2022 ICT Mentorship - Index Futures Review June 27, 2022
Market Review and Personal Trading Experience
Overview of the Trading Day
- The speaker introduces a review of the S&P 500 and Nasdaq, noting some distractions during trading due to personal circumstances.
- Despite challenges, the speaker managed to achieve a positive outcome, aiming for around $4,000 in trades while using a live account.
- The speaker emphasizes transparency in trading practices, addressing skepticism about paper trading versus real trading.
Technical Analysis Insights
- Discussion on swing highs in price action; references "Street Smarts" by Linda Rasch and Larry Connors as a recommended resource for understanding market patterns.
- Introduces the concept of the "three drives pattern," indicating potential reversals after three consecutive higher swings.
Market Behavior Observations
- Notes overlapping price action and its implications for market direction; highlights how retail traders might react to broken support levels.
- Describes observing market behavior where traders may mistakenly view previous support as resistance after it is broken.
Personal Challenges During Trading
- Shares an anecdote about being distracted by pets during trading sessions, which affected focus and decision-making.
- Discusses closing trades prematurely due to loss of concentration caused by distractions from pets entering the office.
Mental Health Considerations in Trading
- The speaker candidly discusses managing ADHD and OCD while trading, emphasizing that these are hurdles rather than disabilities.
- Reflects on mood fluctuations related to bipolar disorder and how they impact trading performance throughout the day.
Summary of Trading Outcomes
- Concludes with reflections on missed opportunities for greater profits but expresses contentment with overall earnings despite challenges faced during the session.
Trading Insights and Emotional Management
Managing Expectations in Trading
- The speaker discusses the importance of not entering trades with unrealistic expectations, especially after a previous performance that did not meet their standards.
- Advice is given to exit a trade if distractions hinder focus, emphasizing that it’s often better to kill the trade than to hold onto it while distracted.
Emotional Awareness During Trades
- The speaker reflects on personal emotions affecting trading decisions, noting feelings of anger due to external distractions and self-blame for allowing them.
- A specific trading decision is described where the speaker exited positions as soon as they recognized emotional interference, despite missing potential profits.
Market Preferences and Strategies
- The preference for trading S&P over Nasdaq is explained; the speaker is currently teaching their son about market focus before returning to Nasdaq for personal trading.
- Discussion on using market structure highs instead of candle wicks for setting stops in volatile markets like Nasdaq, suggesting this approach may yield better results.
Observations on Forex Trading
- The speaker expresses disinterest in Forex trading at present due to trust issues with the market's reliability, preferring cleaner setups in other markets.
- A brief mention of a recorded discussion about Forex's future indicates ongoing concerns and a hiatus from trading in that space.
Execution Challenges and Real-Life Distractions
- An analysis of recent trades shows challenges faced during execution due to real-life distractions (e.g., pets), impacting focus and decision-making.
Trading Insights and Personal Reflections
Trading Decisions and Market Conditions
- The speaker discusses recent trading activities, detailing purchases made at specific prices: three at 39.12, one at 39.09, and another at 39.11.75.
- Acknowledges the lack of favorable trading conditions in the afternoon session, particularly in forex markets, expressing disinterest in engaging with them due to their "sloppy" nature.
Communication Style and Content Delivery
- The speaker mentions a new format for sharing thoughts via Twitter Spaces while driving, likening it to a podcast where he expresses his unfiltered opinions.
- A warning is issued regarding potential offensive language during live sessions; the speaker admits to losing control of his tongue occasionally when animated.
Editing and Authenticity
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