Summary:
A live trading mentorship session led by Michael (ICT) with host Kitt and several students asking questions and sharing observations. The focus was on tape reading, intraday models, and trader psychology.
– Core trading guidance:
– Tape reading and observing live price action are essential. Michael repeatedly recommends spending weeks/months just watching price (no trading) to build pattern recognition and emotional resilience.
– Emphasize the first 30 minutes of the regular session (two 15‑minute intervals/opening range) as high‑value for finding expansions and trade opportunities.
– Toggle the settlement/contract view on/off to find which setting reveals the most recent volume imbalances — use the setting that shows the relevant inefficiency.
– Fair value gaps: only treat a fair value gap as valid after the candle that forms it closes; the gap’s presence before a high/low is the important signal.
– Top‑down analysis is recommended (monthly → weekly → daily → shorter TFs), but most actionable intraday work can be done inside 15‑minute and lower timeframes. Lower TFs provide many practice opportunities but require faster decision-making.
– Risk & execution advice:
– In current elevated/uncertain markets, dial back trading frequency and leverage; adapt to greater volatility and potential manipulation.
– Recommended progression: ~2 months of focused tape reading, then ~2 months of demo trading before taking live trades. – Favor process over money: disassociate trades from dollar outcomes, focus on consistent inputs and simple rules.
– Psychology, consistency & journaling:
– Patience, rule-following, and consistent daily practice are key. Many traders fail by rushing for profits, trading with emotion, or skipping deliberate observation.
– Journal feelings and decisions; analyze emotional triggers (fear, greed, pride) to avoid repeating harmful behavior.
– Progress over perfection — small consistent gains compound; avoid hunting for single big wins.
– Personal reflections:
– Michael shared candid life lessons about money, relationships, and how monetary success can distort self‑worth and attract/enable toxic dynamics. He stresses safeguarding personal values and choosing relationships not based on wealth.
– Other students shared real examples of drawdowns and recovery, reinforcing the need to slow down, return to core protocols, and rebuild discipline.
– Practical takeaway: simplify the workflow (top‑down to identify barriers, then focus on the opening range/first 30 minutes and tape reading), prioritize non‑monetized learning first, journal, and cultivate patience and consistent habits before increasing risk.
Quiz
1) According to ICT, what is the main reason he toggles the chart setting on and off when looking at continuous contracts?
– A. To hide expired contract data from students – B. To find the setting that shows the most recent volume imbalance
– C. To reduce chart clutter for presentation
– D. To compare daily and weekly moving averages
2) What did ICT say is the best way to learn before taking live trades?
– A. Jump straight into live trading with small size
– B. Spend at least a month tape reading, then two months demo trading
– C. Use market replay until you can predict every candle
– D. Trade only during news events to gain experience quickly
3) When discussing fair value gaps, what did ICT say matters most? – A. The gap must appear after the high is taken
– B. Candle three must close to confirm the fair value gap
– C. The gap must be on a weekly chart to be valid
– D. Only wick-to-wick gaps count, not body gaps
4) What did ICT say about lower timeframes versus higher timeframes?
– A. Lower timeframes always move faster in price – B. Higher timeframes are the only valid way to trade
– C. Lower timeframes require more decisions and adjustment, but are useful for learning
– D. Lower timeframes should never be used by new traders
5) What advice did ICT give about relationships and money?
– A. Money should always be shared immediately to prove trust
– B. You should use money to test whether someone really loves you
– C. You cannot buy love or pay for friendship
– D. Being wealthy guarantees healthier relationships
Answer Key:
1) B Evidence: “I’m looking for those volume imbalances… What I’m looking for is the one setting that has the volume imbalance is showing in most recent price action.” [00:13:00-00:14:00]
2) B Evidence: “For at least a month minimum. But I think two months is, is appropriate. Not even trying to take a demo account… Then you gotta do about two months of demo trading…” [00:39:36-00:40:30]
3) B Evidence: “Candle three has to close for you to have the fair value gap there.” [00:16:38-00:17:00]
4) C Evidence: “The lower the timeframe, the more requirement for you to make decisions and, and move and, and adjust.” [01:06:43-01:07:30]
5) C Evidence: “You can’t pay for friendship and you can’t buy love.” [01:37:00-01:37:30]