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


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

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  #231 (permalink)
Chicago, IL, USA
 
Experience: Advanced
Platform: CT Bookmap, IRT
Broker: EdgeClear.com using Rithmic/IQFeed
Trading: ES, CL, RTY
 
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Posts: 302 since Feb 2012
Thanks: 115 given, 1,113 received


humseper View Post
So could a strategy look like: 2 contracts.

Target 1: 6 ticks. Target 2: 12 ticks: Stop:-6 ticks?

It could be and I'm not making that as a recommendation. Given your trading time frame, your holding time, etc., 6 ticks may be too tight. For example, if you are trading using a 15-min chart, then 6 ticks will be well within the "noise" range of a 15-min oscillation.

Hope that makes sense.

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  #232 (permalink)
Chicago, IL, USA
 
Experience: Advanced
Platform: CT Bookmap, IRT
Broker: EdgeClear.com using Rithmic/IQFeed
Trading: ES, CL, RTY
 
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Posts: 302 since Feb 2012
Thanks: 115 given, 1,113 received


humseper View Post
FT71:

When the action is close to the days extreme/outer limit, what do you look for to know if it is making a breakout or returning back?

Can you give me an example of an extreme or outer limit?

Are you talking about extremes during the trading day or new 5-yr highs?

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  #233 (permalink)
Site Administrator
Manta, Ecuador
 
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
 
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Guys I have to cancel tomorrow's AMA w/FT71, sorry. The last day of my vacation I started feeling sick, and now today it is full blown flu. I will let you guys know when we can reschedule.

Mike

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  #234 (permalink)
london united kingdom
 
Experience: None
Platform: Sierra Chart, S5T
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Posts: 58 since Jun 2012
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FT,

By getting my first scale I increase my theoretical average, but if I don't move my stop to give more breathing space

to my second scale, what will the benefit of the early scale be ? ( Maintaining consistency, comes to mind?)

Thanks!


And a second question please - you often mention as your trading target for your style of trading ( short to mid duration scalps on ES ) 2 points per contract on average, which confuses me a little
My question is - from the 'All in' start to the last scale - how much of a 'journey' in points do you make

Thank you and all best,
Ves

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  #235 (permalink)
Pompano Beach, Florida, USA
 
Experience: Beginner
Platform: S5 Trader, Ninja Trader
Broker: Stage5/ IQfeed
Trading: M6E, M6A, 6E, 6A, ES
 
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Posts: 159 since Jun 2013
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para6ut View Post
FT,

By getting my first scale I increase my theoretical average, but if I don't move my stop to give more breathing space

to my second scale, what will the benefit of the early scale be ? ( Maintaining consistency, comes to mind?)

Thanks!


And a second question please - you often mention as your trading target for your style of trading ( short to mid duration scalps on ES ) 2 points per contract on average, which confuses me a little
My question is - from the 'All in' start to the last scale - how much of a 'journey' in points do you make

Thank you and all best,
Ves

From my understanding of FT's trading (at least from watching him live trade the M6E once on a webinar he did) is that the first scale needs to be far enough out so that you can move your stop to the theoretical average after the first scale and still give the trade enough breathing room to succeed further. In his live trade he had a 3 contract trade where the scales were 9, 14, and runner. So once he got filled on his first scale at 9 ticks he could move his remaining two stops to the theoretical average, BE -4 (or five, can't remember which he used). This still gave him 14 (or 13) ticks of reversal room for the remainder of the trade, and since the harmonic rotation of the M6E is 14 (which by the way 14 was his original stop location at trade initiation), he basically still had the same breathing room for the last two contracts as he did when he initiated the trade.

Cheers!

PS- and he was spot on in that trade- got filled on the first to scales and rode his runner all the way to where he had called out an area of impediment (ahead of time) and closed the trade there. The dude Rocks!

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  #236 (permalink)
Baltimore MD US
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, NQ
 
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Posts: 292 since Apr 2013
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Hey FT

Was listening to your last webinar and you mentioned that some of your good traders on ES had tick expectancy of 2-4. What would you consider a good tick expectancy for CL to be?

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  #237 (permalink)
Site Administrator
Manta, Ecuador
 
Experience: Advanced
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Posts: 48,896 since Jun 2009
Thanks: 31,580 given, 94,512 received

Tip


There will be a Live AMA session on Tuesday, October 29th @ 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/315903838




Sorry for the delay between this AMA and the last one -- my vacation, being sick, and then FT's travel plans all added up to a big delay between sessions.

Mike

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  #238 (permalink)
Chicago, IL, USA
 
Experience: Advanced
Platform: CT Bookmap, IRT
Broker: EdgeClear.com using Rithmic/IQFeed
Trading: ES, CL, RTY
 
FuturesTrader71's Avatar
 
Posts: 302 since Feb 2012
Thanks: 115 given, 1,113 received


Pauley View Post
I just want to take a moment and be clear for people who are having difficulty trading. Beginning traders keep hearing over and over again that your homework is what will dictate an area of trading interest and that the homework will tell you where to consider being actionable and that your homework is what gives you your edge and that you have to have solid risk management i.e 5 tick risk, 5 tick first target and a runner held under swing highs or lows and a daily loss limit, but the fact of the matter is people don't even understand how to develop edges with homework. You and many others make it sound easy to determine edges with statistical advantages. Then make it seem as though the hard part is executing those edges when the time is right. Well for many, the hard part is just knowing where to begin to develop a statistical edge! I feel this is a very frustrating part about asking for help and learning how to trade and perhaps that is an ironic statement but not knowing how to execute trades in a given situation seems far more difficult than following an established plan.

Most beginning traders don't even understand how to establish a strategy that has an edge to then subsequently begin understanding the pitfalls of their "monkey" or daily loss limits or abiding stops or tinkering or any number of terrible canyons to fall into. There are many beginning traders that are perfectly able to follow a statistically advantaged system but don't know how to begin to figure one out or gain a statistical edge to begin with. Are they expected to just pay for a system that someone has already figured out? How do they learn to develop the edges themselves?

I guess these are just the ramblings of another trader who has difficulty understanding the learning curve in trading. (and not for a lack of trying!) It's difficult when you continue to hear ambiguous statements about risk control and psychology that are easily understood and willingly accepted (after some amount of pain) but aren't even given the chance to test those solid methods of risk control and psychology on a methodology that has a statistical edge because you aren't given the tools to develop or understand how to even begin to generate that edge.

I want to be clear, I have the upmost respect for this forum, BMike, FT71, and all contributors to the site, and I certainly hope I am not stepping out of line, however it is a constant concern for people trying to figure this business out and I welcome any thoughts on the matter.

Thank you for your time.

I understand your points and full appreciate what you are saying as well as your candor. I had to start somewhere as well and it wasn't an easy process.

However, in my experience, you can give someone detailed instructions on what to do and, invariably, the issue always comes down to actually executing those instructions. Even Richard Dennis mentioned that in the original Market Wizards. This is why this topic gets most of my focus than actual setups. This is a lengthy thing to discuss and I cover it a lot during the webinars I hosted 2x per week for Stage 5.

Almost all of the traders I have worked with express the same frustration. But through collecting a sample of trades, this attitude changes experientially.

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  #239 (permalink)
Britton, Michigan
 
Experience: Intermediate
Platform: Ninjatrader
Trading: CL and ES
 
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Posts: 65 since May 2011
Thanks: 208 given, 28 received

On the ES contract do you include the overnight session when finding lvn and hvn levels or are those drawn from the cash market session only?
Thanks

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  #240 (permalink)
Site Administrator
Manta, Ecuador
 
Experience: Advanced
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Posts: 48,896 since Jun 2009
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I want to thank FT71 for his time today as always.

Here is the AMA:



Mike

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