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AMA: FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything
It could be and I'm not making that as a recommendation. Given your trading time frame, your holding time, etc., 6 ticks may be too tight. For example, if you are trading using a 15-min chart, then 6 ticks will be well within the "noise" range of a 15-min oscillation.
Hope that makes sense.
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
Guys I have to cancel tomorrow's AMA w/FT71, sorry. The last day of my vacation I started feeling sick, and now today it is full blown flu. I will let you guys know when we can reschedule.
By getting my first scale I increase my theoretical average, but if I don't move my stop to give more breathing space
to my second scale, what will the benefit of the early scale be ? ( Maintaining consistency, comes to mind?)
Thanks!
And a second question please - you often mention as your trading target for your style of trading ( short to mid duration scalps on ES ) 2 points per contract on average, which confuses me a little
My question is - from the 'All in' start to the last scale - how much of a 'journey' in points do you make
From my understanding of FT's trading (at least from watching him live trade the M6E once on a webinar he did) is that the first scale needs to be far enough out so that you can move your stop to the theoretical average after the first scale and still give the trade enough breathing room to succeed further. In his live trade he had a 3 contract trade where the scales were 9, 14, and runner. So once he got filled on his first scale at 9 ticks he could move his remaining two stops to the theoretical average, BE -4 (or five, can't remember which he used). This still gave him 14 (or 13) ticks of reversal room for the remainder of the trade, and since the harmonic rotation of the M6E is 14 (which by the way 14 was his original stop location at trade initiation), he basically still had the same breathing room for the last two contracts as he did when he initiated the trade.
Cheers!
PS- and he was spot on in that trade- got filled on the first to scales and rode his runner all the way to where he had called out an area of impediment (ahead of time) and closed the trade there. The dude Rocks!
Was listening to your last webinar and you mentioned that some of your good traders on ES had tick expectancy of 2-4. What would you consider a good tick expectancy for CL to be?
There will be a Live AMA session on Tuesday, October 29th @ 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
Sorry for the delay between this AMA and the last one -- my vacation, being sick, and then FT's travel plans all added up to a big delay between sessions.
I understand your points and full appreciate what you are saying as well as your candor. I had to start somewhere as well and it wasn't an easy process.
However, in my experience, you can give someone detailed instructions on what to do and, invariably, the issue always comes down to actually executing those instructions. Even Richard Dennis mentioned that in the original Market Wizards. This is why this topic gets most of my focus than actual setups. This is a lengthy thing to discuss and I cover it a lot during the webinars I hosted 2x per week for Stage 5.
Almost all of the traders I have worked with express the same frustration. But through collecting a sample of trades, this attitude changes experientially.
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