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There is Jim Dalton's seminar on sale and I'm just wondering if anyone could recommend it? I'd really like to learn a trading plan or system, or learn how to create one. There is bazillion of systems, trading plans and tools and it's way to overwhelming. I want to learn something usefull at the first place. Otherwise, any great sources to learn more about orderflow trading. Should I focus to learn market profile at all? Which system is better in perspective of creating a trading plan? Any experts in orderflow trading out there offering online course? I am asking all of these questions as I feel is not right spend 10k for any kind of seminars and courses and not to utilize them. My thinking is focus on one system, learn it throughly and spend rather other money when making mistakes on the market.
Can you help answer these questions from other members on NexusFi?
If you are interested in market auction theory I suggest you start with Dr. John Keppler's " Profit with the Market Profile. Identifying market value in Real Time"
Please don't spend $10k on anything. That's much more useful in your account. Practice on sim until you're consistent but treat it like you're invested. Or pay Topstep trader for an account even if you don't need the funding. You paid so you're emotionally involved in the trades. Whatever you pay will probably be cheaper than losing it in your own account.
Market profile is going to highlight places to do business. Once you reach those areas look at the order flow to confirm continuation of the move or a reversal taking place. That's very general but start there and build experience. I've seen too many traders pay crazy money and still lose. Exhaust all your free resources first before ever considering that.
But start with basics. Point of control. Value area high. Value area low. Look at the shape of the profile. On days past look at where the market closed in the profile.
If the market had a big down day and closed at the bottom of the profile below value that's bearish. Imagine the same type day but instead the market came back up after a big down day to not only close in value but above the point of control. What's that tell you? Sellers pushed it and had a big down day. Buyers stepped in overpowering the selling and managed not only to bring it back up but to also close above the POC. I'd be more inclined looking for longs the next day.
Use these reference points especially from the past few days as zones to make decisions.
One more point on profiles. If you see a period of days where the profiles are tight all in the same range with the POC relatively close look for a break out one way or another.
Energy is building on both sides with longs and shorts. Eventually one side is going to win. Say longs win. Not only do you have the market going up with longs buying but shorts exiting their positions are buyers also adding fuel to the move. Buyers see that and add more. Why not they're already in a profitable trade. So all that buying action from the breakout of the consolidation period just throws fuel on the fire and you get big trend days. Works the same for shorts.
Study your profile chart and you'll see what I'm talking about.
Dr Keppler has been a business professor and a strategic trader for over twenty years.s. Dr. Keppler has taught at the University Of Utah School Of Business, the University of California, the College of Notre Dame and the University of Baltimore.
As a business professor, he is well grounded in both fundamental and technical market analysis techniques. His trading experience includes Stock Trading, ETF Trading, Futures Trading, Forex Trading, Options Trading and Commodity Futures Trading. Dr, Keppler possesses a unique understanding of the interrelationships between various markets and the delicate connections that exist between various trading instruments.
In addition to his university teaching experience, Dr. Keppler has presented numerous seminars and workshops throughout the world. He has published numerous research papers and articles on technical analysis, trading methods, trading strategies, risk management and market price auction theory.
Dr. Keppler has also developed a variety of proprietary strategic trading systems. In collaboration with MarketDelta & Investor/RT
Here's what you need to understand about market profile: it is not a system. It is just a way of tracking price. I have a hypothesis about why it might have been popular with floor traders. If you don't have any quotes, you have to track them in your head. So, the volume is inferred by the price and time relationship. The market profile is just a visual representation of what the floor trader does in their head. But where is the market cognition? You see that's where the true value is and that's what these courses probably won't provide. Most of these sorts of methods profile or order flow or so forth are not systems but methods for structuring market cognition. A system is a set of rules that define explicitly how to trade. I would recommend to start thinking in concepts and thinking more about "market cognition".
As for courses like these, I do not know but if you are talking about 10k, its a lot for most of us, and it will depend going on how much trading capital you have. I would want to limit education expenses to no more then around 4% to 6% of my trading capital. I would ask for a real money track record, or barring that, at least something to that indicates relevance and proficiency.
As for order flow, it is just another way of structuring market to activate market cognition. Market cognition drives all markets in all time frames and the cognition is revealed by the price discovery process. If your market cognition is better then the other participants then there is potential to profit. As for learning order flow, I recommend learning it with active process versus passive observation because passive observation will require more time and may require a period of "re-learning".
