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


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

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  #101 (permalink)
 syxforex 
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BigMike, Thanks for the posting the webinar. May ask where it was posted as I didn't see it in the webinars section. Unfortunately my current inet does not like doing live webinars otherwise would not have missed it.

Thanks

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  #102 (permalink)
 mongoose 
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syxforex View Post
BigMike, Thanks for the posting the webinar. May ask where it was posted as I didn't see it in the webinars section. Unfortunately my current inet does not like doing live webinars otherwise would not have missed it.

Thanks

It is 2 posts before you, and I think he also puts them on his youtube channel.

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  #103 (permalink)
 syxforex 
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oops, scrolled right by it... need a third eye,, haha

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  #104 (permalink)
 syxforex 
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Thanks FT71, really appreciate your time.

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  #105 (permalink)
 josh 
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FuturesTrader71 View Post
Money Management: Start with Phantom of the Pits and then know Trading in the Zone forwards and backwards

@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?

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  #106 (permalink)
 rjnebay 
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Big Mike View Post
What did everyone think of today's AMA?



Mike

Another awesome session. I picked up 3 more golden nuggets. I'm so appreciative to you and FT for your generosity of experience and integrity of time. I am truly a better trade facilitator with your influence...Rj

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 calitrader 
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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

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  #108 (permalink)
 Upupandaway 
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I've watched all your videos. I like what you do, it's been very helpful. Something I'm not to sure about is the "opening swing". I've posted a 5minute chart of the CL. Would you point out what is the open swing, as you see it. It would be very much appreciated. Thank you

Chad

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  #109 (permalink)
 garyboy275 
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Big Mike View Post
What did everyone think of today's AMA?



Mike

As always great questions and great webinar. Thanks to FT for his time and for putting it together

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  #110 (permalink)
 para6ut 
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Upupandaway View Post
I've watched all your videos. I like what you do, it's been very helpful. Something I'm not to sure about is the "opening swing". I've posted a 5minute chart of the CL. Would you point out what is the open swing, as you see it. It would be very much appreciated. Thank you

Chad

Hi Chad,
Hope you don't mind me answering.
Please see how I understand it. FT says that OS is where buyers step in at the open and where sellers step in at the open. It is not related to time - it can be 8 seconds or 15 mins, it doesn't matter.

You can check this out -

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  #111 (permalink)
 Big Mike 
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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




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

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  #113 (permalink)
 indextrader7 
Birmingham, AL
 
 
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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 
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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 
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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 
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Bump for tomorrow's event, link is a few posts up.

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 PLD3 
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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 
 
 
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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.

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  #119 (permalink)
 FuturesTrader71 
 
 
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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.

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 FuturesTrader71 
 
 
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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.

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Upupandaway View Post
I've watched all your videos. I like what you do, it's been very helpful. Something I'm not to sure about is the "opening swing". I've posted a 5minute chart of the CL. Would you point out what is the open swing, as you see it. It would be very much appreciated. Thank you

Chad

Your 5-minute chart is too slow to determine the opening swing. By the time a clear initial high and low were made, you had to wait 20 minutes. On your chart, the opening swing had already happened earlier.

However, imagining that this is a shorter time frame chart, the opening swing would be described as: 95.33 to 94.82. The opening type is OAOR (Open Auction Out of Range). On that day, the opening swing is very important for measuring which side has more business to transact.

You can also see that the opening swing was tested & confirmed at 8:56 CT and again at 9:15-ish CT and then AGAIN at 1:12 PM CT.

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para6ut View Post



Hi Chad,
Hope you don't mind me answering.
Please see how I understand it. FT says that OS is where buyers step in at the open and where sellers step in at the open. It is not related to time - it can be 8 seconds or 15 mins, it doesn't matter.

You can check this out -

Nice going and thanks for stepping in.

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marts01 View Post
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

The biggest change is that the edges that existed in the pit are no longer there or are instantaneous now. Things like seeing a big broker's level of attention to the quote board before stepping in with both hands in the air or seeing a runner sprinting to a broker in the pit from the phone banks, etc. These are all gone. The field is much more level and fair = efficiency.

Also, there is a significant amount of additional noise now in the electronic trading world. There are many misleading marketing schemes, false promises, tweets, DVD's, seminars, etc. It is very easy now to get led in a lot of useless directions. This is the reason I went out into the public back in late 2009. I saw too much noise out there and too much focus on indicators and not enough on what the market really is.

The markets are much more efficient today than they were then. A trader has to trade with a more solid plan and a well-defined edge using a larger timeframe now than they did 15 years ago.

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  #124 (permalink)
 FuturesTrader71 
 
 
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PLD3 View Post
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.

No, I don't use moving averages at all. Why not 18 period? Why not 22? 36? 54? 500?

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  #125 (permalink)
 Big Mike 
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I want to thank FT71 for his time today as always. I'll post the recording of the AMA shortly.

Mike

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 RichardHK 
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Thanks again for your time today. One question I had but time ran out. Not sure if this has been covered earlier:

What is your view on using tick charts vs the volume chart you have?

And if using tick charts, is there a recommended volume indicator to use to help assess Wyckoff/similar type action?

Richard
Hong Kong
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 rjnebay 
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FT, thanks for visiting with us again today. I just finished reading the Power of Habit and have started creating some habit loops for trading. I would be interested in an example of one that you created for yourself or someone that you have trained. Following the Cue, Routine, Reward loop format, I am struggling with the reward as I don't think it should be tied to the outcome of the trade. As you have said, we can do everything within our power perfectly to better our edge but the outcome of the trade is still a 50/50 proposition. In re-listening to one of your archived chats, I heard to you recommend grading yourself on saying what you would do and whether you did what you said. Thanks...Rhonda

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 Big Mike 
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Here is the recording from today's AMA session.

Mike

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 Big Mike 
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There is a problem with the in-line video player right now, I am working on it.

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 Big Mike 
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Big Mike View Post
There is a problem with the in-line video player right now, I am working on it.

Mike

Working now, sorry for delay - was caught on phone.

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 PLD3 
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FuturesTrader71 View Post
No, I don't use moving averages at all. Why not 18 period? Why not 22? 36? 54? 500?

Thank you for responding to my query.

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  #132 (permalink)
 josh 
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FuturesTrader71 View Post
Excellent question. I don't agree with this aspect of POP's rule.

Thank you for your clear and concise answer @FuturesTrader71. I appreciate you taking the time to answer, and I thank you for your AMA today--it was probably the best so far, some very good actionable information in there.

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 syxforex 
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Love this Thread! Thanks FT71

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 FuturesTrader71 
 
 
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RichardHK View Post
Thanks again for your time today. One question I had but time ran out. Not sure if this has been covered earlier:

What is your view on using tick charts vs the volume chart you have?

And if using tick charts, is there a recommended volume indicator to use to help assess Wyckoff/similar type action?

Hi Richard,

It is a personal preference really. I prefer volume because I like to be in tune with "how much traded" but tick charts serve the same function. The difference really is when the bar closes.

I don't use tick charts. What do you mean by "to help assess Wyckoff/similar type action"? Can you share an example?

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 garyboy275 
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I just wanted to thank FT71 for all he has done and being ranked #1 on investimonails for futures broker. Totally deserving for all the effort and time put in. Congrats to both you FT71 and Anthony.

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 arnie 
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I don't know how was this possible but I completely miss this AMA

Just finished seeing the recording and as always... brilliant!

Thanks FT71

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 RichardHK 
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FuturesTrader71 View Post
Hi Richard,
It is a personal preference really. I prefer volume because I like to be in tune with "how much traded" but tick charts serve the same function. The difference really is when the bar closes.
I don't use tick charts. What do you mean by "to help assess Wyckoff/similar type action"? Can you share an example?

Hi FT,

By Wyckoff type action I mean the upthrusts, springs, signs of weakness, etc., along with trend lines and pivots. Attached is my chart for yesterday's open and first few hours on the ES roller coaster which shows where I am at now. Since writing my message I have studied stuff here and added the PriceActionSwing and WWaveVolume indicators that work alongside my earlier cumulative delta and Better ProAm/Sinewave. Trying hard to keep these to a minimum and seems about right now.

The WWaveVolume is an indy version of David Weis's Weis Wave and I may buy David's version later after completing his new book. He's a nice guy and should be compensated for his good work.

So I have a tick chart for monitoring trades, ProAm for large trade size, Sinewave for potential turning points, CD for market order behavior, and PASwing and WaveVolume for swing volume/wedge/etc info. Also using the Jigsaw tools to confirm trades. So far so good. Been profitable for a while now. Any comments?

PS. Note the blue trend line coming in from overnight Globex session, pointing perfectly to best trade of the day at open! Trendlines work!


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 Big Mike 
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Tip


There will be a Live AMA session on Tuesday, May 28th @ 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/399617630

During the month of June, futures.io (formerly BMT) has 15 very special webinar events as part of our 4-year anniversary -- including FT71 speaking on Tuesday, June 11th. The May 28th session will be the last AMA until Tuesday, July 9th when we get back on schedule after all the special June events.




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 joskavrty 
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Hello FT71 in last AMA you said that you reccomend to new traders to trade (execute) M6E contract and analyze and watch 6E. Have you got some expiriences with analyze 6E and execute with some ECN forex broker on EUR/USD. Or some kind of this trading currency futures - execution on forex.

Thank you.

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 Big Mike 
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AMA session is open.

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 Big Mike 
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I want to thank FT71 for his time today. Below is the recording of today's session.

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Attached Files
Register to download File Type: mp4 ama-ft71-may28-2013.mp4 (152.33 MB, 534 views)
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  #142 (permalink)
 jphillips9 
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anyone else having a problem with viewing the whole vid? I can only get to about 28min. When I try to manually download the mp4 it stops at 126mb every time.

Thoughts???

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 Big Mike 
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jphillips9 View Post
anyone else having a problem with viewing the whole vid? I can only get to about 28min. When I try to manually download the mp4 it stops at 126mb every time.

Thoughts???

No problems here.

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 jphillips9 
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Big Mike View Post
No problems here.

Mike

Hmmm, I just downloaded a Nvidia driver for my desktop with no problem. I'll give it another try in a few minutes.

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 TheGaryGuy 
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jphillips9 View Post
anyone else having a problem with viewing the whole vid? I can only get to about 28min. When I try to manually download the mp4 it stops at 126mb every time.

Thoughts???

I am watching the end of the vid right now at minute 38:04..

No problems here,

Gary

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 omni72 
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jphillips9 View Post
anyone else having a problem with viewing the whole vid? I can only get to about 28min. When I try to manually download the mp4 it stops at 126mb every time.

Thoughts???

Yeah, mine kept failing around 116-118MB on Chrome & Firefox on my laptop. Failed on Chrome on PC as well (around 126MB), but it eventually worked on FF on the PC.

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 jphillips9 
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I finally got it after restarting the computer.

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 cdk1212 
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How would you suggest managing the trade with a 1 lot

With out a doubt, trading with 1 contract is much harder than 3 or 4. But it seems to be a normal progessing step from 1 to multiple. Then with that is risk managment and giving the trade some room to breath.
I believe it is all about waiting for your setup to mature and then execute with confidence. Whether it is 1 or multiple lots.



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 DarkPoolTrading 
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cdk1212 View Post
How would you suggest managing the trade with a 1 lot

With out a doubt, trading with 1 contract is much harder than 3 or 4. But it seems to be a normal progessing step from 1 to multiple. Then with that is risk managment and giving the trade some room to breath.
I believe it is all about waiting for your setup to mature and then execute with confidence. Whether it is 1 or multiple lots.



You may want to check out this post where FT71 addressed a similar question:

Diversification is the only free lunch
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 josh 
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Big Mike View Post
I want to thank FT71 for his time today. Below is the recording of today's session.

Don't want to clutter the thread too much, but wanted to give a thanks to FT and to Mike. Great information, lots of wisdom in these 30 minutes without hype, as usual.

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 Big Mike 
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Just a note that registrations are now open for FT71's special webinar on Statistical Analysis as part of our 16 webinar events in June for our 4-year anniversary:

Registration:
https://futures.io/webinars/#registernow

Thread:


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 calitrader 
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Hi FT71,
I wanted thank you for the great webminar yesterday. It got me to thinking about one of the other webminars I have seen you give on day type analysis. Was that done in Excel or from inside Investor/RT? I trade CL exclusively and would like to do a similar study to the one I saw you do for ES. If its in excel can you post an empty spreadsheet with the formulas as a template or maybe just a rough thought process flow that I could go through to create it? Thank you.

Chris

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 para6ut 
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FT,

Do you only take trades towards value? True or false ?

PS: Inspirational work all you do, great thank you!

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 Big Mike 
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Tip


There will be a Live AMA session on Tuesday, July 9th @ 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/356574886




Mike

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 FuturesTrader71 
 
 
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cdk1212 View Post
How would you suggest managing the trade with a 1 lot

With out a doubt, trading with 1 contract is much harder than 3 or 4. But it seems to be a normal progessing step from 1 to multiple. Then with that is risk managment and giving the trade some room to breath.
I believe it is all about waiting for your setup to mature and then execute with confidence. Whether it is 1 or multiple lots.



I'm aiming to change the fact that you have to go from 1 to 2 contracts to trade a product like the ES. We are pushing the exchange (met with the CME today, in fact) to introduce micro-Index products to help people start at 2 or more. It is definitely tougher trading in a binary way (either 1 contract on or off).

The best way to manage a 1-lot really is to use a fixed trade management scheme and to have an approach that gives you many signals during the trading session. There is no great way to trade it since you can't bank any profits to let the runner run in this situation.

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 FuturesTrader71 
 
 
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josh View Post
Don't want to clutter the thread too much, but wanted to give a thanks to FT and to Mike. Great information, lots of wisdom in these 30 minutes without hype, as usual.

Thanks, Josh. Glad you find it useful. This makes it a worthwhile effort for everyone.

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 FuturesTrader71 
 
 
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calitrader View Post
Hi FT71,
I wanted thank you for the great webminar yesterday. It got me to thinking about one of the other webminars I have seen you give on day type analysis. Was that done in Excel or from inside Investor/RT? I trade CL exclusively and would like to do a similar study to the one I saw you do for ES. If its in excel can you post an empty spreadsheet with the formulas as a template or maybe just a rough thought process flow that I could go through to create it? Thank you.

Chris

Day-type analysis was done in Excel from bar data exported from IRT. I am unable to post the excel sheet because it is specific to that data and it contains some proprietary stuff in there that is reserved for Stage 5 traders.

It is not hard to create it though. Give it a crack and see where you end up.

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 FuturesTrader71 
 
 
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para6ut View Post
FT,

Do you only take trades towards value? True or false ?

PS: Inspirational work all you do, great thank you!

False. I take trades that are based on a probability of some future thing happening. If the context is such that we are breaking away from value and are moving away (initiative moves), then I will go with that. But if the market is in balance, then I will trade to value on a choppy day.

In either case, I generally don't trade breakouts and am fading some time frame to capture another.

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  #159 (permalink)
 bob7123 
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Hi,

This is a question for Big Mike and FT71 that I have been wanting to ask for a while.

FT says he has a background as a scalper and still looks at shorter timeframes. Big Mike talks about how his smaller charts are 100K tick charts.

I would love it if you two would discuss what is different about your trading styles, and what is not.

In the areas where you diverge, how do you guys feel your styles fit personally, and in the areas where you find common ground, what do you agree are the most important and universal concepts for trading success?

Thanks,
-Bob

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 lifeguardsteve88 
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FuturesTrader71 View Post
I'm aiming to change the fact that you have to go from 1 to 2 contracts to trade a product like the ES. We are pushing the exchange (met with the CME today, in fact) to introduce micro-Index products to help people start at 2 or more. It is definitely tougher trading in a binary way (either 1 contract on or off).

The best way to manage a 1-lot really is to use a fixed trade management scheme and to have an approach that gives you many signals during the trading session. There is no great way to trade it since you can't bank any profits to let the runner run in this situation.


Wow, a micro ES (any/all micro-Index products actually) would be an awesome way for beginners to to learn the trading craft. Certainly wish you success in your efforts. And I'm looking forward to funding my S5 account soon, Cheers!

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 Big Mike 
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Big Mike View Post
Tip


There will be a Live AMA session on Tuesday, July 9th @ 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/356574886




Mike

AMA is open and starts in a couple of minutes.

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  #162 (permalink)
 Big Mike 
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I want to thank @FuturesTrader71 for his time today like always.

Below is the video recording. We decided to do an "extended edition" so this one is 45 minutes.

If your question did not get answered, you can post it here in the thread and FT71 will do his best to answer.

Mike

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  #163 (permalink)
 Big Mike 
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What did everyone think of the AMA?

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 Devil Man 
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I really enjoyed it...lots of good stuff to think about.

thank you @FuturesTrader71 and @Big_Mike!

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 lifeguardsteve88 
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Couldn't watch it "live' but just viewed the recording..... excellent info, as always.

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 Boomer34 
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Great AMA!

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 bob7123 
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Big Mike View Post
What did everyone think of the AMA?

Mike

Are you kidding? I just PMed FT to open an account with him.

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 FuturesTrader71 
 
 
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Hi,

This is a question for Big Mike and FT71 that I have been wanting to ask for a while.

FT says he has a background as a scalper and still looks at shorter timeframes. Big Mike talks about how his smaller charts are 100K tick charts.

I would love it if you two would discuss what is different about your trading styles, and what is not.

In the areas where you diverge, how do you guys feel your styles fit personally, and in the areas where you find common ground, what do you agree are the most important and universal concepts for trading success?

Thanks,
-Bob

Hi Bob,

Sorry I didn't see this before the AMA session. We answered it during that session though.

Thanks for asking.

FT71

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lifeguardsteve88 View Post
Wow, a micro ES (any/all micro-Index products actually) would be an awesome way for beginners to to learn the trading craft. Certainly wish you success in your efforts. And I'm looking forward to funding my S5 account soon, Cheers!

Hey Steve,

Yeah, we have been pushing the product group for some time. We will likely get something in the next few months.

I focus most of my effort when I'm not trading and while I'm trading on watching how others are doing and attempting to intervene to help them deal with the risk associated with trading (on a best effort basis). What I have noticed is that most folks are really penny wise and pound foolish when it comes to how risk is managed. I hear folks trying to push for lower commissions and the ability to fund with lower equity while trying to trade something like CL using lower-class data sources, charting, etc. It then is not a surprise when within a few days of trading, they have given up 15-25% of their account in losses.

With the micro-products, the risk still exists. The emotions associated with winning and losing are still there, but the risk is much lower. Yes, micros cost relatively more to trade, but overall, it is my belief that traders would be ahead if they got off the bigger products and simulators and traded those live. Once you see a positive expectancy and once a trader has executed enough trades to get over the anxiety of losing, then you can move to the bigger products as a career.

We will keep pushing and we will likely need public support to do it.

FT71

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  #170 (permalink)
 josh 
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FuturesTrader71 View Post
We will keep pushing and we will likely need public support to do it.

@FuturesTrader71, please keep pushing. Let's say a trader has a $20,000 account. If he wants to swing trade the ES, if we assume a typical stop size of about 10 handles for an ES swing trade, that's $1000 on 2 contracts only, which is really the minimum for such a trade, and that's just too much risk as a percentage of the account. So a micro would be a great way to allow more granular sizing for day trades, as well as opening the possibility of trading multiple contracts on swing trades and being able to actually work around a position doing so. Please keep us posted and if we can do anything let us know!

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 Big Mike 
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Thread on the SP500 ES/SP e-micro:



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 lifeguardsteve88 
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Just want to thank FT71 for recommending "Mind Over Markets". Being someone who has zero experience in finance or the markets, reading that book (well, I'm only several chapters in) has really helped me understand the mechanics and uses of market profile. Looking forward to the next AMA.

Cheers!

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 lifeguardsteve88 
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I was going through some webinars yesterday and heard FT71 mention that he uses a 2000 volume chart for the ES. I'm just beginning to work up my strategies, and although I am happy with how things are going so far, I can't say I'm anywhere near locked in on them yet. I've been using mostly time or tick chart variations with my strategies with moderate success. But something I never even considered before was how different chart types (range, volume, tick, time) might have such a drastic effect on results of the strategy you are using (or trying to formulate). I never considered trying a volume chart before.... but I figured if FT71 uses a 2000 volume chart on the ES, then it's definitely worth giving it a try. Now I know it's only been one day, but the 2000 volume chart is just making me look like a rock star!!! I have no illusions that I have found the missing "key" to my particular strategy.... but it has opened this beginners eyes to considering All the variables involved that may be helping or hindering a particular strategy.

Many thanks to @FuturesTrader71 and all the other great folks on futures.io (formerly BMT) that give of their time and knowledge for the benefit of others.

Cheers!

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  #174 (permalink)
 Big Mike 
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Tip


There will be a Live AMA session on Tuesday, July 23rd @ 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/756301062




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 Big Mike 
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Big Mike View Post
Tip


There will be a Live AMA session on Tuesday, July 23rd @ 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/756301062




Mike

Bump reminder for tomorrow's AMA.



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 bob7123 
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bob7123 View Post
Hi,

This is a question for Big Mike and FT71 that I have been wanting to ask for a while.

FT says he has a background as a scalper and still looks at shorter timeframes. Big Mike talks about how his smaller charts are 100K tick charts.

I would love it if you two would discuss what is different about your trading styles, and what is not.

In the areas where you diverge, how do you guys feel your styles fit personally, and in the areas where you find common ground, what do you agree are the most important and universal concepts for trading success?

Thanks,
-Bob


FuturesTrader71 View Post
Hi Bob,

Sorry I didn't see this before the AMA session. We answered it during that session though.

Thanks for asking.

FT71

I think you guys did a great job answering half of my question last time. You talked about the differences between your two trading styles.

Sorry for asking a long question in the first place, but this time could the two of you take a stab at where your find common ground with regard to what is important for trading success?

Thanks!

-Bob

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 josh 
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Question for the AMA:

This morning, FT tweeted "ES opening on the edge of yesterday's range. Expecting responsive selling at open." Why expecting responsive selling in this context?

Thanks!

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 arnie 
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josh View Post
Question for the AMA:

This morning, FT tweeted "ES opening on the edge of yesterday's range. Expecting responsive selling at open." Why expecting responsive selling in this context?

Thanks!

I assume since we opened out of range so the probability is for traders to seek balance, yesterday's balance, hence the responsive selling.
Also, since the ON inventory was clearly bullish, at the open we could have traders trying to "clean" that inventory.

Unfortunately we went through it and test yesterday's balance low (VA low). This really don't give a good perspective to see new highs above the ON high, but than again, it's still early.

Now we are having issues against today's developing area so until we break above it, shorts will be alive and kicking.

If I become half a percent smarter each year, I'll be a genius by the time I die
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 FuturesTrader71 
 
 
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lifeguardsteve88 View Post
I was going through some webinars yesterday and heard FT71 mention that he uses a 2000 volume chart for the ES. I'm just beginning to work up my strategies, and although I am happy with how things are going so far, I can't say I'm anywhere near locked in on them yet. I've been using mostly time or tick chart variations with my strategies with moderate success. But something I never even considered before was how different chart types (range, volume, tick, time) might have such a drastic effect on results of the strategy you are using (or trying to formulate). I never considered trying a volume chart before.... but I figured if FT71 uses a 2000 volume chart on the ES, then it's definitely worth giving it a try. Now I know it's only been one day, but the 2000 volume chart is just making me look like a rock star!!! I have no illusions that I have found the missing "key" to my particular strategy.... but it has opened this beginners eyes to considering All the variables involved that may be helping or hindering a particular strategy.

Many thanks to @FuturesTrader71 and all the other great folks on futures.io (formerly BMT) that give of their time and knowledge for the benefit of others.

Cheers!

I actually use 2500v as the trigger chart.

Hopefully, as you develop as a trader, your strategy and approach are a living process that changes gradually on a weekly basis.

I use volume bars because it helps me see how active the market is. Having 1000 1-lots trade to form a bar is much different to me than having those show up as an incomplete volume bar. On a tick chart, that may be enough to form another bar.

Just remember that ultimately, it won't be a technical indicator, chart type or tool that makes you who you are as a trader. It is about your habits and discipline first and foremost. So whatever you decide to stick with, just do it consistently and long enough to see whether or not it needs to be changed.

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 FuturesTrader71 
 
 
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bob7123 View Post
I think you guys did a great job answering half of my question last time. You talked about the differences between your two trading styles.

Sorry for asking a long question in the first place, but this time could the two of you take a stab at where your find common ground with regard to what is important for trading success?

Thanks!

-Bob

I would be interested in exploring this, but I think this would be a lengthy discussion. We trade on completely different time frames, so our views will be fundamentally different.

I'm curious, what question are you really seeking to answer from this discourse? Are you trying to figure out what time frame you should be trading in?

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 FuturesTrader71 
 
 
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josh View Post
Question for the AMA:

This morning, FT tweeted "ES opening on the edge of yesterday's range. Expecting responsive selling at open." Why expecting responsive selling in this context?

Thanks!

Because we are above the most recently accepted values below. The most recently accepted values are yesterday's VPOC and value range. Barring any news, the market, generally, likes to check prior accepted prices before it has the confidence to move away. You will see that this is what happened yesterday as well.

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arnie View Post
I assume since we opened out of range so the probability is for traders to seek balance, yesterday's balance, hence the responsive selling.
Also, since the ON inventory was clearly bullish, at the open we could have traders trying to "clean" that inventory.

Unfortunately we went through it and test yesterday's balance low (VA low). This really don't give a good perspective to see new highs above the ON high, but than again, it's still early.

Now we are having issues against today's developing area so until we break above it, shorts will be alive and kicking.

Good read!!!!

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 Big Mike 
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Big Mike View Post
Tip


There will be a Live AMA session on Tuesday, July 23rd @ 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/756301062




Mike

AMA room is now open.

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 bob7123 
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FuturesTrader71 View Post
I would be interested in exploring this, but I think this would be a lengthy discussion. We trade on completely different time frames, so our views will be fundamentally different.

I'm curious, what question are you really seeking to answer from this discourse? Are you trying to figure out what time frame you should be trading in?

Well, actually, you guys did a really good chat today, both in terms of answering my question (even if it may not have been an explicit goal) and providing great info for traders.

The central point I took away was at the end of the day success is all about learning to execute trades properly, and that discipline & forming good habits is a great way to get there.

You guys talked about the value of meditation and tools for self discovery. I liked that you both used webacams on yourselves and were surprised at the results. (Still working up to that one.)

You also talked about how all that glitters is not gold, and how to avoid some of the typical traps new traders fall into.

All of this is timeframe and instrument independent, so yes, it was exactly what I was curious about.

Thank you both for your time and excellent information.

Everyone else, bookmark this talk. I am!

-Bob

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 Big Mike 
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Thank you to @FuturesTrader71 for his time today as always.

The AMA recording is below. If your question did not get answered, post it here.

Mike

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 Big Mike 
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What did everyone think of the AMA?

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 josh 
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Big Mike View Post
What did everyone think of the AMA?

Mike

Liked it as usual!

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 lifeguardsteve88 
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Hi @FuturesTrader71,

I was wondering if you could give me a bit of clarification on something I heard you talk about on your last AMA. You mentioned that if you had a trade on and the context of that trade changes, that you might tighten you stop and look to get out of that trade.

Is that something one would do only after some time and experience, and with the knowledge that you already had a strategy that worked (meaning a tested strategy with statistically proven positive expectancy)?

I'm just starting out and in the first steps of putting together a strategy that involves discretionary entries. And I'm following your advice to never tamper with the trade once it's been put on so to be able to have usable data to evaluate the strategy, as opposed to injecting randomness by moving the stops and profit targets.

So my guess is that as a novice trader my priority should be focused on on getting the best data to evaluate my strategy, and not to actively manage the trade should a change of context arise, is that correct?

Thanks for another great AMA, and for all you do for all us traders.

Cheers!

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 DarkPoolTrading 
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Big Mike View Post
What did everyone think of the AMA?

Mike

Excellent as always. There seemed to be a lot of back and forth between yourself and FT71 in this particular AMA which I really enjoyed.

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 Big Mike 
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DarkPoolTrading View Post
Excellent as always. There seemed to be a lot of back and forth between yourself and FT71 in this particular AMA which I really enjoyed.

I try to minimize that but sometimes get passionate about a few things...

Mike

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 Cashish 
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DarkPoolTrading View Post
Excellent as always. There seemed to be a lot of back and forth between yourself and FT71 in this particular AMA which I really enjoyed.


Big Mike View Post
I try to minimize that but sometimes get passionate about a few things...

Mike


I noticed that too, I think it's time for a real AMA, Ask Mike Anything. I know you have the Ask Any Trading Question Thread but there's just something about your deep sexy voice vibrating in my ear that really turns me on.

I thought it was great, it's nice to see FT71 "coming out" too!

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 mkc1003 
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Hey FT71,

In the March 7th Webinar @ futures.io (formerly BMT): Trade Management Techniques you mention Mechanical versus Arbitrary Trade Management. I just want to make sure I understand correctly the way you are defining mechanical and arbitrary.

Mechanical management would be something that is fixed and unchanging so that you can eliminate it as a variable to the outcome of your trading (should you need to correct something.) In other words I would define this as no management at all.

Trade 1 2pt stop--- targets at 2 pts, 4pts, 6pts
Trade 2 2pt stop--- targets at 2 pts, 4pts, 6pts
Trade 3 2pt stop--- targets at 2 pts, 4pts, 6pts

Arbitrary management would be anything that changes from one trade to another. This would include moving stops or moving targets.

I’m assuming using low/high volume nodes as targets and stops would be under arbitrary trade management because they will change from one trade to another?

Trade 1 2pt stop(LVN)---targets at 2pts(HVN), 6pts (LVN), 8pts (HVN)

Trade 2 3pt stop(HVN)--- targets at 3pts(LVN), 7pts(HVN), 9pts (HVN)

Trade 3 2pt stop(HVN)--- targets at 3pts(HVN), 5pts (HVN), 8pts (LVN)

How do you define the way you trade?(mechanical entry mechanical management, mechanical entry arbitrary management, arbitrary entry mechanical management or arbitrary entry arbitrary management?)


Thanks -Mike

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 Mtype 
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Thanks Mike and FT71 for these great AMA sessions. I can not emphasize how thankful I'm for your efforts to share!

“Happiness is the meaning and the purpose of life, the whole aim and end of human existence.” Δ

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 Big Mike 
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We were originally scheduled to get back on track on Live AMA's this Tuesday the 20th after my return from Ecuador. However, I caught a bug that has now moved into my lungs (chronic issue for me...), and am a little under the weather and lacking energy.

FT71 has agreed to postpone while I get some rest. I'll update once we get back on track again.

Mike

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 para6ut 
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Big Mike View Post
We were originally scheduled to get back on track on Live AMA's this Tuesday the 20th after my return from Ecuador. However, I caught a bug that has now moved into my lungs (chronic issue for me...), and am a little under the weather and lacking energy.

FT71 has agreed to postpone while I get some rest. I'll update once we get back on track again.

Mike

Thanks and get well Mike!

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 josh 
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Sorry to hear about the bug Mike, get better buddy.

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 merler 
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It is generally 12 ticks according to my studies. However, lately it has been more like 9 ticks. The YM has been really slow given this low range, low volatility rally.

I suggest, however, that you study the rotations for YOUR particular chart. If you are triggering off of a 3 min chart, then determine what it is for that chart. We can cover that some time.

Hello FT71,

I am not going to ask for the harmonic rotation of the DAX. Instead I will try to figure it out myself.
Nevertheless, there’s one thing not really clear to me. In one of your webinars where you do the calculation for the ES you export the ZIGZAG with a “Minimum Price Change” of 1 $ (actually 1 point).
Why not using 0.75 or 1.5? If you change to this numbers your 1s and 2s changes accordingly and in turn the harmonic rotation as well. Hence, your stops would get tighter or wider.
For the DAX I have exported the data with a “Minimum Price Change” of 3, 5 and 7. As expected, results for the harmonic rotation are quite different. Now I could use the number which best represents my trading behavior but thought it should go the other way around – enter my trades and place stops based on harmonic rotations.
So, probably I’ve gotten something wrong. Maybe you or some else can shed a little more light on this.

Thanks

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 Bankrobber 
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hi FT71

I recently saw a video on yr website regarding trading the Micro futures..... U had two chart definitions labelled Cash Indices & European Indices that compare different markets on a % bases (gain or loss). Would it be possible for you to share these definitions please?

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 josh 
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@ FuturesTrader71, this morning you tweeted "What is the current profile saying to us so far?"

The picture at that time looked like this:



To which you later said: "It is saying that both sides are fighting on a range of prices. Both sides are interested at these prices."

My answer was "No consensus on value."

My question for you: how would the profile look different for "no consensus on value" versus "both sides are interested"? I suppose they are similar concepts, but one implies that neither side is too interested, while the other says that both are interested.

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 humseper 
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Which software/platform does futuretrader72 use?

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