ICT KILLED My Forex Trading RESULTS

Summary

In this insightful video, an experienced trader shares their journey with ICT's smart money concepts, detailing the challenges faced, including significant losses from improper trade entries and poorly placed take profits. After 15 years of trading, the speaker emphasizes the importance of critical thinking in trading strategies. They reveal their successful approach, which includes trading from established support levels, entering trades at discount zones, utilizing trend line breaks, and setting realistic take profit levels. The speaker's transition to a more practical trading method has resulted in over 80% win rates in their trading community, encouraging viewers to rethink their strategies.

Takeaways

• 😀 ICT is a popular trading guru with millions of views and claims of high profitability.
• 📉 The speaker shares their personal struggles with ICT's methods, resulting in significant losses despite years of experience.
• 🚫 Entering trades at extreme resistance levels often leads to immediate losses.
• ⏱ Late entry into trades, especially after strong price movements, can result in missed opportunities and larger losses.
• 🔄 ICT’s take profit strategies may not always align with market behavior, causing traders to exit trades prematurely.
• ⚠️ Setting stop losses at strong support levels can lead to unnecessary losses due to price retracements.
• 📊 Trading from established support and resistance levels is crucial for improving trade success.
• 🛒 Entering trades at the discount zone (below the 50% Fibonacci retracement level) allows for buying at lower prices.
• 📈 Utilizing trend line breaks as confirmation for trade entries can enhance trading decisions.
• 💰 The speaker reports an 80% win rate in their trading community after implementing these strategies, showcasing a successful approach.

Q & A

What does ICT stand for in the context of trading?

ICT stands for Inner Circle Trader, a trading methodology popularized by a trading educator known for smart money concepts.

What was the speaker's main criticism of ICT's trading strategies?

The speaker criticized ICT's strategies for leading to losses, particularly due to entering trades at incorrect levels, late entries, unrealistic take profit targets, and poorly placed stop losses.

How did the speaker's initial trade perform, and what loss did they incur?

The speaker's initial trade led to a loss of about $3,000, primarily due to entering at an extreme resistance level.

What is the significance of the 50% Fibonacci retracement level in the speaker's trading strategy?

The 50% Fibonacci retracement level is considered a discount zone; entering trades below this level allows traders to buy at a lower price.

What are the four main problems the speaker identified with ICT's trading approach?

The four main problems are entering trades at the wrong levels, late entries, unrealistic take profit levels, and improper stop loss placements.

What trading method does the speaker recommend for achieving higher win rates?

The speaker recommends trading from strong support and resistance levels, entering at discount zones, using trend line breaks as confirmations, and setting realistic take profit levels.

Why does the speaker emphasize setting take profit levels at minor resistance areas?

Setting take profit levels at minor resistance areas increases the likelihood of successful exits, as these levels are more reliable indicators of price action.

How does the speaker suggest adjusting stop losses?

The speaker suggests placing stop losses below significant support levels instead of at those levels to avoid being knocked out of trades during minor price fluctuations.

What recent success did the speaker report in their trading room?

The speaker reported achieving over 80% win rates in their VIP trading room over the last few weeks, along with an increase in community membership.

What trading platform does the speaker use, and what are its advantages?

The speaker uses the VIN tur brokerage, highlighting low spreads and commissions, which contribute to a favorable trading experience.