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

  #61 (permalink)
 Vendor: www.futurestrader71.com 
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Futures Experience: Advanced
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Big Mike View Post
Master Homework thread I mentioned a few times, is a goldmine of info

https://futures.io/elite-circle/20164-master-homework-statistics-thread.html

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.

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.


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  #62 (permalink)
 Vendor: www.futurestrader71.com 
Chicago, IL, USA
 
Futures Experience: Advanced
Platform: S5 Trader, IQFeed, IRT
Broker/Data: Stage 5 Trading Corp
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Posts: 238 since Feb 2012
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bob314159 View Post
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.

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.


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  #63 (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
 
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Posts: 238 since Feb 2012
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Big Mike View Post
@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.

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.


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  #64 (permalink)
 Vendor: www.futurestrader71.com 
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Big Mike View Post
@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.

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.


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  #65 (permalink)
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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.

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-apr213.flv (116.70 MB, 464 views)
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  #66 (permalink)
Site Administrator
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FT,

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


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

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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  #67 (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
 
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Posts: 238 since Feb 2012
Thanks: 74 given, 783 received


Big Mike View Post
FT,

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


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:

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


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

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

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

Last edited by FuturesTrader71; April 4th, 2013 at 04:39 PM. Reason: Added chart
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  #68 (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
 
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Big Mike View Post
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.

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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  #69 (permalink)
Elite Member
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Big Mike View Post
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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  #70 (permalink)
Elite Member
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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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