Statistics showed the lads made 619 successful passes to Ipswich's 212 and had 22 shots to Ipswich's 14, but they were made to pay for defensive mistakes and missing a host of chances in the second half.
Ipswich went 2-0 up just before the break, the first from the penalty spot, and added a third on 51 minutes.
Shaq Coulthirst scored the first of his two goals on 53 minutes only for Ipswich to restore their three-goal advantage on 66 minutes.
Coulthirst was there again for 4-2 and then the chances flowed - Coulthirst, twice, Will Ekong, Dominic Ball and Jack Munns - but it stayed at 4-2.
"In terms of maintaining possession and the style of football we want to play, I was delighted," said coach Alex.
"Unfortunately, on this occasion, that performance hasn't translated to the scoreline.
"We had a couple of moments of madness defensively, but I know these lads will get better at that side of the game.
"We conceded two goals in four minutes just before half-time. The first came after we turned over possession trying to play out and didn't defend the situation, giving away a penalty, the second from a ball over the top that opened us up.
"We were punished for a mistake for the third goal but pulled one back when Jack Munns played in Nabil Bentaleb and Shaq Coulthirst finished well at the near post.
"Another individual mistake was punished for 4-2 but we scored again when Nabil won possession and released Shaq into the box and he found the bottom corner.
"We had a number of chances after that but simply couldn't convert them. As I said, I was pleased with our style, our passing and intent. We just need to improve defensively."
Spurs U18s: Granger, A McQueen, Ball, Ekong, Smith (Ward, 67), Hawkins, Munns, Coulthirst, McEvoy (Zapata-Caicedo, 68), Lameiras (Bentaleb, 46), D McQueen.