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

  #81 (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: 46,163 since Jun 2009
Thanks: 29,275 given, 82,771 received

Reminder for Tuesday's AMA

Tip


There will be a Live AMA session on Tuesday, April 16th @ 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/212896406




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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  #82 (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


Rad4633 View Post
I like your comment above very much.

I might be mistaken but didnt you mention a while back that you use a formula to figure out what ES current fair value is(I am guessing its similar as ones used to figure out a stock-companies fair value???), then you apply this into your analyzes for that day trading? ie tomorrow ES fair value is 1575, so anything above that is a overpriced value/short under it- buy. If this is correct could you share this formula? I have seen formulas for figuring out monthly/quarterly ES fair value but not day to day

As always thx for your time and your response
Cheers R

I am not sure in what context I mentioned this. However, I used to use what is called a "Fast Cash" (no it isn't a way to make money fast). This is an index made up of live streaming stock quotes which is then used to compute where the cash index should be trading given those stocks. Based on that, we can then compute where the futures should be trading in real time. Most cash indices such as the SPX are quoted on a delayed or pulsed basis (once every 2 to 15 seconds). We used to use this as a way to determine when the futures were out of sync with the underlying stocks.

This method has been beaten to death though by HFT and Arb machines.

Not sure if this is what you were referring to.

FT

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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  #83 (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



treydog999 View Post
@FuturesTrader71

How do you turn homework areas/"areas you want to do business" into actionable trades? I mean I understand I am watching for price to come to these levels but I don't understand how to turn that into a trade I want to take. I know its a bit vague and conceptual. But I want to take this from theory to practice, I understand how I believe I should select the levels/areas based on what I see and my homework. But I just don't know what to do with them once price gets there.

Do I just place a limit order there in anticipation of my hypothesis that the area will hold? Do I watch for some kind of price action / volume / delta? Usually I skip levels that are going against the current context, like fading levels above when we have a trending day up. But then I can't enter at all. I know this is probably a pretty deep question but any answer to shed some light would be very much appreciated.

In my opinion, knowing when you there may be an advantage in a price zone puts a trader ahead of others who don't have a plan at all. So homework starts with trying to determine the context of what is happening in the market.

To turn this into actionable trades, there is no shortcut other than to test those areas that you have determined to give you an edge. In testing them, you have to do so with a wide enough stop to see what will work over time. Since every trade has a 50/50 outcome, you can't expect all trades to work and it is unlikely that you can pick and choose which ones will or will not work. In other words, to go from the theory of "this is where I think I should trade" to a point where you are putting on trades live, there is a fair amount of work just testing and understanding how the market reacts in your areas.

I'm sure there are others whom you can pay and who will tell you when to trade and at what price, but I'm not a believer in that approach. I strongly suggest you gain a very solid fundamental understanding of how the market works including what moves prices, what is normal and what is not, etc. Once you have this foundation, you can start to study way to exploit "mispricing" while limiting your risk.

If none of this makes sense, then I may need to address this for you during the AMA sessions that Mike has scheduled on Tuesdays.

Best,
FT71

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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  #84 (permalink)
Elite Member
seoul, Korea
 
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Platform: Multicharts
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FuturesTrader71 View Post
In my opinion, knowing when you there may be an advantage in a price zone puts a trader ahead of others who don't have a plan at all. So homework starts with trying to determine the context of what is happening in the market.

To turn this into actionable trades, there is no shortcut other than to test those areas that you have determined to give you an edge. In testing them, you have to do so with a wide enough stop to see what will work over time. Since every trade has a 50/50 outcome, you can't expect all trades to work and it is unlikely that you can pick and choose which ones will or will not work. In other words, to go from the theory of "this is where I think I should trade" to a point where you are putting on trades live, there is a fair amount of work just testing and understanding how the market reacts in your areas.

I'm sure there are others whom you can pay and who will tell you when to trade and at what price, but I'm not a believer in that approach. I strongly suggest you gain a very solid fundamental understanding of how the market works including what moves prices, what is normal and what is not, etc. Once you have this foundation, you can start to study way to exploit "mispricing" while limiting your risk.

If none of this makes sense, then I may need to address this for you during the AMA sessions that Mike has scheduled on Tuesdays.

Best,
FT71

If you could address this in the AMA sessions that are scheduled that would be amazing. Thanks in advance.

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  #85 (permalink)
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Top 3 books to read on Market Profile

FT, what are your book recommendations of Market Profile? Do you feel you side with Dalton or Steidlmayer approach to Market Profile?

Thanks!

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  #86 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
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I want to thank @FuturesTrader71 for the AMA today.

The recording is posted below.

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-apr1613.flv (105.12 MB, 529 views)
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  #87 (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
I want to thank @FuturesTrader71 for the AMA today.

The recording is posted below.

Mike

Thank you for posting this.

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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  #88 (permalink)
Elite Member
Georgia, US
 
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Thanks Mike and FT, good AMA, I enjoyed it a lot.

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  #89 (permalink)
Elite Member
los angles
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 45 since Aug 2010
Thanks: 176 given, 44 received

m6e question

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?

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  #90 (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: 238 since Feb 2012
Thanks: 74 given, 783 received



scottemp View Post
FT, what are your book recommendations of Market Profile? Do you feel you side with Dalton or Steidlmayer approach to Market Profile?

Thanks!

Check out this page and links: Books | FuturesTrader71

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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