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

  #41 (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: 234 since Feb 2012
Thanks: 71 given, 767 received


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!

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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  #42 (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: 46,010 since Jun 2009
Thanks: 29,168 given, 82,186 received

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:
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


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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  #43 (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: 234 since Feb 2012
Thanks: 71 given, 767 received



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.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


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.

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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  #44 (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: 234 since Feb 2012
Thanks: 71 given, 767 received


Big Mike View Post
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:
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Mike

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

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
Reply With Quote
The following user says Thank You to FuturesTrader71 for this post:
 
  #45 (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: 234 since Feb 2012
Thanks: 71 given, 767 received


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

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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  #46 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,010 since Jun 2009
Thanks: 29,168 given, 82,186 received

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

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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  #47 (permalink)
Elite Member
San Francisco, CA USA
 
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Broker/Data: IRT/DTNMA
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rjnebay's Avatar
 
Posts: 6 since Nov 2012
Thanks: 9 given, 9 received

Annotation/drawing tools and Creed


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
We need a monkey emoticon!!!

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  #48 (permalink)
Market Wizard
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
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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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  #49 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,010 since Jun 2009
Thanks: 29,168 given, 82,186 received


rjnebay View Post
We need a monkey emoticon!!!

Done.



Also



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 7 users say Thank You to Big Mike for this post:
 
  #50 (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: 46,010 since Jun 2009
Thanks: 29,168 given, 82,186 received


AMA begins in a few minutes:

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

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
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