ICT 2022 Mentorship Model: ክፍል 9 – New York PM Session Live Trade Execution

Introduction

This tutorial provides a step-by-step guide for executing live trades during the New York PM session, based on the ICT 2022 Mentorship Model led by ICT Yohannes. This guide is particularly useful for traders looking to enhance their skills and understanding of real-time trade execution in the Forex market.

Step 1: Prepare Your Trading Environment

• Set Up Your Trading Platform

  • Ensure your trading platform is updated and functioning properly.
  • Familiarize yourself with the interface and tools available.

• Gather Market Information

  • Check economic calendars for any news releases that might affect market conditions.
  • Analyze market trends and previous price movements.

Step 2: Define Your Trading Strategy

• Choose Your Trading Style

  • Decide whether you will focus on day trading, swing trading, or scalping.

• Set Clear Entry and Exit Points

  • Identify key support and resistance levels.
  • Use technical indicators to determine entry and exit signals.

Step 3: Execute Your Trade

• Monitor Market Conditions

  • Watch for price action and patterns that confirm your trading strategy.

• Place Your Trade

  • Use limit orders for precision or market orders for immediate execution.
  • Example code for placing a trade:

    if market_condition == 'bullish':
        place_order('buy', amount)
    elif market_condition == 'bearish':
        place_order('sell', amount)
    

Step 4: Manage Your Trade

• Set Stop-Loss and Take-Profit Levels

  • Determine your risk tolerance and set stop-loss orders accordingly.
  • Establish take-profit levels based on market analysis.

• Adjust as Necessary

  • Be prepared to adjust your strategy based on real-time market changes.
  • Monitor your trade closely, especially during high volatility periods.

Step 5: Review and Learn

• Analyze Your Trade Outcome

  • After closing your trade, review the results.
  • Identify what worked well and what could be improved.

• Document Your Trades

  • Keep a trading journal to track your strategies, outcomes, and lessons learned.

Conclusion

Executing live trades during the New York PM session requires preparation, a solid strategy, and the ability to adapt to changing market conditions. By following these steps, you can enhance your trading skills and make informed decisions. As you gain experience, continue to refine your strategies and learn from each trade to improve your overall performance.