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



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


Discussion in Trading Reviews and Vendors

Updated
      Top Posters
    1. looks_one FuturesTrader71 with 192 posts (665 thanks)
    2. looks_two Big Mike with 125 posts (475 thanks)
    3. looks_3 josh with 12 posts (30 thanks)
    4. looks_4 arnie with 10 posts (14 thanks)
      Best Posters
    1. looks_one Big Mike with 3.8 thanks per post
    2. looks_two Yukoner with 3.8 thanks per post
    3. looks_3 FuturesTrader71 with 3.5 thanks per post
    4. looks_4 josh with 2.5 thanks per post
    1. trending_up 226,384 views
    2. thumb_up 1,474 thanks given
    3. group 469 followers
    1. forum 619 posts
    2. attach_file 20 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

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

(login for full post details)
  #201 (permalink)
 merler 
Vienna Austria
 
Experience: Intermediate
Platform: NinjaTrader
Broker: IQFeed / Continuum
Trading: NQ
 
Posts: 12 since Jul 2013
Thanks: 19 given, 26 received


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.

Reply With Quote
The following user says Thank You to merler for this post:
 
(login for full post details)
  #202 (permalink)
 bob7123 
Amsterdam, The Netherlands
 
Experience: Intermediate
Platform: Sierra, IRT, ToS, Ninja
Broker: Stage 5
Trading: NQ
 
bob7123's Avatar
 
Posts: 658 since Oct 2011
Thanks: 133 given, 2,645 received


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

Follow me on Twitter Reply With Quote
The following user says Thank You to bob7123 for this post:
 
(login for full post details)
  #203 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

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

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 6 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #204 (permalink)
 Wagtail 
Sunshine Coast, Australia
 
Experience: Beginner
Platform: Investor/RT
Broker: Stage 5, IB
Trading: ES
 
Posts: 18 since Mar 2013
Thanks: 90 given, 6 received

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.

Reply With Quote
The following user says Thank You to Wagtail for this post:
 
(login for full post details)
  #205 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


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?

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following 7 users say Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #206 (permalink)
 humseper 
copenhagen
 
Experience: Beginner
Platform: ninjatrader
Trading: ES
 
Posts: 89 since Jun 2013
Thanks: 8 given, 42 received

So could a strategy look like: 2 contracts.

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

Reply With Quote
The following user says Thank You to humseper for this post:
 
(login for full post details)
  #207 (permalink)
 humseper 
copenhagen
 
Experience: Beginner
Platform: ninjatrader
Trading: ES
 
Posts: 89 since Jun 2013
Thanks: 8 given, 42 received

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?

Reply With Quote
The following user says Thank You to humseper for this post:
 
(login for full post details)
  #208 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


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

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following 4 users say Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #209 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

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

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 3 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #210 (permalink)
 Pauley 
Greensboro North Carolina
 
Experience: Intermediate
Platform: Ninja Trader
Broker: IB w/ NT and kinetick
Trading: Stocks, ES, CL
 
Pauley's Avatar
 
Posts: 10 since Aug 2013
Thanks: 20 given, 16 received

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.

Reply With Quote
The following 3 users say Thank You to Pauley for this post:
 
(login for full post details)
  #211 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

@Pauley,

Which of the eight FT71 webinars have you watched? How many of the eight AMA's have you watched?

I am sure FT71 will reply to your post, but in the mean time it would be helpful to me to know what you have and have not seen from the above list.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #212 (permalink)
 Pauley 
Greensboro North Carolina
 
Experience: Intermediate
Platform: Ninja Trader
Broker: IB w/ NT and kinetick
Trading: Stocks, ES, CL
 
Pauley's Avatar
 
Posts: 10 since Aug 2013
Thanks: 20 given, 16 received

Hi Mike,

I have seen all of the webinars posted on futures.io (formerly BMT), all of the Q&A's, and a couple of the chat archives (like the trader intervention talked about in one of the webinars which was amazing) on FT71's site.

I have not yet seen the webinars on FT71's site and intend to do so.

Quick background: Traded for two years. At that critical stage. Haven't made the turn. Been on the typical path. Blank charts. Paralysis by analysis charts back to blank charts. Went to Volman, Brooks, now to Dalton, Market Profile, and now Volume profile etc. Admittedly been jumping around but feel jumping is important in the first two years to know what it is you actually like doing. I like short term. Finally figured that out. I am impatient. I like to know the outcome in a relatively short period of time.

Anyway, it's not about me necessarily but the concerns mentioned in the previous post are genuine and not yet rectified or understood.

Thank you for your time.

It turns out I somehow missed the webinar done by FT71 on the "master homework statistics" thread. Not sure how that happened and I apologize. Is there a complete list somewhere of all the webinars and AMAs that FT has done so I don't go rambling on like an idiot in the future?!

Reply With Quote
The following 2 users say Thank You to Pauley for this post:
 
(login for full post details)
  #213 (permalink)
 Pauley 
Greensboro North Carolina
 
Experience: Intermediate
Platform: Ninja Trader
Broker: IB w/ NT and kinetick
Trading: Stocks, ES, CL
 
Pauley's Avatar
 
Posts: 10 since Aug 2013
Thanks: 20 given, 16 received

Mike,

Do you intend by your line of questioning that if I am to watch the 16 webinars that I should already understand how to develop my own edge through homework? If that is the case then I am either missing a huge part of this, over thinking the process or worse have a serious mental disorder.

Reply With Quote
 
(login for full post details)
  #214 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received


Pauley View Post
Mike,

Do you intend by your line of questioning that if I am to watch the 16 webinars that I should already understand how to develop my own edge through homework? If that is the case then I am either missing a huge part of this, over thinking the process or worse have a serious mental disorder.

Well, yes a little -- it has been mentioned numerous times and even a dedicated webinar on proving an edge. I am of the belief that an edge is not really teachable, but something you need to develop yourself to fit your trading style, personality, risk appetite, etc. FT71 has shown how to prove the edge. So as for understanding how to develop an edge, yes I think it's covered, but that's just my opinion.

Check this thread, the last 100 posts or so (roughly) I think started after FT71's "Edge" webinar and might be useful:



I will let FT71 respond to your question from here.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 4 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #215 (permalink)
 Pauley 
Greensboro North Carolina
 
Experience: Intermediate
Platform: Ninja Trader
Broker: IB w/ NT and kinetick
Trading: Stocks, ES, CL
 
Pauley's Avatar
 
Posts: 10 since Aug 2013
Thanks: 20 given, 16 received

Ok, I will look into it further and I apologize if I have in any way appeared crass. The more you learn about trading the more quickly you are frustrated by hearing about the unteachable because the further your education develops, the closer you are to understanding the unteachable which makes you more aware of the unteachable and therefore want to learn more about it which makes you ask more questions that are met with the standard "unteachable" answer which becomes more frustrating because you just want to know what it is but can't know until you learn what it is that is not able to be taught.

Phew. Does that make any sense?

Any insight for traders that are at this particular stage in the game?

I know you are constantly bombarded with these types of questions and completely understand if you prefer to "leave it be."

Regardless, thank you for your time.

Reply With Quote
 
(login for full post details)
  #216 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

Start a journal, keep good records. I don't mean a trade log but actual insight into your trades.

Each weekend go back and review prior two weeks of entries for patterns. Each month go back two months for prior review. This insight is invaluable.

Sent from my LG Optimus G Pro

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 5 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #217 (permalink)
 garyboy275 
wa/ usa
 
Experience: Intermediate
Platform: schwab, metatrader, OEC,T4,TDameritrade
Trading: CL ES 6C 6E
 
Posts: 262 since Oct 2012
Thanks: 202 given, 447 received


Big Mike View Post
Start a journal, keep good records. I don't mean a trade log but actual insight into your trades.

Each weekend go back and review prior two weeks of entries for patterns. Each month go back two months for prior review. This insight is invaluable.

Sent from my LG Optimus G Pro

That is one of the best things anyone can tell you as far as your question was concerned about developing an edge. Luckily I kept journals and still read em from the big ramp and crash in 2007-2008 and subsequent years and I still read them. My basic strategy is still the same but its been tweaked over the years but not by much.

However its the habits good and bad that make or break the trader. FT and others will chime in on the edge part and how to develop it but I can just tell you that personally my trading is more dependant on the habits and how much I control them. Control them I am profitable, let them loose I am not profitable. And its the same "Edge" all the time but executing it is a whole other game.

One other thing is from your post it seems that you jump from one thing to the next "hotstuff". I might be wrong about it. But when you develop a strategy, you need to stick to it based on a statistical probability. And you need to develop that statistical probability. There is a thread on here for( ) that very purpose. Use it. There are a lot of good stuff on there. FT has done many webinars showing how to calculate probability of something happening. Learn to do that.

Other than that I doubt anyone successful would share their winning strategy word for word. You have to find your own niche-whether its time of day you trade, instrument you chose or other factors.

Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to garyboy275 for this post:
 
(login for full post details)
  #218 (permalink)
 futuretrader 
Como Italy
 
Experience: Intermediate
Platform: Ninjatrader, customized
Trading: ES
 
Posts: 526 since Feb 2010
Thanks: 471 given, 642 received


Big Mike View Post
Start a journal, keep good records. I don't mean a trade log but actual insight into your trades.

Each weekend go back and review prior two weeks of entries for patterns. Each month go back two months for prior review. This insight is invaluable.

Sent from my LG Optimus G Pro

I have been reading Bellafiore's latest book - lots of good information in it, though it relies a bit much on anecdotes.

One of the things that is striking throughout, is how difficult the above procedure is for even his professional traders - and they start out with professional teaching (including being given established trades which they then have to make their own) and operate next to accomplished traders, who call out trade ideas and discuss trade results etc. They also have constant oversight, including psychological counseling, etc.

It's no wonder beginning retail traders can find it so overwhelming, since they essentially have to create the entire framework themselves, without even knowing what the framework is. A huge amount of time, energy, and both emotional and financial capital, can end up simply wasted.

Reply With Quote
The following 3 users say Thank You to futuretrader for this post:
 
(login for full post details)
  #219 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received


futuretrader View Post
I have been reading Bellafiore's latest book

Mike Bellafiore will be presenting a futures.io (formerly BMT) webinar soon. Watch the upcoming webinars thread for details.



Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 4 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #220 (permalink)
 RichardHK 
Hong Kong
 
Experience: Intermediate
Platform: NinjaTrader, TWS
Broker: IB/Kinetick
Trading: ES
 
Posts: 236 since Jan 2012
Thanks: 132 given, 331 received


Pauley View Post
... ...Been on the typical path. Blank charts. Paralysis by analysis charts back to blank charts. Went to Volman, Brooks, now to Dalton, Market Profile, and now Volume profile etc. Admittedly been jumping around but feel jumping is important in the first two years to know what it is you actually like doing. I like short term. Finally figured that out. I am impatient. I like to know the outcome in a relatively short period of time.

Pauley,

Given your impatience and study background I would suggest you consolidate learnings from Volman, Brooks (in particular), and volume profile (forget Dalton!) and just add one more thing - order flow analysis.

Buy John Grady's $50 ebook and video at nobstrading.com and look into the tools he (and others here) use for scalping the treasuries and other markets. You can also scalp/swing the ES using your chart with order flow support. See the Jigsaw Trading webinars here and the JT site for free info on what I am on about. And check out the Mack PATS method threads here for a simplistic and effective strategy - with or without order flow support. Mack trims Price Action down to the bare (profitable) essentials.

Certainly do not go back to those cluttered charts you refer to. And certainly do not give up now.

Hope that helps.

Richard
Hong Kong
Reply With Quote
The following 4 users say Thank You to RichardHK for this post:
 
(login for full post details)
  #221 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

If you want to study others I think that is great. But do not copy. Do not try to emulate. Don't trade the same chart they do just because it's their chart.

Think for yourself. Find your own method, take the ideas that resonate and then build on them. Lead don't follow...

Sent from my LG Optimus G Pro

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 5 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #222 (permalink)
 sixtyseven 
Golden Bay, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Trading: ES, NQ
 
Posts: 186 since May 2012
Thanks: 851 given, 336 received

@Pauley, I'm at a very similar place to you in the whole learning path, and looked at the same areas you did. I did a lot of excel backtesting, and found most strategies were 50:50 or worse. Its an area i love to play around with, and will do more in the future but now i'm trying to find my statisical edge by looking for intra day entries on end of day charts. How would i have entered that trade to catch that move. I then identified 3 recurring patterns. I looked for these patterns in places that would have also resulted in losing trades - trying to get a rough idea of whether i'd take that trade at the hard right edge. After working through a month of data, and tracking all these trades i have some stats on what might work. The next job is to play another months worth of data bar by bar to see if i can identify these patterns 'live'. I'll then review this 2nd month by looking at the EOD chart. Which trades did I miss? Why? If the patterns are producing decent results i'll keep repeating the process til i know these patterns inside out. I should get to the point where I identify all patterns, both winners and losers. I'll later even play back prior months to see if i identify all the same trades. Or perhaps whether I have now avoided certain trades due to some filtering process that i now have after knowing these patterns inside out. Once the trade frequency and risk reward is good enough for a decent income i'll move forward. If not I'll repeat the whole process over and over again until i get the statisics and confidence i need. It's not going to be the quickest exercise in the world, but I think its probably the best way.

Sorry Ft71 for jumping in on your thread - Pauley's position resonated with me, and I felt like throwing in my 2 cents.

Reply With Quote
The following 4 users say Thank You to sixtyseven for this post:
 
(login for full post details)
  #223 (permalink)
 bob7123 
Amsterdam, The Netherlands
 
Experience: Intermediate
Platform: Sierra, IRT, ToS, Ninja
Broker: Stage 5
Trading: NQ
 
bob7123's Avatar
 
Posts: 658 since Oct 2011
Thanks: 133 given, 2,645 received

The two video series that I have found most helpful (and I mean orders of magnitude greater than 95% of what is out there) are FT's paid webinars and Mark Douglas' "How to Think Like a Professional Trader."

Ironically, both come in 4 parts. Watch all 8 and you will be a changed person. (Repetition suggested)

There is a fair amount of overlap between them. But that just makes it work synergisticly. It is hard to doubt both of them, and it is good to hear similar concepts from two different people who know what they are talking about.

Follow me on Twitter Reply With Quote
The following 4 users say Thank You to bob7123 for this post:
 
(login for full post details)
  #224 (permalink)
 arnie 
Europe
 
Experience: Advanced
Platform: Jigsaw
Broker: Tradovate
Trading: Equities
 
arnie's Avatar
 
Posts: 824 since May 2010
Thanks: 722 given, 1,035 received


RichardHK View Post
... and volume profile (forget Dalton!) ...

Personally, I did the exact opposite thing, I got back to market profile.

Like @Big Mike said, "...Think for yourself. Find your own method, take the ideas that resonate and then build on them. Lead don't follow..."

Dalton way to read volume resonated far greater than the way FT uses it.
I've used FT method for many months but I could never see price areas the way I see them on a market profile chart, especially when looking at daily profiles.

I'm on the "build on them" phase, to quote Big Mike.
I'm perfecting my method.

It was 3 years walking on thin ice.
Working with many tools, feel the way they would impact on who I am.

Now I'm putting all together.

I will be forever thankful to FT71 because his videos had indeed a life change effect on me.
It's not so his method but everything else that encompasses it. The homework and the stats were indeed something priceless to see and hear about and most recently, talking about habits. Those little things we do and most of them without having a clue we do them.

Yes, life change is something that I can say about FT71.

If I become half a percent smarter each year, I'll be a genius by the time I die
Reply With Quote
The following 3 users say Thank You to arnie for this post:
 
(login for full post details)
  #225 (permalink)
 Pauley 
Greensboro North Carolina
 
Experience: Intermediate
Platform: Ninja Trader
Broker: IB w/ NT and kinetick
Trading: Stocks, ES, CL
 
Pauley's Avatar
 
Posts: 10 since Aug 2013
Thanks: 20 given, 16 received

Thank you for all of the responses:

To Mike, I will continue to journal and perhaps I need to re-evaluate my journal process to be more comprehensive and "tell the story" so to speak. As far as copying others, I agree whole heartedly and therein lies the balance between productive work/learning and spinning ones wheels.

To garyboy, I will look more into the master homework statistics thread you and others have mentioned. As far as jumping around is concerned, this is an interesting subject and I don't want to start a whole conversation about it but everyone says not to jump around and I believe that to be sound advice BUT the truth is that everyone jumps around for the first two years. I think it is a prerequisite and completely necessary in order to narrow down an area you want to focus on with the caveat that you will eventually pick a style that suits you. It's like starting a sculpture with an enormous block of marble, you have to chink away at it piece by piece moving from one area to another until you have a sculpture that you want. I think you could say my sculpture is still a little rough around the edges! But the basic form is there.

To futuretrader, I have not read that book and will certainly look into it. It's good to know that the professionals with all of their support and backing struggle to "do the right thing" some of the time.

To RichardHK, Thank you for the words of encouragement and all of your advice. I can certainly see the importance of order flow analysis and am working toward incorporating it into my methods. I am very familiar with Mack's work and enjoy its simplicity. Perhaps it's a bit too simple? Like Brooks on an austerity program.

To sixtyseven, Thank you for sharing your process, I agree that your method, though time consuming, is a valid and effective process for determining a strategy that you have confidence in and is statistically valid. I hope you are not overlooking the importance of context in the testing of your setups I have found myself doing that a time or two....thousand.

To bob, Thank you for the video recommendations. They are both on the list and will be viewed (with suggested repetition) shortly. I look forward to being a changed person.

Thank you all for your time.

Reply With Quote
The following 3 users say Thank You to Pauley for this post:
 
(login for full post details)
  #226 (permalink)
 Pauley 
Greensboro North Carolina
 
Experience: Intermediate
Platform: Ninja Trader
Broker: IB w/ NT and kinetick
Trading: Stocks, ES, CL
 
Pauley's Avatar
 
Posts: 10 since Aug 2013
Thanks: 20 given, 16 received



I made a classic blunder. It turns out I somehow missed FT71's webinar on the "master homework statistics" thread. Though my original post is seated in realistic concerns about homework and developing edges, my response to Mike about seeing all the videos turns out to be false. For that I sincerely apologize. Is there a list of all the AMAs and webinars somewhere so that I don't continue to ramble on like an idiot under false pretenses in the future?!

Thank you or your time.

Reply With Quote
 
(login for full post details)
  #227 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received


Pauley View Post


I made a classic blunder. It turns out I somehow missed FT71's webinar on the "master homework statistics" thread. Though my original post is seated in realistic concerns about homework and developing edges, my response to Mike about seeing all the videos turns out to be false. For that I sincerely apologize. Is there a list of all the AMAs and webinars somewhere so that I don't continue to ramble on like an idiot under false pretenses in the future?!

Thank you or your time.

Post #2 of the AMA thread has all the AMA's.

Click Webinars top of any page for the archived webinars. Ctrl-F to find in your browser and type FuturesTrader71.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 2 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #228 (permalink)
 bathrobe 
West Coast
 
Experience: Advanced
Platform: X_Trader, Bookmap, R|T
Broker: IQ Feed, TT, Rithmic
Trading: Index Futures, Energy and Interest Rate spreads
 
bathrobe's Avatar
 
Posts: 81 since Oct 2010
Thanks: 58 given, 35 received

Hey FT, I was wondering if you or anyone else on futures.io (formerly BMT) has an excel expectancy spreadsheet that you could upload for those of us who have trouble with excel to download?

Thanks.

Reply With Quote
 
(login for full post details)
  #229 (permalink)
 joselopezde 
Spain / Europe
 
Experience: Intermediate
Platform: Ninjatrader
Trading: FESX, FGBL, ES...
 
Posts: 53 since Mar 2012
Thanks: 327 given, 21 received

Hi FT,

Could you post the pdf of your slides from the following webinars?

FuturesTrader71 on Volume Profile - YouTube

FuturesTrader71 on Risk, Scaling, Probabilities and Trade Management - YouTube

FuturesTrader71 Volume Profile, Trading Hard Right Edge - YouTube

FuturesTrader71 (FT71) Putting all the pieces together - YouTube

FuturesTrader71 Q&A, Volume Profile, Auction Theory - YouTube

FuturesTrader71 Statistical Analysis for a Broader Edge - YouTube

FuturesTrader71: The Holy Grail - Expectancy & Habits - YouTube

The reason I need them is because I'm not native English and I need to study the slides first and then watch the videos

Thanks in advance

Reply With Quote
The following 2 users say Thank You to joselopezde for this post:
 
(login for full post details)
  #230 (permalink)
 ganamide 
Los Angeles, CA, USA
 
Experience: Intermediate
Platform: IB TWS, TOS, Lightspeed
Broker: Interactive Brokers, Lightspeed, TD Ameritrade, Fidelity
Trading: MES, Spy Options, Penny Stocks
 
Posts: 105 since Sep 2013
Thanks: 156 given, 86 received



Thank You joselopezde! It is really nice to have this list of free FT71 webinars in one place. I watched them all and found them tremendously helpful!

I also bought FT71's other four webinars on his website. They help explain his terminology a lot and fill in the holes. While I thought the free webinars were slightly better than the paid ones, I don't regret paying for his other webinars since I feel he deserves it. If anyone is serious about trading I recommend you first buy and watch his paid webinars, then watch the free ones. The paid webinars were recorded first and the free ones pickup where he left off.

After watching the webinars, if you like what you saw, I strongly recommend signing up with FT71's brokerage firm, Stage 5 Trading. I just signed up last week and I am happy with their responsiveness so far. I haven't traded with them yet, so I can't comment on their execution. Stage 5 customers have their own chat room, FT71 provides what looks like bi-weekly Stage 5 webinars, and they have a Stage 5 Trade Alert twitter account where FT71 tweets some insight as the market unfolds. I just signed up for the alerts but haven't been approved yet, so I can't comment on that. I don't plan on depending on his tweets, but it is nice to know it is there and that FT71 is involved.

Happy Trading!

Reply With Quote
The following user says Thank You to ganamide for this post:
 
(login for full post details)
  #231 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


humseper View Post
So could a strategy look like: 2 contracts.

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

It could be and I'm not making that as a recommendation. Given your trading time frame, your holding time, etc., 6 ticks may be too tight. For example, if you are trading using a 15-min chart, then 6 ticks will be well within the "noise" range of a 15-min oscillation.

Hope that makes sense.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following 3 users say Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #232 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


humseper View Post
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?

Can you give me an example of an extreme or outer limit?

Are you talking about extremes during the trading day or new 5-yr highs?

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #233 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

Guys I have to cancel tomorrow's AMA w/FT71, sorry. The last day of my vacation I started feeling sick, and now today it is full blown flu. I will let you guys know when we can reschedule.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #234 (permalink)
 para6ut 
london united kingdom
 
Experience: None
Platform: Sierra Chart, S5T
Trading: ES
 
para6ut's Avatar
 
Posts: 58 since Jun 2012
Thanks: 1,226 given, 90 received

FT,

By getting my first scale I increase my theoretical average, but if I don't move my stop to give more breathing space

to my second scale, what will the benefit of the early scale be ? ( Maintaining consistency, comes to mind?)

Thanks!


And a second question please - you often mention as your trading target for your style of trading ( short to mid duration scalps on ES ) 2 points per contract on average, which confuses me a little
My question is - from the 'All in' start to the last scale - how much of a 'journey' in points do you make

Thank you and all best,
Ves

Reply With Quote
 
(login for full post details)
  #235 (permalink)
 lifeguardsteve88 
Pompano Beach, Florida, USA
 
Experience: Beginner
Platform: S5 Trader, Ninja Trader
Broker: Stage5/ IQfeed
Trading: M6E, M6A, 6E, 6A, ES
 
lifeguardsteve88's Avatar
 
Posts: 159 since Jun 2013
Thanks: 272 given, 115 received


para6ut View Post
FT,

By getting my first scale I increase my theoretical average, but if I don't move my stop to give more breathing space

to my second scale, what will the benefit of the early scale be ? ( Maintaining consistency, comes to mind?)

Thanks!


And a second question please - you often mention as your trading target for your style of trading ( short to mid duration scalps on ES ) 2 points per contract on average, which confuses me a little
My question is - from the 'All in' start to the last scale - how much of a 'journey' in points do you make

Thank you and all best,
Ves

From my understanding of FT's trading (at least from watching him live trade the M6E once on a webinar he did) is that the first scale needs to be far enough out so that you can move your stop to the theoretical average after the first scale and still give the trade enough breathing room to succeed further. In his live trade he had a 3 contract trade where the scales were 9, 14, and runner. So once he got filled on his first scale at 9 ticks he could move his remaining two stops to the theoretical average, BE -4 (or five, can't remember which he used). This still gave him 14 (or 13) ticks of reversal room for the remainder of the trade, and since the harmonic rotation of the M6E is 14 (which by the way 14 was his original stop location at trade initiation), he basically still had the same breathing room for the last two contracts as he did when he initiated the trade.

Cheers!

PS- and he was spot on in that trade- got filled on the first to scales and rode his runner all the way to where he had called out an area of impediment (ahead of time) and closed the trade there. The dude Rocks!

Visit my futures io Trade Journal Reply With Quote
The following 4 users say Thank You to lifeguardsteve88 for this post:
 
(login for full post details)
  #236 (permalink)
 DeadCatBounced 
Baltimore MD US
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, NQ
 
DeadCatBounced's Avatar
 
Posts: 293 since Apr 2013
Thanks: 1,514 given, 725 received

Hey FT

Was listening to your last webinar and you mentioned that some of your good traders on ES had tick expectancy of 2-4. What would you consider a good tick expectancy for CL to be?

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #237 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

Tip


There will be a Live AMA session on Tuesday, October 29th @ 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/315903838




Sorry for the delay between this AMA and the last one -- my vacation, being sick, and then FT's travel plans all added up to a big delay between sessions.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 3 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #238 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


Pauley View Post
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.

I understand your points and full appreciate what you are saying as well as your candor. I had to start somewhere as well and it wasn't an easy process.

However, in my experience, you can give someone detailed instructions on what to do and, invariably, the issue always comes down to actually executing those instructions. Even Richard Dennis mentioned that in the original Market Wizards. This is why this topic gets most of my focus than actual setups. This is a lengthy thing to discuss and I cover it a lot during the webinars I hosted 2x per week for Stage 5.

Almost all of the traders I have worked with express the same frustration. But through collecting a sample of trades, this attitude changes experientially.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following 3 users say Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #239 (permalink)
 spikebuck77 
Britton, Michigan
 
Experience: Intermediate
Platform: Ninjatrader
Trading: CL and ES
 
spikebuck77's Avatar
 
Posts: 65 since May 2011
Thanks: 208 given, 28 received

On the ES contract do you include the overnight session when finding lvn and hvn levels or are those drawn from the cash market session only?
Thanks

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #240 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

I want to thank FT71 for his time today as always.

Here is the AMA:



Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 11 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #241 (permalink)
 Royal Flush 
Stanstead, Quebec, Canada
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL
 
Royal Flush's Avatar
 
Posts: 122 since Dec 2010
Thanks: 71 given, 64 received

I am looking for the optimum instrument on which to draw trend lines and trend channel lines on daily charts of the S&P 500. I presume it is not with the SPY because it's value gaps down every 3 months with dividends. Nor would it be with the ES futures becuse it's premium/discount also changes with time to eventually align with the index. This leaves the SPX index itself.

However I know that drawing trend lines on multiple day charts works better using ES RTH than Equity RTH. So over an extended period of time (months) what is the optimum vehicle? Thanks for you contibution of time and sharing of knowledge FuturesTrader71.

Reply With Quote
The following user says Thank You to Royal Flush for this post:
 
(login for full post details)
  #242 (permalink)
 humseper 
copenhagen
 
Experience: Beginner
Platform: ninjatrader
Trading: ES
 
Posts: 89 since Jun 2013
Thanks: 8 given, 42 received

Can volume profile also be used for stocks?

Reply With Quote
 
(login for full post details)
  #243 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

Tip


There will be a Live AMA session on Tuesday, November 19th @ 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/526917438




Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #244 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

AMA room is now open.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #245 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

I want to thank @FuturesTrader71 for his time today as always.

Here is today's recording:



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

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 6 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #246 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

Tip


There will be a Live AMA session on Tuesday, December 10th @ 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/858354022




Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #247 (permalink)
 pquirst 
Toledo,OH,United States
 
Experience: Intermediate
Platform: tradestation
Trading: tf
 
Posts: 10 since Nov 2010
Thanks: 31 given, 5 received

Hi FT71,

Love all your webinars any chance in future you will be starting up a remote prop firm similar to topstep or some of the other ones out there just curious. Thanks, bob.

Reply With Quote
 
(login for full post details)
  #248 (permalink)
 DarkPoolTrading 
PTA, Gauteng
 
Experience: Advanced
Platform: Self built + Sierra + TWS
Trading: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,321 received

Mike, as I will be unable to attend todays AMA live, please will you ask FT71 the following if possible:

- After the market has been in balance for a few days, the day which finally breaks out of balance is often a strong trend day. On days like this you can really get hurt if you're still trading under the assumption that the market is in balance.

While the market is still within balance, what clues do you look for that it may be looking for a move out of balance on a particular day so that you dont end up fading all day.

Many thanks.

Diversification is the only free lunch
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #249 (permalink)
 hectormas 
Charlotte, NC
 
Experience: Intermediate
Platform: Tradestation, Ninja Trader
Trading: Forex
 
Posts: 34 since Sep 2012
Thanks: 25 given, 54 received

FT71, can one be a good self coach (as in Brett Steenbarger's book), or do you recommend gettting an actual coach? If an actual coach is recommended, what is the best way to get a good coach?

Thanks

Hector

Reply With Quote
 
(login for full post details)
  #250 (permalink)
 jefe 
Snoqualmie, WA
 
Experience: Advanced
Platform: NinjaTrader
Trading: TF, 6E and 6S
 
Posts: 26 since Jun 2010
Thanks: 8 given, 9 received


hectormas View Post
FT71, can one be a good self coach (as in Brett Steenbarger's book), or do you recommend gettting an actual coach? If an actual coach is recommended, what is the best way to get a good coach?

Thanks

Hector

Hector,
Since FT71 is doing morning trading plan updates and tweeting what's happening during the day, he is already being a coach for anybody that can recognize the value.
Jump on board Hector and learn from a pretty darn good trader!

Reply With Quote
The following user says Thank You to jefe for this post:
 
(login for full post details)
  #251 (permalink)
 hectormas 
Charlotte, NC
 
Experience: Intermediate
Platform: Tradestation, Ninja Trader
Trading: Forex
 
Posts: 34 since Sep 2012
Thanks: 25 given, 54 received

FT71,

I am a All in, scale out trader. I use 2 units, I look to take profit on the first unit rather quickly and manage the 2nd unit.

I usually have target areas for where I want to take profits on unit 2, but I also look at what the PA is telling me. However, managing the 2nd unit is currently the area where I need to improve. What are some of the ways you manage your scale out positions?

Thanks

Hector

Reply With Quote
 
(login for full post details)
  #252 (permalink)
 hectormas 
Charlotte, NC
 
Experience: Intermediate
Platform: Tradestation, Ninja Trader
Trading: Forex
 
Posts: 34 since Sep 2012
Thanks: 25 given, 54 received


jefe View Post
Hector,
Since FT71 is doing morning trading plan updates and tweeting what's happening during the day, he is already being a coach for anybody that can recognize the value.
Jump on board Hector and learn from a pretty darn good trader!

Hi Jefe,

I agree with you. I do believe he has already been a good coach of mine, the same as Al Brooks and others, that I have learned from.

However, my question is more oriented towards his opinion regarding a more one-one personal type of coach.

Thanks

Hector

Reply With Quote
 
(login for full post details)
  #253 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

I want to thank FT71 for his time today as always. I'll post the recording later today.

For all of those with unanswered questions, please post them in this thread.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #254 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

Here is the recording from today's AMA session.



If you had any unanswered questions, please post them in the thread.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 6 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #255 (permalink)
 DarkPoolTrading 
PTA, Gauteng
 
Experience: Advanced
Platform: Self built + Sierra + TWS
Trading: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,321 received


DarkPoolTrading View Post
Mike, as I will be unable to attend todays AMA live, please will you ask FT71 the following if possible:

- After the market has been in balance for a few days, the day which finally breaks out of balance is often a strong trend day. On days like this you can really get hurt if you're still trading under the assumption that the market is in balance.

While the market is still within balance, what clues do you look for that it may be looking for a move out of balance on a particular day so that you dont end up fading all day.

Many thanks.

I guess questions from here aren't read out on the AMA for those of us on the other side of the planet unable to attend live. Hopefully FT71 will have a look at the above when he has time.

Diversification is the only free lunch
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #256 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received


DarkPoolTrading View Post
I guess questions from here aren't read out on the AMA for those of us on the other side of the planet unable to attend live. Hopefully FT71 will have a look at the above when he has time.

Sorry. FT71 usually replies every week or so, he is just behind I think.

Usually there are 10+ questions we don't have time for during ama

Sent from my LG Optimus G Pro

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #257 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received

If trading futures, tune into this morning's Trader Bite at 8:05 AM CT/9:05 AM ET here:


Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #258 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received

I'm making it a point to catch up with the thread today. Will post a short video replying to many of the open questions. Sorry about the delay.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following 2 users say Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #259 (permalink)
 torroray 
Malaysia
 
Experience: Beginner
Platform: Multichart DT
Broker: MB Trading
Trading: Fx
 
torroray's Avatar
 
Posts: 273 since Nov 2009
Thanks: 52 given, 61 received

Hi FT71,

Your Stage 5 page says you dont charge data, platform, charting, maintenance or monthly fees, when the CME increase their fees would you start charging fees to your customer?

Thanks

Reply With Quote
 
(login for full post details)
  #260 (permalink)
 In the money 
Edinburgh
 
Experience: Intermediate
Platform: MD
Trading: FGBL, ES
 
Posts: 2 since May 2013
Thanks: 1 given, 0 received

First of all I would like to thank you for all of your videos! Secondly I have a wee question to you, what was your reason for 2500v chart for ES, was it a study or something else? If you have been asked this question before and you have answered it already (I am sorry) just point me where I can find an answer and I will be there!

Cheers

Reply With Quote
 
(login for full post details)
  #261 (permalink)
 DarkPoolTrading 
PTA, Gauteng
 
Experience: Advanced
Platform: Self built + Sierra + TWS
Trading: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,321 received


DarkPoolTrading View Post
Mike, as I will be unable to attend todays AMA live, please will you ask FT71 the following if possible:

- After the market has been in balance for a few days, the day which finally breaks out of balance is often a strong trend day. On days like this you can really get hurt if you're still trading under the assumption that the market is in balance.

While the market is still within balance, what clues do you look for that it may be looking for a move out of balance on a particular day so that you dont end up fading all day.

Many thanks.

Happy new year FT71,

I would like to add the following to my above question.

I've found myself moving away from caring very much about the current day's market development (a stark turnaround from the way I traded even a few months back). I now prefer to base trades off of the larger context and areas of interest that have developed over a number of days.

To my question, how much weight do you give the current day's market development? How do you differentiate the signal from the noise if basing trades on today's development? Personally I try to follow what the market is trying to do in terms of value. But I no longer put much faith in intraday levels because I consider so much of intraday action to be noise. For example I find it hard to put faith in an LVN that is busy developing today, until the day is over.

Sorry if the question is a bit vague.

Looking forward to your thoughts on this and my prior question above.

Thanks.

Diversification is the only free lunch
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #262 (permalink)
 para6ut 
london united kingdom
 
Experience: None
Platform: Sierra Chart, S5T
Trading: ES
 
para6ut's Avatar
 
Posts: 58 since Jun 2012
Thanks: 1,226 given, 90 received

Hi FT,

Please see is my question re swing vs levels:

A) in an area of interest, where you are expecting a reversal and have planned to take the trade, the swing histogram (for ES) makes a 3 point rotation that coincides with the level of interest - so 1 more reason to take the trade. Perfect.

B) Same as before, but the swing histogram is not turning as it reaches the level of interest and has travelled just 1 point from the most recent swing. How much of a weighting in % would you give on the swing histogram in this case?

Am I right in thinking that statistically option A) is very rare and B) is the most common case?

Many thanks,

Reply With Quote
 
(login for full post details)
  #263 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

Hi guys,

Most of you know I am in the process of moving to Ecuador (first of March). I have a lot going on. However, I also want to honor the prior commitments of having regular "AMA" sessions with FT71 on the site.

So here is the thing. I need you to vote through the use of the "Thanks" button. If you really, really want one AMA between now and March before I move, then Thank this post. If I get more than 100 thanks in the next few days then I'll schedule it with FT71.

If not, the AMA's will resume after I get settled a bit in Ecuador - sometime towards the end of March.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 13 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #264 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


Big Mike View Post
Hi guys,

Most of you know I am in the process of moving to Ecuador (first of March). I have a lot going on. However, I also want to honor the prior commitments of having regular "AMA" sessions with FT71 on the site.

So here is the thing. I need you to vote through the use of the "Thanks" button. If you really, really want one AMA between now and March before I move, then Thank this post. If I get more than 100 thanks in the next few days then I'll schedule it with FT71.

If not, the AMA's will resume after I get settled a bit in Ecuador - sometime towards the end of March.

Mike

Hey Mike,

I appreciate the gesture. I really think that we should wait until you are settled in. It does not make any sense to host another AMA until you have moved, rested and are settled in.

Best,
FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #265 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received

I have to confess that I haven't been able to keep up with the AMA thread for some time. I know there are a lot of unanswered questions. We have been immersed in several projects and have been helping folks from Mirus find a suitable clearing arrangement, so that has been tying us up.

In order to catch up, I have decided to create a small video with your questions and to answer them on screen rather than in writing. I will link the video to each question so you can be notified of a reply. This hasn't been done before, but I think it will work out and will be the most efficient way to do this.

Again, I'm making myself more available to you to support you in your effort to consistency. I will probably create this video over the weekend, so this is a great time to ask further questions (no repeats please).

Thanks,
FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following 7 users say Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #266 (permalink)
 DarkPoolTrading 
PTA, Gauteng
 
Experience: Advanced
Platform: Self built + Sierra + TWS
Trading: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,321 received


DarkPoolTrading
Mike, as I will be unable to attend todays AMA live, please will you ask FT71 the following if possible:

- After the market has been in balance for a few days, the day which finally breaks out of balance is often a strong trend day. On days like this you can really get hurt if you're still trading under the assumption that the market is in balance.

While the market is still within balance, what clues do you look for that it may be looking for a move out of balance on a particular day so that you dont end up fading all day.

Many thanks.


DarkPoolTrading View Post
Happy new year FT71,

I would like to add the following to my above question.

I've found myself moving away from caring very much about the current day's market development (a stark turnaround from the way I traded even a few months back). I now prefer to base trades off of the larger context and areas of interest that have developed over a number of days.

To my question, how much weight do you give the current day's market development? How do you differentiate the signal from the noise if basing trades on today's development? Personally I try to follow what the market is trying to do in terms of value. But I no longer put much faith in intraday levels because I consider so much of intraday action to be noise. For example I find it hard to put faith in an LVN that is busy developing today, until the day is over.

Sorry if the question is a bit vague.

Looking forward to your thoughts on this and my prior question above.

Thanks.

Hi FT71,

I would like to add another question to the above if possible. (if im hogging all the questions, please feel free to just choose whichever one you think would add the most value by addressing).

If I recall correctly you draw your composite profiles covering the last major swing. That makes sense to me and is what I do, because for purely day trading purposes I don't find value in a profile dating back several years and several overlapping swings. No doubt for longer term trading this would be useful.

However at what point would you start a new composite profile. It is often not apparent that a new major swing has started until it is well underway.

Many thanks.

Diversification is the only free lunch
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #267 (permalink)
 butch1130 
NC
 
Experience: Advanced
Platform: Ninja
Broker: DTNIQ
 
Posts: 28 since Aug 2010
Thanks: 22 given, 13 received

Hello,
Is there someone that you recommend that I could learn from that uses the Volume Profile analyzing the Oil market?

I know that the concepts are the same for every market, I would be interested in comparing my analysis of that market with that of someone you may trust.

Thanks very much.

Reply With Quote
 
(login for full post details)
  #268 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

Now that I am starting to settle in here in Ecuador, I am going to slowly start resuming the webinars/AMA schedule.

To that end, @FuturesTrader71 will be back on futures.io (formerly BMT) on Tuesday April 1st at 12PM eastern for an AMA. I will provide the link in the next few days.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 5 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #269 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

Tip


There will be a Live AMA session on Tuesday, April 1st @ 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/742949822




Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #270 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


Big Mike View Post
Tip


There will be a Live AMA session on Tuesday, April 1st @ 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/742949822




Mike

Thanks for having me back on, Mike. I hope you are completely settled in and acclimated to your new environment.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #271 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


butch1130 View Post
Hello,
Is there someone that you recommend that I could learn from that uses the Volume Profile analyzing the Oil market?

I know that the concepts are the same for every market, I would be interested in comparing my analysis of that market with that of someone you may trust.

Thanks very much.

Butch,

I'm unable to make a recommendation although many followers do use VP for Crude Oil. If you have a twitter account, I would suggest asking that question on Twitter and adding #FT71 to the end of your post so that it hits that hashtag stream. You will likely get some interest.

Alternatively, you can start a journal on futures.io (formerly BMT) and post your analysis/read on that hashtag stream and others will comment. This helps bring attention to your approach and also brings traffic to futures.io (formerly BMT) to support the forum.

Best,
FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #272 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


DarkPoolTrading View Post
Hi FT71,

I would like to add another question to the above if possible. (if im hogging all the questions, please feel free to just choose whichever one you think would add the most value by addressing).

If I recall correctly you draw your composite profiles covering the last major swing. That makes sense to me and is what I do, because for purely day trading purposes I don't find value in a profile dating back several years and several overlapping swings. No doubt for longer term trading this would be useful.

However at what point would you start a new composite profile. It is often not apparent that a new major swing has started until it is well underway.

Many thanks.

Answer to Q1: True. Market balances/coils and then breaks out into a trend/imbalance and then resumes balance yet again at the new fair price range. Trend days are not a friendly environment for daytraders whether remote or in the pit. Trends are generally caused by a higher time frame stepping in to adjust or take a position. This generally means that we are likely to realize a loss before we see that happening.

In my webinar material, I cover some clues which might be used to see what kind of day may be developing. What is the opening type? Where are we versus prior day? How wide is the Initial Balance? Has the context changed?

Answer to Q2: I'm a daytrader, so I am always measuring the current day's development against prior day, prior balance from a few days and then looking at the large context. I don't think it is wise to limit yourself to 1 time frame.

The market is a story that is a story that is narrated in terms of price and volume. That story has participants in it from HFT nano-second players to very high time frame commercial interests. The best context can only be derived by having a pulse on the entire field.

If you are raising your time frame to a multi-day swing, then you need to have a sufficient account size to hold those positions for days.

Answer to Q3: I start a new micro-composite profile every time the market moves out of balance to a new area and starts to balance around itself. So a breakout bar to new territory gets my attention. As soon as the market starts to retrace on the ensuing days, I start to consider that balancing and will draw a composite to see what is happening inside those bars collectively.

Cheers!

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following 5 users say Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #273 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


para6ut View Post
Hi FT,

Please see is my question re swing vs levels:

A) in an area of interest, where you are expecting a reversal and have planned to take the trade, the swing histogram (for ES) makes a 3 point rotation that coincides with the level of interest - so 1 more reason to take the trade. Perfect.

B) Same as before, but the swing histogram is not turning as it reaches the level of interest and has travelled just 1 point from the most recent swing. How much of a weighting in % would you give on the swing histogram in this case?

Am I right in thinking that statistically option A) is very rare and B) is the most common case?

Many thanks,


Hi Para6ut,

I agree that it is more common for B to happen, in my experience. This is the reason I don't work orders for entry in the market. I need the market to show itself before I step into it in most cases.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #274 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


In the money View Post
First of all I would like to thank you for all of your videos! Secondly I have a wee question to you, what was your reason for 2500v chart for ES, was it a study or something else? If you have been asked this question before and you have answered it already (I am sorry) just point me where I can find an answer and I will be there!

Cheers

Hi In the money,

I chose 2500v (2500 volume per bar) because it gave me the information I needed to see when the market is breaking. It would not scroll things off the screen when the market is very dead and through the mid-day hours. However, if there was a big player in the market and volume was active, then it gave me the structure I needed to see. Since your post, I have transitioned to using 2t Renko candles to see structure but am keeping track of my areas using a 15 min chart. The Renko chart is more of a trigger chart.

I wasn't never a fan of time-based charts because they scroll by even when nothing is happening.

FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following 3 users say Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #275 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


torroray View Post
Hi FT71,

Your Stage 5 page says you dont charge data, platform, charting, maintenance or monthly fees, when the CME increase their fees would you start charging fees to your customer?

Thanks

Hi Torroray,

It is probably best to speak to a broker about the details. S5 Trader doesn't have any fees imposed by the clearing firm or by us even for inactivity or simming (assuming your account has sufficient funds). However, the CME fees will be passed on to traders depending on their individual situation. This is the case for everyone regardless of where you clear your trades.

Frankly, this whole data fee thing has been nothing short of a nightmare from an administrative and all other aspects. I hope the CME wakes up soon and sees that this is hurting traders.

FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #276 (permalink)
 para6ut 
london united kingdom
 
Experience: None
Platform: Sierra Chart, S5T
Trading: ES
 
para6ut's Avatar
 
Posts: 58 since Jun 2012
Thanks: 1,226 given, 90 received

@DarkPoolTrading


Quote : Answer to Q1[/B]: True. Market balances/coils and then breaks out into a trend/imbalance and then resumes balance yet again at the new fair price range. Trend days are not a friendly environment for daytraders whether remote or in the pit. Trends are generally caused by a higher time frame stepping in to adjust or take a position. This generally means that we are likely to realize a loss before we see that happening.

In my webinar material, I cover some clues which might be used to see what kind of day may be developing. What is the opening type? Where are we versus prior day? How wide is the Initial Balance? Has the context changed?

---

How to detect trend day - what clues ? trader bite 14/03/2014 towards the end

Clues are mainly contextual -
1. One time framing
2. On a shorter time frame - that the rotations in the direction of the trend are much stringer than the counter rotations. Like for example 6 point rotation down with a 2 point rotation up
Any counter rotation that doesn't take back at least half of the rotation , that means that the move is going to continue

Reply With Quote
The following 3 users say Thank You to para6ut for this post:
 
(login for full post details)
  #277 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


hectormas View Post
FT71,

I am a All in, scale out trader. I use 2 units, I look to take profit on the first unit rather quickly and manage the 2nd unit.

I usually have target areas for where I want to take profits on unit 2, but I also look at what the PA is telling me. However, managing the 2nd unit is currently the area where I need to improve. What are some of the ways you manage your scale out positions?

Thanks

Hector

Hi Hector,

It is hard to answer this question without seeing your performance over time using this management method (hence, the reason we created Stage 5 Trading). If you are not consistent at this point, then I strongly suggest a fixed exit for that 2nd contract. This is my opinion. Over time and using a fixed trade management scheme, it gets easier to troubleshoot the issues you are having. Once you have some consistency, then you can make the 2nd exit discretionary.

I can demonstrate this during an AMA, if you attend.

Best,
FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #278 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


hectormas View Post
FT71, can one be a good self coach (as in Brett Steenbarger's book), or do you recommend gettting an actual coach? If an actual coach is recommended, what is the best way to get a good coach?

Thanks

Hector

Hector,

I have to be frank here: I believe that you are better off seeing a performance psychologist on a regular basis than a trading coach. This is my opinion alone. I simply haven't met anyone outside of a prop firm who would be a worthy trading coach.

Frankly, through dealing with so many traders at Stage 5 Trading, I come across issues relating to psychology much more than anything technical. This is another good AMA question.

The technical side of trading is incredibly saturated with coverage. There is a book on everything. So the issues, in my opinion, relate to your relationship with risk, losses and discipline more so than with where and how to enter (which should never be something someone else gives you).

I hope that makes sense.

Best,
FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #279 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


pquirst View Post
Hi FT71,

Love all your webinars any chance in future you will be starting up a remote prop firm similar to topstep or some of the other ones out there just curious. Thanks, bob.

Ha! Mum's the word. Let's just say that I know prop very, very well. There is a purpose to creating Stage 5 and it definitely isn't simply to provide brokerage services. Stay tuned....

Best,
FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #280 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


humseper View Post
Can volume profile also be used for stocks?

In my opinion, absolutely yes. The stock has to have good volume though and it is best used on large time frames. For example, I have used VP to select option strikes for covered calls on stock positions. I have also used it to determine what condition AAPL is in and to time exits, etc.

I don't care what you are trading (even if you are a merchant running a grocery store), the market is an auction. Where there is price and volume, there is an auction and VP is simply organizing the data to see what it is doing at every individual price. It is not a system.


Best,
FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #281 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


Royal Flush View Post
I am looking for the optimum instrument on which to draw trend lines and trend channel lines on daily charts of the S&P 500. I presume it is not with the SPY because it's value gaps down every 3 months with dividends. Nor would it be with the ES futures becuse it's premium/discount also changes with time to eventually align with the index. This leaves the SPX index itself.

However I know that drawing trend lines on multiple day charts works better using ES RTH than Equity RTH. So over an extended period of time (months) what is the optimum vehicle? Thanks for you contibution of time and sharing of knowledge FuturesTrader71.

Royal Flush,

I draw trend lines on ES all the time. The premium/rollover doesn't matter if you use adjusted continuous data like DTN provides. You will not see a jump in price when the contract rolls or expires. I don't take shortcuts with my data. In my opinion, DTN IQFeed is the best time after time. Although S5 Trader has a free real time feed, I still use a subscriber feed for my data.

By the way, if you have never used DTN IQfeed, they have extended an exclusive special offer to my followers for 1/2 off for 3 months using this link: https://www.iqfeed.net/futurestrader71/index.cfm?displayaction=start&promo=1996499

Something to consider. It may be helpful to some.

Best,
FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #282 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


spikebuck77 View Post
On the ES contract do you include the overnight session when finding lvn and hvn levels or are those drawn from the cash market session only?
Thanks

I don't give much weight to overnight data, but I do look at it to figure out what could possibly happen on the open. However, actual levels are base on day session data only. I can cover reasons in an AMA.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #283 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


DeadCatBounced View Post
Hey FT

Was listening to your last webinar and you mentioned that some of your good traders on ES had tick expectancy of 2-4. What would you consider a good tick expectancy for CL to be?

Same amount. The goal is to have a decent but modest expectancy. Nothing huge. If you can maintain that expectancy, then the next step (assuming you don't watch your P&L all day, would be to add size and build on that consistency.

I want to remind you that trading futures consists of significant leverage and is not suitable for all investors.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #284 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


lifeguardsteve88 View Post
From my understanding of FT's trading (at least from watching him live trade the M6E once on a webinar he did) is that the first scale needs to be far enough out so that you can move your stop to the theoretical average after the first scale and still give the trade enough breathing room to succeed further. In his live trade he had a 3 contract trade where the scales were 9, 14, and runner. So once he got filled on his first scale at 9 ticks he could move his remaining two stops to the theoretical average, BE -4 (or five, can't remember which he used). This still gave him 14 (or 13) ticks of reversal room for the remainder of the trade, and since the harmonic rotation of the M6E is 14 (which by the way 14 was his original stop location at trade initiation), he basically still had the same breathing room for the last two contracts as he did when he initiated the trade.

Cheers!

PS- and he was spot on in that trade- got filled on the first to scales and rode his runner all the way to where he had called out an area of impediment (ahead of time) and closed the trade there. The dude Rocks!

Oh yeah, completely forgot I had done that video with the CME Group. This is basically what I mean by saying "take and manage trades to make the market work hard to get your stop". This is always my objective.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #285 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


para6ut View Post
FT,

By getting my first scale I increase my theoretical average, but if I don't move my stop to give more breathing space

to my second scale, what will the benefit of the early scale be ? ( Maintaining consistency, comes to mind?)

Thanks!


And a second question please - you often mention as your trading target for your style of trading ( short to mid duration scalps on ES ) 2 points per contract on average, which confuses me a little
My question is - from the 'All in' start to the last scale - how much of a 'journey' in points do you make

Thank you and all best,
Ves

First question was answered by lifeguardsteve.

2nd question's answer: This is very dependent on the market condition that I'm trading. Many trades only go 2.5 or 3 pts before they turn and others would just keep going with a runner for hours. Hard to answer with a specific metric.

My goal remains for any given trade: I'm going for a modest but consistent goal of 2 pts average per contract trade.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #286 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received



Hi Joselopezde,

I would love to do this, but it is very time consuming. I can't promise I can pull this off, but I will give it a shot.

Best,
FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #287 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


bathrobe View Post
Hey FT, I was wondering if you or anyone else on futures.io (formerly BMT) has an excel expectancy spreadsheet that you could upload for those of us who have trouble with excel to download?

Thanks.

Can you describe what you are looking for? Expectancy is a simple formula: (avg win amount x win%) - (avg loss amount x loss%)

Don't use $ for this. Just use ticks. Look at trading as ticks. A tick is a tick. $$ bring in too much disturbance and is not a useful way of looking at things.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #288 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


josh View Post
@ 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.

This profile shows clear consensus on value (3/31/14 RTH only):

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #289 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received

Hello Traders,

I think I'm finally caught up on questions on this thread... or am I?

If you have a question that hasn't been answered, please ask it in tomorrow's AMA or repost it.

Thanks,
FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #290 (permalink)
 tturner86 
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
tturner86's Avatar
 
Posts: 6,172 since Sep 2013
Thanks: 10,456 given, 12,608 received

Can someone provide a link to the CME video where FT71 traded the M6E mentioned early?

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #291 (permalink)
 ABCTG   is a Vendor
 
 
Posts: 2,244 since Apr 2013
Thanks: 417 given, 1,495 received

tturner,

here you go: June 12th Webinar @ CME Group: Exploring FX Futures Using CME E-Micros - Trading Live | FuturesTrader71

Regards,
ABCTG


tturner86 View Post
Can someone provide a link to the CME video where FT71 traded the M6E mentioned early?


Follow me on Twitter Reply With Quote
The following 4 users say Thank You to ABCTG for this post:
 
(login for full post details)
  #292 (permalink)
 joselopezde 
Spain / Europe
 
Experience: Intermediate
Platform: Ninjatrader
Trading: FESX, FGBL, ES...
 
Posts: 53 since Mar 2012
Thanks: 327 given, 21 received


FuturesTrader71 View Post
Hi Joselopezde,

I would love to do this, but it is very time consuming. I can't promise I can pull this off, but I will give it a shot.

Best,
FT71

Thank you very much. Take the time you need. Regards

Reply With Quote
The following user says Thank You to joselopezde for this post:
 
(login for full post details)
  #293 (permalink)
 ArbTrader 
San Jose, CA USA
 
Experience: Beginner
Platform: Ninja
Trading: Futures
 
Posts: 31 since May 2013
Thanks: 35 given, 15 received

On stage5 website, there is a link to register for free to access to client only content. However, registration is not available. Wondering if you will be opening up registration again?

Thanks,

Reply With Quote
The following user says Thank You to ArbTrader for this post:
 
(login for full post details)
  #294 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

I want to thank FT71 as always for his time on the AMA today.

If you did not get your question answered please post it in the thread.



Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 6 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #295 (permalink)
 SeanKozak 
ottawa
 
Experience: Advanced
Platform: Ninja Trader
Broker: AMP/CQG
Trading: futures
 
SeanKozak's Avatar
 
Posts: 6 since Nov 2012
Thanks: 2 given, 4 received

I would like to get as much feed back from traders who have experience with tick based and volume based charts. I have been trading time based charts successfully for over 6 years as I am a price action supply and demand trader.

My time-frames vary based on style and length of position (scalp, intra-day swing, swing and position)

as of now these are the variations:

scalp - 60 min / 15min / 5 min /2 min
intra-day swing - 240 min / 60 min / 15 min / 5 min
swing and position - weekly / daily / 240 min / 120 or 60 min

the reason i display this information is because I am looking for accurate feedback towards converting these identical fractals into tick charts and volume charts.

Volume Charts:

scalp?
intra-day swing?
swing and position?

i want to find the best volume charts that match the same time based fractals relative to to those variations.


Tick based charts:

scalp?
intra-day swing?
swing and position?

i want to find the best tick charts that match the same time based fractals relative to to those variations.

The markets that I am looking to use this breakdown on are:

6A
6B
6E
ES
NQ
TF
YM
CL
GC
NG

each market will have different variations as they all contain different amounts of volume and transactions.....

***I understand everyone has different views on which time-frames are best for their style however I would appreciate is the responses best match the above timeframe fractals in conversions***

I also understand comparing time vs transactions or volume is like comparing apples to almonds but nonetheless markets are fractal regardless of them being time, tick or volume...


I am including a worksheet I have completed that uses one method to convert time to volume using this calculation:

Daily Minutes = (1440-60=1380m)

Average Daily Volume = VOLMA (90period)

Calculation = (VOLMA/1380) = volume per minute
= (volume per minute) x (#mins chart)
= Volume amount for each timeframe

I don't know if this is the most accurate way to consider this and I have not figured out a way to convert time to ticks......

If anyone can please add to this or provide a method to convert time to ticks and volume I would be forever grateful.

Cheers!

Sean Kozak
Golden Zone Trading
Attached Files
Register to download File Type: xlsx Time to volume chart conversion.xlsx (13.1 KB, 35 views)
Reply With Quote
The following user says Thank You to SeanKozak for this post:
 
(login for full post details)
  #296 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received



Thanks for posting that!

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #297 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


ArbTrader View Post
On stage5 website, there is a link to register for free to access to client only content. However, registration is not available. Wondering if you will be opening up registration again?

Thanks,

Hi ArbTrader,

The website is being redone in preparation for releasing the S5 Trade Analyzer feature, so the database has to stay static for a bit. If you are a Stage 5 trader and have an account, you would still be getting the Webinar invites/recordings, pop quizzes, etc.

FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following 2 users say Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #298 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


SeanKozak View Post
I would like to get as much feed back from traders who have experience with tick based and volume based charts. I have been trading time based charts successfully for over 6 years as I am a price action supply and demand trader.[....cut off]

Hi Sean,

I would like to suggest an idea: Figure out the time frame in which you trade the most. The volume on any product generally runs high on the open of its underlying issues and then dries up over lunch and then picks up again on the close. Hence, the volume is not linear in nature.

Your approach in the spreadsheet is making the assumption that the volume is consistent and so you are dividing it out evenly to get the Volume or Tick bar setting. Instead, consider just creating a session that shows only your most active periods of trading on any given day (say 9:30 to 12:15 ET and then again from 3 to 4 PM ET) and then base your analysis on that.

This way, you will get a higher Volume or Tick bar setting which will give you the detail you want in the morning and then the bar will take much longer to form when it is completely quiet (and probably shouldn't trade). Once you determine what that value is, then the last test is to put it on and see what is comfortable.

Trading is like driving a race car. There is a whole lot of prep and study before the race. But when it is time to race you have to be present and just execute. You can't set your race car's seat based on some numbers. You can get it close, but you have to eventually get in there and make some small tweaks and that is what I'm suggesting.

Good luck!
FT71

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
(login for full post details)
  #299 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,087 since Jun 2009
Thanks: 32,548 given, 98,541 received

I did find out what was wrong with the AMA from yesterday (audio setup). Apparently the USB hub I am using is real picky about the order in which powered devices are plugged in, and what happened is my (previously tested as working) headset+mic were not being recognized for the AMA and it was defaulting to the Surface Pro 2 mic which sounded like shit in this huge office I am in with concrete walls and tile floors. So hopefully all is well for next time.

Unfortunately the video problems (cropping on intro) are a different issue. I should have my second monitor (30") setup before the next webinar and have that solved.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #300 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 347 since Feb 2012
Thanks: 164 given, 1,316 received


Big Mike View Post
I did find out what was wrong with the AMA from yesterday (audio setup). Apparently the USB hub I am using is real picky about the order in which powered devices are plugged in, and what happened is my (previously tested as working) headset+mic were not being recognized for the AMA and it was defaulting to the Surface Pro 2 mic which sounded like shit in this huge office I am in with concrete walls and tile floors. So hopefully all is well for next time.

Unfortunately the video problems (cropping on intro) are a different issue. I should have my second monitor (30") setup before the next webinar and have that solved.

Mike

We all know that you moved to Ecuador to live in a bunker and are running Webinars from there. It is cool. We don't judge.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Follow me on Twitter Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:


futures io Trading Community Trading Reviews and Vendors > AMA: FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything


Last Updated on April 20, 2021


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing

HIRO Indicator by Spotgamma in Bookmap w/Brent Kochuba @ SpotGamma

Elite only

NEW BlackBird Features + FOREX Support w/Jeremy Tang @ SharkIndicators

Elite only
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts