My guest this week is Morad, better known as Futures Trader 71. This is his second appearance on Chat With Traders and we have all new topics up for discussion…
As you might have guessed, FT is a futures trader, but he’s also very short-term and has been trading for approximately 16 years. Earlier in his trading career, he founded a successful prop firm and more recently he has started a brokerage known as Stage 5 Trading.
His first time with us (episode 37), we discussed at length FT’s path to becoming a trader, market and volume profile, and how to create a legacy. This time around, we discuss honing new skills, measuring your progress beside PnL, removing attachment to the outcome, how to use a regressive risk management strategy, and tons more.
What’s Covered in This Interview:
- FT talks about the history of the SOES (Small Order Entry System) Bandits, and how 100’s of traders used a “brainless manual arbitrage” to make a lot of money!
- How to learn a new skill when you don’t have a structured learning environment; FT leans on his days as a prop firm owner to explain what’s required.
- A guide to how you can best avoid spending time on things that won’t affect your bottom-line as a trader, and a firm reminder on the power of mastering one thing.
- We’ve all heard, “trade an approach that fits your personality,” but how do you know what’s a good fit when you’re still early in your trading career? FT explains.
- FT shares exactly how he uses a regressive risk management strategy to make the market work as hard as possible to take his capital—if it will. Listen carefully!
- Some of the key considerations you should think about before signing on with a broker. And the ways various types of brokers cater to various types of traders.
Links and Resources:
- Episode 37 – Listen to the first interview with FT on EP 037 of this podcast. We talk more about market and volume profiling and creating a legacy.
- Dark Pools – If you’re interested to learn more about the origin of the SOES Bandits and the rise of computers, read this brilliant book by Scott Patterson.
- The Power of Habit by Charles Duhigg – FT described this as his favorite book, which covers breaking cycles and why we do what we do in life and business.
- Stage5Trading.com – An independent introducing broker—FT’s role is Head of Risk and Trader Development, and like we discussed, he takes this seriously!
- FuturesTrader71.com – To learn more about FT you can visit his website, where you’ll find plenty of info and resources, and links to his daily Trader Bite’s.
- @FuturesTrader71 – Follow FT on Twitter, and tweet him about this episode.
