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Webinar: FuturesTrader71 (FT71) on Volume Profile
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Webinar: FuturesTrader71 (FT71) on Volume Profile

  #61 (permalink)
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futuretrader View Post
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.

This element is another huge win for retail traders. While running his prop shop, FT71 had a trainee success rate in excess of 90% (seems like it was 94%) and he is trying to build something that greatly increases the retail trader's chances to succeed. Who knows if he'll achieve 94% profitable clients. My guess is his clients will far surpass the 5-10% success rate we've seen 1,000 times.

I know I keep coming back to this stuff, but it can not be over-emphasized how industry trend fading this initiative is. Simple question: Is anyone else's broker doing the same thing?

Btw, I haven't watched these webinars for a while, so I can't recall how much he covers DOM reading but I know it is included in the content:

Journals, DOM and Entries

DOM Reading and Homework Sample

Luck is what happens when preparation meets opportunity. ~ Seneca

Last edited by omni72; April 24th, 2012 at 10:34 PM. Reason: adding links
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  #62 (permalink)
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I just watched this webinar. It was fantastic.

I have been profiling for over a year now, and continue to feel at home with the map of the market it presents. My preparation is similar, and I also generally look for balance => imbalance => balance.

The conversation on risk was amazing, and FT71 is a natural teacher; anyone who uses as many analogies as he does must be, as it's practically the best way of conveying information in an easy-to-understand manner. I was a bit shocked at the end when Mike mentioned how many people were asking about his "chat room" that he briefly mentioned. After FT71 emphasized the importance of developing one's own hypothesis, and not taking other's trades, I still can't help but think that many webinar viewers, sadly, are just looking to latch onto someone else's ideas instead of thinking for themselves. But hopefully I'm wrong about that.

Mike, thanks for bringing us another high quality and practically useful webinar. And thanks as always for recording, as I can rarely make them live. Ciao!

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  #63 (permalink)
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josh View Post
The conversation on risk was amazing, and FT71 is a natural teacher; anyone who uses as many analogies as he does must be, as it's practically the best way of conveying information in an easy-to-understand manner.

I laughed when you said this, because I always find myself using analogies for the market to try to convey my thoughts, and there are some people on the forum who always beat me up saying it is worthless to describe the market in any terms that are not the market itself.

I do completely agree with the assessment of the webinar, and I have received many, many times the usual amount of emails and feedback on this webinar, with everyone singing praises.


Quoting 
I was a bit shocked at the end when Mike mentioned how many people were asking about his "chat room" that he briefly mentioned. After FT71 emphasized the importance of developing one's own hypothesis, and not taking other's trades, I still can't help but think that many webinar viewers, sadly, are just looking to latch onto someone else's ideas instead of thinking for themselves. But hopefully I'm wrong about that.

Darwinism / Natural Selection, etc etc etc... bottom line, most people are not cut out to be traders. Traders lead, and some people cannot lead. They cannot take risk. Risk aversion does not a trader make. I believe people equate 'chat rooms' with risk aversion, and they are more comfortable following someone elses decisions instead of making their own. This is fine if you are learning concepts of the market that you don't understand (like what is imbalance or balance) but at some point you have to stop sucking on the tit, and grow up to be a big boy and trade for yourself.

Ed Seykota said: "You get what you want out of the market", and this holds true whether you realize what your mind is doing, or if it has tricked you while it still is searching for a way "out" of the pain and suffering you are experiencing from trading badly. Dr. Brett talks about this too, and I've witnessed it enough to firmly believe in it.

Mike

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  #64 (permalink)
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Follow-up questions

Great webinar. Mike thanks for putting this together. I have a few questions regarding the daily chart levels.

First of all, what would you use for a Crude daily chart? Would you use a 330M chart since that's what represents the daily RTH for crude?

Secondly, in regards to the micro composite profiles on the daily chart, how did you use the levels you got (mapped out) from the 405M chart. I didn't see those levels carried forward to the intraday chart. It looked like he (FT71) only referenced the intraday LVNs and HVNs as for his areas of doing business. I didn't see ant mention of daily CLVN or CHVNs.

Thank you. By the way I have watched almost all videos on FT71's site incluDing the four webinars. FT71, thank you ver much.

Kulu

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  #65 (permalink)
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kulu View Post
Great webinar. Mike thanks for putting this together. I have a few questions regarding the daily chart levels.

First of all, what would you use for a Crude daily chart? Would you use a 330M chart since that's what represents the daily RTH for crude?

Secondly, in regards to the micro composite profiles on the daily chart, how did you use the levels you got (mapped out) from the 405M chart. I didn't see those levels carried forward to the intraday chart. It looked like he (FT71) only referenced the intraday LVNs and HVNs as for his areas of doing business. I didn't see ant mention of daily CLVN or CHVNs.

Thank you. By the way I have watched almost all videos on FT71's site incluDing the four webinars. FT71, thank you ver much.

Kulu

Kulu, NT charts the RTH session for daily bars I believe. Otherwise, yes, a 330 minute chart. I'm not sure how FT using the micro composites or better put balance areas but I use them as well and mainly focus on those balance areas' VPOC, and high and low value areas as potential areas of support and rejection. As for carrying them over on to an intra-day chart, I would imagine he looks at multiple charts during the session. The intra-day HVNs and LVNs are typically not significant enough (volume wise) to have a large scale impact on price. They may react for a small move but the gist of using the big picture composite's HVN and LVN areas are looking for repetitive areas of acceptance and rejection on a large volume scale that occurred multiple times in the past. BTW, FT is not the only trader out there that uses volume areas. But he's done a great job with familiarizing it to the retail crowd.

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  #66 (permalink)
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Private Banker View Post
Kulu, NT charts the RTH session for daily bars I believe. Otherwise, yes, a 330 minute chart.

Any charting software, NT or otherwise, will chart whatever the data feed says is a daily bar. IQFeed plots the ETH for daily bars, as will most data feeds I suspect, as there is technically no "RTH" for the ES, or for CL. . So for NT, one would want to use a 330 minute bar (with the correct session obviously, 9:00am - 2:30pm ET) if one wants the RTH only.


Private Banker View Post
The intra-day HVNs and LVNs are typically not significant enough (volume wise) to have a large scale impact on price. They may react for a small move but the gist of using the big picture composite's HVN and LVN areas are looking for repetitive areas of acceptance and rejection on a large volume scale that occurred multiple times in the past. BTW, FT is not the only trader out there that uses volume areas. But he's done a great job with familiarizing it to the retail crowd.

If I'm understanding you correctly, I would have to offer a different perspective. While long term levels of price activity, whether it be based on volume at price or on price alone, are important, the market has a good "memory" of recent prices as well. The fact that the market has found support at price X many times over the last 2 days may be much more significant than the fact that the market found support at a nearby price Y two months, or two years, ago.

I would be interested to know how many non-retail (aka "professionals") use volume profiling. It's simply not a tool I would expect most pros would use, but then again, I wouldn't know, so I would like to hear more about this.

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  #67 (permalink)
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Please let me know what specific items you would like to see FT71 discuss for his next webinar.

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.

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  #68 (permalink)
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It would be cool if he could talk about some specific strategies that his successful client are doing, intraday, statistically what is working for people versus machines. risk to reward, number of turns, what is the optimal human frequency of trading, that kind of thing. Specific to wti would be good. I would like to hear about who is succeeding intraday and what kind of approach are they taking, statistically speaking. thanks

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  #69 (permalink)
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syxforex View Post
It would be cool if he could talk about some specific strategies that his successful client are doing, intraday, statistically what is working for people versus machines. risk to reward, number of turns, what is the optimal human frequency of trading, that kind of thing. Specific to wti would be good. I would like to hear about who is succeeding intraday and what kind of approach are they taking, statistically speaking. thanks

I will ask, but...

I think based on the previous webinars he's held on futures.io (formerly BMT), it seems obvious he is not going to recommend a specific methodology. I agree with him, and it is the same approach I take. Methodologies are personal, there is no right or wrong for the most part. I generally try to keep my mouth shut on the site when it comes to what I think about a persons methodology. Sometimes I succeed I mention this because I believe FT71's philosophy is the same.

I am sure he is partial to his own methodology, which two of the three webinars on futures.io (formerly BMT) have focused on in detail.

With regards to the rest, I think he has mentioned a lot of "what not to do" recommendations, which might be as good as it gets as far as an actual "here is how to make money" bullet point list. It is hard to discuss some of the statistics otherwise because they are very methodology-specific. For example, a scalper probably has an extremely high win rate, which doesn't translate well to other methods. MAE and MFE are going to be highly relational to the methodology. Time in the trade is relative to the type of trader you are.

But, I will ask.

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.

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  #70 (permalink)
Membership Revoked
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Ya, I hear ya, that's a bit difficult to generalize. I guess I'd just like to hear about the people who are currently making it in these markets and what they are doing, what seems to be the common thread in terms of frequency of trading. I think that's my main question, specific to the crude market if possible.

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