ICT 2022 Mentorship Model: ክፍል 8 – New York AM Session Live Trade Execution

Introduction

This tutorial provides a detailed guide to executing live trades during the New York AM session, based on insights from the ICT 2022 Mentorship Model. The focus is on practical steps to help traders navigate live trading environments effectively, enhancing their trading skills and strategies.

Step 1: Preparing for Live Trading

Before entering the live trading session, it is essential to prepare adequately.

• Set Up Your Trading Platform: Ensure your trading platform is configured correctly.
• Review Market Conditions: Check the economic calendar for any major news releases that may impact market movements.
• Establish Trading Goals: Define clear objectives for what you want to accomplish during the session.
• Practice Risk Management: Determine your risk tolerance and set stop-loss levels accordingly.

Step 2: Analyzing the Market

Conduct thorough market analysis to identify potential trading opportunities.

• Use Technical Analysis: Look for key support and resistance levels on price charts.
• Identify Trends: Assess the current market trend (bullish, bearish, or sideways).
• Volume Analysis: Monitor trading volume to confirm price movements.

Step 3: Executing Trades

Once the analysis is complete, move on to executing trades.

• Choose Entry Points: Select ideal entry points based on your analysis.
• Place Limit or Market Orders: Decide whether to place limit orders (to enter at a specific price) or market orders (to enter at the current market price).
• Monitor Your Trades: Keep an eye on your open positions and be ready to make adjustments if necessary.

Step 4: Managing Open Positions

After executing trades, managing them effectively is crucial.

• Adjust Stop-Loss Levels: Move stop-loss orders to the break-even point once the trade is in profit.
• Take Profits Strategically: Use trailing stops or set profit targets based on your trading plan.
• Stay Informed: Continuously monitor market news and developments that could affect your trades.

Step 5: Reviewing Performance

Post-trade analysis is important for ongoing improvement.

• Analyze Your Trades: Review each trade to determine what worked and what didn’t.
• Keep a Trading Journal: Document your trades, including entry and exit points, reasons for taking the trades, and outcomes.
• Learn from Mistakes: Identify any patterns in your trading mistakes and adjust your strategy accordingly.

Conclusion

By following these steps, traders can enhance their skills and confidence in executing live trades during the New York AM session. Continuous preparation, analysis, and performance review are essential for long-term success in trading. For further learning, consider joining mentorship programs or communities that focus on trading strategies and market analysis.