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

  #91 (permalink)
 Vendor: www.futurestrader71.com 
Chicago, IL, USA
 
Futures Experience: Advanced
Platform: S5 Trader, IQFeed, IRT
Broker/Data: Stage 5 Trading Corp
Favorite Futures: ES, M6E, FDAX, TF, NQ, GC
 
FuturesTrader71's Avatar
 
Posts: 233 since Feb 2012
Thanks: 58 given, 758 received


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!

Risk Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and 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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  #92 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Beginner
Platform: n/a
Favorite Futures: N/A
 
Posts: 15 since Jan 2013
Thanks: 2 given, 10 received

Software / Books

@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


Last edited by PavelFD; April 23rd, 2013 at 12:58 AM.
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  #93 (permalink)
 Vendor: www.futurestrader71.com 
Chicago, IL, USA
 
Futures Experience: Advanced
Platform: S5 Trader, IQFeed, IRT
Broker/Data: Stage 5 Trading Corp
Favorite Futures: ES, M6E, FDAX, TF, NQ, GC
 
FuturesTrader71's Avatar
 
Posts: 233 since Feb 2012
Thanks: 58 given, 758 received



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?

Risk Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and 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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  #94 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Beginner
Platform: n/a
Favorite Futures: N/A
 
Posts: 15 since Jan 2013
Thanks: 2 given, 10 received


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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  #95 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,947 since Jun 2009
Thanks: 29,139 given, 81,898 received

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




Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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The following 2 users say Thank You to Big Mike for this post:
 
  #96 (permalink)
Membership Revoked
British Columbia
 
Futures Experience: Advanced
Platform: NINJA
Broker/Data: ZEN
Favorite Futures: Crude
 
Posts: 1,091 since May 2010
Thanks: 192 given, 484 received

Great AMA session, thanks.

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The following user says Thank You to syxforex for this post:
 
  #97 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,947 since Jun 2009
Thanks: 29,139 given, 81,898 received

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

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #98 (permalink)
 Vendor: www.futurestrader71.com 
Chicago, IL, USA
 
Futures Experience: Advanced
Platform: S5 Trader, IQFeed, IRT
Broker/Data: Stage 5 Trading Corp
Favorite Futures: ES, M6E, FDAX, TF, NQ, GC
 
FuturesTrader71's Avatar
 
Posts: 233 since Feb 2012
Thanks: 58 given, 758 received


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.

Risk Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and 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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The following 16 users say Thank You to FuturesTrader71 for this post:
 
  #99 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,947 since Jun 2009
Thanks: 29,139 given, 81,898 received

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.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Attached Files
ama-ft71-apr30-2013.flv (136.55 MB, 368 views)
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The following 9 users say Thank You to Big Mike for this post:
 
  #100 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,947 since Jun 2009
Thanks: 29,139 given, 81,898 received


What did everyone think of today's AMA?



Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 2 users say Thank You to Big Mike for this post:

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