EP 037: Understanding areas of acceptance, thinking in probabilities & creating a legacy w/ @FuturesTrader71

Aaron Fifield Podcast 1 Comment

This week I had the pleasure of speaking to another brilliant trader, who has been heavily requested โ€“ his name is Morad, but many know him best as FuturesTrader71 (or FT for short).

To give you the 30 second rundown, FT has been an active trader since 2000, when he started out scalping NASDAQ stocks among the original SOES Bandits. A few years in he made the transition to trading futures, and later started his own proprietary trading firm, where he funded and mentored a team of traders.

These days FT runs a brokerage, where he provides continuous education and risk control to a structured community. And of course, he remains an active futures trader, with a great focus on reading market profile and volume profile โ€“ which we get into during this interview.

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“Trading is simple โ€“ it’s not easy, but it’s simple.”

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“Your legacy has to outlast the material purpose of your existence.”

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Lessons learnt in this interview:

  • How FT was introduced to trading by a member of the SOES Bandits, and shortly after left a high-paying construction job to trade within the group.
  • Why you can have the best environment possible to learn in, but it’s still not enough to extract profits from the market. FT shares what else is required before you can break from a losing cycle.
  • FT defines ‘consistent profitability’ โ€“ his answer may surprise you.
  • How high frequency trading, and predatory algorithms forced FT and the traders in his firm to change their trading approach โ€“ more risk was no longer buying more reward.
  • An overview of how FT uses market profile and volume profile to gain a read on markets, and why it hasn’t changed since ’06. Plus, a real life example which makes the concept of ‘price discovery’ easier to understand.
  • The reasons why FT likes to remove ‘time’ from his analysis โ€“ he’d rather organize data in terms of price and volume, instead of organizing in time.
  • Can market profile and volume profile be an effective tool for swing traders and position traders? The short answer is, yes.
  • How FT uses statistical research (in Excel) to find an edge, and think in trade in terms of probability. He believes this alone will put you in front of the majority.
  • Why FT never looked back after moving from equities to futures; the benefits, and things to watch for if you plan on making the transition.
  • The importance of leaving a legacy and giving back โ€“ your purpose as a trader is something you need to believe in and be aware of.
  • Plus much more…

Links and resources mentioned:

  • Trader Bite โ€“ Here is a link to FT’s YouTube channel where he posts daily Trader Bite’s. This is where he explains what the market did on the previous day, what he expects it to do in the upcoming session, and the reasons why.
  • Statistical Analysis for a Broader Edge โ€“ This is the video FT mentioned during the interview, where he goes through the process of how you can find a statistical edge of your own using Excel and readily available data.
  • InvestorRT โ€“ The software and charting package FT uses for market profile and volume profile analysis. He’s also worked closely with the developers on features.
  • FuturesTrader71.com โ€“ The best place to go if you’d like to learn more about FT and the way he trades markets.
  • @FuturesTrader71 โ€“ Follow FT on Twitter for all his latest announcements and news.

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