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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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Morad Askar, better known as FuturesTrader71 or simply FT71, will be monitoring this thread so that he may answer any questions that you post here about trading in general.

Please keep in mind that some customer service/technical support issues are best handled through proper channels.

FuturesTrader71 (FT71) is a full time professional trader. He has previously owned and operated a proprietary futures trading firm, is a member of CBOT, and is the Owner of Edge Clear Brokerage.

FuturesTrader71 (FT71) is well known for his educational tweets on Twitter where he has a very large following, and his series of webinars on futures.io (formerly BMT) that cover a wide array of subjects including Volume Profile, Auction Theory, Trading Psychology, Risk Management, Trade Management, Discipline, Probabilities, and much more.

In addition to this thread, I will also be asking FT71 to stop by on occasion for a casual webinar where he can answer questions via audio while also sharing his screen to visually demonstrate any points as needed. The date/time of those sessions will be announced here in this thread. These sessions will be limited to questions only, there is no prepared presentation. After the session ends, the recording will be posted in this thread.

You can find more on his website:
FuturesTrader71 | Simplicity in Trading

Feel free to ask any questions below and we'll do our best to get them answered.

The futures.io (formerly BMT) "AMA" (Ask Me Anything) series is by invitation only. It is part of a new program we are launching shortly called "Certified Trustworthy", something that has been months in the making. I will provide all the details of this new program as soon as it is ready for launch.

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I have asked @FuturesTrader71 to do two live AMA sessions/screen shares per month. Please understand time restrictions and availability, but I am sure FT71 will do his absolute best to make that happen and to answer all questions here.

Please do not inundate FT71 with private messages. Keep messages in this thread so when he replies more than just one individual can benefit from the response.

Please understand it may not be possible for every single post to receive a reply. The best questions will receive the most attention.

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If you are new to FT71, or even if you aren't, you should attend today's futures.io (formerly BMT) webinar:



FT71 has prepared a fantastic presentation for us and I am sure it will be very well received. The webinar is today at 4:30PM ET. Please be on-time, room capacity is limited to 500 people.

You can also find five other webinars FT71 has presented in the Webinars section.

FT71 also offers some webinars on his website directly:
FuturesTrader71 | Simplicity in Trading

Before we get started with the questions, I want to take the opportunity to once again thank FT for his time. I hope you will do the same.

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As is the case 95% of the time I will be unable to attend live due to my schedule, but look forward to the recording as always. Thanks Mike and FT71.

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@FuturesTrader71,

Is the "S5 Trade Analyzer" available for sim/paper accounts?

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Hey FT71!
Thank you for sharing so much of your time and helping out as much as you do without asking anything in return. So much appriciated and a true inspiration.

I have a question regarding composites and micro composites I was hoping you would adresse. As we now in the ES recently broke out to the upside from a micro composite (from the 21. of february to the 4th of mars). If we were to re-visit this price area in the near future again, which of the HVN and LVN would you pay the most attention to? Would it be the micro composites value nodes because these are the most recent prices and therefore has the most influence in the future, or the bigger composites value nodes because they reflect more days and therefore more information? Or do you compare the value nodes from both the micro composite and the overall composite and pay attention to the nodes that are pointed out in both of them and therefore match?

Hope my question was understandable as english is not my first language and hoping you have the time to shred some light on this.

Thanks again FT71!

Cheers,

Vegard

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Hi Mike
As far as I know it is available for demo accounts-I think you get a 2 week demo and you can use both trader platform and trade analyser during that time


Big Mike View Post
@FuturesTrader71,

Is the "S5 Trade Analyzer" available for sim/paper accounts?

Mike


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garyboy275 View Post
Hi Mike
As far as I know it is available for demo accounts-I think you get a 2 week demo and you can use both trader platform and trade analyser during that time

I'm more interested in if it is available in paper/sim mode for funded accounts on a permanent basis, or if it only works for cash trades.

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@FuturesTrader71, I know your new venture with Stage 5 Trading means you've not yet got a fully working website. So I had a few questions about the brokerage.

a) Assuming you are a GIB or IIB? If yes, which FCM are you clearing through?
b) What technology is supported? TT FIX, Rithmic, Zen Fire, etc?
c) What platforms are supported for trading? Sierra Chart, NinjaTrader? I realize you can use whatever you wish for charting.
d) Client portal functionality/features?

Thanks FT.

I'll also use this post to mention the recording for today's webinar has been posted in the webinar section.

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I'm more interested in if it is available in paper/sim mode for funded accounts on a permanent basis, or if it only works for cash trades.

Mike

yes it is available for sim accounts as well on a permanent basis if you have a funded account

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Hi FT,

What is the harmonic rotation for YM?

Thanks

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FT71,

Thanks for your excellent presentation this week. Just one question please:

Q: Given your use of harmonic rotation at 2 to 2.5 points in the ES, do you keep at 1 point stop on all trades as shown in tables?

If 1 point max stop, entries need to be very good of course. Is that what you rely on, or have I got it wrong and you will use wider stops (price action/whatever) also?

Thanks for any comments.

Richard
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torroray View Post
Hi FT,

What is the harmonic rotation for YM?

Thanks

Check the master homework thread, Xav provided a NinjaTrader tool that will dump results to Excel for any instrument.

Sent from my Nexus 4

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Hi FT,

Can you post the PPT of your slides from the webinar ?


best regards

podski

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something that does not seem to be addressed when dealing with this all in all out or scaling approach, number of trades is never factored into the expectancy.

when running the math on a sample the outcome can change dramatically.

all the examples I seem to find are great at showing single variable examples but not with trade number involved.

if one trader is an all in all out and another is an all in scale out, while the scale out trader is taking off his positions in his favor, the all in all out trader could have had three full trades in that same time/price period and the risk reward profile is very different.

considering both styles are putting on the same, largest size at trade entry, the all in all out trader will better cover his losses over time then the scaling trader. when I do this analysis I am looking at being defensive and protecting bank roll not psychology stroking myself.

this one aspect made a world of difference in my risk and reward profile. where once as a scale out trade the final portion of trade might have been grabbing 20 ticks but the all in all out would have had 4 trades in that time period which pulled out almost 8x as many ticks.

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podski View Post
Hi FT,

Can you post the PPT of your slides from the webinar ?


best regards

podski

Let's keep things organized. There is a separate thread for the webinar:


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Tip


There will be a Live AMA session on Tuesday, March 19th @ 12:00 PM ET.

- Quick and casual, 30 minute cap
- No prepared presentation
- Live screen sharing
- Floor will be opened immediately to questions
- Recording uploaded to AMA thread afterwards
- Attend live to get your questions answered

The link for the event is:
https://www3.gotomeeting.com/register/776327726




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@FuturesTrader71,

Does your trading change should we make new all time highs in the ES? Since there are no prior resistance levels or CLVN's and etc to measure against or target, what changes do you make if any?

Mike

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Hello,

Why are markets correlating? (TF,ES,YM,DAX,FESX...) If the price is moved especially by Big Boys how they are so interconnected in all these markets?

Thank you very much,
Alan

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Many traders encourage you to find a market/instrument and time frame that "fits you".

As you have helped traders improve when/where does instrument selection fit it in their development?
  • before a trader has assessed his style or "personality" do you help one choose and instrument or time frame? How do you assess that?
  • at what point to you suggest a different time frame or instrument (after gross profitability is achieved, after net profitability?)
  • at what point would you suggest that instrument/time frame is inappropriate for a trader?

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Thank you FT for all that you give and teach to those of us who aspire to be good at trade facilitation and give back along the way. I am so grateful and appreciative for our paths crossing.
I have been following you for 5 months and using IRT for about 3 month. I like the way you annotate and markup your charts. These tools don't seem to be native to IRT.

Would you tell me which drawing/annotation tools you use to mark up the charts that you publish?

Thanks...Rhonda

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Reminder, event tomorrow, be on time and bring questions. We will try to keep the pace quick so as soon as you join the room you can start asking questions in the question box.

Tip


There will be a Live AMA session on Tuesday, March 19th @ 12:00 PM ET.

- Quick and casual, 30 minute cap
- No prepared presentation
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- Floor will be opened immediately to questions
- Recording uploaded to AMA thread afterwards
- Attend live to get your questions answered

The link for the event is:
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rjnebay View Post
Thank you FT for all that you give and teach to those of us who aspire to be good at trade facilitation and give back along the way. I am so grateful and appreciative for our paths crossing.
I have been following you for 5 months and using IRT for about 3 month. I like the way you annotate and markup your charts. These tools don't seem to be native to IRT.

Would you tell me which drawing/annotation tools you use to mark up the charts that you publish?

Thanks...Rhonda

Rhonda, just to give you a head start, check out linnsoft.com and you will find the "FT71 quick start guide" -- templates and chart definitions and other helpful tools there.

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Rhonda, just to give you a head start, check out linnsoft.com and you will find the "FT71 quick start guide" -- templates and chart definitions and other helpful tools there.

Thanks. I already have all of that, all of the chart definitions, settings, and indicators. I am quite proficient with the use and interpretation of IRT data and charts. I have found no drawing/annotation tools as part of IRT. I have searched linnsoft and MarketDelta's sites pretty thoroughly prior to asking the question.

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@FuturesTrader71,

Is the "S5 Trade Analyzer" available for sim/paper accounts?

Mike

Thanks for asking, Mike.

Yes, the S5 Trade Analyzer seen on Attitude Trader's thread as well as others in the forum is available for demo accounts. Traders who are a part of our brokerage have an indefinite sim account with an open and funded account. The S5 Trade Analyzer is what I used to use to train traders and work out their kinks. The software is in its infancy. We will soon be releasing a historical analyzer on our website for our traders. We will all be able to see our entire track record with some detailed metrics.

The tool helps me see what possible sources of issues a trader has based on the trade they have taken. The stats are as meaningful or as meaningless as the trades that were put on. There is a specific way to use a sim account. If used correctly, this data is a great confidence builder and an objective view of what is happening, in my opinion.

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Hey FT71!
Thank you for sharing so much of your time and helping out as much as you do without asking anything in return. So much appriciated and a true inspiration.

I have a question regarding composites and micro composites I was hoping you would adresse. As we now in the ES recently broke out to the upside from a micro composite (from the 21. of february to the 4th of mars). If we were to re-visit this price area in the near future again, which of the HVN and LVN would you pay the most attention to? Would it be the micro composites value nodes because these are the most recent prices and therefore has the most influence in the future, or the bigger composites value nodes because they reflect more days and therefore more information? Or do you compare the value nodes from both the micro composite and the overall composite and pay attention to the nodes that are pointed out in both of them and therefore match?

Hope my question was understandable as english is not my first language and hoping you have the time to shred some light on this.

Thanks again FT71!

Cheers,

Vegard

Yes, it did break out of the balance zone except that I have it starting way back from Jan 17.

So your question is best answered with an image:



To answer the rest of your questions, you would have to answer the questions:
  1. What has the market done?
  2. What is it trying to do?
  3. How good of a job?
  4. And those lead to the answer for: What is more likely to happen next?

Remember, we are trading probabilities only. Nothing is certain in the markets.

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Hi Mike
As far as I know it is available for demo accounts-I think you get a 2 week demo and you can use both trader platform and trade analyser during that time

That is correct. Thanks for answering that. You get 14 days for a demo.

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Big Mike View Post
I'm more interested in if it is available in paper/sim mode for funded accounts on a permanent basis, or if it only works for cash trades.

Mike

Yes it is. As long as your account is funded, it is permanent.

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Big Mike View Post
@FuturesTrader71, I know your new venture with Stage 5 Trading means you've not yet got a fully working website. So I had a few questions about the brokerage.

a) Assuming you are a GIB or IIB? If yes, which FCM are you clearing through?
b) What technology is supported? TT FIX, Rithmic, Zen Fire, etc?
c) What platforms are supported for trading? Sierra Chart, NinjaTrader? I realize you can use whatever you wish for charting.
d) Client portal functionality/features?

Thanks FT.

I'll also use this post to mention the recording for today's webinar has been posted in the webinar section.

Mike

a) Stage 5 Trading is an IIB. This means that we are completely independent from any particular vendor, clearing firm or platform. We clear OEC, Dorman, Vision and RJO. We are also able to sign with any FCM that we feel would serve our traders best.

b) Our preference is S5 Trader which is a labeled OEC platform. It is efficient, stable, free, has free real time data and many features and provides me with the best way to monitor traders on the risk system and intervene to help them out when they need help with trading. The folks at OEC even upgraded it once I started using it so that it is more in line what I felt I needed as a trader.

c) We provide most non-proprietary trading platforms on the market. So we clear Ninja on Zenfire, Ninja on Rithmic, Ninja on TT-FIX (not a great solution), Trade Navigator, Multi Charts, CTS T4, Market Delta Trader, TT-FIX direct, CQG Trader or Integrated Client, etc, etc. You can also feed your Investor/RT, Sierra, Market Delta Charts and many other platforms with the S5 Trader for the free real time feed and then use DTNMA for historical data. There are too many options and solutions to name. Simply put, technology is not something that would prevent anyone from joining our structured trading group.

d) Traders can manage their S5 Trader account through an online client portal. Other platforms have various solutions depending on the vendor. All clients get access to the S5 Chat Room where only serious and trading-related discussion takes place throughout the day. The chat room is also a place for me to intervene (on a best-effort basis) when I see that a trader has lost site of risk. Otherwise, I call to make sure that they are aware of their position and are thinking clearly.

I hope that answers your questions.

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torroray View Post
Hi FT,

What is the harmonic rotation for YM?

Thanks

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

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

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Thanks FT. A couple more ...

- When do you expect your new website to be up?
- Can the customer choose his FCM of choice when opening the account?
- Do you support ACH transfers out? Is there a fee?
- How do you handle sub-accounts? I like to have different accounts for different styles of trading. Is there a master balance that can be divided across multiple sub-accounts for risk assessment (margin)? How would your metrics work with more than one account?

Thx again for your time. Sorry I don't have any profile questions for you

Mike

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RichardHK View Post
FT71,

Thanks for your excellent presentation this week. Just one question please:

Q: Given your use of harmonic rotation at 2 to 2.5 points in the ES, do you keep at 1 point stop on all trades as shown in tables?

If 1 point max stop, entries need to be very good of course. Is that what you rely on, or have I got it wrong and you will use wider stops (price action/whatever) also?

Thanks for any comments.

My ES harmonic rotation is 2.5 to 3 pts; not 2 pts.

No, I don't use a 1 pt stop currently. That is what I was doing when I was collecting that data. Today's market tends to churn a lot before pushing in a direction that may be favorable to the position. 5 years ago, a trader found out fairly quickly what the outcome of the trade is fairly quickly. Post 2008/2009, the market tends to battle in a zone for a lengthy period before one side steps in and pushes in a direction. I feel like a wider stop is necessary unless you don't mind getting chopped up a lot until you catch a runner.

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podski View Post
Hi FT,

Can you post the PPT of your slides from the webinar ?


best regards

podski

I can't provide the PPT file but I have provided a PDF of the slides. There are other things I displayed that are not part of the slide show.

http://www.futurestrader71.com/media/BigMike/2013-03-7-BigMike.pdf

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gparkis View Post
something that does not seem to be addressed when dealing with this all in all out or scaling approach, number of trades is never factored into the expectancy.

when running the math on a sample the outcome can change dramatically.

all the examples I seem to find are great at showing single variable examples but not with trade number involved.

if one trader is an all in all out and another is an all in scale out, while the scale out trader is taking off his positions in his favor, the all in all out trader could have had three full trades in that same time/price period and the risk reward profile is very different.

considering both styles are putting on the same, largest size at trade entry, the all in all out trader will better cover his losses over time then the scaling trader. when I do this analysis I am looking at being defensive and protecting bank roll not psychology stroking myself.

this one aspect made a world of difference in my risk and reward profile. where once as a scale out trade the final portion of trade might have been grabbing 20 ticks but the all in all out would have had 4 trades in that time period which pulled out almost 8x as many ticks.

Good point, but I disagree. This could be a lengthy topic. While I can argue that I can scalp multiple times around a swing trader and extract many more points, that is not the audience I'm addressing. From a strictly mathematical perspective, all-in and all-out is superior in the instance of someone using short targets and trading more frequently. But this trader must also have gotten over their psychological hang-ups. In my experience, the trading plan (if there even is one) is not the problem. The issue is fear and psychology.

Again, this can definitely be a lengthy topic. My perspective is inspired by what most folks really deal with.

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Big Mike View Post
Let's keep things organized. There is a separate thread for the webinar:


Mike

Sorry. I didn't see this until just now. Feel free to move my reply as well.

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Big Mike View Post
@FuturesTrader71,

Does your trading change should we make new all time highs in the ES? Since there are no prior resistance levels or CLVN's and etc to measure against or target, what changes do you make if any?

Mike

Yes, it does change. I'm not a fan of this Fed-driven, 1-way trade. The market usually goes into price discovery and then re-auctions lower levels to make sure there is a base. It is a bit like building a staircase and then walking down and bouncing a bit to make sure that it is sturdy for the higher structure above.

The best analogy would be: It would be like a surgeon who operates at a top notch hospital in Chicago with MRI's, CT Scanners and a good set of tools suddenly finding him/herself operating out of a tent in Darfur. We can still get the job done, but it is not as clean nor pretty.

I resort back to rotation statistics, measured moves, patterns, daily statistics, etc. The volume profile leaves a clear footprint of what is going on in certain areas. The alternative is to get the data, adjust it and apply it to my charting software to see what was above from before September 2005.

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Alanelcheco View Post
Hello,

Why are markets correlating? (TF,ES,YM,DAX,FESX...) If the price is moved especially by Big Boys how they are so interconnected in all these markets?

Thank you very much,
Alan

The market operates a DNA chain. When one molecule changes, there is a complex reaction across what might seem like unrelated parts of the chain. The products you are referring to are all Equity Index products. The FDAX/FESX are governed by their underlying German/European stocks until the US market opens. Once the US market opens, there are other correlations that come into play because the companies underlying the indices are global.

For example, a semi-conductor plant in Singapore burns down and you will see a reaction in all equity index products because it affects everyone from Dell to HP to Samsung to Siemens to Boeing and so on.

If Siemens reports great earnings in Europe through its electronics sales division, then other companies across the world are likely to see a boost in that sector and so investors would react accordingly.

As an individual, you can now participate in the market through many avenues. You want to be heavily weighted in technology in your portfolio? You might buy QQQQ's, XLK, outright AAPL or GOOG stock or you can buy the options on those stocks or options on the index or options on the ETF or simply go and buy NQ, etc etc.

One word of caution, trading one index by using the movement of another is a game that I cut my teeth on as a trader. It is no longer smart to initiate a position based on one product's movement over another (buy ES because TF is breaking new highs, etc).

As always, those are my opinions and anything can happen.

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@FuturesTrader71

I stalked an initial short this morning at 42 based on the fact that we had gapped down hard, pulled back to 1) a resistance area, 2) the lower end of an up channel/wedge, and 3) as well as the overnight highs at 43. So I felt there was some confluence for a short there technically. (Based on what I look at). I waited for orderflow to start getting absorbed at the area, and took the trade.

You can see the entry under the red arrow down on the chart here.



My question is this (with the understanding that of course losers are inevitable and that's fine):

I don't currently using any volume profiling tools. In your opinion, did volume profiling/or related tools scream not to take this short trade? I'm always looking for ways to enhance my edge, and I totally buy into the auction market stuff.

I switched to long, quite soon after stopping out of the short, and managed that position for most of the remainder of the day, but I'd really appreciate any commentary on the initial short. Yes there were opportunities to scratch the trade, but I'm going off your principle of not trying to get "smarter" during a trade.

THANKS FOR ALL THAT YOU DO!

-Merritt

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bijeremiad View Post
Many traders encourage you to find a market/instrument and time frame that "fits you".

As you have helped traders improve when/where does instrument selection fit it in their development?
  • before a trader has assessed his style or "personality" do you help one choose and instrument or time frame? How do you assess that?
  • at what point to you suggest a different time frame or instrument (after gross profitability is achieved, after net profitability?)
  • at what point would you suggest that instrument/time frame is inappropriate for a trader?

Product selection has many dimensions including account size, liquidity, trading hours for the underlying products, risk tolerance, tick size, fees/commissions as a ratio to range value, market conditions, etc. A whole lot depends on your temperament; are you ok sitting in something like the 10-yr notes where it might not move from the bid/offer prices you entered at for 15 minutes? Do you prefer the zip and power of the FDAX? Can your account afford the margin? Can you afford a $780 per contract move in the FDAX on a news in 12 seconds?

I would only suggest a different time frame or instrument as a last resort really. The idea in trading, in my opinion, is not to treat the market like a casino where you can play Blackjack and then switch to nickle slots then quarter slots and then roulette or craps for entertainment and action. The market is more like the selection of a skilled craft to pursue. If you are going to be a master cabinet maker, then you wouldn't be advised to be a plummer just because your plummer friend is busy for 6 months and is making money.

In my opinion, it is best to get REALLY, REALLY good at whatever you choose. What I see the most of is folks who dabble and spend a bunch of money to learn and then lose a bit. Then they dabble some more somewhere else. Then they fall for a promise of great returns and dabble again because some guy is doing a free trial of his chat room.

This business is about committing a lot of energy for a one-pointed effort to master something specific. I believe that your ability to compete in this effort is based on having a structured approach, good record keeping and iron-clad risk management. This is what I'm focused on creating for traders now through the brokerage and new education material.

Look at it this way, you wouldn't be paid highly as a surgeon if you repair tires full time on the weekend for income. You get paid highly because you have committed to the craft of being a surgeon and are better and more dedicated at it than others.

Wouldn't you agree?

Good luck!

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rjnebay View Post
Thank you FT for all that you give and teach to those of us who aspire to be good at trade facilitation and give back along the way. I am so grateful and appreciative for our paths crossing.
I have been following you for 5 months and using IRT for about 3 month. I like the way you annotate and markup your charts. These tools don't seem to be native to IRT.

Would you tell me which drawing/annotation tools you use to mark up the charts that you publish?

Thanks...Rhonda

I use the latest version of SnagIt by Techsmith. It is a fantastic tool. I keep records of charts using it. You can also record your screens with it. The software comes with a Screencast account of 2GB of storage. This is what I used to post this image on twitter in the morning: Trader's Creed

Cheers!

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BTW @FuturesTrader71, if you wrap screencast image URL's in the [screencast] bbcode, they will auto-embed.

Example:
03.18.2013-08.04.08 - FuturesTrader71's library

Change to:
[screencast]http://screencast.com/t/IrF0JQu7[/screencast]

Which becomes:


Mike

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indextrader7 View Post
@FuturesTrader71

I stalked an initial short this morning at 42 based on the fact that we had gapped down hard, pulled back to 1) a resistance area, 2) the lower end of an up channel/wedge, and 3) as well as the overnight highs at 43. So I felt there was some confluence for a short there technically. (Based on what I look at). I waited for orderflow to start getting absorbed at the area, and took the trade.

You can see the entry under the red arrow down on the chart here.



My question is this (with the understanding that of course losers are inevitable and that's fine):

I don't currently using any volume profiling tools. In your opinion, did volume profiling/or related tools scream not to take this short trade? I'm always looking for ways to enhance my edge, and I totally buy into the auction market stuff.

I switched to long, quite soon after stopping out of the short, and managed that position for most of the remainder of the day, but I'd really appreciate any commentary on the initial short. Yes there were opportunities to scratch the trade, but I'm going off your principle of not trying to get "smarter" during a trade.

THANKS FOR ALL THAT YOU DO!

-Merritt

Hi Merritt,

I can only provide you with an opinion on this trade. Here is how I viewed this morning's auction:
  1. Opened BELOW prior accepted value on news. General trend is up and almost all sell-offs have been bought back in the past.
  2. Expectation in this circumstance is for responsive buying towards the most recent value or accepted prices
  3. The market opened in a right range of 39.50 to 37.75 as the opening swing. I announced this on Twitter and said "watching for quality of responsive buying on the open"
  4. The break of the small opening swing would lead me to believe that sellers are likely to run for the hills again. I personally took a long in the opening swing in anticipation and with a target of the Overnight High as well as a naked Volume POC at 45.75
  5. We touched that NVPOC at 9:02 central and I expected that we would chop before the next leg takes place
  6. The biggest thing that would have had me suspicious of a short at 42 area is that the overnight high was just above and the overnight levels are statistically broken 96% of the time on a fixed dataset (so that stat can vary slightly)

If you didn't follow any of that, I suggest you listen to some of the webinars on my site in the chat log. I think that the reasoning behind your entry short may be sound for your method of trading, but I traded against your position because of the context of where we are. Context is what backs up your position and it is hard for folks to grasp so they use indicators to create a proxy.

Let me know if I need to elaborate.

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BTW @FuturesTrader71, if you wrap screencast image URL's in the [screencast] bbcode, they will auto-embed.

Example:
03.18.2013-08.04.08 - FuturesTrader71's library

Change to:
[screencast]http://screencast.com/t/IrF0JQu7[/screencast]

Which becomes:


Mike

Cool feature. I prefer screencast over uploading images and then linking them. This works.

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Big Mike View Post
Thanks FT. A couple more ...

- When do you expect your new website to be up?
- Can the customer choose his FCM of choice when opening the account?
- Do you support ACH transfers out? Is there a fee?
- How do you handle sub-accounts? I like to have different accounts for different styles of trading. Is there a master balance that can be divided across multiple sub-accounts for risk assessment (margin)? How would your metrics work with more than one account?

Thx again for your time. Sorry I don't have any profile questions for you

Mike

The website should be up by the end of this week. It has definitely taken longer than expected. We had to handle some interesting hurdles when we first launched Stage 5 Trading and couldn't get on the website right away. It is ready to be reviewed by compliance now and launched.

The FCM is mainly determined by the software you want to use. For example, to use the S5 Trade Analyzer, you have to use the S5 Trader and must therefore open your account with OEC. For added security, some people have opened their Ninja account with both Vision and Dorman.

ACH are not supported by most futures firms. Generally, folks get a wire or a check instead.

Many traders get a subaccount and put some margin equity into it for various purposes. Generally, FCM's want to know the reason for an additional account for compliance and administrative purposes. You can generally cross-margin accounts.

These questions are best handled by emailing client-services@s5trading.com

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Last question for today, promise...

FT, as far as trading -- are you only a scalper? Only a day trader? What about swings? Outside of trading I would imagine you have other longer term investments, would you mind very briefly commenting on whether these longer term investments are in equities, bonds, real estate and etc etc (if any one category is more weighted than the next).

If you would sum up the US markets in just one word of either "bullish" or "bearish" when looking at the next 5-years or so, which would it be?

Obviously this has no major factor on day traders unless we see 2008 levels of volatility again --- I am talking more about longer term moves or positioning yourself for a big swing trade and/or reshuffling long term investment options if you feel the market is about to enter a down turn. There are many people who believe we are near a cyclical high and they are expecting a good 20-25% retracement or so (some expecting even more) to come somewhat soon.

For even longer term investments, say 15 years, the cyclical argument is pretty much moot based on historical data, you should just make regular contributions and essentially be dollar cost averaging your long term investment portfolio to weather storms, in my opinion at least. But the trader in me doesn't want to see my investments in equities take a dive, if I were to subscribe to the model that a cyclical top is near I would reposition to minimize impact should we start moving lower.

Thoughts?

It's late so we can ask this in tomorrow's live AMA session if you want I'm not looking for a detailed answer since this is mostly outside of trading, I just was curious to see if your thoughts align with mine or not.

Thanks as always. And with that, I sign off for the day - I've been up for 30 hours straight!

Mike

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FuturesTrader71 View Post
I use the latest version of SnagIt by Techsmith. It is a fantastic tool. I keep records of charts using it. You can also record your screens with it. The software comes with a Screencast account of 2GB of storage. This is what I used to post this image on twitter in the morning: Trader's Creed

Cheers!

Awesome. Thank you. And love the Trader's Creed btw...Rj
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indextrader7 View Post

I stalked an initial short this morning at 42 based on the fact that we had gapped down hard, pulled back to 1) a resistance area, 2) the lower end of an up channel/wedge, and 3) as well as the overnight highs at 43. So I felt there was some confluence for a short there technically. (Based on what I look at). I waited for orderflow to start getting absorbed at the area, and took the trade.

You can see the entry under the red arrow down on the chart here.

...

My question is this (with the understanding that of course losers are inevitable and that's fine):

I don't currently using any volume profiling tools. In your opinion, did volume profiling/or related tools scream not to take this short trade? I'm always looking for ways to enhance my edge, and I totally buy into the auction market stuff.
...

-Merritt

If i may add, i use volume profile in the form of a channel and just in front of your short you had an obstacle that price would need to cross to succeed. Although you were at a good location near the channel boundary, the value had just shifted higher (see yellow arrows) and price did rotate long enough to form an important node that would sure act as an obstacle to your trade. Because of this speed bump in the way the setup should be considered as a low probability trade setup. This is the type of rational i use. I prefer to take trade setups with a clear path at least to my first target. The trade at the open offered such a scenario.


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rjnebay View Post
We need a monkey emoticon!!!

Done.



Also



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AMA begins in a few minutes:

https://www3.gotomeeting.com/register/776327726

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Master Homework thread I mentioned a few times, is a goldmine of info



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Thanks @FuturesTrader71 for the Live AMA session today.

Below is the video of this session. FT will be back again soon for another live AMA, I will post in this thread once it is scheduled.

For those of you who did not get your questions answered:

a) Next time please join the room earlier and ask your question upon joining, we take questions on a first come basis
b) You can post your question here in the thread, FT will do his best to answer (the best questions will receive the most attention).

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From the FT&71's AMA webinar today:
2013-03-19_0932 - bob314159's library

What is the red/yellow indicator?

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From the FT&71's AMA webinar today:
2013-03-19_0932 - bob314159's library

What is the red/yellow indicator?

Please wrap screencast URL's in the [screencast] bbcode.

http://screencast.com/t/MD7h7mhbUBK

Becomes:
[screencast]http://screencast.com/t/MD7h7mhbUBK[/screencast]

Which will embed the image like so:



I liked it too. See this thread:


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For Robert that asked the iron condor question, I asked it here for you:



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Nice AMA and thanks for hosting Mike, thanks for doing it FT.


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Tip


There will be a Live AMA session on Tuesday, April 2nd @ 12:00 PM ET.

- Quick and casual, 30 minute cap
- No prepared presentation
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@FuturesTrader71,

Do you take positions prior to major news, and hold until after the release?

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@FuturesTrader71,

I've heard you say you are looking only for 2 points on ES. Now obviously that is irrespective of size, but are you saying you trade to a daily goal and then stop once reached?

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Last question for today, promise...

FT, as far as trading -- are you only a scalper? Only a day trader? What about swings? Outside of trading I would imagine you have other longer term investments, would you mind very briefly commenting on whether these longer term investments are in equities, bonds, real estate and etc etc (if any one category is more weighted than the next).

If you would sum up the US markets in just one word of either "bullish" or "bearish" when looking at the next 5-years or so, which would it be?

Obviously this has no major factor on day traders unless we see 2008 levels of volatility again --- I am talking more about longer term moves or positioning yourself for a big swing trade and/or reshuffling long term investment options if you feel the market is about to enter a down turn. There are many people who believe we are near a cyclical high and they are expecting a good 20-25% retracement or so (some expecting even more) to come somewhat soon.

For even longer term investments, say 15 years, the cyclical argument is pretty much moot based on historical data, you should just make regular contributions and essentially be dollar cost averaging your long term investment portfolio to weather storms, in my opinion at least. But the trader in me doesn't want to see my investments in equities take a dive, if I were to subscribe to the model that a cyclical top is near I would reposition to minimize impact should we start moving lower.

Thoughts?

It's late so we can ask this in tomorrow's live AMA session if you want I'm not looking for a detailed answer since this is mostly outside of trading, I just was curious to see if your thoughts align with mine or not.

Thanks as always. And with that, I sign off for the day - I've been up for 30 hours straight!

Mike

Hi Mike,

I'm a combination scalper/day trader. My pedigree was in high volume scalping starting with equities and then into futures. I don't like sitting in heat very long (heat = a trade that is against my direction). I approach every trade as a scalp but try to keep a runner on if I can get it going. My goal in a product like the ES is very modest. I'm looking for an average of around 2 pts per contract. I'm not interested in catching an entire swing. My focus is first on risk control and then on just taking what the market will pay. I don't care if I take 2 pts and it goes 18 pts further. Couldn't care less. For many, this is a problem since, in my opinion, many folks see each trade as a discrete data point. I don't. I look for a slight edge on a large number of trades. Think more in the casino model rather than an investor model.

I can't speak to your investments question. However, I have long been a believer in owning real assets and so I look to be heavily weighted in uranium, gold, palladium and other miners (mostly in Canada). Although equities have run up a fair distance since last year, I believe that the market is being pushed by Central Banks rather than by earnings and strong fundamentals. I'm always looking to hedge the decay of the USD with real assets. If you look at the value of equities or their indices in terms of gold, crude oil or another physical asset, you will find that equities are nowhere near the highs. It is a huge advantage for the US to have such a widespread global currency.

My view on the US markets is in the camp of stagnation. I believe we are entering the same cycle Japan did after its big boom in the 80's. This is why the market pays much more attention to what the Fed and other CB's do rather at real growth in earnings and global trade. The economy is like a horse with real bad joints that we keep racing around the track and injecting it with anti-inflammatory drugs (monetary policy). The solutions are not looking at the economy holistically because there is political pressure governing all CB action.

The market is in a compression cycle for volatility and trading. We go through these. In my opinon, if as a trader you can keep your risk plan and trading plan flat to positive for this time period and survive your overhead and lifestyle costs, you probably would be much stronger once things pick up. Again, that is just an opinion.

I hope that takes care of your questions.

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Master Homework thread I mentioned a few times, is a goldmine of info



Mike

Pretty cool.

See this is what makes Big Mike's different than other forums. I have been emphasizing homework heavily since I came online in 2009 to talk openly about trading with the public. Folks cite things like 10-handle rule and 80% rule but they have no clue what context, assumptions and parameters were used for the results. If you are not looking at market data and then dissecting it on your own, then you are at the mercy of the next guru that comes along. This is what we do best at Stage 5 Trading. We want to look at the market in terms of probabilities. This makes it ok to take losses when they come and keeps us open to whatever happens.

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From the FT&71's AMA webinar today:
2013-03-19_0932 - bob314159's library

What is the red/yellow indicator?

The red/yellow measures rotations and is tied to an audible alarm when the rotation value crosses the horizontal red lines.

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@FuturesTrader71,

Do you take positions prior to major news, and hold until after the release?

Mike

If I'm in a position and it is beyond 1 harmonic rotation, then I use a hard stop and will hold through. Caution though! There is a risk to doing this in that the market might trade through your stop.

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@FuturesTrader71,

I've heard you say you are looking only for 2 points on ES. Now obviously that is irrespective of size, but are you saying you trade to a daily goal and then stop once reached?

Mike

In some circumstances where a trader has little confidence or emotional capital, I have recommended a daily target to build on. However, I don't stop. Every trade has some edge and I will trade as many as I can under normal circumstances.

One thing though: I'm very aware of my state of mind and mental condition. If I'm getting irritated or feel very tired, I generally stop early or don't trade at all.

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

If anyone did not get their question answered in the AMA thread, you can post it here.

Below is the video recording for today's session.

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FT,



This is SPX and we're in a channel this entire CY so far. This channel has been on my chart for a long time, since middle of January or so, and held so far.

Do you pay any attention to such channels?

Panel 2 is McClellan breadth and is diverging a lot on recent highs in the last 2 months.

Everyone likes to say "Sell in May and go away", do you think the past three years make a trend?

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FT,



This is SPX and we're in a channel this entire CY so far. This channel has been on my chart for a long time, since middle of January or so, and held so far.

Do you pay any attention to such channels?

Panel 2 is McClellan breadth and is diverging a lot on recent highs in the last 2 months.

Everyone likes to say "Sell in May and go away", do you think the past three years make a trend?

Mike

Hey Mike,

Yes, I do watch channels. I don't trigger trades off of them, but they are useful in giving us a bird's (or "drone's eye view" nowadays) of what is happening to the price action.

Note that the market is having a harder and harder time getting to the upper channel line and you almost have to draw another one that has a more horizontal slope. I'm seeing several signs of fatigue as we climb hire on the profile as well.

I posted a similar image in the S5 Trading chat room today and on twitter for a shorter time frame. That chart also has my measured-move targets on it as well. Here is what it looked like:



Here is another perspective on that chart with the quarterly profile in grey and some comments:


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FT,

[..]

This is SPX and we're in a channel this entire CY so far. This channel has been on my chart for a long time, since middle of January or so, and held so far.

Do you pay any attention to such channels?

Panel 2 is McClellan breadth and is diverging a lot on recent highs in the last 2 months.

Everyone likes to say "Sell in May and go away", do you think the past three years make a trend?

Mike

I didn't catch the second part of your question. Under normal market cycles, I think you can make an argument for seasonalities like the one you mention. However, I can tell you that none of those seasonalities have played out as they traditionally do in energies, grains, etc where there is a behavior change that elicits that behavior.

I prefer to see the action as it is now and react to it. I'm too short-term a trader to care if they sell in May or June or crash in September again. To me, all movement is good movement.

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Check the master homework thread, Xav provided a NinjaTrader tool that will dump results to Excel for any instrument.

Sent from my Nexus 4

Big Mike, or anyone else?


Where can I locate this NinjaTrader tool ? Haven't been able to locate it.

Thanks.

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FT,

Do you have any rules regarding gaps how you trade with them ? (for eg. if we have a fairly large gap out of range, would you trade that differently than a large gap in range. Same question about smaller gaps. Do gaps influence your thinking in the morning or bias?)

Do you trade each and everyday (barring 1/2 days or expected slow days eg. shortened weeks in holiday season) or you base your bias if you are going to trade on the first hour's action etc ?

Thanks

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Big Mike, or anyone else?


Where can I locate this NinjaTrader tool ? Haven't been able to locate it.

Thanks.

Towards the end of the master homework thread, look for posts by @Xav1029.

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Tip


There will be a Live AMA session on Tuesday, April 16th @ 12:00 PM ET.

- Quick and casual, 30 minute cap
- No prepared presentation
- Live screen sharing
- Floor will be opened immediately to questions
- Recording uploaded to AMA thread afterwards
- Attend live to get your questions answered

The link for the event is:
https://www3.gotomeeting.com/register/212896406




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@FuturesTrader71

I know your a heavy proponent of scaling out and specifically with lots of contracts. But what do you suggest to do if you are only trading one contract maybe two. How would you suggest managing the trade with a 1 lot if your forced all in all out?

Thanks in advance

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@FuturesTrader71

I know your a heavy proponent of scaling out and specifically with lots of contracts. But what do you suggest to do if you are only trading one contract maybe two. How would you suggest managing the trade with a 1 lot if your forced all in all out?

Thanks in advance

Good question, Trey.

** To start with: Trading futures carries substantial risk and is not suitable for all investors. You may lose more than the value of your account. Past performance is not indicative of future results. **

In my opinion, trading a 1-lot is much tougher than trading multiple contracts. Through Stage 5 Trading and by watching traders trade, I noticed that traders do one of the following when their account is not big enough to manage multiple contracts:
  1. There is a tremendous amount of fear and over-thinking while the market is moving
  2. Trade a 1-lot with a very tight stop while using too much leverage for their account size
  3. Trade without a risk limit for the day or defining risk per trade (after all...it is a do-or-die situation)
  4. Overtrade and do so randomly

With the leverage used in futures, you are basically at the mercy of how well you study your particular market and setups. The hardest part for 1-lotters is accepting a wide enough risk in order to stop themselves from getting chopped up in trades.

We have devised a solution for this at Stage 5. I'm focusing a lot of attention on the M6E contract. We have worked out some reasonable pricing for it and it allows people to work out their plan live (there is always risk to trading). This gives many of our traders the opportunity to move from sim to a live environment that moves in lock-step with the 6E contract but is 1/10th the size before moving to a regular futures product. Hence, a trader can trade multiple contracts and can experiment without having a huge account or experiencing too much damage as a percentage of their account, in my opinion.

The contract has low daily volume but it is growing. It has been moving with the 6E contract, so I'm using 6E charts and would trade the M6E while I post in our chat room so others can get familiar with it.

Other than that, I would spend most of my time studying a good risk/reward balance on 1-lots and size the stop so that I have enough opportunities to actually practice trading but not to eat up too much of my account while I work out the details.

I hope that helps give you some clarity.

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  #75 (permalink)
Birmingham UK
 
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FuturesTrader71 View Post
  1. There is a tremendous amount of fear and over-thinking while the market is moving
  2. Trade a 1-lot with a very tight stop while using too much leverage for their account size
  3. Trade without a risk limit for the day or defining risk per trade (after all...it is a do-or-die situation)
  4. Overtrade and do so randomly

Crumbs. I suppose you know my hat and shoe size too....

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Crumbs. I suppose you know my hat and shoe size too....



You are not alone and there are potential remedies for this behavior. In trading, we are in the business of behavior modification whereas everything else we have been trained for is a matter of manipulating the external environment in order to get what we want. This presents a huge issue for folks who have a fickle commitment to trading or life-change in general.

Be patient. Control risk. Always be aware of your emotions. Master 1 or 2 tools instead of trying to master many or changing your approach over and over.

Best of luck!

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  #77 (permalink)
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hello,

regarding your work with harmonic rotation, specifically the ES example you provided....
how are you creating the rotation range in excel?

i would like to play with this but have not been able to figure it out.

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  #78 (permalink)
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scratch that - zigzag indicator

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  #79 (permalink)
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FuturesTrader71 View Post


You are not alone and there are potential remedies for this behavior. In trading, we are in the business of behavior modification whereas everything else we have been trained for is a matter of manipulating the external environment in order to get what we want. This presents a huge issue for folks who have a fickle commitment to trading or life-change in general.

Be patient. Control risk. Always be aware of your emotions. Master 1 or 2 tools instead of trying to master many or changing your approach over and over.

Best of luck!

I like your comment above very much.

I might be mistaken but didnt you mention a while back that you use a formula to figure out what ES current fair value is(I am guessing its similar as ones used to figure out a stock-companies fair value???), then you apply this into your analyzes for that day trading? ie tomorrow ES fair value is 1575, so anything above that is a overpriced value/short under it- buy. If this is correct could you share this formula? I have seen formulas for figuring out monthly/quarterly ES fair value but not day to day

As always thx for your time and your response
Cheers R

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  #80 (permalink)
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@FuturesTrader71

How do you turn homework areas/"areas you want to do business" into actionable trades? I mean I understand I am watching for price to come to these levels but I don't understand how to turn that into a trade I want to take. I know its a bit vague and conceptual. But I want to take this from theory to practice, I understand how I believe I should select the levels/areas based on what I see and my homework. But I just don't know what to do with them once price gets there.

Do I just place a limit order there in anticipation of my hypothesis that the area will hold? Do I watch for some kind of price action / volume / delta? Usually I skip levels that are going against the current context, like fading levels above when we have a trending day up. But then I can't enter at all. I know this is probably a pretty deep question but any answer to shed some light would be very much appreciated.

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Reminder for Tuesday's AMA

Tip


There will be a Live AMA session on Tuesday, April 16th @ 12:00 PM ET.

- Quick and casual, 30 minute cap
- No prepared presentation
- Live screen sharing
- Floor will be opened immediately to questions
- Recording uploaded to AMA thread afterwards
- Attend live to get your questions answered

The link for the event is:
https://www3.gotomeeting.com/register/212896406




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Rad4633 View Post
I like your comment above very much.

I might be mistaken but didnt you mention a while back that you use a formula to figure out what ES current fair value is(I am guessing its similar as ones used to figure out a stock-companies fair value???), then you apply this into your analyzes for that day trading? ie tomorrow ES fair value is 1575, so anything above that is a overpriced value/short under it- buy. If this is correct could you share this formula? I have seen formulas for figuring out monthly/quarterly ES fair value but not day to day

As always thx for your time and your response
Cheers R

I am not sure in what context I mentioned this. However, I used to use what is called a "Fast Cash" (no it isn't a way to make money fast). This is an index made up of live streaming stock quotes which is then used to compute where the cash index should be trading given those stocks. Based on that, we can then compute where the futures should be trading in real time. Most cash indices such as the SPX are quoted on a delayed or pulsed basis (once every 2 to 15 seconds). We used to use this as a way to determine when the futures were out of sync with the underlying stocks.

This method has been beaten to death though by HFT and Arb machines.

Not sure if this is what you were referring to.

FT

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treydog999 View Post
@FuturesTrader71

How do you turn homework areas/"areas you want to do business" into actionable trades? I mean I understand I am watching for price to come to these levels but I don't understand how to turn that into a trade I want to take. I know its a bit vague and conceptual. But I want to take this from theory to practice, I understand how I believe I should select the levels/areas based on what I see and my homework. But I just don't know what to do with them once price gets there.

Do I just place a limit order there in anticipation of my hypothesis that the area will hold? Do I watch for some kind of price action / volume / delta? Usually I skip levels that are going against the current context, like fading levels above when we have a trending day up. But then I can't enter at all. I know this is probably a pretty deep question but any answer to shed some light would be very much appreciated.

In my opinion, knowing when you there may be an advantage in a price zone puts a trader ahead of others who don't have a plan at all. So homework starts with trying to determine the context of what is happening in the market.

To turn this into actionable trades, there is no shortcut other than to test those areas that you have determined to give you an edge. In testing them, you have to do so with a wide enough stop to see what will work over time. Since every trade has a 50/50 outcome, you can't expect all trades to work and it is unlikely that you can pick and choose which ones will or will not work. In other words, to go from the theory of "this is where I think I should trade" to a point where you are putting on trades live, there is a fair amount of work just testing and understanding how the market reacts in your areas.

I'm sure there are others whom you can pay and who will tell you when to trade and at what price, but I'm not a believer in that approach. I strongly suggest you gain a very solid fundamental understanding of how the market works including what moves prices, what is normal and what is not, etc. Once you have this foundation, you can start to study way to exploit "mispricing" while limiting your risk.

If none of this makes sense, then I may need to address this for you during the AMA sessions that Mike has scheduled on Tuesdays.

Best,
FT71

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  #84 (permalink)
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FuturesTrader71 View Post
In my opinion, knowing when you there may be an advantage in a price zone puts a trader ahead of others who don't have a plan at all. So homework starts with trying to determine the context of what is happening in the market.

To turn this into actionable trades, there is no shortcut other than to test those areas that you have determined to give you an edge. In testing them, you have to do so with a wide enough stop to see what will work over time. Since every trade has a 50/50 outcome, you can't expect all trades to work and it is unlikely that you can pick and choose which ones will or will not work. In other words, to go from the theory of "this is where I think I should trade" to a point where you are putting on trades live, there is a fair amount of work just testing and understanding how the market reacts in your areas.

I'm sure there are others whom you can pay and who will tell you when to trade and at what price, but I'm not a believer in that approach. I strongly suggest you gain a very solid fundamental understanding of how the market works including what moves prices, what is normal and what is not, etc. Once you have this foundation, you can start to study way to exploit "mispricing" while limiting your risk.

If none of this makes sense, then I may need to address this for you during the AMA sessions that Mike has scheduled on Tuesdays.

Best,
FT71

If you could address this in the AMA sessions that are scheduled that would be amazing. Thanks in advance.

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  #85 (permalink)
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FT, what are your book recommendations of Market Profile? Do you feel you side with Dalton or Steidlmayer approach to Market Profile?

Thanks!

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I want to thank @FuturesTrader71 for the AMA today.

The recording is posted below.

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Big Mike View Post
I want to thank @FuturesTrader71 for the AMA today.

The recording is posted below.

Mike

Thank you for posting this.

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Thanks Mike and FT, good AMA, I enjoyed it a lot.

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los angles
 
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just watched today's AMA.
I am curious about using the M6e product as a starter product like you suggest.
How much are m6e commission? and how much slippage is there, is it too thin?

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FT, what are your book recommendations of Market Profile? Do you feel you side with Dalton or Steidlmayer approach to Market Profile?

Thanks!

Check out this page and links: Books | FuturesTrader71

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tastypaint View Post
just watched today's AMA.
I am curious about using the M6e product as a starter product like you suggest.
How much are m6e commission? and how much slippage is there, is it too thin?

Hi Tasty,

Please go to this page and leave a note to a broker: Stage 5 Trading Contact

I don't get involved in pricing. My partner Anthony does that. You can also reach him on the Live Chat tab to the left of the page.

Cheers!

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@FuturesTrader71

I am a beginner trying to get into Market/Volume profile.
I've got few questions for you:

1. Going through the list of books you have on your website, could you recommend a few books? One from each category (technical / psychology, money management) to start with for a beginner?

2. Can you recommend a sim software to try volume profile if there is one?

Thank you in advance

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PavelFD View Post
@FuturesTrader71

I am a beginner trying to get into Market/Volume profile.
I've got few questions for you:

1. Going through the list of books you have on your website, could you recommend a few books? One from each category (technical / psychology, money management) to start with for a beginner?

2. Can you recommend a sim software to try volume profile if there is one?

Thank you in advance

Thanks for writing, Pavel!


To answer your first question, I need some background. Can you provide a short description of your trading experience so far?

What are you trying to accomplish? Why do you want to trade?

To answer your 2nd question, I can only recommend the sim of the brokerage that I'm associated with. However, you need a good charting solution and very good data. Most vendors do not provide good quality tick data (they mostly aggregate their data feed). The ideal solution is IQFeed with Investor/RT as the charting package. I suggest you check out this page for information on Invest/RT. We do provide a discounted subscription to IQFeed.

Since I don't know what budget you have in mind and what you plan to trade, I'm not sure exactly what to recommend. What platform do you use already?

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FuturesTrader71 View Post
Thanks for writing, Pavel!


To answer your first question, I need some background. Can you provide a short description of your trading experience so far?

What are you trying to accomplish? Why do you want to trade?

To answer your 2nd question, I can only recommend the sim of the brokerage that I'm associated with. However, you need a good charting solution and very good data. Most vendors do not provide good quality tick data (they mostly aggregate their data feed). The ideal solution is IQFeed with Investor/RT as the charting package. I suggest you check out this page for information on Invest/RT. We do provide a discounted subscription to IQFeed.

Since I don't know what budget you have in mind and what you plan to trade, I'm not sure exactly what to recommend. What platform do you use already?


Thanks a lot for your response.
I have traded stocks as well as stock options for the past year and half. I did loose a decent amount of money and decided to stop trading and study until I can trust myself and feel confident in my decisions. I watched the four webinars on your site as well as some of yours on this site and got really interested in market and volume profile as it kind of makes sense for me.
I want to start from scratch, so you can consider me a beginner. I am looking for some good books to get me started with market/volume profile as well as some psychology books that you can recommend.

Regarding the platform, I didn't really have one. I was more of a swing trader and just used the broker website to buy/sell. I do like the Investor/RT software, just was hoping there might be a free sim to try the volume profile until I can feel confident enough to trade live.

Thank you!

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Reminder for Tuesday's AMA

Tip


There will be a Live AMA session on Tuesday, April 30th @ 12:00 PM ET.

- Quick and casual, 30 minute cap
- No prepared presentation
- Live screen sharing
- Floor will be opened immediately to questions
- Recording uploaded to AMA thread afterwards
- Attend live to get your questions answered

The link for the event is:
https://www3.gotomeeting.com/register/887301718




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Great AMA session, thanks.

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Bump for Tuesday's live AMA, see above post.

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PavelFD View Post
Thanks a lot for your response.
I have traded stocks as well as stock options for the past year and half. I did loose a decent amount of money and decided to stop trading and study until I can trust myself and feel confident in my decisions. I watched the four webinars on your site as well as some of yours on this site and got really interested in market and volume profile as it kind of makes sense for me.
I want to start from scratch, so you can consider me a beginner. I am looking for some good books to get me started with market/volume profile as well as some psychology books that you can recommend.

Regarding the platform, I didn't really have one. I was more of a swing trader and just used the broker website to buy/sell. I do like the Investor/RT software, just was hoping there might be a free sim to try the volume profile until I can feel confident enough to trade live.

Thank you!

Ok. First, I can only speak from my own experiences and opinion; so this applies to all of the below.

I would like to remind you that trading is a high performance endeavor. It is risky and is not suitable for all investors. You have to make a serious commitment to trading as a BUSINESS and you have to recognize, like in all high performance sports, that you others are willing to do what you might be too lazy to do and have made a very high level of commitment to this.

Trading is going to test your aptitude, psychology, your "luck" or "karma" and your ability to achieve balance in your life. In my opinion, trading requires all of us to change the way we look at winning and losing, our attachment to money, our close relationships and many other aspects of who we are. The longer it takes to change your view on things and to adjust to what is needed, the longer and more frustrating the path is. I would venture to guess that 70-80% of the path to becoming a consistent trader is consumed by how long it takes to make these adjustments. Is your practice of trading deliberate and focused? Or are you starting a new method every other month and going to the back of the line every time?

Hence, as far as books, here is where I would concentrate my effort:

Technical: Understand the auction completely > Mind Over Markets

Psychology (where I think you need to focus 85% of your effort...on refining your ability to recognize and handle your emotions): The Daily Trading Coach AND The Power of Habit

Money Management: Start with Phantom of the Pits and then know Trading in the Zone forwards and backwards

As far as platform, I can only suggest you join us at Stage 5 Trading. It is a free platform and has been running great (I use it). You can power IRT with it and it is a tick-based charting package with a lot of power (with a bit of a learning curve but you will get over it).

I hope that gives you a comprehensive answer.

FT71

BigMike: Please feel free to remove any links or comments above that you would consider to be marketing-based. I can only refer people to what I use and what I believe is good for them.

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Thank you to @FuturesTrader71 for his time again today to answer questions during the live AMA.

The recording of today's session is below. If your question was not answered due to time constraints, you can post it here in the thread for FT71 to answer. If you want to watch prior AMA sessions, go to post #2 in this thread for links.

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What did everyone think of today's AMA?



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Last Updated on February 1, 2021