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FT71's webinar was great, making a note to watch it again soon.... the webinar section is very good, thanks a lot to everyone, can't wait for FT71's next one!
Can you help answer these questions from other members on NexusFi?
Over the last couple years I have found that I have continued to step back further and further from my trades, using bigger time frames, bigger charts, bigger targets, bigger stops and really just focusing on the bigger picture.
These days I can't imagine trading any other way. The smaller stuff just makes no sense to me any more. I get into heated debates with some trading friends about this
Part of my thinking is that I believe you have to step back in order to really have a shot at going into each session with a plan for what the market may do today. This has become a very important part of my trading. Where I used to "wing it" based on what the market threw at me and how that interacted with components of my chart like moving averages or pivots, these days I have almost nothing left on my chart for interaction on any kind of an intraday or short term level, and instead focus much more on daily charts and bigger picture moves.
I find it much more relaxing to trade this way, and much more profitable as well. I dare to use the word "easier".
1) You can follow FT71 on twitter during market hours - he is giving additional information on how
he sees the market developing.
2) For customers of his brokerage there is a closed user room (I am not a client yet)
3) On FuturesTrader71 | Simplicity in Trading you can find extra webinars he was recording before or during
market hours to discuss special aspects of trading with brokerage clients.
All very helpful!
I donated to his 4 webinars.
FT has become a true "life changer" in terms of trading.
I've always been a volume freak. Since the beginning volume made sense to me but I was never able to figure out the best way to read it. Naturally that we all begin with the vertical histogram but that with time starts to linger...
Then I saw volume horizontal histogram and I thought, this makes much more sense to me, but was back in the days where these tools were only available to top traders and I was still working with Metastock.
Years latter a friend of mine presented Multicharts when I decided to move to daytrading and that was another world, but then again, still no way to have a true volume reading.
Again, years later, I discover futures.io (formerly BMT) thought Multicharts forum and then Fulkrum Trader and his Delta reading. It was an interesting way to read volume, specifically bid and ask volume which I started to get interested on since, again, made perfect sense to me. When I decided to test IRT to my disbelieve there it was, a horizontal volume histogram totally customizable. I finally had the tool I so long waited for. Naturally that I later found that this tool was already available through other 2 affordable programs, but it was one of those cases that you only start to see things after you purchase them.
Since then I've been trying to add my strategy to volume profile but only after starting to follow FT I was able to see the "light in the end of the tunnel".
Daytrading without homework is a death sentence. Daytrading what the market is giving us at that moment without background support has been proved to be as trying to walk with your eyes folded. You can, but you might fall into a hole difficult if not impossible to get out.
I always considered trading a process. Each year you learn new stuff, change the way you see things, adapt to new conditions, an endless stage of learning. With FT I entered in a new stage...
Thank you.
Regards.
If I become half a percent smarter each year, I'll be a genius by the time I die
Which part was the key? The time frame of trading or being comfortable with the time frame you are focussed on. I've got a good thing going now scalping for less than ten ticks and getting into the hft game, as they say, if you can't beat em join em. What I really took away from FT71's webinar was that whatever you do, do it well, focus on one thing, and do it really well. For the longest time I couldn't be happy with scalps because I always felt I would be better off taking more of the move on the bigger setups. But scalping for small gains is easy on the constitution, as the Rothschilds said, the market is like a cold shower, quick in, quick out. And the scalps add up real quick, as long as you just focus on them and do not try to have it both ways.... We'll see how it goes with the nanex level frequency, so far, so good... I was doing well with this at another time but then got into trying to own the bigger market, which I find far more difficult, whatever works I guess...
that is a truly great idea trading simm on real time, applying whatever the demonstrator wants to emphasize and recording it for seminar or webinar for whomever.
better yet, trading it on real time and real money with just 2 contracts which surely will not break any trading educators' back for sure; applying target 1 at whatever price deemed fit by the educator and leaving the 2nd target for runner, if the educator so wishes or going for all in all out, if prefers.
to date, there were only 4 educators that i knew of, who went on line live on own accounts to win over potential clienteles, but there could be many more who have such confidence in their own setups and their own trading abilities that it won't bother them one bit to trade live to satisfy the eternal question--show me the money....
good suggestion, arnie. but do not hold your breath though, it will be quite a while before the real mccoys would be courageous enough to trade live in public.... LOL
but that is very much understandable, right? it is just too risky to do that. every trader is at the mercy of the market that particular day, even if you have the very best setup of say with 80% success rate, on that particular day that you choose to demo your setups and skills, the market and the product might have their own mind to just not cooperate.... and furthermore, it might decide to just humiliate you in front of hundreds.... LOL
just a thought to ponder for some. have a good trading session everyone. cheers.
Like FT says, if he traded accordingly to his signals but by the end of the day he's negative, tomorrow is another day. If we all understand what is teaching I doubt that anyone will think less of him if he ends negative on the day. I sure won't. You win some, you loose some.
I "know" a guy that trades live, with his own account during 3 weeks for those who takes his course.
John, from No BS Day Trading has an ebook with the same name (great ebook by the way) where he teaches how to read the DOM. Although the book gives a sense of the DOM it lacks that real time thing. Trying to learn something that is not static from a book it's not the preferable way.
The problem though is that he charges $590 for the course and to tell you the truth I'm tired of spending money on books, software, courses and other stuff just to keep track of what is happening in this business and in the end little or no value they offer to my business. Naturally that I accept that people charges for ebooks and videos/webinars since they took time to be made and that time needs to be paid but having said this, you just can't stop thinking that if they are really here to trade and help others, since they took the time to write or make a webinar, why charge such high prices? Naturally this is nothing compared to the so called gurus that charge $5k and more just for a couple of hours... you got to wonder...
In this aspect FT is really amazing since he offers almost 2 hours of his time in each webinar with no real interest behind. Well... naturally that we all know that behind all the webinars is his brokerage firm, but that's alright, we accept that, I accept that. There's no free meals in this world. You are investing on future clients at the same time you do some philanthropy, helping other traders.
Now, when we talk about some course sold by $600, $1000 and so forth, I ask, why bother trading at all with a sure income like this? I'm not saying that they never traded before, I'm saying why bother.
If I become half a percent smarter each year, I'll be a genius by the time I die
Since I initially suggested this, I'd like to clarify that I had no intention to propose a live trading session. It was really just an offhand remark. And pedagogically, a recorded session would be much more beneficial than a live one, though I'm sure it would be a lot of work for him.
In any case, I think you should probably ignore all these ideas and ask FT71 to present whatever he thinks will most benefit struggling traders, since one of the main problems struggling traders have is that they don't know what's good for them.
Mike, can I know what are you looking specifically at or for in the bigger time frames?
I find myself looking at the same things as in a smaller time frame - trendlines and pivots; it just that these seems to have more "weight" in a bigger time frame
