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


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

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  #571 (permalink)
 Yukoner 
Vancouver Island, Canada
 
Experience: Advanced
Platform: T4, IB, TD Ameritrade
Broker: Stage5
Trading: ES CL RTY Stocks
 
Posts: 58 since Nov 2013
Thanks: 163 given, 130 received

Best trading decision I made in 2018 was joining Convergent Trading. I was very frustrated with my performance, and I found it extremely difficult to find the correct information/education to take me to my next trading level. I had achieved some trading success, but it was rabbit hole after rabbit hole until I would figure out what worked and what didn't work.

However, once I joined Convergent I was suddenly immersed into a successful and professional trading environment. There are rooms that only Head Traders can comment in, but all can read. There is another room that traders actively comment in real time as they trade the hard right edge... but are also held to strict guidelines of how to share information, so comments don't become noise.
Convergent is not a chat room, this is a developing online prop firm. @FuturesTrader71 is an experienced trader and prop owner who has trained and backed other traders to be successes. This is important, because it shows he can successfully teach/mentor what he knows.

So in the last 9 months, let me share how I have grown personally:

1) I no longer struggle with how to achieve lasting success as a trader. I go into each day, knowing what my plan is and how I will achieve that. This helps me eliminate mistakes, and doing that is huge progress!! This week, I actually achieved 5 winning days (Monday to Friday) and that makes it my 7th winning trading day in a row. However, the day before all of that I made a huge mistake... broke my daily loss limit... and lets just say I didn't end the day well. The old me, probably would have stopped trading... punished myself, beat myself up, AND then continued the spiral. Instead, I talked with my AP, realized it was just a mistake and an opportunity for growth and came back in the next day to find myself back to being focused and sticking to the plan. That day was the start of what is so far a 7 day winning streak.

2) I have an accountability partner (AP), as per Convergent guidelines (which are unique), and this has also been a huge part of my success and my partner's. As you are constantly being challenged to do something today that will let you win the day... and SHOWN the steps to follow to achieve that.

3) Convergent has structure, and @FuturesTrader71 has weekly webinars that give instruction. This has also been huge, because as a trader you are guided down the correct path. (No more rabbit holes!) I often will go back and review some of the webinars that @FuturesTrader71 instructed us in, and that helps me stay sharp and focused.

4) My confidence has grown as I experience making the turn. If you aren't there, it is hard to describe the feeling of going into a day knowing that I will most likely do the correct actions and that should lead to a profit... and if it doesn't, it is okay, because most likely the next day will be profitable and I can expect over time my account will grow substantially. It is a wonderful feeling!

5) Convergent does these things called trader interventions. This is another huge help, as there is just so much wisdom packed into it as you learn from what another trader has been doing... the good, the bad, and the ugly.

6) I have stopped trading multiple markets, and now only focus on one market. I meditate. I have daily habits. I have set hours I trade. I now have EDGE.

Lastly, I have really changed as a person... so much so, that I hesitated to even post here with this username. That Yukoner guy is gone ... I've grown up, gotten serious, stopped lying to myself about trading results, and just gotten real!! Today, I am a very different trader and extremely grateful for the change that started in 2018.

So yes, I endorse Convergent Trading.

Good Trades,

NanaimoTrader

PS. If there is a way here to change your username, please let me know! lol

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  #572 (permalink)
 FuturesTrader71 
 
 
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Posts: 370 since Feb 2012
Thanks: 170 given, 1,419 received

Hello traders,

I'm holding an open AMA on Thursday, January 31 @ 4:30 PM Eastern US which will focus on issues/questions/discussion relating to execution. My focus this year is on hammering away on execution issues.

You can join it here: https://go2ct.pro/AMAJan2019


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
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  #573 (permalink)
EminiTraderCBOT
Chicago, IL
 
 
Posts: 51 since May 2015
Thanks: 57 given, 17 received



Yukoner View Post
Best trading decision I made in 2018 was joining Convergent Trading. I was very frustrated with my performance, and I found it extremely difficult to find the correct information/education to take me to my next trading level. I had achieved some trading success, but it was rabbit hole after rabbit hole until I would figure out what worked and what didn't work.



However, once I joined Convergent I was suddenly immersed into a successful and professional trading environment. There are rooms that only Head Traders can comment in, but all can read. There is another room that traders actively comment in real time as they trade the hard right edge... but are also held to strict guidelines of how to share information, so comments don't become noise.

Convergent is not a chat room, this is a developing online prop firm. @FuturesTrader71 is an experienced trader and prop owner who has trained and backed other traders to be successes. This is important, because it shows he can successfully teach/mentor what he knows.



So in the last 9 months, let me share how I have grown personally:



1) I no longer struggle with how to achieve lasting success as a trader. I go into each day, knowing what my plan is and how I will achieve that. This helps me eliminate mistakes, and doing that is huge progress!! This week, I actually achieved 5 winning days (Monday to Friday) and that makes it my 7th winning trading day in a row. However, the day before all of that I made a huge mistake... broke my daily loss limit... and lets just say I didn't end the day well. The old me, probably would have stopped trading... punished myself, beat myself up, AND then continued the spiral. Instead, I talked with my AP, realized it was just a mistake and an opportunity for growth and came back in the next day to find myself back to being focused and sticking to the plan. That day was the start of what is so far a 7 day winning streak.



2) I have an accountability partner (AP), as per Convergent guidelines (which are unique), and this has also been a huge part of my success and my partner's. As you are constantly being challenged to do something today that will let you win the day... and SHOWN the steps to follow to achieve that.



3) Convergent has structure, and @FuturesTrader71 has weekly webinars that give instruction. This has also been huge, because as a trader you are guided down the correct path. (No more rabbit holes!) I often will go back and review some of the webinars that @FuturesTrader71 instructed us in, and that helps me stay sharp and focused.



4) My confidence has grown as I experience making the turn. If you aren't there, it is hard to describe the feeling of going into a day knowing that I will most likely do the correct actions and that should lead to a profit... and if it doesn't, it is okay, because most likely the next day will be profitable and I can expect over time my account will grow substantially. It is a wonderful feeling!



5) Convergent does these things called trader interventions. This is another huge help, as there is just so much wisdom packed into it as you learn from what another trader has been doing... the good, the bad, and the ugly.



6) I have stopped trading multiple markets, and now only focus on one market. I meditate. I have daily habits. I have set hours I trade. I now have EDGE.



Lastly, I have really changed as a person... so much so, that I hesitated to even post here with this username. That Yukoner guy is gone ... I've grown up, gotten serious, stopped lying to myself about trading results, and just gotten real!! Today, I am a very different trader and extremely grateful for the change that started in 2018.



So yes, I endorse Convergent Trading.



Good Trades,



NanaimoTrader



PS. If there is a way here to change your username, please let me know! lol



Wow!

What an amazing reply!
Thank you for your reply and feedback!

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  #574 (permalink)
 FuturesTrader71 
 
 
FuturesTrader71's Avatar
 
Posts: 370 since Feb 2012
Thanks: 170 given, 1,419 received

Thank you for this immense write-up. All credit goes to you for doing the work. For creating your own approach and for putting in the commitment to look at your own behavior and mind. Deeply appreciate having you in the community.




Yukoner View Post
Best trading decision I made in 2018 was joining Convergent Trading. I was very frustrated with my performance, and I found it extremely difficult to find the correct information/education to take me to my next trading level. I had achieved some trading success, but it was rabbit hole after rabbit hole until I would figure out what worked and what didn't work.

However, once I joined Convergent I was suddenly immersed into a successful and professional trading environment. There are rooms that only Head Traders can comment in, but all can read. There is another room that traders actively comment in real time as they trade the hard right edge... but are also held to strict guidelines of how to share information, so comments don't become noise.
Convergent is not a chat room, this is a developing online prop firm. @FuturesTrader71 is an experienced trader and prop owner who has trained and backed other traders to be successes. This is important, because it shows he can successfully teach/mentor what he knows.

So in the last 9 months, let me share how I have grown personally:

1) I no longer struggle with how to achieve lasting success as a trader. I go into each day, knowing what my plan is and how I will achieve that. This helps me eliminate mistakes, and doing that is huge progress!! This week, I actually achieved 5 winning days (Monday to Friday) and that makes it my 7th winning trading day in a row. However, the day before all of that I made a huge mistake... broke my daily loss limit... and lets just say I didn't end the day well. The old me, probably would have stopped trading... punished myself, beat myself up, AND then continued the spiral. Instead, I talked with my AP, realized it was just a mistake and an opportunity for growth and came back in the next day to find myself back to being focused and sticking to the plan. That day was the start of what is so far a 7 day winning streak.

2) I have an accountability partner (AP), as per Convergent guidelines (which are unique), and this has also been a huge part of my success and my partner's. As you are constantly being challenged to do something today that will let you win the day... and SHOWN the steps to follow to achieve that.

3) Convergent has structure, and @FuturesTrader71 has weekly webinars that give instruction. This has also been huge, because as a trader you are guided down the correct path. (No more rabbit holes!) I often will go back and review some of the webinars that @FuturesTrader71 instructed us in, and that helps me stay sharp and focused.

4) My confidence has grown as I experience making the turn. If you aren't there, it is hard to describe the feeling of going into a day knowing that I will most likely do the correct actions and that should lead to a profit... and if it doesn't, it is okay, because most likely the next day will be profitable and I can expect over time my account will grow substantially. It is a wonderful feeling!

5) Convergent does these things called trader interventions. This is another huge help, as there is just so much wisdom packed into it as you learn from what another trader has been doing... the good, the bad, and the ugly.

6) I have stopped trading multiple markets, and now only focus on one market. I meditate. I have daily habits. I have set hours I trade. I now have EDGE.

Lastly, I have really changed as a person... so much so, that I hesitated to even post here with this username. That Yukoner guy is gone ... I've grown up, gotten serious, stopped lying to myself about trading results, and just gotten real!! Today, I am a very different trader and extremely grateful for the change that started in 2018.

So yes, I endorse Convergent Trading.

Good Trades,

NanaimoTrader

PS. If there is a way here to change your username, please let me know! lol


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
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  #575 (permalink)
EminiTraderCBOT
Chicago, IL
 
 
Posts: 51 since May 2015
Thanks: 57 given, 17 received

Do you get your chart setups and such? It seems you took down the old webinars for sale. Are they on there now?

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  #576 (permalink)
kazz
London
 
 
Posts: 150 since Apr 2018
Thanks: 168 given, 78 received


FuturesTrader71 View Post
With regards to M6E trade durations, depending on context, I'm looking at 15 min to 1 hr per trade as it has become a slow product and we are in the middle of summer right now.

I don't trade spot forex. I know many do, but I don't trust a market where the matching entity is my own broker who can trade against me, can see my orders and positions. To me spot forex is a bit of a wild-wild west sort of setup. I only trade it in futures because the exchange simply matches my trades with anyone around the globe. There is no interest from them in making money above and beyond the transaction fees they get. Futures are much more regulated and I trust my money at an FCM much more so then a forex dealer. These are just my opinions based on my experiences.

I would use and chart the 6E contract and execute on the M6E. I wouldn't rely on M6E volume as an indication of the auction. They are pretty well arbitraged, so pricing doesn't move away all that much (except when it is slow to a halt).

Best of luck!

This is interesting. I've been looking at either spot forex or futures. I'm a newbie and don't have a large account to start with. I'd be looking to start with about $2,000 only.

This is why I am looking at spot forex. The ability to trade micro lots means that I can fine tune my risk and have stops that make sense and not stops that are dictated by your account size (assuming one is risking no more than 1% of the account).

I did not even consider forex futures due to the small account size I plan to start out with. However, I've since discovered that micro currency futures exist so very interested to see your views.

I plan on swing or position trading around my day job. I will not be holding positions intra day, instead I'd be looking to hold them for days or weeks.

What puts me of micro currency futures is the continual complaints I see from traders about how low the liquidity is. This is not a problem in spot forex.

Therefore, I'd be interested on what your vote is regarding the liquidity or lack of it in micro currency futures such as M6E?

Many thanks.

Sent using the futures.io mobile app

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  #577 (permalink)
supreme23
Vancouver
 
 
Posts: 29 since Apr 2018
Thanks: 19 given, 9 received

Woeo


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  #578 (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: 50,151 since Jun 2009
Thanks: 32,659 given, 99,120 received

Hey guys,

Saw this in my Twitter feed and worth mentioning here for FT71 followers:




FuturesTrader71
OPEN INVITE: I'm holding a Public Ask Me Anything (AMA) webinar on Thursday, Jul 18 @ 4:30 PM Eastern US. Please retweet. Focus is trading as a career professional.

Register & pre-submit question here: https://go2ct.pro/July2019AMA

#ES_F #Trading #futures

Mike

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  #579 (permalink)
 snax 
Legendary Market Wizard
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Big Mike View Post
Hey guys,

Saw this in my Twitter feed and worth mentioning here for FT71 followers:





Mike

I attended the webinar and it was great, though too short to get through the (over 100!) questions!

I noticed FT71 referred to "true prop firms" when referring to a question regarding the soundness and validity of the various "pay to play" trading combines that are currently popular.

I was hoping he'd delve more into this notion of "true prop" where you are paid to develop and the firm is looking out for your development because I've looked for this and it is damn hard to find.

Just thought I'd share.

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  #580 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
Experience: Advanced
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Trading: ES, YM
 
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snax View Post
I attended the webinar and it was great, though too short to get through the (over 100!) questions!

I noticed FT71 referred to "true prop firms" when referring to a question regarding the soundness and validity of the various "pay to play" trading combines that are currently popular.

I was hoping he'd delve more into this notion of "true prop" where you are paid to develop and the firm is looking out for your development because I've looked for this and it is damn hard to find.

Just thought I'd share.

I've wondered about the prop firm universe too. We get little glimpses of it now and then, and there are the funding companies like TST that explicitly recruit for prop firms, but I do wonder what the whole prop firm market is like.

I do know that great care should be taken, as with anything involving someone offering to do something "for you" that involves trading. For instance, there are firms where you first have to put up some capital. Yeah, I'll do that when pigs fly.

I understand FT71 is doing something of a prop-like nature now, although I don't know anything about it. There is a vendor review thread here:

I just did a basic Search (just the Search box in the upper right) on "prop" and got a huge number of hits, so there are threads aplenty for someone who wants to track them down.

I suspect it may be a matter of knowing someone in the business, though, more an inside thing than something for the general public.

I hope I'm not contributing to getting this thread off-topic. If you want to engage people and find out what they know, perhaps it would be a good idea to post in one of the existing threads and get some current discussion going. It could be interesting.

Bob.

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