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FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything (AMA)
Started:March 7th, 2013 (03:35 PM) by Big Mike Views / Replies:103,897 / 509
Last Reply:November 29th, 2016 (02:49 PM) Attachments:19

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

Old July 9th, 2013, 12:52 PM   #161 (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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Big Mike View Post
Tip


There will be a Live AMA session on Tuesday, July 9th @ 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/356574886




Mike

AMA is open and starts in a couple of minutes.

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.

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Old July 9th, 2013, 03:09 PM   #162 (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: 45,543 since Jun 2009
Thanks: 28,886 given, 80,130 received

I want to thank @FuturesTrader71 for his time today like always.

Below is the video recording. We decided to do an "extended edition" so this one is 45 minutes.

If your question did not get answered, you can post it here in the thread and FT71 will do his best to answer.

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
amaft71_july9_2013.flv (150.33 MB, 315 views)
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Old July 9th, 2013, 10:02 PM   #163 (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: 45,543 since Jun 2009
Thanks: 28,886 given, 80,130 received


What did everyone think of the AMA?

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 2 users say Thank You to Big Mike for this post:
     

Old July 9th, 2013, 10:41 PM   #164 (permalink)
Elite Member
Fort Lauderdale
 
Futures Experience: None
Platform: NinjaTrader 7
Broker/Data: CQG
Favorite Futures: ES
 
Devil Man's Avatar
 
Posts: 429 since Oct 2009
Thanks: 1,304 given, 526 received

FT71 ama

I really enjoyed it...lots of good stuff to think about.

thank you @FuturesTrader71 and @Big_Mike!

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Old July 10th, 2013, 12:05 AM   #165 (permalink)
Elite Member
Pompano Beach, Florida, USA
 
Futures Experience: Beginner
Platform: S5 Trader, Ninja Trader
Broker/Data: Stage5/ IQfeed
Favorite Futures: M6E, M6A, 6E, 6A, ES
 
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Posts: 159 since Jun 2013
Thanks: 272 given, 115 received

FT71 ama

Futures Edge on FIO
Couldn't watch it "live' but just viewed the recording..... excellent info, as always.

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Old July 10th, 2013, 02:23 AM   #166 (permalink)
Elite Member
Kampala, Uganda
 
Futures Experience: Intermediate
Platform: TOS
Broker/Data: TOS
Favorite Futures: RUT, SPX
 
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Posts: 156 since Mar 2011
Thanks: 73 given, 54 received

Great AMA!

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Old July 10th, 2013, 04:25 AM   #167 (permalink)
Elite Member
Istanbul, Turkey
 
Futures Experience: Intermediate
Platform: Sierra, IRT, ToS, Ninja
Broker/Data: Stage 5
Favorite Futures: NQ
 
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Big Mike View Post
What did everyone think of the AMA?

Mike

Are you kidding? I just PMed FT to open an account with him.

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Old July 10th, 2013, 09:49 AM   #168 (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: 229 since Feb 2012
Thanks: 48 given, 746 received


bob7123 View Post
Hi,

This is a question for Big Mike and FT71 that I have been wanting to ask for a while.

FT says he has a background as a scalper and still looks at shorter timeframes. Big Mike talks about how his smaller charts are 100K tick charts.

I would love it if you two would discuss what is different about your trading styles, and what is not.

In the areas where you diverge, how do you guys feel your styles fit personally, and in the areas where you find common ground, what do you agree are the most important and universal concepts for trading success?

Thanks,
-Bob

Hi Bob,

Sorry I didn't see this before the AMA session. We answered it during that session though.

Thanks for asking.

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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Old July 10th, 2013, 09:56 AM   #169 (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: 229 since Feb 2012
Thanks: 48 given, 746 received


lifeguardsteve88 View Post
Wow, a micro ES (any/all micro-Index products actually) would be an awesome way for beginners to to learn the trading craft. Certainly wish you success in your efforts. And I'm looking forward to funding my S5 account soon, Cheers!

Hey Steve,

Yeah, we have been pushing the product group for some time. We will likely get something in the next few months.

I focus most of my effort when I'm not trading and while I'm trading on watching how others are doing and attempting to intervene to help them deal with the risk associated with trading (on a best effort basis). What I have noticed is that most folks are really penny wise and pound foolish when it comes to how risk is managed. I hear folks trying to push for lower commissions and the ability to fund with lower equity while trying to trade something like CL using lower-class data sources, charting, etc. It then is not a surprise when within a few days of trading, they have given up 15-25% of their account in losses.

With the micro-products, the risk still exists. The emotions associated with winning and losing are still there, but the risk is much lower. Yes, micros cost relatively more to trade, but overall, it is my belief that traders would be ahead if they got off the bigger products and simulators and traded those live. Once you see a positive expectancy and once a trader has executed enough trades to get over the anxiety of losing, then you can move to the bigger products as a career.

We will keep pushing and we will likely need public support to do it.

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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Old July 10th, 2013, 11:47 AM   #170 (permalink)
Elite Member
Georgia, US
 
Futures Experience: None
Platform: Various
Favorite Futures: Various
 
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FuturesTrader71 View Post
We will keep pushing and we will likely need public support to do it.

@FuturesTrader71, please keep pushing. Let's say a trader has a $20,000 account. If he wants to swing trade the ES, if we assume a typical stop size of about 10 handles for an ES swing trade, that's $1000 on 2 contracts only, which is really the minimum for such a trade, and that's just too much risk as a percentage of the account. So a micro would be a great way to allow more granular sizing for day trades, as well as opening the possibility of trading multiple contracts on swing trades and being able to actually work around a position doing so. Please keep us posted and if we can do anything let us know!

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