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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 February 17th, 2015, 06:31 PM   #401 (permalink)
 Vendor: www.futurestrader71.com 
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ktrader View Post
Does a higher resolution version of this recording exist?

. I can only select 480p as maximum which is too low to see the details of the charts in this recording.

I think it is encoded in 720p. I am not sure.

However, if you have trouble viewing it in HD, you can see it here in HD as well: February 3rd Big Mike Trading - Extended AMA and Question Session | FuturesTrader71

Best wishes,
FT71

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Old February 17th, 2015, 06:33 PM   #402 (permalink)
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Joshua1984 View Post
What is your opinion on exiting a trade after X-mins when it has gone nowhere?

I know people who approach risk that way. It is called a Timed Stop. I think if you test for it and have a legitimate reason to exit the idea while it is still brewing, then this is fine.

However, I feel that as long as your idea for the trade has not been violated and you are trading with the right context in your time frame, then it is better to be patient. The market does but not very often push your way right away.

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 February 17th, 2015, 06:34 PM   #403 (permalink)
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Yukoner View Post
FT 71,

Listening to one of your webinars for the 5th time, and you made the comment that most traders are low on mental capital and that your job as a prop trading firm owner was to help your traders gain on their emotional capital ( 4:98 - risk, scaling, probabilities, and trade management).

Would you be able to share some specific steps on how to increase one's mental capital that can be recommended to us traders here on futures.io (formerly BMT)? Considering that the majority of us don't have access to the environment of a prop firm such as yours. I think traders on futures.io (formerly BMT) would find it invaluable to hear that... Or my wish list would be a webinar on the topic.

Thanks for your consideration,

Yukoner

Yukoner,

This is a great topic for a webinar at some point. I hate to sound like I'm copping out, but this topic is to big for me to answer in typing here. Maybe ask at the next AMA? (better get on Mike about that so we don't have one once a year like last time)

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Old February 17th, 2015, 06:35 PM   #404 (permalink)
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ShaunG View Post
I am no expert! However, I would agree with you, once in the trade, and it’s going nowhere, exit the trade – something’s wrong!

I remember listening to one of “LBR” webinars, where she echoes similar advice. Once you have entered a trade, if your entry is correct, it should start to move in your direction immediately. Linda likes to refer to… “Try to feel the market’s pulse” and move accordingly. No pulse, “GET OUT”!

My humble opinion, of course!

Yeah, that is fair. Just be sure that it is a legitimate reason to exit rather than reacting on emotions. Emotions in this line of work are VERY expensive.

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 February 17th, 2015, 06:39 PM   #405 (permalink)
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arnie View Post
Hi @FuturesTrader71

What are your thoughts regarding the CME closing all the pits except the S&P?
Sooner or later also the S&P pit will be closed so how would you think that one should now look at the pit session since there will be none?
For instance, the treasuries pit session begin at 7:20CT and end at 14:00CT. Maybe this time period will continue after the pit closes has being the day session period but chart wise, do you think that it will make sense to continue looking at the market by session, RTH vs ETH? Or since the market will be 100% electronic volume (in a way it is already) will not "wait" for the pit to open and may start acting at any time now?

Regards

I think that the CME is focused on its stock price; as all public companies do and should. The increase in costs to online traders despite the increasing volume on the exchange is telling me that the exchange is getting rid of inefficiencies. The floor is a relatively inefficient price discovery and value mechanism. Also, the trading floor has surveillance, monitoring and tons of other personnel and overhead to run. I think they are doing the smart thing. It doesn't really affect us much.

However, the sessions will not change. The pit sessions are based on more than just when the exchange floor is running. Why do you suppose that the RTH session in futures closes 15 minutes after the cash?

This is a technical question that very few know the answer to. Give it a go!

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 February 17th, 2015, 07:35 PM   #406 (permalink)
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FuturesTrader71 View Post
I think that the CME is focused on its stock price; as all public companies do and should. The increase in costs to online traders despite the increasing volume on the exchange is telling me that the exchange is getting rid of inefficiencies. The floor is a relatively inefficient price discovery and value mechanism. Also, the trading floor has surveillance, monitoring and tons of other personnel and overhead to run. I think they are doing the smart thing. It doesn't really affect us much.

However, the sessions will not change. The pit sessions are based on more than just when the exchange floor is running. Why do you suppose that the RTH session in futures closes 15 minutes after the cash?

This is a technical question that very few know the answer to. Give it a go!

I have no idea
Surely it has a technical explanation and not somebody that on a whim decided that 15min after cash close would be the way to go.

If I become half a percent smarter each year, I'll be a genius by the time I die
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Old February 17th, 2015, 10:35 PM   #407 (permalink)
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Ft71(Morad) thank you for the book generosity from the futures.io (formerly BMT) giveaway. Book receieved in excellent order. For those interested the book is Coaching the Mental Game. By H. A. Dorfman

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Old February 18th, 2015, 05:40 AM   #408 (permalink)
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Thank you FT 71

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Old February 19th, 2015, 11:32 AM   #409 (permalink)
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arnie View Post
I have no idea
Surely it has a technical explanation and not somebody that on a whim decided that 15min after cash close would be the way to go.

If you ever listen to a pit squawk (before the end floor trading), you will hear a siren in the background every 15 mins. That siren ends a trading bracket of 15 mins (this is probably where Steidlemeyer came up with 30 min brackets for Market Profile at the CBOT). All trading cards have to be in for that bracket within 15 mins on the floor. Hence, the floor had 15 mins at the end of the cash session to finalize its pit orders and to close the session at 4:15 ET vs. 4:00 ET for the cash.

How is this relevant? It is relevant because we are trading a derivative of the cash. Unless and until the cash (stock equities) change their active trading hours, it won't make a difference to what RTH vs. Globex trading would be. Even if the pit is gone, we still have to trade the 500 stocks in the ES or the 50 stocks in NQ or 30 stocks in the YM according to what has occurred in their underlying equity issues.

In short, closing the pit will take away arb opportunities for many guys I know who trade electronically in the CME pit. Otherwise, the more efficient market is the electronic and that is where most of the business and volume is anyway.

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.


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Old February 19th, 2015, 11:35 AM   #410 (permalink)
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KahunaDog View Post
Ft71(Morad) thank you for the book generosity from the futures.io (formerly BMT) giveaway. Book receieved in excellent order. For those interested the book is Coaching the Mental Game. By H. A. Dorfman

Glad to hear it. It may seem a bit dry and irrelevant at first, but it really is about how to train your mind to deal with the stress of performance. Hopefully you are into sports.

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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