Hi guys I'm an intermediate trader and was told if I wanted to be a professional trader I should master smart money concepts such as order blocks and Wyckoff because support and resistance and trendlines apparently don't work anymore since there is alot of liquidity around trendlines and support and resistance
Is it true that Smart Money Concepts from ICT beat retail strategies like support and resistance and trendlines?
Farm Yard Forex
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It's another way of looking at the markets. I found it resonated with me and that's the key - if it resonates with you then run with it. This us vs them attitude in forex stinks. The goal is to trade well and make money. If you can do that with SMC, more power to you. If you can with S&R or S&D then also more power to you.
Maybe you are right because there are still many people claiming to have been mastered at forex trading when you google online.
Farm Yard Forex
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I like ICT's stuff and use it but reject anyone who says they have "mastered" trading. Nobody has mastered it and never will. It's a probabilities game.
HeavLeighGill
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I've been looking into it as well but haven't made my mind up.
I can definitely recommend it.
"Smart Money" I remember many years ago a trading platform created an indicator called the smart money index. Its complete bollox. they are no "smarter" than you or I. The majority of their strategies are long/short equities so if you are doing ok, you keep at it.
I agree with you as well because we don't know when and what comes in to the trading day and there's still bad days for the professional traders as well.
The "smart money" is controlled by the banks who employ the smartest people. To pay them and attract the biggest investors and to make the most profits these banks use large amounts of money. When they do this, it moves price. When price moves we see it on the price chart. Smart money is any money big enough to move price. so just watch price. If any money is invested in the forex market but so little that it does not move price, why would you want to follow that anyway?
Farm Yard Forex
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The bigger the bank the bigger the fund. Also consider that for every order it needs matching to other money. They aren't looking to match it to your money, but large fund money. As @tomorton says, watch price. If you see equal highs and lows, many funds will have limit orders sat there waiting to be entered in. What do you think the big banks will do to manipulate price to their advantage in this situation?
exactly.........nothing to do with any stupid indicator!
Jungletrader
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It does for me I use it and it makes sense to me .
Not against indicators I just love clean charts
Not against indicators I just love clean charts
I do like a fib level
Farm Yard Forex
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Fib levels are very powerful actually. But they aren't why price moves.
AllLosingTradesFor2Years
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The concept of liquidity and tricks is probably the best one... but in a way, we are just fading highs and lows in a trend when all timeframes are showing the same thing.. Even if you're fading support/resistance, you're still a support/resistance trader by doing that. I think the best thing to do is to wait for the perfect setups and not take anything less than A+++++.. but you have to do a lot of testing and demo to even get a feel for what those setups are.
PhoneticNachos
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ICT is a scammer, dude can't even trade, blown up every account he has ever publicly traded. Everything he trys to sell people is just stolen and renamed from babypips.
Proof is all over the internet, hundreds of threads on reddit etc.
Run far away from anyone talking about ICT/SMC "smart money concepts".
Learn price action trading. It is the foundation of everything. Keep it simple.
Proof is all over the internet, hundreds of threads on reddit etc.
Run far away from anyone talking about ICT/SMC "smart money concepts".
Learn price action trading. It is the foundation of everything. Keep it simple.
AriaS
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This is all I want to know about ICT and such: Myfxbook account #1 , Myfxbook account #2
Has anyone seen a profitable account of theirs on Myfxbook?
Has anyone seen a profitable account of theirs on Myfxbook?
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