
as soon as I can get this fib okay we'll
use this high here and price just
reached the 127 extension here in the up
side would be 162 and if you use this
high here all we're doing is moving out
to the next successive market height so
each one of these is a price swing you
have a high down that low you have a
high that same low okay these are all
reference points for reactions okay you
have 127 now here and you have this one
here and there's a lot of liquidity
sitting right above that these are all
our early candles unable to make a
higher high in here and we're about to
blow that out right now while recording
and then the 127 resides up there now
with these levels in mind okay
we're gonna highlight that 162
to 127 and
now while it is I'm going to reference
this larger price swing because remember
markets are fractal okay you have the
high down to the lowest low you see what
resides here here here's the 62% sweet
spot in Senate Senate race my level
there's a high probability the cable
will reach up to these levels in here
okay and it is Newt that
right in there okay and that would be a
good area to to hunt some scenarios we
have a little Block in here that could
be a factor if we get through this area
in here because this is a nice support
level never been retested so we may come
out to a 62% right
retracing all around that 160 125 level
160 130 so we could tap up into that but
any young calm blending a couple things
here but the Fibonacci price projections
but you hopefully got a few examples
here you can see how useful they are and
from the time we did our recording the
last time let's just give a cell
scenario we have this price rally up
when this low is violated as it is here
just low becomes a fulcrum point and any
price action from that point from that
low up here once it's violated lower
here's the 127 easily met 162 easily met
200% extension easily met okay
and you could probably see Keo actually
do that while recording this kind of
tempted I like to keep it on there just
to shake what it does but anyway you
just watch on your charts and in
retrospect but you can see obviously you
know the fibs when you have it in the
right direction they're very strong in
terms of looking for a high level upside
and downside objectives we have this low
made here from this high I'll just give
you a Polish scenario on the cable I'm
dragging in there as you can see the
levels the reactions to the high it's a
high down to that low 127 easily met
once if you too easily met do you want
an extension bang swept through it it's
a few times in here again this is why we
do not try to get all that we don't care
that it does this okay if one is able to
just get a piece that you got it in here
hang up to the 162 that's 210 pips
nothing wrong with that and who cares
about the remaining portion okay let the
Cubs eat all right so hopefully it's
been insightful to you guys
okay guys we're going to be looking at
how a stoploss plane placement is
utilized in your trading we're gonna be
looking at how risk percentage is an
important factor to your trading but
before we get into all that we're gonna
be looking at how obviously looking at a
bullish scenario here everything we
talked about in this example can be
flipped 180 degrees okay and you'll see
the opposite for selling scenarios okay
so every roll you see here just reverse
it and you'll get the understanding for
selling short in the market and in how
that control your stops and and such
okay we're going to assume that we have
a key level and our institutional order
block identified on our charts and again
we're gonna be looking at a daily chart
for this example and the market has been
showing in this crude example and
hypothetical terms that price would be
more or less trading down to our line
here of anticipation and as price starts
to move aggressively down to that level
we would be hopefully if we're not in
front of our charts we would have our
platform for trading alert us to the
fact that prices getting to our specific
higher timeframe price level as price
trades to that level again because we
are flexible we are not limiting our
perspective simply to one line therefore
it has to stop on that line turn on a
dime okay
there is a gray area in trading that we
identified earlier in the series and we
come to hopefully by now terms with the
fact that we can't get the perfection in
the market place in terms of turning
points okay we have rough ideas where
price should turn but even the highest
level key levels and support levels and
institution order blocks have a little
bit of gray areas where it could deviate
just a little bit but more specifically
we're gonna be highlighting obviously
all of our trades around key levels
round numbers institutional levels and a
confluence of support and resist
as factors with time of day okay so you
having time and price theory combined so
as price goes down into this level
that's when we are on the prowl for a
buy scenario okay we're trying to buy
during that event we don't want to be
buying after the move has already turned
around and everybody sees that it's a
swing low and it's moved out for three
or four days we want to be buying in a
suppressed market environment we're
going to be looking at bargain prices
okay and we don't want to be buying at
retail prices we want to be buying whole
sales okay so assuming that we used
information we talked about earlier in
this series in terms of framing a
reactionary level to a trade we're going
to assume that we anticipated at that
key level that the market had turned
okay and maybe retested and gave us an
optimal trade entry on a lower timeframe
now we're going to assume for this
example that we were fortunate enough to
catch a long position at that key level
okay and it's not important that we have
a specific price level in this example
because really what we're going to be
looking at is how traders are always in
my experience okay even when I was at
earlier developing trader I felt the
need to want to exit the trade
immediately as soon as I saw some gains
I had you know this overwhelming feeling
that I had to hurry up and get out and
close the trade if I was up several
hundred dollars I wouldn't you know
think wow this is good you know I've
taken losses and a series of losses this
feels good and I just would rather not
leave the market with another loss after
seeing these gains when you have a sound
entry many times those are the scariest
trades to hold on to okay because the
good trades don't spend their time very
long at wholesale prices they
immediately start to move to retail
level pricing okay in other words if
you're able to catch a very low price
point and you're long in the market
place you anticipate as a professional
trader prices moving rather aggressively
a
away from that level okay and that's
what we talked about earlier in our
series that the more conviction that we
see behind price moving away from from a
specific level that we hopefully
predetermined in advance that is what we
would anticipate seeing in our trades
once we've entered it we don't want to
see the market dragon its heels and and
lethargically moving around because
we're gonna be mentioning time stops in
this in this episode - I'm not gonna
beat it to the desk but I do use a time
stop and I'll explain it as we get to
that point but as the market starts to
move in our favor okay we would be
reaching for our predetermined price
points like we discussed in part 5 of
this series where we looked at the fib
to give the 127 and 162 extensions as
possible upside objectives now again
those with the confluence of supporting
factors with support resistance maybe
even pivot points something like an old
high or low - to frame those upper level
objectives not simply because the fib
calls that level we want to be looking
for other things as well again factoring
the time and day of week phenomenon as
well
now again getting back to this crude
example as we have here when the market
is now moving away from your entry point
okay one of the closest things to
insanity is when you have this
environment you know unfolding for you
profitably okay it's amazing how traders
and I know this firsthand okay when I
first began trading I would hold a
losing trade forever and forever and
forever
and I'm sure you probably felt that same
thing - and your trading because you
really want to see it turn around you
know it hope springs eternal not in
forex not in speculation and certainly
not in trading okay so the market
doesn't have to go back to your price
point okay if you look at the Dow just
look at anything from you know seven
months ago it's been a while since
impact there's levels okay so if you've
been waiting for the market to get back
to those levels
you just gonna grind these pieces okay
so don't do that have a predetermined
area where you would expect to cut your
losses short okay what is the industry
standard for risk okay you commonly hear
and I hear myself say it all the time in
these videos because I want a more or
less segue into the majority of
everyone's expectations and analysis but
really what I try to do is say okay look
everybody says 2% of your equity per
trade okay and if you're a really really
solid trader there's nothing wrong with
that
okay now I suggest that traders should
work within the realm of 1% of their
equity per trade now the reason for that
is assuming that you had a ten thousand
dollar trading account and you were
risking 1% how much money would be at
risk per trade 100 dollars against the
standard 2% which would be 200 hours per
trade total risk the way you determine
your pip size is you take that $200 if
it's 2% or 1% at $100 total risk of
assuming that you have a $10,000 trading
account if it's a $1,000 trading account
then it would be a $10 for 1% or $20 for
2% total equity risk per trade whatever
that dollar amount is percentage-wise
whether it be 1% or 2% ideally 1% or
less I can then I know that probably
sounds like wait and I can't make a lot
of money with that that's right because
if you're just starting out you need to
forget about making a whole lot of money
because you guys a whole lot of learning
to do so assuming that you did have a
$10,000 account okay and you've worked
with smaller accounts you've proven to
yourself that you could be disciplined
you have a track record of being
consistent you control your risk you
limit your losses
you let your profits run and your
targets started getting hit on a more
consistent basis you have a risk of 100
hours per trade which is 1%
$10,000 you take that $100 and you
divide that by the total pips okay
needed to justify your trade okay and
with the assumption that this is a daily
chart here it could be very easily in
the realm of 100 pips or more okay which
would put you at very very low leverage
for the trade which really in a way
isn't that bad but I know a lot of you
folks watching this really want to have
a little bit more bang for your buck so
using the concepts we used in the
earlier videos if you move down to a
lower timeframe you can reduce your you
do reduce your risk to less than you
know 50 pips anywhere between you know
30 40 is about ideal I in my opinion
because it allows the developing trader
to have a little bit of a fudge factor
where they're not expected to be so
precise with their stops okay and gives
you a little bit of flexibility because
I know
inherently that traders will rush the
entry or they will look for confirmation
in their eyes quote unquote confirmation
by letting the trade start to move a
little bit in their favorite and then
chase it but very close to their entry
price but still within the you know the
the risk parameters is permitted by
their method or this concept so if you
had that in mind okay you could have
basically three dollars and thirty cents
roughly per pip if you're treating a
$10,000 account with one percent risk
using a 30 pip stop okay
the reason why the industry standard is
2% sometimes you hear in certain circles
you could risk more than 2% okay because
that's what the real traders and the
real professionals are doing I can tell
you the real professional traders aren't
doing that okay they're not risking a
whole lot of their money for disclosures
sake I do risk as much as much as three
and a half percent that means I'm
trading with the higher time frame
weekly daily and for our all in the same
direction
things lined up with those three time
frames and I have a weekly bias that's
you know in the same direction and that
will allow me based on my abilities and
and experience trading I will risk up to
and it's not a whole lot that it happens
but up to three and a half percent of my
equity for one trade typically it'll be
anywhere between one and one and a half
percent because the time frames aren't
always lined up like that you'll have a
counter trend move going against one of
the primary higher time frame time zone
not time zones but time frame you know
weekly daily and four hour so if I'm
trading against that on a lower
timeframe obviously one one and a half
percent is a maximum for sure if I'm
trading with a daily and four hour in
the same direction I be as much as two
percent risk now how high is high okay I
think if anybody's risking more than you
know obviously three percent unless
you're really really proficient you
really know what you're doing and you
know how to turn your equity losing
string around because it's not just one
trade that you lose on guys sometimes
you get a couple of them in a row and
even the best traders out there will
suffer that and have suffer that
regardless of what they tell you so
assuming that's the case for you and
you're human like everyone else you have
to have an idea of how to control that
and the best way to do it is reducing
your overall exposure as you take losses
okay and I'll give you an example let's
assume from it you settled in on the
idea of taking 2% per trade if you take
a loss
you've lost 2% of you equity okay now if
you dressed 2% on the next trade again
thinking that well if I make the same
amount of money I lost on my previous
trade I'll get back to even that's where
the cycle begins okay you want to get
back to that previous
equity level that milestone net marker
okay that comfort-zone internally as a
trader and that's not a good game to
play okay and what happens is is you're
actually inviting more emotional
response and triggers into your trading
then you should have okay and by
systematically and methodically reducing
your risk in half okay for instance if
you took a loss at two percent you only
risk one percent on the next trade it
may take you two or three trades to get
back to that previous mile marker but it
guess what it's doing it's removing the
rush factor to get back to that point
and it's honing your patience with the
added benefit of lowering your overall
special exposure to the marketplace now
think about it you're in a losing
environment where you've had suffered a
loss for developing trader that is very
very hard to swallow regardless if it's
a demo account or not because you are
still working within the realm of
psychological and emotional barriers
that you just simply don't understand it
until you've traded through it or you've
experienced it and said this isn't for
me and I you know leave the market
altogether and there's nothing wrong
with that because trading is not for
everyone and it would be irresponsible
of me as a mentor to not at least
suggest that to some of you because if
you can't wrap your mind around doing
this and assuming some level of risk
this is absolutely not your cup of tea
okay and that's one thing you can
guarantee coming from me as you the
gospel not everyone and on the planet
isn't meant to do this and it takes a
certain level of commitment and tenacity
to stick within a realm of rules and
humans are typically very good rule
breakers we don't like to you know
follow the rules and you just think
about if you walk down the street in a
well groomed neighborhood and you see a
sign says don't step on the grass what's
the first thing you want to do step on
the grass just look at a kid that's what
they're going to do you know I had I
made so many jokes as my children
growing up that they were like heat
sinking missiles okay we would get new
carpet in the home and my wife or guests
would come over and he'd invariably have
their their drink with them and in our
dining area or a living room or a family
room and our children would come in and
being kids they would roughhouse you
know just for a second and they won't
fall away from the tables or fall away
from the person the only person in the
room with the drink they fall and land
either on the drink or into the person
that drops and goes all over the you
know white carpet or at the time you
know we had a very light-colored
tan carpet and you know they drink you
caused havoc on it we had to get it
cleaned so those things are going to
happen so you have to prepare for it so
you're gonna have that in your trading
with wanting to do something you
shouldn't do and you're gonna have that
Murphy's Law scenario as well what can
go wrong probably will go wrong okay so
you have to have that that shield up in
your defense and that's only going to
come in the form of you controlling your
equity okay and if you take a loss don't
be afraid to cut your risk on the next
trade and if you had to do that
continuously down to a half percent
total risk of your equity that's fine
there's nothing wrong with that okay
remove from your mind right now that you
want to make millions of dollars right
now okay because that is the wrong
perspective going in there's nothing
wrong with having goals of doing that
but initially you have to take the bite
first okay and chew the elephant one
bite at the time you just can't go in
there and try to swallow it all at once
because you'll choke so with that in
mind okay once these moves start to move
in your favor
okay you you obviously want to be able
to remove the risk okay and at least
during the move
you know trading in your favor you want
to be removing a little bit of the risk
methodically until you get to the point
where you have zero risk or quote
unquote no risk exposure okay obviously
anything that happen marketplace and you
so
can happen the market could gap because
of a you know a terrorist event or
something unexpected and in the set or
whatever and there'll be a massive
movement and your your stop-loss
you know experiences of slippage these
are all things we understood when we
signed up for this game so bottom line
is is you know it can happen prepare
yourself for it because you're gonna
take losses and if you trade of any
length of time you're gonna have a lot
of losses okay and there's certainly
nothing wrong with it it's a cost of
doing business
every successful business out there
takes a loss of some sort but you don't
see those businesses collectively going
out of business okay they they trim they
put things you know up for sale just to
get rid of inventories moving real fast
and they bring in you the better movers
okay and that's what you do for your
trading if your trades aren't really
panning out yeah
cut the losses short okay or the mules
that aren't really moving you know just
get rid of them and then you keep your
powder dry waiting for the next set up
if you do that okay if you do that I
think you'll see a more streamlined
increase in your equity and I think
you'll remove a lot of that whipsaw you
possibly have been seen in your equity
curve when you're beginning balance and
where you're at now time stops okay I
have a premise that if the move doesn't
start if I'm if I'm trading off of a
daily timeframe and it really doesn't
start to move in my favorite after three
days okay I'm aggressively either
removing the risk if possible or I'm
taking half the position off okay and
I'm watching my six
the military has an expression that you
know wherever you're pointing your rifle
okay or a firearm in front of you that's
12 o'clock you're six is behind you okay
or watch your ass okay what you're
looking at in the marketplace when you
see trade it isn't moving in your favor
right away and I think three days is
enough time if it's still consolidating
or still him hauling around not really
moving I'm looking to either take half
the position off and move my remaining
position to either a break even or
aggressively take it to half the initial
risk or even a quarter of the initial
risk okay so I mean like the overall set
up that still might be there but it
could be iffy you know just watch your
six
take your in your position and cut it in
half remove aggressively half the
initial risk if possible or at least
reduce it down to a quarter of the
initial risk on the remaining half
positions you leave on or simply bail
out just collapse the trade okay and if
you're underwater just by a few pips so
what you know if you're risking thirty
and you're down 19 and you just see that
it's really not moving and you've gone
until Friday perhaps that's the worst
scenario for me I will collapse it and
just take whatever that is as a you know
it's a modest loss you know you didn't
get stopped out no you didn't get any
air targets but you're getting rid
getting rid of the dog or you getting
rid of the slow-moving inventory and you
want to get another hopefully more
opportune set up with your equity behind
it so that way you can recoup that and
if you do that you systematically I find
that it all of those little tiny
scratches it immediately gets smoothed
out quickly with you moving my equity
into a better more sound setup so time
stops is something that you to me I
think is beneficial there's a little bit
of an art to it but I break it down like
this if it's gonna be a trade that's
based off with daily setup I give it
about three days and if I'm trading off
a four hour I'm really giving it about
one day and one hour chart is I'm giving
it two sessions tops okay ideal either
little London or New York session if it
hasn't moved by then you know and so on
an hourly basis I'm really looking to
reduce the risk indoor collapse it and
anything less than that I really have a
time stopped for on outside of the
intraday timeframes of London - London
close blend open to London close rather
so assuming obviously that we have our
scenario that unfolded here
hypothetically and we
we bought long in this market whatever
that market may be we'll just say this
is the euro and the market starts to
move in our favor so we have some some
paper profits right now our stops are
still at an initial 30% I'm sorry 30
pips and we have not yet made our first
profit objective so what do we do well
you want to be systematically reducing
your risk if you started with a 30 pips
top move it down to only 20 pips and as
the market moves and takes out your
first target take your stop-loss move it
to only 10% risk okay and as it moves it
starts approaching your second target
that's when you go to break-even okay
you do not rush your stop trailing okay
this is one of the biggest mistakes
traders make because of the natural
volatility in the forex market it's so
easy for just common volatility nothing
behind it new market makers sneaking to
get you it's normal volatility okay
illiquid volatility okay where Marcus
come down Phil Phil's market
inefficiencies and they take the market
down to a specific level to gather up
any orders and then go the other way
okay we're not talking about stop raise
rates looking for common little intraday
retracements okay if you rapidly move
your stop-loss up behind market pricing
you're asking to get taken out of trade
before it comes to fruition okay once
you have the set up what you're doing is
you're anticipating the market to start
to move in your favor but this is a gray
area because you don't know for sure
it's going to do that okay yes the
market could potentially can even
continue to move in your favour or it
could turn around and stop you out or
could stay in this small little
consolidation area for days and make no
money for you but a small private profit
but you'll hold on to it thinking it's
going to go to the moon I know you
because everybody's the same way when
they're developing we all think the
markets are going to go like a rocket
either up or crash down
okay to the ground like I'm you know a
meteor just plummeting to the earth it's
they don't move in straight lines guys
okay so while we would anticipate okay
higher prices and we expect that
hopefully okay hopefully that we see
that again keeping in mind that's a gray
area
we're expecting those price levels be
reached on the upper side but they're
not promised okay
so inside of that that the gray area of
anticipation we have an expected outcome
and price action but we can effectively
manage our stops within that move okay
and there's a way that I do it but once
you have your set up the way I manage my
stop losses is I use a fifteen minute
time frame okay and the 15 minute
because this set up in this whole series
have been really developed on finding
one solid weekly setup where you can
take a really good setup for a weekly
opportunity to make a consistent realm
of pips anywhere between 30 to 60 pips I
think is an ideal scenario for someone
to you know try to carve out a
consistent living and if you are
consistently doing that there's
certainly no reason why you can't you
take a very handsome you know living out
of this market place and not try to a
whole lot of pairs either so why do I
use the 15-minute time frame well there
is very clear discernible dealing ranges
and support resistance levels okay that
are clearly discernible on that time
frame and it allows you to look at a
whole weekly perspective perspective
from Sunday to Friday's close perfect
example pick any pair of your choosing
load up a 15-minute chart
condense your chart so it shows Sunday
through Fridays close and you'll see how
that time frame gives you all of this
session highs and lows it even gives you
a very clear snapshot of all of the the
volatility for those particular sessions
London New York Asia and you can
actually see where the range highs and
lows are very clearly and then you
see the small little quiet points of the
marketplace in between those sessions
also the notion of find the weekly high
by Tuesday are no later than Wednesday
is alone and open having that in mind ok
expecting a specific outcome based on
hard time frame direction on premise but
that assumption here being bullish we
will be looking for the Monday Tuesday
or Wednesday London open session low
making it for the weekly low by that
time okay notice Bob Wednesday's London
open to fair ladies typically got about
70 percent likelihood that the low is
usually formed by Tuesday's long and
open just reverse that obviously
forebears conditions but you know the
way I manage my stops once they've moved
to break-even I use a 15-minute time
frame and I find the most recent swing
low on a 15-minute basis and note that
one and then I go back to the previous
swing low prior to that one that swing
lows where I take my stop and I just
place it just on in bullish environments
just beneath it by 10 to 15 pips okay 10
to 15 pips below this second most recent
swing low I want a 15-minute time frame
and I trail the market like that
I'm getting my market doing a little bit
of opportunity okay to retrace but not
come all the way back down if it comes
back down that far I'm accepting the
fact that you know the move is probably
done I missed it ideal opportunity to
get out or the markets reverse and my
analysis was wrong and there's certainly
nothing wrong with admitting that but by
using the previous two swing lows okay
what it's doing is its allowing
successive 79 percent retracement levels
okay and when we look at an example so
you'll see what I mean by that but it
just it builds in a allowance for market
structure to continue to make higher
highs and higher lows okay plus it keeps
it away from just the pure static
volatility coming down and tagging you
okay that's the reason why you want to
be taking some profits
okay initially okay it may be 20 pips
maybe 30 pips and maybe getting one for
one and let the remaining portion of
your trade unwind okay and then reach
for hard objectives there's nothing
wrong with that but there's gonna be a
camp out there that listens to this and
says well yeah you're risking 30 pips
but then when you cut the position in
half at 20 or 30 pips you're really not
making you know any headway with doing
it well I beg to differ okay if you have
consistency on your side you are
shielding yourself from the inevitable
market turnaround while you're in the
trade where it does have a small profit
okay and there's nothing guaranteeing
it's gonna even get to your first target
objective or a second or move in your
favor at all
okay that camp that believes that taking
some partial profits has a fixation to
thinking that they're always going to be
right so therefore their trade should
hold on to the maximum lots that were
assumed at the beginning a trade for the
full duration of the trade with the
expectation of making maximum profit my
goal was a professional trader and it
should be yours as well
your goal is to have the maximum
protection from losing your money
because the likelihood of you doing that
is almost guaranteed versus the
likelihood of you making money
consistently okay think about that for a
moment if you didn't listen to it
closely rewind this video for a second
couple minutes and then go back and
listen that person part again because it
is worth its weight in gold it's so easy
for us to think that we're gonna make
more money if we hold more reach for
higher price objectives or lower price
ejections if we're short there's no
guarantee it's getting there no
guarantee and there's been so many times
where I've been so close to the actual
highs and lows of the particular market
I was trading okay and I'm talking
weekly highs where the market turned
around and then went months the other
direction okay I have been so close
where I've just been a partial I mean a
piece of a pip not even a full pip and I
didn't get my exit okay and to me I hate
that feeling a lot of folks would say
yeah that's that's cool
crazy accuracy yeah but I didn't get out
at that point so how accurate is it it's
just cuz I said it was gonna go there or
I had an order to get out and it only
trades a half a pip to that point and it
doesn't activate you know the order that
doesn't make me smart it doesn't make me
an excellent trader it makes me a person
that missed that move okay I didn't get
my trade off like I wanted to and
initially as a commodity trader I you
know I would make that mistake and it
would it would get close to my orders
and I'm saying this when I started
getting consistent that when I first
started because I wasn't that accurate I
didn't know anything I was just fine you
know flying but I see my pants the the
notion of holding on to moves to get the
last piece of the pie is you know it's a
losers mentality you don't want to do
that you just need a big portion of the
move and I just think like a line you
know to me I think he's you know he's it
on the ona you know the terrain of you
know the outback or you know not out
back I guess the Africa's plane I guess
as well I think you know but uh you when
they when they eat okay they eat a large
portion of whatever was taken down by a
lioness okay but they're not consuming
everything and those are what the lion
does okay he lets the lionesses do the
work they chase down the prey they take
it down they kill it okay they made me
get in the nib or two okay but he comes
over there and says okay look it's
obvious this thing's dead I'm not
wasting any effort okay gonna go over
there and I'm gonna run them off I'm
gonna eat what I want and I ain't gonna
consume it all I'll leave a you know a
portion of 72 but he's getting the
lion's share every move has a lion's
share all you need is a portion of that
are the lionesses starving no are the
Cubs starving no everybody's gonna get
their piece at a pie but you don't have
to rush in there trying to get to very
very low and get to very very high in
other words you don't need to make the
kill and it turns the market around and
you don't have to make
the apex you know hi okay you don't have
to find a very lowest point of the low
okay you leave a little bit on there
okay let those other traders try to
chase all that stuff you don't need that
and the same thing applies and it's
applicable to your stops give it some
room don't be afraid to have the market
come back against you in some of the
exercises that you need to be doing is
to have a demo account and put your
trades on and let them come all the way
down to your stop okay don't think about
targets just think okay I'm gonna be
buying today at you know eight GMT
regards to wherever the prices going up
at 30 pips top one and just watch what
price does okay and just assume what
you'd be feeling if you were in the
market place at that time how the market
trades down to your stop what it does
after it hits it okay and then start
applying it with your tools that we
learned in these videos
okay applying the price action study
then using a 30 pip stop below the entry
point at where you enter that okay and
watch the market move once it takes the
first profit target that we could
discuss that 127 extension or an old
high did you pull your own fib from when
you see that first target hit
don't move your stop up okay
do a couple trades like I do about 20
trades or so like that where you just go
to break-even once the first targets hit
and then wait for the second target if
that be fulfilled do not move the stop
either you get the second target or you
get stopped out do that for twenty
trades okay and it's obviously easier
and faster to do it on intraday basis
like doing you know five minutes 15
minutes setups but some of you traitors
and can't do that because you're you
have jobs or whatever but and that's
fine but they eventually then graduate
to moving your stop-loss
in the form that we just discussed now
by having a 15-minute time frame use the
most two recent swing lows for bullish
scenarios 10 to 15 pips below the lowest
or the most recent to swing lows okay
and obviously just for clarity for those
that are selling short using your demo
account
yeah I got a pet in here I'm not trying
to tell you do anything about the real
money guys I'm not licensed to do that
it's just ideas to stimulate you your
decision-making the selling scenario you
would just use the 15-minute most recent
to swing highs and the highest of the
two you would use your stop-loss
10 to 15 pips above it and you would
trail that accordingly until it hits
your ultimate target that's really the
essential you know element to having
stop-loss management there's nothing you
much deeper than that it's very simple I
try not to complicate it I used to have
all kinds of intricate ways of doing
this and doing that and I found that you
know just simply by taking a 15-minute
chart use the most recent swing lows and
highs whatever - whatever those two are
whatever the lowest one is that's where
I'm gonna have my stop you in
relationship to where price is now
okay guys in episode 7 we're looking at
selecting multiple targets are we
talking about setting limit orders at
logical price levels for exits and we're
gonna be talking about the ICT split
gains ratio leaving some for the just in
case scenario principles for multiple
time frame trading and we'll have the
foundation to success that will be given
to you in blue point format in the final
episode in this series part 8 and I
think you'll have a pretty good idea
what should be done from the beginning
to end stages and I'm using in a flow
chart format for the part 8 series where
you know if the condition is X then you
go to this next condition once that
condition is met you go to the next so I
mean I'm look I'm a computer programmer
and I guess anyone that has computer
programming experience you would
understand that it's if then you know
scenarios that we learned in computer
programming if if you can't really build
a mindset of trading after part eight
I'm gonna readily admit that I've failed
in in sharing some insight on how you
could become more consistent trader I've
put a lot of work and it may seem like
there's been a lot of time between these
individual videos but it's actually been
a whole lot of work on that last one
because I've tried to give the blanket
scenarios for in the common setups that
we see you over and over and over again
this very generic in the marketplace and
it won't catch every single move guys
and don't expect out of anything but I
think you'll be pleasantly surprised how
many opportunities it will give you and
what to do and why and once you do it
for a few months you won't need the flow
chart
format you'll just simply know you know
by habit of what you should be doing
next in and what to do you know while
the setups are you know you developing
so hopefully this has been insightful to
you guys and until the next time we
should be looking to trading
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