A Review of FuturesTrader71’s Paid Webinars – Webinar #1: Market Profile Basics

This article is a review of FuturesTrader71’s paid webinar #1, Market Profile Basics.

In this video, the foundation is set by describing auction theory and how it relates and is shown in the market. A volume profile is described and the parts of the profile such as High Volume Nodes (HVNs), Low Volume Nodes (LVNs), Volume Point of Control (VPOC), and Value Area is defined. Related concepts like the Initial Balance, Time Price Opportunities, Opening Swing and Composite Profiles are also defined. Next, Opening Types are discussed: Open Drive, Open Test Drive, Open Rejection Reverse, Open Auction In-Range, and Open Auction Out-of-Range. After this, FT71 discusses how he breaks the profiling information into Overnight trading, Regular Trading Hours and the Composite Profile, and discusses at a high level how he uses that information to form hypotheses. He uses a top-down approach by starting with the composite profile and looking for areas of value and the movement the market is doing through those areas. Once these larger areas are discovered, he drills down to RTH sessions and considers the prior close, current open, Highs, Lows, the Opening Swing, and Initial Balance as possible areas to watch and see what the market does. Then once the RTH trading session is on its way, the intra-day volume profile become the dominating factor. Lastly, FT71 goes through his core trading principles which are all core, foundational trading principles (Risk management, journaling, research, etc).

At the end of this video, I was underwhelmed. Nothing really new was introduced that you can’t find elsewhere, and many topics were not covered in enough depth. Most of the concepts discussed are better covered in James Dalton’s “Mind Over Markets“. His core trading principle are pretty standard and most can be found in a good trading book that goes through core concepts (I think Dr. Van Tharp’s “Super Trader” book is a good example). His section on how he uses various volume profiles to create a hypothesis is very interesting and was where I was just starting to get into it, but it is quickly passed over.

In summary, this video is basically used to build the foundation for other videos. But for me, it just wasn’t worth it. There is really no new information and all of it is probably better gathered from other sources like books, which cost about the same but go through the topic in greater detail, or from free website sources. I just can’t recommend in investment for this video.

Next article, I’ll look at video #2 – Intermediate Market Profiling.

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4 responses to “A Review of FuturesTrader71’s Paid Webinars – Webinar #1: Market Profile Basics

  1. Hi Shane, im surprised that you didnt find find the first webinar for a donation worth the money! When I look at your blog (nicely done by the way) it is all built around what you learned from FT71 because I bet you a million that before you found FT71 you have probably never heard of harmonic roations and how to do those excel studies (also nicely done) like that!
    FT71 is a by far the best trading educator out there and best of all its either free or for a tiny donation to his charity, so I dont think you do anyone a service if you post a rather negative feedback about him. The first webinar is an introduction for people who have never heard of auction market theory and its the basis to understand his method further!

    Good luck with your trading!
    DomFromZurich

    • Hi Dom. Thanks for the comment!

      My post was with regards to his first webinar video only (I’ll be posting reviews on the rest later). I absolutely wanted to see a review of his videos and could not find one so I decided to write one myself based on my own opinions.

      The first video just wasn’t worth it in my opinion. I believe someone would be better served by purchasing a book or reading about it on the internet rather than paying for learning the fundamentals of volume profile. While I can definitely appreciate that it is a donation, it is still money that has to come out of someone’s pocket, and that the value needs to be there for someone to make that donation.

      Regarding free material, just because it’s free doesn’t mean that’s it good. Actually it can be worse because it takes away something more valuable than money; time. Of course, just because something is expensive doesn’t mean that it is good either! 🙂

      You are right that I found FT71 quite quickly when I started learning about Volume Profile. And I hadn’t thought about doing studies like he does in Excel. For that I am appreciative.

      But I’m still so-so about his value as an educator. He appears to be a great trader, but being a great trader doesn’t make you a good educator. And while I haven’t gone through all his free videos yet, I have gone through some and all his paid ones, and I’m left feeling unsatisfied. He’s got some great ideas and material; I really liked the Harmonic Rotation videos, his psychological discussions, and homework video. But overall the information is so unorganized and all over the place. I personally feel that there needs to be a system or some structure to really learn something. But maybe that’s not his mission. After all, he is a trader first. And maybe he does something different in his brokerage’s trading room; I don’t know.

      But again, those are just my opinions, and my views are different for his other videos.

      Thanks again for the comment!

  2. Pingback: A Review of FuturesTrader71′s Paid Webinars – Webinar #2: Intermediate Market Profiling | The Blog of Shane Brewer·

  3. Pingback: A Review of FuturesTrader71′s Paid Webinars | @ShaneBrewer·

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