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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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  #501 (permalink)
 
 
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UpsideDown View Post
Post #486 in this thread where Morad replies to a question he wasn't asked. About a webinar where he's touting a system that will make him money for each subscriber.

Hence my skepticism.

See....this is where you and I are having a difference of opinion. You are going on assumptions.

You are assuming that I should only talk about stuff that I'm asked about and only specific to how I trade. This is absolute nonsense. I talk about psychology and will be talking about it again in today's Webinar but I'm not a therapist or a psychologist, so what question am I answering? How dare I talk about it?

During that webinar, I clearly STATED that S5 has an announcement relating to systems trading and the announcement was this strategy. Now, the webinar has been one that I have wanted to hold for a long time and I would have. However, I didn't have anyone I could put on who I knew would be an expert in this field. I know Red Ivy's guys are and so we put them on and announced the strat at the same time. It makes sense.

By the way, since you already know everything there is to know without asking, you probably also know that I worked on building trading systems with a PhD mathematician/coder using MatLab and other pro traders here in Chicago for about a year back in 2011-2012. So I do know how strategies are turned into auto-trading algos. It has been my focus until 2 years ago when I met Red Ivy's guys.

But hey....since you are a pantomath and know everything already....I probably don't need to tell you that.

I could spend hours responding to your comments, criticisms and cynicism. However, you don't know me. You don't know what I'm doing. You don't know what I'm working towards. You don't know how I get paid or why I get paid. You have no idea what amount of my time I spend working on improving the way I influence traders. No idea whatsoever.

So here you are; instead of asking questions and questioning me in a meaningful way. You simply throw me in a pile of people who are here to shove useless things at traders and go off on your rant. And that is what it is...you are not questioning because you only asked a question about Jeff Davis and then the rest was pure ranting.

Maybe I will take the time to respond to your criticisms for the sake of showing that the Red Ivy strategy is being provided as a solution that addresses certain issues that people have that I see every day. But then again, I think that you have made up your mind and it would be pointless. You clearly have a bone to pick and I'm not picking it with you.

Now, if anyone else has any questions, doubts or requests based on the Automated Trading Webinar I did, then please just ask and I will clarify. Those who buy into the rant and skepticism are best suited to ignore me and whatever I'm talking about or bringing to traders. It is simply not for you.

Hope that makes sense. The dialogue is open. But please don't talk AT me. A conversation is worth my time. Accusations are not.

Best of luck in whatever you do going forward. I mean that!

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  #502 (permalink)
Oregon
 
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Hi @FuturesTrader71, thanks for the excellent public AMA on June 30. I think it was one of your best--really packed with useful advice.( For those who haven't seen it, it's here )
I have a question about a market that's now being made available by more US brokers ( IB and AMP)-
The Mini Nikkei 225 on the Osaka Exchange ( Symbol MJNK from CQG). It's very liquid and is around $4.50 per tick. It is said to trade quite similarly to the ES. The hours are also good for those of us in the US wanting to trade evenings.
Have you looked at this market ?
Do you think it " behaves" well re Volume Profile ?
Do you know if Stage 5 is planning to offer it ?

Thank you.

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Stillgreen View Post
Hi @FuturesTrader71, thanks for the excellent public AMA on June 30. I think it was one of your best--really packed with useful advice.( For those who haven't seen it, it's here )
I have a question about a market that's now being made available by more US brokers ( IB and AMP)-
The Mini Nikkei 225 on the Osaka Exchange ( Symbol MJNK from CQG). It's very liquid and is around $4.50 per tick. It is said to trade quite similarly to the ES. The hours are also good for those of us in the US wanting to trade evenings.
Have you looked at this market ?
Do you think it " behaves" well re Volume Profile ?
Do you know if Stage 5 is planning to offer it ?

Thank you.

Hi Stillgreen,

Just to make sure folks can follow along, here is the AMA that was done last week:




I'm aware of the Nikkei on CME but not the mini on Osaka. I have never looked at this product. I know the NKD contract on the CME is quite a mover. I have never traded it myself.

If it is available at AMP Clearing, then it is something that Stage 5 Trading can support. I will pull it up on our internal AMP platform to have a look.

Reviewing the exchange info, I see that it traded 254k contracts. That makes it on par with about 2x NQ. Also looking at the rotations, it seems like it has some pretty strong rotations (range today was 175t or USD$856 per contract which is about 3 times that of the NQ).

I am unable to pull up a profile of it, since I don't have this exchange. However, looking at average price per 1 min bar, it looks to trade a VP a lot like crude oil. Seems like it is not for the faint of heart, in my opinion.

If AMP is offering it direct, then chances are that Stage 5 can offer it as well. Please drop S5 a note here and ask to get a definitive answer. Please state that it is already available on AMP.

Thanks!
FT71

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  #504 (permalink)
Oregon
 
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Hi @FuturesTrader71, thanks for your reply.

About the Mini Nikkei -Osaka : the hours are a bit unusual

Trading Hours: Open 7pm CST (Chicago) – Closes 1:10am CST (Chicago)
After Hours (Asia Night Session) Re-opens 2:30am CST until 12:55pm CST

So the range you quoted (175t) was for the Asian overnight session, not the regular "pit" session. And it's important to note that it wasn't actually a range of 175 ticks since this market moves in increments of 5, so the range of that period was only 35t.

The RTH is is good timing for US evening traders, especially on the West Coast.
I'm still getting just used to this market on SIM. So far so good. Lots of liquidity, and the DOM shows a lot more than the usual 10 levels.
The value per tick and the reasonable commissions make it an attractive market to me. Data is a bit more than the CME -$29 per month
Anyone who wants to try it out can do so by getting a free CQG Demo from AMP-- you can use Sierrachart, Multicharts etc. IB also has it, but I'm not sure about a Demo there.

There are a couple of threads about it on futures.io :



and




If at some point you (or anyone else here with Vol Profile experience) get a chance to look at this market's behavior,
it would be great to get an opinion.

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  #505 (permalink)
 
 
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Hello Traders,

This is to inform you that there is another open AMA scheduled for this Wednesday, August 10th @ 4:30 PM Eastern. Questions can be submitted and are limited to 25.

To get details, register and/or submit a question, go HERE


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  #506 (permalink)
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Hi @FuturesTrader71 ,

great Public Webinar the other day. Lots of detailed answers given.

Sept 15, 2016 - Public Ask Me Anything Recording - FuturesTrader71

You discussed how to trade the IB STAT in ES. Are the stats similar in CL ? 97% chance of a break of the IB H or L ?

Thank you.

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Stillgreen View Post
Hi @FuturesTrader71 ,

great Public Webinar the other day. Lots of detailed answers given.

Sept 15, 2016 - Public Ask Me Anything Recording - FuturesTrader71

You discussed how to trade the IB STAT in ES. Are the stats similar in CL ? 97% chance of a break of the IB H or L ?

Thank you.

Hi Stillgreen,

Yes, the stat is very close in CL to what it is for NQ, ES, etc. The issue with CL is it tends to breach it very early on and very quickly. You have to anticipate the direction of the break early in that product.

Best,
FT71

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  #508 (permalink)
 
 
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Hello traders,

This Convergence Event will cover the key execution platform that I use to engage with the market and through which I keeps track of how orders are moving in the order book for any given product. More importantly, I discuss the process I use to detect how participants are responding to those orders. We will go over the key new features as well as uses of S5 BookMap and important updates and changes that make the software accessible to all traders.

Please join us or simply register to be sent the recording


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  #509 (permalink)
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Thanks for all the work you do. I have one quick question. I am considering learning trading off of the M6E, but I live in Central time zone. While most of my work is during the day, I do have some flexibility with my hours and, so, I could trade some of the M6E hours (2am-10:30am). Does the M6E volatility follow a structure like, say, the ES where some argue that it is best to trade the ES only till about noon Eastern time if one is counting on trading in a relatively more volatile time period?

Thanks again and have a great week!

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johny1971 View Post
Thanks for all the work you do. I have one quick question. I am considering learning trading off of the M6E, but I live in Central time zone. While most of my work is during the day, I do have some flexibility with my hours and, so, I could trade some of the M6E hours (2am-10:30am). Does the M6E volatility follow a structure like, say, the ES where some argue that it is best to trade the ES only till about noon Eastern time if one is counting on trading in a relatively more volatile time period?

Thanks again and have a great week!

Hi Johny,

Yes, the M6E follows the 6E futures contract (EURUSD) and is active for about the first 2 hours after opening of the European and US sessions. So I would trade it from 2 am to about 4:30 am CT and then again from about 7:30 AM to 10:30 AM CT.

That product dies out dramatically after the European close.

This is an old study that I did to get an idea of when the product has good ranges:

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  #511 (permalink)
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FuturesTrader71 View Post
Hi Johny,

Yes, the M6E follows the 6E futures contract (EURUSD) and is active for about the first 2 hours after opening of the European and US sessions. So I would trade it from 2 am to about 4:30 am CT and then again from about 7:30 AM to 10:30 AM CT.

That product dies out dramatically after the European close.

@FuturesTrader71, may I request you share the application you used for this study? I am trying to look at 6C CAD and it woould be great to get this information.

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Market Chamois
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FuturesTrader71 View Post
Hi Johny,



Yes, the M6E follows the 6E futures contract (EURUSD) and is active for about the first 2 hours after opening of the European and US sessions. So I would trade it from 2 am to about 4:30 am CT and then again from about 7:30 AM to 10:30 AM CT.



That product dies out dramatically after the European close.



This is an old study that I did to get an idea of when the product has good ranges:





jmont1 View Post
@FuturesTrader71, may I request you share the application you used for this study? I am trying to look at 6C CAD and it woould be great to get this information.


That's a Pivot Table in Excel.

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Hello Morad,

Thank you so much for all the time you take to share your knowledge with us.

I have been learning and practicing volume profile for a little while now and have always struggled to make sense of the P shape and B shape profiles.

It seems to me that they can ultimately go one of two ways, and both ways make sense from a profile point of view.

Using the P shape as the example. It can either mean that a reversal is to come which will fill in volume in the tail. The other path it can take is to trade higher creating a more bell-shaped pattern.

Is there a way you can determine what is more likely or triggers you can look for the give you an edge in making that decision?

Thank you so much,
Eddie

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  #514 (permalink)
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Hi guys,

It is my pleasure to welcome back Morad Askar, aka FuturesTrader71, on Tuesday, January 31st @ 4:30PM Eastern US.

The title of this webinar is: "Ask Me Anything".

Bullet points include:
- AMA: ask anything to FT71

Register for the event:
https://on.futures.io/frkg0

Mike

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Room is open!

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  #516 (permalink)
Portland
 
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Hey FT71..

Thanks for the webcast today. I always learn a great deal from your presentations. I have purchased your Webinars, listen to the day Trader Bite each day and have gone thru too many webinars on this site to count...

I have a question that has been giving me fits for a while now. I am UNABLE to sit at a computer all day because I have a regular job. Im a sales rep in the Pharma' industry and literally spend all day in my car. So, I cant really "day" trade. I can sit thru the open and perhaps the first 60 minutes or so of the trading day and once in while can get back for the last hour during my lunch. I live on West coast. With all that out of the way, how would you "tweak" your approach if you were forced to become more of a Swing Trader and had to hold stuff for more than the RTH session?

Thanks

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Yesterday's AMA session with Morad was the first time I've attended a Futures.io webinar and it was perhaps the best 30 minutes, offering the most astute advice, I can recall spending recently. Will it be archived so we can listen to it again? If so, how can we access it? Thanks again. If that presentation represents the quality of this forum, I'm in for a wild ride.

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Elite_Member
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@mdmmd
To save Terry or Mike the time in answering.
All webinars are recorded. If you click on Trading Webinars in the banner heading at the top of the website it brings up all the recorded webinars. The page shows the next few webinars scheduled with the available recordings below. The recording normally gets uploaded a day or two after it has taken place.

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Webinar recording:



Mike

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What did everyone think of the webinar/AMA?

Mike

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  #521 (permalink)
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any updates on CME creating an e-micro S&P500 contract? There is more reason to create this micro than the M6E.

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  #522 (permalink)
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I thought the webinar was very good. Concise and to the point. I've watched numerous presentations by FT71, yet I still learned something new : how the trade off the PB to the Mid is refreshed if a new low is put in. A subtle point, but very useful to me.

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For retail traders, what have you seen as the most effective money management style(s)?
Fixed lot
Fixed %
Fixed capital
Fixed ratio

Other?
Which one (s) do you suggest and why?

Fall Seven Get Up Eight
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Hi guys,

It is my pleasure to welcome back Morad Askar, better known as FuturesTrader71, on Wednesday, April 19th @ 4:30PM Eastern US.

This is an "Ask Me Anything" (AMA) event. FT71 will be answering as many questions possible during this extended AMA.

Register for the event:
https://on.futures.io/btxke

Mike

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bojangle View Post
any updates on CME creating an e-micro S&P500 contract? There is more reason to create this micro than the M6E.

Hi Bojangle,

Nothing at all. They are making an effort to be more "retail trader" friendly, but I haven't been successful at getting them to budge on this. I see this as a win-win for them and for the trader. Folks who are too intimidated to trade futures because of the leverage end up trading the SPY anyway. They would be better off, in my opinion, by trading a small ES contract.

Maybe we should get a petition going?

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KahunaDog View Post
For retail traders, what have you seen as the most effective money management style(s)?
Fixed lot
Fixed %
Fixed capital
Fixed ratio

Other?
Which one (s) do you suggest and why?

Each one of these can be effective but have their applications and limitations. For example, using a Fixed % on a $2000 account really isn't feasible.

For most traders trading futures, their lot size is pretty much always fixed to some low number (remember that futures have high leverage). So the only thing that remains really is setting an acceptable $ amount to bet on the outcome of every trade (which is always 50/50 anyway).

I don't know what you mean by fixed ratio unless you are referring to reward/risk.

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jmont1 View Post
@FuturesTrader71, may I request you share the application you used for this study? I am trying to look at 6C CAD and it woould be great to get this information.

Hi..sorry I didn't see this sooner. The study was completed using Excel (as most of my studies are). You can then apply a conditional formatting heatmap to it.

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webbclan View Post
Hey FT71..

Thanks for the webcast today. I always learn a great deal from your presentations. I have purchased your Webinars, listen to the day Trader Bite each day and have gone thru too many webinars on this site to count...

I have a question that has been giving me fits for a while now. I am UNABLE to sit at a computer all day because I have a regular job. Im a sales rep in the Pharma' industry and literally spend all day in my car. So, I cant really "day" trade. I can sit thru the open and perhaps the first 60 minutes or so of the trading day and once in while can get back for the last hour during my lunch. I live on West coast. With all that out of the way, how would you "tweak" your approach if you were forced to become more of a Swing Trader and had to hold stuff for more than the RTH session?

Thanks

You are lucky in that those are the hours offering the highest opportunity/risk in the day. My approach on this is to simply focus my studies and research to the first and last hour. There are some repeating behaviors that you might be able to exploit. I don't know what your trading time frame is or what product and how you approach it, but it is probably not useful for you to focus on what happened during the non-pit session. I would approach the last hour with no hypos and use what has happened during the entire pit session to formulate a plan for the close.

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  #529 (permalink)
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Thanks for your webinars, trader bites and prospective.

I understand that ES is a futures product with a cash component. That cash component is not traded during non-RTH hours, therefore movement in the price of ES during non-RTH is more of a hope than fact.

How is a 5 or 10 point move in the ES overnight absorbed in the ES during RTH when the cash component is open.

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Webinar room is open. We are over capacity so it is first come first serve. This is an extended 1 hr AMA.

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@Big Mike is on vacation please give him some extended time to post recording.

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Webinar recording:



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What did everyone think of the AMA?

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  #534 (permalink)
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The solid questions and answers in this webinar came together nicely - I feel it is one of the more succinct FT webinars, maybe that is just part of having listened to a couple weeks of Trader Bites. Appreciated the touches on his trading method and psychology. I thought it would be much longer given the use of the word extended, but not a problem, plenty to think about, glad it is archived.

I will be attempting to focus on the four questions to ask as part of my daily routine as well as looking more closely at the 15 and maybe 60 minute charts over the last week or so. Also, nice presentation of volume profile as just a tool like candlesticks or bars, but with the advantage of knowing where value is most likely at, i.e. not with the outliers.

Thanks to all involved!

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  #535 (permalink)
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Another great webinar,and as always I learned something new.

@FuturesTrader71, the statistic you mentioned regarding the market entering the value area, staying there for 2 periods, then testing the other side of value : Does that stat apply to any market, or just the ES ?

Also, the scalping idea -- a new low which forms a zipper, then breaks higher : is it equally viable when a new high forms a zipper and breaks lower ?

Thank you.

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Hi guys,

It is my pleasure to welcome back Morad Askar (FuturesTrader71) for an Extended AMA on Wednesday, June 7th @ 4:30PM Eastern US.

Be sure to attend live to get all your questions answered.

Register for the event:
https://futures.io/webinars/#registernow

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  #537 (permalink)
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-morad-askar have simple ask why you dont make a book

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k7ler View Post
-morad-askar have simple ask why you dont make a book

I have been asked that so many times. Among others, these are my reasons:
  1. Taking a book will require more time and focus than I can give it at the moment. I refuse to put anything out there that isn't exceptional.
  2. The market is a constantly evolving process. I don't see books as a good medium for trading. Trading is more like software development but not as fast. By the time someone gets it, I will have changed a lot to accommodate an ever-changing market.
  3. I didn't come on the scene online to produce stuff. I share what I can and when I can as time goes on. Putting a book under my belt will feel more like an accolade than a real service to traders.

Hope that helps!

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  #540 (permalink)
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FT71,

I was listening to your 2nd "Chat With Traders" (published on July 24, 2016). You mentioned that since Stage 5 was now up and running that you were working on a substantial course that takes someone who is coming into futures (or trading in general) and carries them through the process of understanding all of the important pieces to actually come out as a professional trader on the other side. You said your goal now is to take those who want to pursue this and provide a standard process for coming out the other end, almost like someone who has a degree or something -- there is a minimum amount of knowledge that they should have.

I'm wanting to know how that is coming along and how someone "who wants to pursue this" can.

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ALC77 View Post
FT71,

I was listening to your 2nd "Chat With Traders" (published on July 24, 2016). You mentioned that since Stage 5 was now up and running that you were working on a substantial course that takes someone who is coming into futures (or trading in general) and carries them through the process of understanding all of the important pieces to actually come out as a professional trader on the other side. You said your goal now is to take those who want to pursue this and provide a standard process for coming out the other end, almost like someone who has a degree or something -- there is a minimum amount of knowledge that they should have.

I'm wanting to know how that is coming along and how someone "who wants to pursue this" can.

Hi ALC,

The program is now in development and will be ready soon. It will be released in pieces. I will post on this thread with Big Mike's permission when it is ready. You can also add your name here if you want to be notified (no spam) when it is ready: https://convergenttrading.com/

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Hi guys,

It is my pleasure to welcome back Morad Askar, aka FuturesTrader71, for an extended Ask Me Anything (AMA) session on Wednesday, September 6th @ 4:30PM Eastern US.



Register for the event:
https://futures.io/webinars/#registernow

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PLEASE BE ADVISED THAT @Big Mike IS UNAVAILABLE DUE TO HURRICANE IRMA FOR THE NEXT WEEK OR SO.

Video has been sent to him, but he is unable to upload due to poor internet and his cruise ship rerouting due to Irma.

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Guys, sorry for the delay with the recording. Multiple cascade events related to traveling and Hurricane Irma, the end result was virtually zero internet.

Mike

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Webinar recording:

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

Mike

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  #546 (permalink)
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Another great webinar from FT71 -- thanks !

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  #547 (permalink)
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Good webianr as usual. Thanks to whoever asked the expectancy question, and for the answer.

Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger
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  #548 (permalink)
jersey city nj
 
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What program can be used to record statistical analysis like in today's webinar? Currently using ninja trader, wondering if I should combine with something else to study a product and find edges.

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Hi guys,

Webinar recording:
https://futures.io/webinars/#registernow

Mike

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Webinar discussion thread:



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bg90 View Post
What program can be used to record statistical analysis like in today's webinar? Currently using ninja trader, wondering if I should combine with something else to study a product and find edges.

Hi bg90,

What kind of statistical analysis are you trying to record? Are you talking about trade performance?

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  #552 (permalink)
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FuturesTrader71 View Post
Hi bg90,

What kind of statistical analysis are you trying to record? Are you talking about trade performance?

Re-watched the webinar, and looks like what I need is a way to export data from NT to excel, currently trying to figure this out, what program are you using in the webinar?

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  #553 (permalink)
Richmond, VA
 
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Thanks FT71 for the training seminar. That was very helpful in understanding the technical aspects of trades.

I am duplicating your process with CL using Tradestation and figuring out things as I go. My TS feed doesn't have continuous Pit hours (at least that I can find), or a single data stream, so getting a large data sample may be a bit more challenging that simply selecting the Daily RTY like you did.

What considerations should I keep in mind in working to understand it when I use the 24 hour data? How would you handle getting the data sample of information? I guess I could put it together piece by piece, but I wanted to see what you thought.

Thanks!

James

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  #554 (permalink)
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Not sure how to start a New post so maybe I can ask here . Are there any good , reliable trading rooms out there ?
Call out trades on any of the E mini futures ? Or maybe a good webinar that shows good setups to trade ?
Thanks in advance.

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  #555 (permalink)
Southampton + Dorset/England
 
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Hi FT71
What would you recommend for the session/IB/opening swing/volume profile times for the Euro Stoxx?
Thanks in advanced

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  #556 (permalink)
Whistler, BC
 
 
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Hi FT71,

I have a question about the webinars as I'm interested in purchasing them.

Since the webinars were recorded in 2010 (8 years ago), charts and technology have changed significantly.

Will the webinars be recorded again by any chance?


Thanks!

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  #557 (permalink)
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Hi FT71,
You explained the role of M6E and other micro contracts as training vehicles.

Taking M6E as example, what are your typical trade duration (from flat to flat), number of trades in an average session, profit or loss per trade?

I assume there's a good reason you use M6E and not spot EURUSD - what is it?

Do you find volume information of M6E helpful? I used to think that even 6E volume is just a fraction of spot volume, the (M)6E price is "glued" to spot and the DOM isn't as helpful as in e.g. ES.

@All, please feel free to point me to a post or video "episode" where it's already answered.

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Hi FT71,

How you made to know how much tick you earn, how do you calculate? Because every day and differ how you adjust according to the day? And the market, what are the parameters to know that a day take 20 or 30 tick and normal and that day take 5 or 10 tick and maximum

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Hi everyone,

I haven't been keeping up with this thread. For that, I apologize. Things have been a bit off the hook lately.

I'm doing a webinar with FIO on Thursday and wanted to make sure that everyone knew about it. Here's where you can go to register for it (again, this is hosted by FIO):

The topic: How do I know Iím on the right track as a trader? << Click on this title to register

Date/Time: Thursday, August 2nd @ 4:30 PM Eastern US time

Details:


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@FuturesTrader71

Hi Morad

I've just watched the excellent 'How do I know Iím on the right track as a trader?' webinar, and I wanted to run something by you.

In the webinar, someone asks "how many sample sizes do you need in order to determine a statistical edge?".

You mention a sample size of 200 or higher to have a reasonable degree of confidence in the figures.


As part of my trading development stage, just recently I put together a model that, using fixed parameters such as win% and a set risk/reward target, calculate various best/worst case scenarios for several sample sizes.

It emerged that, because of the randomness associated with probability, even with a sample size of 200 there can be a 10% deviation between the expected win% and the results. In PnL terms the difference between best and worst case can be significant.

The model is avalable in this post.


What I am wondering is, whether the sample size, in order to be a robust predictor of results, needs to also be correlated with the win% and the Risk/Reward?

In other words, is the answer of what sample size to use: "it depends on the risk parameters one is working with" ?



I hope my question makes sense.

Thank you

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Hello traders,

I have been away on summer break for a bit. I will answer the questions that are still open during this evening's market prep.

In the meantime, please feel free to join the free daily Trader Bite that starts at 9:00 AM Eastern US time every day as a way to verify or gain a different perspective on the market. I have been doing these daily as a public service for almost 5 years now.

Here's where you can see today's:


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bg90 View Post
Re-watched the webinar, and looks like what I need is a way to export data from NT to excel, currently trying to figure this out, what program are you using in the webinar?

Hi...sorry about the delay in responding.

I use Investor/RT for charting and have the pro package which covers all of the volume-based studies as well as VolumeScope.

For details on my tools, I suggest you check out this page: Convergent Trading Recommended Tools and Software

As always, I only recommend what I actually use and would put my prop traders on.

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

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jamesw View Post
Thanks FT71 for the training seminar. That was very helpful in understanding the technical aspects of trades.

I am duplicating your process with CL using Tradestation and figuring out things as I go. My TS feed doesn't have continuous Pit hours (at least that I can find), or a single data stream, so getting a large data sample may be a bit more challenging that simply selecting the Daily RTY like you did.

What considerations should I keep in mind in working to understand it when I use the 24 hour data? How would you handle getting the data sample of information? I guess I could put it together piece by piece, but I wanted to see what you thought.

Thanks!

James

Hi James,

For CL, you must be cognizant of the fact that you are trading a global, physically delivered product whose trading books floats around the planet continuously 6 days a week. For that reason, there is no real RTH for CL. There are some more active hours vs less active ones just like for the Euro, Gold, etc.

I like to contrast the full session versus the NYMEX pit session (9 am to 2:30 EDT), but really that is not necessary. I simply do this because that's when I trade it and it is the most active time for that product.

If you are trading futures, I would urge you to consider a different platform. TS, IB, ToS are good platforms for investing but not so for trading futures, in my opinion. I suggest allocating some money to a direct market access broker.

Continuous data is important so you can draw a reasonable comparison through the expiration period. A good data feed should be able to handle that for you. I use IQFeed.

I hope that answers your questions.

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Breakout View Post
Not sure how to start a New post so maybe I can ask here . Are there any good , reliable trading rooms out there ?
Call out trades on any of the E mini futures ? Or maybe a good webinar that shows good setups to trade ?
Thanks in advance.

Convergent Trading's Phase 1 program is all about community interaction for serious career professional traders for just the purpose you are inquiring about. It is set up as a virtual set of prop rooms for market sectors via chat with continuous weekly live study halls, etc.

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sparks01 View Post
Hi FT71
What would you recommend for the session/IB/opening swing/volume profile times for the Euro Stoxx?
Thanks in advanced

The FESX and FDAX used to be a lot simpler when they opened with the cash markets before 2006 or so. Now, there is a pre-cash hour that muddies up the waters. For IB, I would use the first 2 hours of the futures open as opposed to the usual first hour. Remember, the purpose of the Initial Balance (IB) is to capture the time in which many of the biggest participants get their business done for the day. So now, that takes 2 hours in FESX/FDAX/FDXM so that's what I set it to.

As far as opening swing, I would wait and market it for the cash open from about 3 AM Eastern time onward. The opening swing doesn't have a time limit. You are simply looking for a clear test up and down and you are marking those extremes. It is ideal that the high and low that you mark cross the opening price, but not necessary on days where the market has a strong bias in one direction.

Volume profile is time-independent and that is why I like using it. I use a full session profile. However, I have a chart that only covers the cash session from 3 AM to 11:30 AM Eastern US that I refer to when doing homework.

I hope that helps clarify things.

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whats1thingnow View Post
Hi FT71,

I have a question about the webinars as I'm interested in purchasing them.

Since the webinars were recorded in 2010 (8 years ago), charts and technology have changed significantly.

Will the webinars be recorded again by any chance?


Thanks!

Sorry I'm getting to this so late.The webinars on FuturesTrader71.com have been taken down. I have been building much more comprehensive and updated material through the Study Halls at Convergent Trading and so didn't want people to keep going to the old material. It is all still relevant, but the new stuff is much more detailed and is presented with better examples.

Additionally, I'm putting together a series for those wanting a fundamental introduction and process for learning Volume Profile which will be available in the next few weeks hopefully. That is also through Convergent Trading. CT is where my focus is and that is why I mention it often.

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webradio View Post
Hi FT71,
You explained the role of M6E and other micro contracts as training vehicles.

Taking M6E as example, what are your typical trade duration (from flat to flat), number of trades in an average session, profit or loss per trade?

I assume there's a good reason you use M6E and not spot EURUSD - what is it?

Do you find volume information of M6E helpful? I used to think that even 6E volume is just a fraction of spot volume, the (M)6E price is "glued" to spot and the DOM isn't as helpful as in e.g. ES.

@All, please feel free to point me to a post or video "episode" where it's already answered.

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!

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k7ler View Post
Hi FT71,

How you made to know how much tick you earn, how do you calculate? Because every day and differ how you adjust according to the day? And the market, what are the parameters to know that a day take 20 or 30 tick and normal and that day take 5 or 10 tick and maximum

Hi @k7ler,

There is no way to know. The goal is not to estimate when you should stop. The goal is to remain focused on the story the market is saying in price and volume and then to stop when you see nothing setting up. There is a consistency to the market's behavior but there are random outcomes and inconsistency on how much the market will yield on any given day. This is why we measure expectancy weekly and overall performance monthly, etc.

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xplorer View Post
@FuturesTrader71

Hi Morad

I've just watched the excellent 'How do I know Iím on the right track as a trader?' webinar, and I wanted to run something by you.

In the webinar, someone asks "how many sample sizes do you need in order to determine a statistical edge?".

You mention a sample size of 200 or higher to have a reasonable degree of confidence in the figures.


As part of my trading development stage, just recently I put together a model that, using fixed parameters such as win% and a set risk/reward target, calculate various best/worst case scenarios for several sample sizes.

It emerged that, because of the randomness associated with probability, even with a sample size of 200 there can be a 10% deviation between the expected win% and the results. In PnL terms the difference between best and worst case can be significant.

The model is avalable in this post.


What I am wondering is, whether the sample size, in order to be a robust predictor of results, needs to also be correlated with the win% and the Risk/Reward?

In other words, is the answer of what sample size to use: "it depends on the risk parameters one is working with" ?



I hope my question makes sense.

Thank you

Excellent work. However, let's put my comment into the context of what we are trying to do. If I wanted a 95% confidence interval for an unknown outcome in statistics, then I have to keep pushing the sample size higher and higher to attempt to capture as much of the population and skewness as possible. That is not the goal here. I'm not saying that you are falling for this trap, but many traders do in that they try to eliminate the uncertainty through further study which is akin to curve-fitting (and we know how curve-fitting works in real life).

So instead, I aim to get enough data to know that "hey...this has a pretty good edge". I don't know how much of an edge and will never know because the data set is continuous given the nature of the market, but I know that it is ENOUGH for me to spend time testing it. Then I figure out how much I'm willing to stake in terms of cash losses to exploit that edge in the market. This becomes my "edge stop" of say $5000 lost on this with 50 samples minimum and I will stop trading it. If I find that in 50 samples, I can make money, then I start pushing size on it and applying trade management to enhance it as best as I can.

Technically, a 200 sample test of a clearly identified edge is plenty enough for what we do with a reasonable confidence interval. The market varies all the time in small increments (barring disasters like 9/11 or housing bubble). So our goal is to expend just enough effort to see if we can exploit a probability for a period of time. We are not looking to do something as dramatic as deciding the probability of a population dying as a result of a new drug being released, etc. I know I'm saying the same thing over and over, but the intent is for you not to get lost in the usual attempt to eliminate uncertainty.

And like your last statement says, you need just enough to build a risk plan around it so you can trade it while reasonably minimizing your risk of ruin.

I hope that makes sense.

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Iím interested in joining Convergent Trading - but wanted to get some feedback from current or former members?

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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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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


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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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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


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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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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.

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Woeo


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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

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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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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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It would be great if ALL micro traders would sign this:

https://www.change.org/p/cme-group-inc-cme-to-launch-micro-crude-product?recruiter=1018099558&utm_source=share_petition&utm_medium=copylink&utm_campaign=share_petition[/SIZE][/B]


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@FuturesTrader71 Iím curious about your trading style. Iíve watched some of your morning trader bites and I can see what youíre looking at, but Iím wondering are you a scalper, trying for a point or 2 at a time? Are you going for bigger swings like 10 points? Or do you base your targets on current rotation size, which would change your targets constantly?

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spideysteve View Post
@FuturesTrader71 Iím curious about your trading style. Iíve watched some of your morning trader bites and I can see what youíre looking at, but Iím wondering are you a scalper, trying for a point or 2 at a time? Are you going for bigger swings like 10 points? Or do you base your targets on current rotation size, which would change your targets constantly?

Hey Spidey,

Thanks for asking. Publicly, I mainly focused on structured setups using VP and order flow. I'm not looking for scalps. If you look at the ES right now (10:34 AM Eastern on 12/11/2019), you will see that it is trading at 3139.00. This is OSH, mid and the swing high of yday's afternoon. I expect the market to bounce here because it broke higher from this morning's opening swing in an open auction. It might give a point or 2 of heat, but I expect at some point it would challenge that 3143 high.

Note, however, that every trade has a random outcome. It may not work this time (FOMC release is a caveat), but this is an example of a structure-based trade that I would be stalking, taking and managing. There is always risk to finding out if a trade will work.

My risk is generally 1.5R net because I scale out to mitigate risk and aim for a runner to go to the next key area of support/resistance. So I don't have a fixed expectation. The market yields what it yields on any given setup and it is my job to be objective and read the facts rather than what I want.

I hope that isn't causing more questions than answers, but this is what I look for. I do look for scalps on some days when we are in balance and depending on the product I'm trading.

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  #584 (permalink)
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FuturesTrader71 View Post
Hey Spidey,

Thanks for asking. Publicly, I mainly focused on structured setups using VP and order flow. I'm not looking for scalps. If you look at the ES right now (10:34 AM Eastern on 12/11/2019), you will see that it is trading at 3139.00. This is OSH, mid and the swing high of yday's afternoon. I expect the market to bounce here because it broke higher from this morning's opening swing in an open auction. It might give a point or 2 of heat, but I expect at some point it would challenge that 3143 high.

Note, however, that every trade has a random outcome. It may not work this time (FOMC release is a caveat), but this is an example of a structure-based trade that I would be stalking, taking and managing. There is always risk to finding out if a trade will work.

My risk is generally 1.5R net because I scale out to mitigate risk and aim for a runner to go to the next key area of support/resistance. So I don't have a fixed expectation. The market yields what it yields on any given setup and it is my job to be objective and read the facts rather than what I want.

I hope that isn't causing more questions than answers, but this is what I look for. I do look for scalps on some days when we are in balance and depending on the product I'm trading.

Man, thank you for the detailed explanation. That more than covers what I was curious about and I appreciate it.

It does bring up one question tho - other than ES, what other products do you trade?

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spideysteve View Post
Man, thank you for the detailed explanation. That more than covers what I was curious about and I appreciate it.

It does bring up one question tho - other than ES, what other products do you trade?

I am constantly watching CL (that's why I have that petition on the MCL here: https://www.change.org/p/cme-group-inc-cme-to-launch-micro-crude-product ...I think it provides good trading diversification when risk is in check) as well as NQ, FDXM and sometimes GC.

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  #586 (permalink)
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Is available to public some Futurestrader71's track record about his trading? Either be shares, futures or what is available.

I am curious about if a professional trader and mentor like him has at any moment published something like what I talk about.

Thx.

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Blaster666 View Post
Is available to public some Futurestrader71's track record about his trading? Either be shares, futures or what is available.

I am curious about if a professional trader and mentor like him has at any moment published something like what I talk about.

Thx.

Hi Blaster,

When I first started to come out in the public, I posted trades live on Twitter (hence the big twitter following). I was still running my prop shop and this was an outlet for me as I was winding down operations and looking beyond the walls of my office at the CBOT.

I have since done live trading webinar impromptus and so on and traded live for the fun of it. Soon, it became about the setup or the stop size or the amount traded and so on. Thousands of emails (many unread) later, I decided to pivot to discussing what we normally go through in prop. In prop, we don't go over and tell people when to click (which is what everyone wants). Instead, I emphasize the unsexy, but key stuff like risk sizing based on rotations, mindset, emotional awareness, a lot of technical stuff relating to statistical probabilities and volume profile, etc.

Your question comes up often. It is a valid question if I'm selling you a trading system, a managed fund or a signal. I'm not doing any of that and never will. My view is: Listen to what I'm saying. If you think it is BS, move on. If I can get you to think for yourself and use what I'm offering as a basis for developing your own plan, then I have hit my mark. The fact that I might be trading a $1.4M account or a $55k account doesn't figure into any of it. Again, I'm not telling you when to click. People who tell all of us when to click are probably not clicking themselves because not even prop shops or institutional desks do this. We wouldn't need people if we can just tell a trader (or machine) when to execute.

Bottom line: There is zero benefit and a whole lot of noise when talking about P&L or performance or account size or trade size. Many will see it as skirting the question, that's for sure. However, that's not my concern. My message is still what leads to traders becoming professional in their approach and in, hopefully, seeing results.

I hope that makes sense.

PS: I'm not a mentor nor am I an educator.

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

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  #588 (permalink)
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Hello, Futurestrader71
I have a question about Convergent Trading. Is it suitable for me as a sourse if I don't have a trading system and I want to develop it? I am not new to market profile and not new to trading but I am struggling to find my edge, define setups and execute it. Can I find some sort of education at Convergent Trading for those who don't have solid trading approach/system right now and want to develop it?

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  #589 (permalink)
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Howdy, @FuturesTrader71

I have a quite a few questions, I hope they won't be a drag.

1. How are the things going with the CL micros?

2. I'm interested in the evolution of your trading workspace- the "spaghetti factory" as you named it in the Futures radio show (Crudele) and the Stalkzones. From watching your TB's I've seen them changing- Stalkzkones changed from hundreds of green and red lines to grey regions we see now, as well as Spaghetti's changed (looks like you droped out TICK and did some serious design changes). Could you give us a backstory how you've evolved your workspace or some advices, like what are the common pitfalls in watching other markets.
For example, I'm trading ES but I'm also watching RTY, NQ, VIX and gold. Is it worth watching these instruments to find possible movement changes in ES?

3. Before this rally (and I guess now as well) I've had hard time with my entries. Like around 4 out of 10 last trades were stopped out and then about a point or so latter market moved to direction which was planned. I was using 3pt stop, trading maybe 2-3 trades per day. So being stopped out once a day was really pissing me off. I'm not sure what I want to ask at this point- it is irrelevant that happened in the past. But if things like this will start happening again, when I'm constantly being stopped out, should I adjust my stop? And/or is it actually possible to improve one's entries by practice?

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  #590 (permalink)
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Also, can you recomend any macro analysts to follow?

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Hello traders,

In case you haven't heard, our team launched a brand new futures brokerage service named Edge Clear on April 2nd. It was a soft launch while we made sure that our processes and relationships are in place.

On Thursday, April 23rd at 4:30 PM Eastern US time, we will be guests on Futures.io and will take part in the first video panel discussion format hosted here. I'm personally grateful for my relationship with Big Mike and appreciate the opportunity to participate in this session.

Please join us by registering for the event. Details were posted by Big Mike here:

Please go to this thread and ask any questions you may have relating to brokerage, clearing, exchanges and how all of it works. We hope to see you there.

Catch you there!

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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  #592 (permalink)
Montreal Quebec
 
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Hi FT71,

Just joined Convergent, and I am soaking in the vast amounts of knowledge you have accumulated and managed to pack into all these 1hr long crystal clear webinars.
Any update on when we might see the Convergent Courses?

Thanks for everything you do for the community.

Cheers

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Langley
 
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DanDaMan View Post
Hi FT71,

Just joined Convergent, and I am soaking in the vast amounts of knowledge you have accumulated and managed to pack into all these 1hr long crystal clear webinars.
Any update on when we might see the Convergent Courses?

Thanks for everything you do for the community.

Cheers

Hiya DanDaMan.

I just recently found FT71. This guy is good. I find what he says is how I view the markets, although I don't trade like him.

He has SO many things to say that everything he says is pretty important.

Like to hear feedback.


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Hello, do you have any marketing material comparing yourself to your competitors?

FuturesTrader71 View Post
Hello traders,

In case you haven't heard, our team launched a brand new futures brokerage service named Edge Clear on April 2nd. It was a soft launch while we made sure that our processes and relationships are in place.

On Thursday, April 23rd at 4:30 PM Eastern US time, we will be guests on Futures.io and will take part in the first video panel discussion format hosted here. I'm personally grateful for my relationship with Big Mike and appreciate the opportunity to participate in this session.

Please join us by registering for the event. Details were posted by Big Mike here:

Please go to this thread and ask any questions you may have relating to brokerage, clearing, exchanges and how all of it works. We hope to see you there.

Catch you there!

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  #595 (permalink)
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Hi,

Please take all Edge Clear discussion to that dedicated thread:



planetkill View Post
Hello, do you have any marketing material comparing yourself to your competitors?


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Hi guys,

It is my pleasure to welcome back Morad Askar aka FuturesTrader71 for our 388th webinar event, on Thursday, June 11th @ 4:30 PM Eastern US.

The title for the event is "Ask Me Anything w/FuturesTrader71", and bullet points include:

- Quick and casual
- No prepared presentation
- Live screen sharing
- Floor will be opened immediately to questions



Register for this event:
https://on.futures.io/5xi9y

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Webinar recording:



Please give us feedback and comments:

If you liked it, click here and share your feedback:
https://futures.io/email-feedback.php?title=244&liked=1

If you didn't like it, click here and share your feedback:
https://futures.io/email-feedback.php?title=244&liked=-1

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Hi all,

If you asked a question that we didn't get to, please ask it here. I will do my best to respond in a video viewable only by the FIO community.

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

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  #599 (permalink)
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​Could you give examples of the main type of opening price action ? Your opening scenarios have been incredibly helpful to me in my process, but I think I make too many scenarios.

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@FuturesTrader71,

The following are some of the questions during the webinar. If any of these merit a written response in addition to any response already given in the video, please reply for the benefit of all members reading and searching for answers:



do you have an specific tick target per trade ? and how do you manage your stop ? do you trail your stop ?

What software should I use to do back test?

Can u discuss hw u handle the transition as a day trader from a directional mkt to a balanced mkt and hw Not to get caught in shallow counter rotations as the mkt is transitioning into bal? GOing from continuation trades to Bal/Outside in. Tx

Hiya FT...for someone teaching themselves futures...how long (on average) to turn the corner to consistency (if they make it at all)? Thanks.

In your opinion, what are the best contracts to trade during the overnight session? My goal is to trade full time, but right now I am only able to trade after the New York close. Also, do you feel that daily pivot ranges are still valid since there is little floor trading?

You finally are a consistently profitable trader week in, week out. Who is now trying to increase their contracts traded. What have you seen as best practice to increase size of contracts traded? Dollar amount/contract (i.e. $10,000/1 contract). Risk based (Full stop less than 1% or 2% of account value)? Or anything else?

I want to trade the ES micros but I am having trouble figuring out my entries. Where is a good place to start for a beginner?

How has AI changed futures trading over the past few years and do you see a role for humans 10 years from now?

In the upcoming days will you use POC's and gap locations from the Sept. contract in the ES?

What are good times to trade 'ES' only during the US time fram? thank

What do you look for before entering your long/short position? Are you looking at technicals...such as EMA crosses/RSI/MACD etc.? how do you determine when to enter long or short? Do you ever average in? thank you

How necessary is knowing to read orderflow to become a profitable trader? Or you may be profitable without knowing how to read the orderflow?

At edgeclear do you have something similar to the s5 trade analyzer where it tracks your trades historically?

Morad thank you for your daily pre market prep. 1. For your rotation study do you change any settings when the range expends? Or is it always constant? On sierra chart I find that I need to change my zigzag settings to match your fractal rotations. 2. What do you use for recorkeeping today?

do you teach day traders and where do we go?

How do you close a winner and how do you close a loser? Do you trail stops? Or do you aim at hitting a target?

How do you handle when the market does something completely different than your expectations from premarket analysis? Do you end up not trading that day?

Do you see a day when algos and HFT make trading so jumbled and confusing, retail manual day-traders will be nearly completely locked out? More so than what's been happening over the past ten years?

Do you have any updates on the Convergent Courses? Very much looking forward to them.

could you briefly outline how you determine and manage risk control on longer trades.

Mindset - What mind tools do you use to keep your focus? Books? Philosophies? Heroes?

What are your thoughts on current market conditions and volatility, and how is it affecting your trading risk/rewards and stop size comparing to previous years when sp was trading under 2000

When you ran prop were there any statistics you looked at in terms of trader performance and were there any thresholds or targets that you looked for?

Are you able to expand on your harmonic rotation concept or point me to a resource that I could look into that would give a better understanding of it?

Any future plans to tie Convergent and Edge Clear together (ie. rebates on the brokerage side for being a member or discounts on Convergent for being a client)?



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