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AMA: FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything
I am a beginner trying to get into Market/Volume profile.
I've got few questions for you:
1. Going through the list of books you have on your website, could you recommend a few books? One from each category (technical / psychology, money management) to start with for a beginner?
2. Can you recommend a sim software to try volume profile if there is one?
To answer your first question, I need some background. Can you provide a short description of your trading experience so far?
What are you trying to accomplish? Why do you want to trade?
To answer your 2nd question, I can only recommend the sim of the brokerage that I'm associated with. However, you need a good charting solution and very good data. Most vendors do not provide good quality tick data (they mostly aggregate their data feed). The ideal solution is IQFeed with Investor/RT as the charting package. I suggest you check out this page for information on Invest/RT. We do provide a discounted subscription to IQFeed.
Since I don't know what budget you have in mind and what you plan to trade, I'm not sure exactly what to recommend. What platform do you use already?
Risk Disclaimer: Trading Futures 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
Thanks a lot for your response.
I have traded stocks as well as stock options for the past year and half. I did loose a decent amount of money and decided to stop trading and study until I can trust myself and feel confident in my decisions. I watched the four webinars on your site as well as some of yours on this site and got really interested in market and volume profile as it kind of makes sense for me.
I want to start from scratch, so you can consider me a beginner. I am looking for some good books to get me started with market/volume profile as well as some psychology books that you can recommend.
Regarding the platform, I didn't really have one. I was more of a swing trader and just used the broker website to buy/sell. I do like the Investor/RT software, just was hoping there might be a free sim to try the volume profile until I can feel confident enough to trade live.
There will be a Live AMA session on Tuesday, April 30th @ 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
Ok. First, I can only speak from my own experiences and opinion; so this applies to all of the below.
I would like to remind you that trading is a high performance endeavor. It is risky and is not suitable for all investors. You have to make a serious commitment to trading as a BUSINESS and you have to recognize, like in all high performance sports, that you others are willing to do what you might be too lazy to do and have made a very high level of commitment to this.
Trading is going to test your aptitude, psychology, your "luck" or "karma" and your ability to achieve balance in your life. In my opinion, trading requires all of us to change the way we look at winning and losing, our attachment to money, our close relationships and many other aspects of who we are. The longer it takes to change your view on things and to adjust to what is needed, the longer and more frustrating the path is. I would venture to guess that 70-80% of the path to becoming a consistent trader is consumed by how long it takes to make these adjustments. Is your practice of trading deliberate and focused? Or are you starting a new method every other month and going to the back of the line every time?
Hence, as far as books, here is where I would concentrate my effort:
As far as platform, I can only suggest you join us at Stage 5 Trading. It is a free platform and has been running great (I use it). You can power IRT with it and it is a tick-based charting package with a lot of power (with a bit of a learning curve but you will get over it).
BigMike: Please feel free to remove any links or comments above that you would consider to be marketing-based. I can only refer people to what I use and what I believe is good for them.
Risk Disclaimer: Trading Futures 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
Thank you to @FuturesTrader71 for his time again today to answer questions during the live AMA.
The recording of today's session is below. If your question was not answered due to time constraints, you can post it here in the thread for FT71 to answer. If you want to watch prior AMA sessions, go to post #2 in this thread for links.
