AMA: FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything - futures io
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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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  #201 (permalink)
Vienna Austria
 
Experience: Intermediate
Platform: NinjaTrader
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humseper View Post
Which software/platform does futuretrader72 use?

Amongst others IRT and IQFeed as data feed. Have a look at his site and Chart-Hub for examples.

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  #202 (permalink)
Amsterdam, The Netherlands
 
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humseper View Post
Which software/platform does futuretrader72 use?

I'll give you a hint, look at my profile to the left. Also FT71's brokerage is here: Stage 5 - Home

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  #203 (permalink)
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Manta, Ecuador
 
Experience: Advanced
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Hi guys,

It is my pleasure to welcome back Morad Askar, aka @FuturesTrader71, for a webinar on Tuesday, September 10th @ 4:30 PM Eastern US.

The topic will be FT71's take on "The Holy Grail: Expectancy & Habits". FT71 is going to come at this from a slightly different angle in the hopes it will resonate with a large audience.

Bullet points include:
- Trading like a ship without a rudder
- Defining Expectancy
- The captain of the Titanic's poor grasp of Expectancy
- Picking a focal point for your trading
- What is a reasonable and achievable but also challenging?
- A business that doesn't keep records isn't a business for long
- The tools that can make a difference

The webinar discussion URL is:


To register:
https://futures.io/webinars/#registernow

Mike

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  #204 (permalink)
Sunshine Coast, Australia
 
Experience: Beginner
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Posts: 18 since Mar 2013
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Thanks for the Webinar Mike and FT. Very useful, as always.

Regarding the mechanical following of targets and stops, some days the market for a given setup will have much more space than others. EG: if your set up is to enter on edge of VA looking for return to VPOC, the number of ticks will be hugely different day to day. How do you relate this to tracking your statistics and using a fixed target and stop setup (e.g.: T1 5, T2 10, Stp -5)?

Thank you.

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  #205 (permalink)
Chicago, IL, USA
 
Experience: Advanced
Platform: CT Bookmap, IRT
Broker: EdgeClear.com using Rithmic/IQFeed
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Wagtail View Post
Thanks for the Webinar Mike and FT. Very useful, as always.

Regarding the mechanical following of targets and stops, some days the market for a given setup will have much more space than others. EG: if your set up is to enter on edge of VA looking for return to VPOC, the number of ticks will be hugely different day to day. How do you relate this to tracking your statistics and using a fixed target and stop setup (e.g.: T1 5, T2 10, Stp -5)?

Thank you.

Good question.

Is your goal to maximize profits or to trade consistently and with less fear?

I say you aim to trade consistently. To build trust in yourself. For that, you are going to have to detach yourself from how much you can get out of each trade.

For example, for ES, the harmonic rotation in there is about 3 pts (12 ticks). I would shoot for that as an outside target/exit. Doesn't matter what day or volatility we have. Your trade has to be based on how you are reading context and what bias you have.

The key element is to choose something conservative and to do it consistently for at least 30 trades.

Does that make sense?

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  #206 (permalink)
copenhagen
 
Experience: Beginner
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So could a strategy look like: 2 contracts.

Target 1: 6 ticks. Target 2: 12 ticks: Stop:-6 ticks?

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  #207 (permalink)
copenhagen
 
Experience: Beginner
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FT71:

When the action is close to the days extreme/outer limit, what do you look for to know if it is making a breakout or returning back?

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  #208 (permalink)
Chicago, IL, USA
 
Experience: Advanced
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Broker: EdgeClear.com using Rithmic/IQFeed
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lifeguardsteve88 View Post
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!

Hi Steve,

Firstly, let me apologize for the delay in responding. I have definitely had a full plate for a couple of months now.

As I always say, "context" is a big word. The application of this comment is really restricted to the fact that a change has occurred while you are in the trade that causes that trade's probable outcome to get so bad that you are better off closing it. This has to be separated from the usual "I got in, got nervous and closed the trade". This would be micromanagement which hurts most traders, in my opinion.

Yeah, you are on point with the rest of your comments. Use a reasonable target and stop and just let it go.

Best of luck!
FT71

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  #209 (permalink)
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Tip


There will be a Live AMA session on Wednesday, October 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/343098198




Mike

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  #210 (permalink)
Greensboro North Carolina
 
Experience: Intermediate
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Broker: IB w/ NT and kinetick
Trading: Stocks, ES, CL
 
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Posts: 10 since Aug 2013
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I just want to take a moment and be clear for people who are having difficulty trading. Beginning traders keep hearing over and over again that your homework is what will dictate an area of trading interest and that the homework will tell you where to consider being actionable and that your homework is what gives you your edge and that you have to have solid risk management i.e 5 tick risk, 5 tick first target and a runner held under swing highs or lows and a daily loss limit, but the fact of the matter is people don't even understand how to develop edges with homework. You and many others make it sound easy to determine edges with statistical advantages. Then make it seem as though the hard part is executing those edges when the time is right. Well for many, the hard part is just knowing where to begin to develop a statistical edge! I feel this is a very frustrating part about asking for help and learning how to trade and perhaps that is an ironic statement but not knowing how to execute trades in a given situation seems far more difficult than following an established plan.

Most beginning traders don't even understand how to establish a strategy that has an edge to then subsequently begin understanding the pitfalls of their "monkey" or daily loss limits or abiding stops or tinkering or any number of terrible canyons to fall into. There are many beginning traders that are perfectly able to follow a statistically advantaged system but don't know how to begin to figure one out or gain a statistical edge to begin with. Are they expected to just pay for a system that someone has already figured out? How do they learn to develop the edges themselves?

I guess these are just the ramblings of another trader who has difficulty understanding the learning curve in trading. (and not for a lack of trying!) It's difficult when you continue to hear ambiguous statements about risk control and psychology that are easily understood and willingly accepted (after some amount of pain) but aren't even given the chance to test those solid methods of risk control and psychology on a methodology that has a statistical edge because you aren't given the tools to develop or understand how to even begin to generate that edge.

I want to be clear, I have the upmost respect for this forum, BMike, FT71, and all contributors to the site, and I certainly hope I am not stepping out of line, however it is a constant concern for people trying to figure this business out and I welcome any thoughts on the matter.

Thank you for your time.

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