How To Build Your Own Profitable Trading Model - By ICT Himself

Summary

The video emphasizes the importance of focusing on one model, consistently practicing it, and refining skills rather than constantly searching for new strategies. It highlights that success in trading comes from building a solid baseline experience using proven models like the 2022 model or the Silver Bullet. The speaker stresses personal responsibility in achieving success, noting that procrastination and aimless learning will hinder progress. By following structured approaches, learning from past data, and dedicating time to practice, traders can navigate challenges and avoid distractions, ultimately positioning themselves for success in the market.

Takeaways

• 😀 Focus on mastering one model at a time instead of constantly seeking new models. Consistency and commitment are key to success.
• 😀 Don't get lost in the chase for endless information. Stick to a model and experience its intended results for personal growth.
• 😀 The models shared, such as the 2022 model and Silver Bullet model, work across various markets like Forex, futures, and crypto.
• 😀 It's important to have a baseline model, like the Optimal Trade Entry (OTE) pattern, as it provides a strong foundation for trading.
• 😀 Time of day and market behavior play a crucial role in trading success, with certain patterns emerging at specific times.
• 😀 Personal influence and mindset are critical. You're the reason for both your success and your struggles in trading.
• 😀 Don't wait for the 'Holy Grail' model or the last puzzle piece. The key is to recognize that you are the final piece of the puzzle.
• 😀 Study market behavior over time and trust your own observations, as the patterns are consistent and proven through backtesting.
• 😀 Stop being a 'professional student.' Apply what you've already learned and avoid procrastination in order to succeed.
• 😀 To succeed, put in the work and eliminate distractions. Focus all your energy on the task at hand, as the challenges ahead will be unlike anything you've seen before.

Q & A

What is the main idea behind the script?

The script emphasizes the importance of sticking to a single trading model, learning its rules, and mastering it before moving on to others. It warns against jumping between different strategies without fully understanding one, stressing the necessity of establishing a solid baseline of experience.

What does the speaker mean by a 'baseline' in trading?

A 'baseline' refers to having a clear understanding and experience of a specific trading model. It provides a foundation from which traders can refine their skills and grow in their strategy, helping them avoid confusion and distraction.

Why does the speaker argue against constantly looking for new models?

The speaker argues that constantly searching for new models can lead to confusion and indecision. Instead, by focusing on one model, traders can develop expertise and confidence, allowing them to make more effective decisions.

What is the significance of 'the optimal trade entry' (OTE) pattern mentioned in the script?

The 'optimal trade entry' (OTE) pattern is highlighted as a powerful tool for traders. It’s mentioned as a foundational model that works across various trading sessions and markets. The speaker emphasizes its effectiveness in both Forex and other markets.

What does the speaker mean when they refer to 'time' as an important factor in trading?

The speaker underscores that successful trades happen at specific times of the day, such as during the London or New York sessions. Recognizing these timeframes helps traders know when certain market patterns or movements are likely to occur, improving their chances of success.

How does the speaker view the role of personal responsibility in trading success?

The speaker believes that personal responsibility is crucial for success. Traders are responsible for their own success or failure, as they are the final puzzle piece in their trading journey. It's not about waiting for the 'perfect' strategy, but about taking action and committing to the process.

What is the message about being a 'professional student' in trading?

Being a 'professional student' refers to constantly learning but never applying the knowledge. The speaker warns against simply collecting information without putting it into practice, emphasizing that traders must take action, not just study endlessly.

What does the speaker mean by 'the final puzzle piece' in trading?

The 'final puzzle piece' refers to the trader themselves. The speaker suggests that even though there are many tools and strategies available, the most important factor is the trader's mindset, discipline, and ability to take responsibility for their own success.

Why does the speaker advise against trading Forex past one o'clock in New York?

The speaker advises against trading Forex past one o'clock in New York because, at that point, market activity tends to decrease. The higher or lower points of the day are typically set earlier in the session, and after that, the focus should shift to other markets like index futures.

What is the 'shitstorm' the speaker refers to?

The 'shitstorm' refers to the challenging market conditions that are expected to arise in the future. The speaker warns that traders must be prepared for tough times ahead and emphasizes the importance of dedication and focus to weather those challenges.