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FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything (AMA)
Started:March 7th, 2013 (03:35 PM) by Big Mike Views / Replies:104,026 / 510
Last Reply:13 Hours Ago (08:28 PM) Attachments:19

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

Old April 5th, 2013, 09:50 AM   #71 (permalink)
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Joseph689 View Post
Big Mike, or anyone else?


Where can I locate this NinjaTrader tool ? Haven't been able to locate it.

Thanks.

Towards the end of the master homework thread, look for posts by @Xav1029.

Mike

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

Need help?
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2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
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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.
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Old April 7th, 2013, 10:04 PM   #72 (permalink)
Site Administrator
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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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Old April 10th, 2013, 09:30 AM   #73 (permalink)
Elite Member
seoul, Korea
 
Futures Experience: Intermediate
Platform: Multicharts
Broker/Data: CQG, DTN IQfeed
Favorite Futures: YM 6E
 
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@FuturesTrader71

I know your a heavy proponent of scaling out and specifically with lots of contracts. But what do you suggest to do if you are only trading one contract maybe two. How would you suggest managing the trade with a 1 lot if your forced all in all out?

Thanks in advance

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Old April 10th, 2013, 03:19 PM   #74 (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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treydog999 View Post
@FuturesTrader71

I know your a heavy proponent of scaling out and specifically with lots of contracts. But what do you suggest to do if you are only trading one contract maybe two. How would you suggest managing the trade with a 1 lot if your forced all in all out?

Thanks in advance

Good question, Trey.

** To start with: Trading futures carries substantial risk and is not suitable for all investors. You may lose more than the value of your account. Past performance is not indicative of future results. **

In my opinion, trading a 1-lot is much tougher than trading multiple contracts. Through Stage 5 Trading and by watching traders trade, I noticed that traders do one of the following when their account is not big enough to manage multiple contracts:
  1. There is a tremendous amount of fear and over-thinking while the market is moving
  2. Trade a 1-lot with a very tight stop while using too much leverage for their account size
  3. Trade without a risk limit for the day or defining risk per trade (after all...it is a do-or-die situation)
  4. Overtrade and do so randomly

With the leverage used in futures, you are basically at the mercy of how well you study your particular market and setups. The hardest part for 1-lotters is accepting a wide enough risk in order to stop themselves from getting chopped up in trades.

We have devised a solution for this at Stage 5. I'm focusing a lot of attention on the M6E contract. We have worked out some reasonable pricing for it and it allows people to work out their plan live (there is always risk to trading). This gives many of our traders the opportunity to move from sim to a live environment that moves in lock-step with the 6E contract but is 1/10th the size before moving to a regular futures product. Hence, a trader can trade multiple contracts and can experiment without having a huge account or experiencing too much damage as a percentage of their account, in my opinion.

The contract has low daily volume but it is growing. It has been moving with the 6E contract, so I'm using 6E charts and would trade the M6E while I post in our chat room so others can get familiar with it.

Other than that, I would spend most of my time studying a good risk/reward balance on 1-lots and size the stop so that I have enough opportunities to actually practice trading but not to eat up too much of my account while I work out the details.

I hope that helps give you some clarity.

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 April 11th, 2013, 04:11 AM   #75 (permalink)
Market Wizard
Birmingham UK
 
Futures Experience: Intermediate
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Futures Edge on FIO

FuturesTrader71 View Post
  1. There is a tremendous amount of fear and over-thinking while the market is moving
  2. Trade a 1-lot with a very tight stop while using too much leverage for their account size
  3. Trade without a risk limit for the day or defining risk per trade (after all...it is a do-or-die situation)
  4. Overtrade and do so randomly

Crumbs. I suppose you know my hat and shoe size too....

Travel Well
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Old April 11th, 2013, 12:03 PM   #76 (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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ratfink View Post
Crumbs. I suppose you know my hat and shoe size too....



You are not alone and there are potential remedies for this behavior. In trading, we are in the business of behavior modification whereas everything else we have been trained for is a matter of manipulating the external environment in order to get what we want. This presents a huge issue for folks who have a fickle commitment to trading or life-change in general.

Be patient. Control risk. Always be aware of your emotions. Master 1 or 2 tools instead of trying to master many or changing your approach over and over.

Best of luck!

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 April 11th, 2013, 01:18 PM   #77 (permalink)
Elite Member
New York City, NY/USA
 
Futures Experience: Intermediate
Platform: NT
Favorite Futures: 6E, ZN, CL
 
Posts: 121 since Dec 2010
Thanks: 3 given, 74 received

harmonic rotation

hello,

regarding your work with harmonic rotation, specifically the ES example you provided....
how are you creating the rotation range in excel?

i would like to play with this but have not been able to figure it out.

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Old April 11th, 2013, 09:35 PM   #78 (permalink)
Elite Member
New York City, NY/USA
 
Futures Experience: Intermediate
Platform: NT
Favorite Futures: 6E, ZN, CL
 
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scratch that - zigzag indicator

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Old April 11th, 2013, 11:31 PM   #79 (permalink)
Elite Member
Greensboro NC
 
Futures Experience: None
Platform: TOS/ NT Dorman
Favorite Futures: ES TF CL
 
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FuturesTrader71 View Post


You are not alone and there are potential remedies for this behavior. In trading, we are in the business of behavior modification whereas everything else we have been trained for is a matter of manipulating the external environment in order to get what we want. This presents a huge issue for folks who have a fickle commitment to trading or life-change in general.

Be patient. Control risk. Always be aware of your emotions. Master 1 or 2 tools instead of trying to master many or changing your approach over and over.

Best of luck!

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

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Old April 12th, 2013, 12:19 AM   #80 (permalink)
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Broker/Data: CQG, DTN IQfeed
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@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.

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