Futures Trader 71
Record Date: 1/3/17
Today I spoke with a trader that originally started in the engineering and construction business, but gave it up because he fell in love with trading. He went to Chicago to work at a prop shop, then eventually after much success and adapting his trading style, he went on his own, and started backing individual traders himself. His name is Morad Askar, or better known on twitter as FuturesTrader71.
In today’s episode, Morad gives us advice on how traders should start the year strong, and make it count. We also discussed the idea that no two traders are the same, but the basic fundamentals of the greatest traders are very similar.
[bctt tweet="Set real goals early in the year. If you’re going to invest your time in trading, make it really meaningful.. " username="FuturesTrader71"]
We uncovered the key elements in becoming a successful trader, and he gave a great perspective on the randomness of the market and accepting the randomness of life in general. We chatted about how his trading has evolved over the years and he tells us the moment that trading finally clicked for him.
It was a pleasure talking with Morad, he and I had a lot in common on the way we approach our business as traders. Morad is about as genuine as they come. He is a wealth of knowledge who takes the time to share it with the trading community. As I have said many times before on this show and on twitter, the trading business is a people business, thanks to guys like Morad
- How traders should start 2017.
- Having a tactical plan to start the year.
- The key elements to become a successful trader.
- Adapting to the randomness of the market and life in general.
Answers to Rapid Fire Segment:
- How has your trading evolved over the years?
- I went from mindlessly following order flow to understanding the bigger context of the market. I feel that my hand in the market is much stronger. Increasing my time-frame was a big adjustment.
- Can you tell me the moment that trading just clicked for you?
- When I stopped making excuses, and realized my time is valuable. The only thing I can control is the loss. It boils down to the basics. Be patient let the market speak and align yourself to it. I went from a jackhammer trying to create trades to a surfer just riding the waves of the market.
- What’s the number 1 source you spend your time on?
- I look at charts in the bigger time frame. However, my biggest source of time is meditation. I get really focused and calm through sitting with myself.
- Favorite Book About Trading:
- Ari Kea the psychology of risk. How to measure performance in terms of risk.
- The chimp paradox.
- Thinking fast and slow.
- Favorite Movie About Trading:
- The Big Short
- Rogue Trader
- Best Advice Ever Received About Trading:
- Nothing is fixed and neither are you. The markets and yourself are ever-changing. The sooner you accept this the better. You go through rough patches and you come back.
- Advice to Give to Others About Trading:
- The biggest change must come from within you. Ultimately, you need to decide to commit and come up with your own process of trading. Aim small miss small. Repeat, repeat, repeat.
- “If you’re going to invest your time in trading, make it really meaningful. Set real goals early in the year…”
- “Master one or two tools, be the best you can be at them, then apply it and adapt it…”
- “Trade when the probabilities are always on your side, you need a statistical approach…”
Relevant charts pertaining to guest’s comments: