Webinar: FuturesTrader71 (FT71) on Risk, Sizing, Scaling and Trade Management - Psychology and Money Management | futures io social day trading
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Webinar: FuturesTrader71 (FT71) on Risk, Sizing, Scaling and Trade Management
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Webinar: FuturesTrader71 (FT71) on Risk, Sizing, Scaling and Trade Management

  #131 (permalink)
Market Wizard
Hungary
 
Futures Experience: Intermediate
Platform: Sierra Chart
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Lots of knowledge in this webinar. I particularly liked the Q&A at the end. Big thanks!!

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  #132 (permalink)
Hyde Park,
Chicago, Illinois
 
Futures Experience: Intermediate
Platform: Tradingview.com
Broker/Data: Optionhouse
Favorite Futures: Options
 
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Posts: 467 since May 2011
Thanks: 395 given, 252 received

The first 15 minutes was my favorite. Just re-listened to it and took some notes:

Price risk vs informational risk
  • Price risk is yanking your order because you want to see how the market behaves at that price (aka waiting for confirmation)
  • Informational risk is taking the price because you anticipated trading @ that price level
  • Professional traders take informational risk because taking a better price puts a trader closer to knowing whether they are right or wrong.
  • We never know what is going to happen. We need to accept this as a trader in order to move forward.

Emotional capital
  • Success is based on how well you execute your edge
  • Taking a bad trade debits your emotional confidence and makes you less confident
  • Repeteition of the exercise of trading... taking your edge and knowing it has (and will continue) makes it easier to see the market for what it is
  • When you are low on emotional capital, you can't see the forest for the trees and you suffer greatly as a result
  • When you become more confident, your view of the market completely changes... it is like being in the matrix almost
  • Depleted emotional capital will lead to lower actual capital. That is why it is best to sit out the market when you are in a funk


Last edited by Bermudan Option; February 10th, 2013 at 11:20 PM.
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  #133 (permalink)
Hyde Park,
Chicago, Illinois
 
Futures Experience: Intermediate
Platform: Tradingview.com
Broker/Data: Optionhouse
Favorite Futures: Options
 
Bermudan Option's Avatar
 
Posts: 467 since May 2011
Thanks: 395 given, 252 received


did anyone get the book that Futurestrader91 recommended (The Nature of Risk by Justin Mamis) I am about halfway through and it is a good read. It reminds me of Trading in the Zone as the author redefines how we look @ risk as traders/investors.

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  #134 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Bermudan Option View Post
did anyone get the book that Futurestrader91 recommended (The Nature of Risk by Justin Mamis) I am about halfway through and it is a good read. It reminds me of Trading in the Zone as the author redefines how we look @ risk as traders/investors.

It's on my bookshelf, unfortunately I haven't had time to read it.

Please start a new thread to discuss this book as you go through it and share your thoughts.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

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  #135 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received

There is now an AMA (Ask Me Anything) thread for questions aimed directly at FuturesTrader71:
https://futures.io/vendors-product-reviews/26325-futurestrader71-morad-askar-ask-me-anything-ask-me-anything.html

As part of our AMA series, FT71 will also be presenting two 30-minute live screen sharing sessions each month. This is in addition to any normally scheduled "full" webinar presentations.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #136 (permalink)
Elite Member
Mumbai, India
 
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Bermudan Option View Post
did anyone get the book that Futurestrader91 recommended (The Nature of Risk by Justin Mamis) I am about halfway through and it is a good read. It reminds me of Trading in the Zone as the author redefines how we look @ risk as traders/investors.




Big Mike View Post
It's on my bookshelf, unfortunately I haven't had time to read it.

Please start a new thread to discuss this book as you go through it and share your thoughts.

Mike


I have started a new thread for this invaluable book and am in the process of posting a thorough review, and also plan on posting snippets that I wanted to highlight for the benefit of everyone: The Nature of Risk: Justin mamis - Discuss this book!

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