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

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  #211 (permalink)
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@Pauley,

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

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

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  #212 (permalink)
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Hi Mike,

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

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

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

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

Thank you for your time.

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

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  #213 (permalink)
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Mike,

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

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  #214 (permalink)
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Pauley View Post
Mike,

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

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

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



I will let FT71 respond to your question from here.

Mike

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

Phew. Does that make any sense?

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

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

Regardless, thank you for your time.

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

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

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

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

Sent from my LG Optimus G Pro

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

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

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

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

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

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

Sent from my LG Optimus G Pro

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

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

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

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  #219 (permalink)
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futuretrader View Post
I have been reading Bellafiore's latest book

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



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

Pauley,

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

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

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

Hope that helps.

Richard
Hong Kong
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