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FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything (AMA)
Started:March 7th, 2013 (03:35 PM) by Big Mike Views / Replies:104,188 / 510
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FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything (AMA)

Old March 31st, 2014, 02:53 PM   #271 (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: 49 given, 746 received


butch1130 View Post
Hello,
Is there someone that you recommend that I could learn from that uses the Volume Profile analyzing the Oil market?

I know that the concepts are the same for every market, I would be interested in comparing my analysis of that market with that of someone you may trust.

Thanks very much.

Butch,

I'm unable to make a recommendation although many followers do use VP for Crude Oil. If you have a twitter account, I would suggest asking that question on Twitter and adding #FT71 to the end of your post so that it hits that hashtag stream. You will likely get some interest.

Alternatively, you can start a journal on futures.io (formerly BMT) and post your analysis/read on that hashtag stream and others will comment. This helps bring attention to your approach and also brings traffic to futures.io (formerly BMT) to support the forum.

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.


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Old March 31st, 2014, 03:22 PM   #272 (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
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DarkPoolTrading View Post
Hi FT71,

I would like to add another question to the above if possible. (if im hogging all the questions, please feel free to just choose whichever one you think would add the most value by addressing).

If I recall correctly you draw your composite profiles covering the last major swing. That makes sense to me and is what I do, because for purely day trading purposes I don't find value in a profile dating back several years and several overlapping swings. No doubt for longer term trading this would be useful.

However at what point would you start a new composite profile. It is often not apparent that a new major swing has started until it is well underway.

Many thanks.

Answer to Q1: True. Market balances/coils and then breaks out into a trend/imbalance and then resumes balance yet again at the new fair price range. Trend days are not a friendly environment for daytraders whether remote or in the pit. Trends are generally caused by a higher time frame stepping in to adjust or take a position. This generally means that we are likely to realize a loss before we see that happening.

In my webinar material, I cover some clues which might be used to see what kind of day may be developing. What is the opening type? Where are we versus prior day? How wide is the Initial Balance? Has the context changed?

Answer to Q2: I'm a daytrader, so I am always measuring the current day's development against prior day, prior balance from a few days and then looking at the large context. I don't think it is wise to limit yourself to 1 time frame.

The market is a story that is a story that is narrated in terms of price and volume. That story has participants in it from HFT nano-second players to very high time frame commercial interests. The best context can only be derived by having a pulse on the entire field.

If you are raising your time frame to a multi-day swing, then you need to have a sufficient account size to hold those positions for days.

Answer to Q3: I start a new micro-composite profile every time the market moves out of balance to a new area and starts to balance around itself. So a breakout bar to new territory gets my attention. As soon as the market starts to retrace on the ensuing days, I start to consider that balancing and will draw a composite to see what is happening inside those bars collectively.

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.


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Old March 31st, 2014, 03:49 PM   #273 (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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para6ut View Post
Hi FT,

Please see is my question re swing vs levels:

A) in an area of interest, where you are expecting a reversal and have planned to take the trade, the swing histogram (for ES) makes a 3 point rotation that coincides with the level of interest - so 1 more reason to take the trade. Perfect.

B) Same as before, but the swing histogram is not turning as it reaches the level of interest and has travelled just 1 point from the most recent swing. How much of a weighting in % would you give on the swing histogram in this case?

Am I right in thinking that statistically option A) is very rare and B) is the most common case?

Many thanks,


Hi Para6ut,

I agree that it is more common for B to happen, in my experience. This is the reason I don't work orders for entry in the market. I need the market to show itself before I step into it in most cases.

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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Old March 31st, 2014, 04:20 PM   #274 (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: 49 given, 746 received


In the money View Post
First of all I would like to thank you for all of your videos! Secondly I have a wee question to you, what was your reason for 2500v chart for ES, was it a study or something else? If you have been asked this question before and you have answered it already (I am sorry) just point me where I can find an answer and I will be there!

Cheers

Hi In the money,

I chose 2500v (2500 volume per bar) because it gave me the information I needed to see when the market is breaking. It would not scroll things off the screen when the market is very dead and through the mid-day hours. However, if there was a big player in the market and volume was active, then it gave me the structure I needed to see. Since your post, I have transitioned to using 2t Renko candles to see structure but am keeping track of my areas using a 15 min chart. The Renko chart is more of a trigger chart.

I wasn't never a fan of time-based charts because they scroll by even when nothing is happening.

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.


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Old March 31st, 2014, 04:28 PM   #275 (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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torroray View Post
Hi FT71,

Your Stage 5 page says you dont charge data, platform, charting, maintenance or monthly fees, when the CME increase their fees would you start charging fees to your customer?

Thanks

Hi Torroray,

It is probably best to speak to a broker about the details. S5 Trader doesn't have any fees imposed by the clearing firm or by us even for inactivity or simming (assuming your account has sufficient funds). However, the CME fees will be passed on to traders depending on their individual situation. This is the case for everyone regardless of where you clear your trades.

Frankly, this whole data fee thing has been nothing short of a nightmare from an administrative and all other aspects. I hope the CME wakes up soon and sees that this is hurting traders.

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.


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Old March 31st, 2014, 04:31 PM   #276 (permalink)
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Clues for trend

@DarkPoolTrading


Quote : Answer to Q1[/B]: True. Market balances/coils and then breaks out into a trend/imbalance and then resumes balance yet again at the new fair price range. Trend days are not a friendly environment for daytraders whether remote or in the pit. Trends are generally caused by a higher time frame stepping in to adjust or take a position. This generally means that we are likely to realize a loss before we see that happening.

In my webinar material, I cover some clues which might be used to see what kind of day may be developing. What is the opening type? Where are we versus prior day? How wide is the Initial Balance? Has the context changed?

---

How to detect trend day - what clues ? trader bite 14/03/2014 towards the end

Clues are mainly contextual -
1. One time framing
2. On a shorter time frame - that the rotations in the direction of the trend are much stringer than the counter rotations. Like for example 6 point rotation down with a 2 point rotation up
Any counter rotation that doesn't take back at least half of the rotation , that means that the move is going to continue

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Old March 31st, 2014, 04:36 PM   #277 (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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hectormas View Post
FT71,

I am a All in, scale out trader. I use 2 units, I look to take profit on the first unit rather quickly and manage the 2nd unit.

I usually have target areas for where I want to take profits on unit 2, but I also look at what the PA is telling me. However, managing the 2nd unit is currently the area where I need to improve. What are some of the ways you manage your scale out positions?

Thanks

Hector

Hi Hector,

It is hard to answer this question without seeing your performance over time using this management method (hence, the reason we created Stage 5 Trading). If you are not consistent at this point, then I strongly suggest a fixed exit for that 2nd contract. This is my opinion. Over time and using a fixed trade management scheme, it gets easier to troubleshoot the issues you are having. Once you have some consistency, then you can make the 2nd exit discretionary.

I can demonstrate this during an AMA, if you attend.

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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Old March 31st, 2014, 04:46 PM   #278 (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: 49 given, 746 received


hectormas View Post
FT71, can one be a good self coach (as in Brett Steenbarger's book), or do you recommend gettting an actual coach? If an actual coach is recommended, what is the best way to get a good coach?

Thanks

Hector

Hector,

I have to be frank here: I believe that you are better off seeing a performance psychologist on a regular basis than a trading coach. This is my opinion alone. I simply haven't met anyone outside of a prop firm who would be a worthy trading coach.

Frankly, through dealing with so many traders at Stage 5 Trading, I come across issues relating to psychology much more than anything technical. This is another good AMA question.

The technical side of trading is incredibly saturated with coverage. There is a book on everything. So the issues, in my opinion, relate to your relationship with risk, losses and discipline more so than with where and how to enter (which should never be something someone else gives you).

I hope that makes sense.

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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Old March 31st, 2014, 04:48 PM   #279 (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: 49 given, 746 received


pquirst View Post
Hi FT71,

Love all your webinars any chance in future you will be starting up a remote prop firm similar to topstep or some of the other ones out there just curious. Thanks, bob.

Ha! Mum's the word. Let's just say that I know prop very, very well. There is a purpose to creating Stage 5 and it definitely isn't simply to provide brokerage services. Stay tuned....

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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Old March 31st, 2014, 04:51 PM   #280 (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: 49 given, 746 received



humseper View Post
Can volume profile also be used for stocks?

In my opinion, absolutely yes. The stock has to have good volume though and it is best used on large time frames. For example, I have used VP to select option strikes for covered calls on stock positions. I have also used it to determine what condition AAPL is in and to time exits, etc.

I don't care what you are trading (even if you are a merchant running a grocery store), the market is an auction. Where there is price and volume, there is an auction and VP is simply organizing the data to see what it is doing at every individual price. It is not a system.


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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