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Webinar: FuturesTrader71 (FT71) on Volume Profile


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Webinar: FuturesTrader71 (FT71) on Volume Profile

  #21 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
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The market advertises higher and higher prices until there are enough sellers motivated to sell. Then it turns and tests the other end (lower and lower) until there are enough buyers motivated to buy.

Markets are cyclical.

Mike

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  #22 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
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Broker: IBKR
Trading: Stocks & Futures
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"What has the market done? What is it trying to do? How good of a job is it doing getting there?"

Then when it is time to execute: "What is more likely to happen from here?"

Mike

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  #23 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
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Posts: 50,396 since Jun 2009
Thanks Given: 33,172
Thanks Received: 101,537


Pay attention to Value Areas on days where the market is in balance.

Mike

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  #24 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
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Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
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Posts: 50,396 since Jun 2009
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Statistically the day session tests or breaks the overnight high or low 96% of the time.

Mike

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  #25 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
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Broker: IBKR
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FT71: "I will never do homework that says anything like 'it should', 'it will'"

Instead always be nimble, you cannot predict, you can only visualize possible scenarios.

Mike

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  #26 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
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Posts: 50,396 since Jun 2009
Thanks Given: 33,172
Thanks Received: 101,537

Key objective - get to the first scale (target) to mitigate risk and so you can add them so can recalculate theoretical average (pushing it further to your advantage).

Mike

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  #27 (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: 101,537

Market internals: S&P ^TICK

His analysis shows 95% of time ranges between +250 and -270

Mike

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  #28 (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: 101,537

Common pitfalls:
  • Not understanding risk. Do you really understand risk? Do you really understand your leverage?
  • Not having a clean and vetted plan. You cannot 'wing it'. Have a checklist/plan. Incorporate your homework. You need a plan so you can ultimately monitor what you are doing, which is necessary to know what is wrong with your trading.
  • Tampering with or over thinking the trade. You have a planned trade, yet when you execute it you don't follow the plan.
  • Not obeying risk. Even if they've defined risk ahead of time (x amount per trade, x amount per day, only try same setup x times before stopping, etc) they don't follow it.
  • Changing methods too frequently. This week - trendlines, week before that - volume profile, week before that delta, etc etc. Constantly adding or changing to your chart.
  • Following others. Don't follow others. You have to trade your own plan. Do your own homework. It is impossible to take someone else's trade correctly.
  • Not recognizing their success and failure is linked to their psychology and discipline, not to some technical failure or knowledge. The most books, sales, market, indicators, vendors -- they focus on technical, but it is so much less significant than psychology and discipline.

Mike

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  #29 (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: 101,537

I want to thank @FuturesTrader71 for an absolutely stunning webinar. Incredible detail in his process/methodology, and so much other invaluable information -- this is a must watch in his continuing series of webinars on futures.io (formerly BMT)

I will post the recording of the webinar tomorrow.

Mike

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Thanked by:
  #30 (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: 101,537


His brokerage, for all those asking questions:

Welcome to VanKar Trading Corporation | Futures, Commodities and System Trading Specialists

Mike

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Last Updated on January 31, 2022


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