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FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything (AMA)
Started:March 7th, 2013 (03:35 PM) by Big Mike Views / Replies:104,244 / 510
Last Reply:December 6th, 2016 (08:28 PM) Attachments:19

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

Old July 23rd, 2013, 12:46 PM   #181 (permalink)
 Vendor: www.futurestrader71.com 
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josh View Post
Question for the AMA:

This morning, FT tweeted "ES opening on the edge of yesterday's range. Expecting responsive selling at open." Why expecting responsive selling in this context?

Thanks!

Because we are above the most recently accepted values below. The most recently accepted values are yesterday's VPOC and value range. Barring any news, the market, generally, likes to check prior accepted prices before it has the confidence to move away. You will see that this is what happened yesterday as well.

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Old July 23rd, 2013, 12:47 PM   #182 (permalink)
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arnie View Post
I assume since we opened out of range so the probability is for traders to seek balance, yesterday's balance, hence the responsive selling.
Also, since the ON inventory was clearly bullish, at the open we could have traders trying to "clean" that inventory.

Unfortunately we went through it and test yesterday's balance low (VA low). This really don't give a good perspective to see new highs above the ON high, but than again, it's still early.

Now we are having issues against today's developing area so until we break above it, shorts will be alive and kicking.

Good read!!!!

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Old July 23rd, 2013, 12:55 PM   #183 (permalink)
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Big Mike View Post
Tip


There will be a Live AMA session on Tuesday, July 23rd @ 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/756301062




Mike

AMA room is now open.

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Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

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Old July 23rd, 2013, 01:46 PM   #184 (permalink)
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FuturesTrader71 View Post
I would be interested in exploring this, but I think this would be a lengthy discussion. We trade on completely different time frames, so our views will be fundamentally different.

I'm curious, what question are you really seeking to answer from this discourse? Are you trying to figure out what time frame you should be trading in?

Well, actually, you guys did a really good chat today, both in terms of answering my question (even if it may not have been an explicit goal) and providing great info for traders.

The central point I took away was at the end of the day success is all about learning to execute trades properly, and that discipline & forming good habits is a great way to get there.

You guys talked about the value of meditation and tools for self discovery. I liked that you both used webacams on yourselves and were surprised at the results. (Still working up to that one.)

You also talked about how all that glitters is not gold, and how to avoid some of the typical traps new traders fall into.

All of this is timeframe and instrument independent, so yes, it was exactly what I was curious about.

Thank you both for your time and excellent information.

Everyone else, bookmark this talk. I am!

-Bob

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Old July 23rd, 2013, 02:31 PM   #185 (permalink)
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Futures Edge on FIO

Are you a NinjaTrader user?

 
Thank you to @FuturesTrader71 for his time today as always.

The AMA recording is below. If your question did not get answered, post it here.

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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Attached Files
ft71-ama-jul23-2013.flv (80.20 MB, 279 views)
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Old July 23rd, 2013, 02:32 PM   #186 (permalink)
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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.

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Old July 23rd, 2013, 02:34 PM   #187 (permalink)
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What did everyone think of the AMA?

Mike

Liked it as usual!

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Old July 23rd, 2013, 07:36 PM   #188 (permalink)
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Question for FT71

Hi @FuturesTrader71,

I was wondering if you could give me a bit of clarification on something I heard you talk about on your last AMA. You mentioned that if you had a trade on and the context of that trade changes, that you might tighten you stop and look to get out of that trade.

Is that something one would do only after some time and experience, and with the knowledge that you already had a strategy that worked (meaning a tested strategy with statistically proven positive expectancy)?

I'm just starting out and in the first steps of putting together a strategy that involves discretionary entries. And I'm following your advice to never tamper with the trade once it's been put on so to be able to have usable data to evaluate the strategy, as opposed to injecting randomness by moving the stops and profit targets.

So my guess is that as a novice trader my priority should be focused on on getting the best data to evaluate my strategy, and not to actively manage the trade should a change of context arise, is that correct?

Thanks for another great AMA, and for all you do for all us traders.

Cheers!

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Old July 24th, 2013, 09:15 AM   #189 (permalink)
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Big Mike View Post
What did everyone think of the AMA?

Mike

Excellent as always. There seemed to be a lot of back and forth between yourself and FT71 in this particular AMA which I really enjoyed.

You donít trade the markets; you only trade your beliefs about the markets.
- Van K Tharp
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Old July 24th, 2013, 02:58 PM   #190 (permalink)
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DarkPoolTrading View Post
Excellent as always. There seemed to be a lot of back and forth between yourself and FT71 in this particular AMA which I really enjoyed.

I try to minimize that but sometimes get passionate about a few things...

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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