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AMA: FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything


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AMA: FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything

  #111 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
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Posts: 50,396 since Jun 2009
Thanks Given: 33,172
Thanks Received: 101,536

Tip


There will be a Live AMA session on Tuesday, May 14th @ 12:00 PM ET.

- Quick and casual, 30 minute cap
- No prepared presentation
- Live screen sharing
- Floor will be opened immediately to questions
- Recording uploaded to AMA thread afterwards
- Attend live to get your questions answered

The link for the event is:
https://www3.gotomeeting.com/register/185788694




Mike

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  #112 (permalink)
 Upupandaway 
Dallas/Tx
 
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Yah that's helfpul ok thanks

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  #113 (permalink)
 indextrader7 
Birmingham, AL
 
Posts: 1,065 since Apr 2012



josh View Post
@FuturesTrader71, in "Phantom", POP's big rule #1 is to assume you are wrong, and get out of a trade unless the market proves you correct. This is in contrast to often-heard advice that a trade is valid until 'the market proves you wrong.' Instead of yielding control of the position to the market, POP advises that the trader stay in control of the position, and manually get out unless the market proves him correct.

From the webinars you have given, I have noticed that you typically recommend the "don't mess with your stop, let the market take you out" approach, which is about 180 degrees from what is in PoP. Since you recommended PoP, I am curious as to whether you simply don't believe in this type of approach but still find the book helpful, or whether perhaps your general advice is for newer traders who have a tendency to jump in and out on a whim, to help them avoid overtrading?

Bump

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  #114 (permalink)
 
bmmartin's Avatar
 bmmartin 
ALICANTE
 
Experience: Beginner
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indextrader7 View Post
Bump

Thanks for bumping it: I am also very interested to hear/read what FT71 answers.

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  #115 (permalink)
 marts01 
Philippines
 
Experience: Beginner
Platform: Sierra
Trading: Futures/Bund
Posts: 20 since Mar 2013
Thanks Given: 50
Thanks Received: 29

Hi FT71,

Since we re on the subject of Phantom of the Pits, could you please explain how the process has changed over the past 15 years? ie. How much emphasis has been taken over by electronic trading, how strong is the physical aspects in the pits and such. Orders, locals, human interaction, etc...

Really appreciate everything you and big mike are doing here. Thanks, marts

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  #116 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,396 since Jun 2009
Thanks Given: 33,172
Thanks Received: 101,536

Bump for tomorrow's event, link is a few posts up.

Mike

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  #117 (permalink)
 PLD3 
London, United Kingdom
 
Experience: Intermediate
Platform: Stellar
Trading: ES, FGBL, FDAX
Posts: 4 since Apr 2013
Thanks Given: 2
Thanks Received: 5

Hi FT71,

Just a quick query, do daily moving averages play a big part in your trading strategy?

If so, how? And what setup parameters do you find most helpful? (I currently chart on CQG and use type 'simple', price set to 'close', and look at 10, 20, 50 and 100 day moving averages)

Many thanks to both Big Mike and yourself for all your help, its much appreciated.

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  #118 (permalink)
 
FuturesTrader71's Avatar
 FuturesTrader71 
 
Posts: 391 since Feb 2012
Thanks Given: 174
Thanks Received: 1,513


syxforex View Post
Thanks FT71, really appreciate your time.

Thank you! I hope you get something out of it to push you towards your goal.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
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  #119 (permalink)
 
FuturesTrader71's Avatar
 FuturesTrader71 
 
Posts: 391 since Feb 2012
Thanks Given: 174
Thanks Received: 1,513


josh View Post
@FuturesTrader71, in "Phantom", POP's big rule #1 is to assume you are wrong, and get out of a trade unless the market proves you correct. This is in contrast to often-heard advice that a trade is valid until 'the market proves you wrong.' Instead of yielding control of the position to the market, POP advises that the trader stay in control of the position, and manually get out unless the market proves him correct.

From the webinars you have given, I have noticed that you typically recommend the "don't mess with your stop, let the market take you out" approach, which is about 180 degrees from what is in PoP. Since you recommended PoP, I am curious as to whether you simply don't believe in this type of approach but still find the book helpful, or whether perhaps your general advice is for newer traders who have a tendency to jump in and out on a whim, to help them avoid overtrading?

Excellent question. I don't agree with this aspect of POP's rule. I believe that traders micro-manage their position after painstakingly putting it on in the first place (lots of price risk assumed to put the trade on). This is a double-negative, in my opinion (and no that doesn't make a positive thing).

How many times have you fiddled with a trade and then saw it work out just the way you had envisioned?

POP's rule is valid back in the late 90's and through the 2000's. However, the market is very slow to make a move and once the move takes place it ends quickly. Back then, you can see the reaction from the market to your position quickly and it was a lot easier to scalp it. Now, I believe a researched edge executed without errors over a large sample is the better way to go.

Almost all of the traders that we have at our brokerage overmanage their trades. This is a bad habit, in my opinion. It leads the trader to believe that they know what will happen but they don't.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Follow me on Twitter Reply With Quote
  #120 (permalink)
 
FuturesTrader71's Avatar
 FuturesTrader71 
 
Posts: 391 since Feb 2012
Thanks Given: 174
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calitrader View Post
Hi FT71,
Thank you very much for all that you have given to this community, your dedication to helping traders and 'changing the industry' I have heard you refer to a risk sheet in webminars and AMA that you review before trading. I have tried to create my own but I would like to make sure I am not missing any big areas. Do you have a template of one you could share on the thread? Thank you.

Chris

My risk sheet is proprietary. However, I know several people have asked for this. I will work something up and get back to you. I usually only share proprietary stuff with our traders.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Follow me on Twitter Reply With Quote
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