TLDR;
This YouTube video features an interview with ICT (Inner Circle Trader), where he discusses his early trading experiences, the evolution of his trading style, the birth of the ICT brand, and his perspectives on the trading community. He also touches on personal beliefs and the impact of his work.
- ICT's trading journey began in the early 90s, influenced by his uncle and an advertisement.
- He faced regulatory scrutiny early in his career for providing financial advice without a license.
- ICT emphasizes the importance of understanding algorithmic market movements and liquidity.
- He acknowledges the cult-like following he has garnered and aims to provide valuable insights to his students.
Introduction [0:00]
The interviewer welcomes ICT to the podcast, noting it's ICT's first time doing a video podcast. They plan to discuss ICT's trading journey, focusing on the early years. ICT mentions he's been active with his community and calling moves on Twitter, despite not trading live until February. He also shares that he has recently moved into a new home with a dedicated trading office that is still being unpacked.
Early Trading Days [3:46]
ICT recounts his introduction to trading in the early 90s, sparked by an advertisement in an entrepreneur magazine for Ken Roberts commodity course. Despite an initial loss of 50% on an orange juice option trade, he was motivated to learn how to be on the other side of the trade. Setting up an account in the early 90s was a slow process, involving mail and phone calls, unlike the instant access available today. He used Meta Stock for charting and relied on a quote track, a handheld radio device, for real-time quotes.
Nine-Month Winning Streak [8:58]
ICT describes an early nine-month winning streak, which he attributes to luck during a bull run. He primarily bought long positions and was fearful of short selling. This early success tricked him into thinking he had skill, but it eventually turned against him. He lost everything he had made during that period, as he increased leverage and abandoned stop losses.
Run-in with the CFTC [15:26]
ICT shares his experience of being approached by the Commodity Futures Trading Commission (CFTC) for giving financial advice without a license on America Online in the mid-90s. He was served a subpoena and faced potential penalties. He stopped posting for about a year and a half, then slowly returned with constant disclaimers.
Faith and Guidance [22:17]
ICT expresses his belief that faith and a creator have been instrumental in his success. He shares that he has had spiritual experiences and received guidance that has preserved him. He acknowledges that this is a controversial topic but feels compelled to share his testimony.
Trading Style and Algorithmic Approach [25:48]
ICT provides an overview of his trading style, which focuses on understanding how markets are booked and delivered algorithmically. He challenges listeners to debunk his teachings by observing how buying and selling pressure aligns with the levels he teaches. He believes that volume is a red herring and that the key is to understand where the market is likely to go to attack liquidity. He uses the example of the S&P 500 to illustrate how few contracts are needed to move the market at certain times.
The Birth of ICT [38:51]
ICT explains the origin of the "Inner Circle Trading" (ICT) brand. He was inspired by Larry Williams' "inner circle workshop". The name resonated with him, and it became clear that he was an "inner circle trader" after learning how markets really operate.
Coining Concepts and Ripped Off Trainings [41:00]
ICT estimates that he has coined around 20 concepts that the public has heard, with about 80 specific algorithmic behaviours he keeps private. He mentions "fair value gap" and "breaker" as examples. He acknowledges that many people have ripped off his trainings, including a large multi-level marketing company. He only asks for credit to be given where it's due, as his knowledge was entrusted to him through his faith.
Rebranding and the ICT Logo [47:29]
ICT discusses his recent rebranding, which involves using his face in thumbnails to differentiate himself from impersonators. He explains that the ICT logo, with its infinite dynamic fib circles, contains a specific set of numbers related to his personal algorithm and the science behind price runs and time.
Ghost in the Machine and Legacy [50:52]
ICT describes the "Ghost in the Machine" concept, explaining that his students will hear his voice in their heads when they see price behaving as he has taught them. He shares that he is pouring himself out in 2023 and intends to be done teaching this year. He expresses feeling overwhelmed by the number of people who follow him and wants to avoid becoming a celebrity.
Cult-like Following [57:12]
ICT acknowledges that he has a cult-like following, which he didn't set out to create. He attributes it to the fact that many of his students have faced hardship and feel encouraged by his teachings. He wants his students to succeed and is not trying to sell them anything. He recognises that the passion of his community can be unhealthy and reminds everyone that there are different ways to trade profitably.
Legacy and Impact [1:03:40]
ICT reflects on his legacy and hopes that people will recognise the time and sacrifice he has put into his teachings. He wants to be remembered as a real man, a husband, and a father who did his best to help others. He gets upset when students dismiss his teachings as a scam, given the success that others have achieved. He struggles to articulate the feeling of consistent profitability, but acknowledges that it is a unique and fulfilling experience.
Closing Remarks [1:13:21]
ICT directs listeners to his YouTube channel for more information. He announces that he will be doing live sessions starting February 7th, focusing on tape reading and calling the market live. The interviewer thanks ICT for sharing his story and insights.
