After spending a small fortune and much sweat, it looks like my trading is turning around. Discarded most all conventional technical indicators and explored a new approach. Market Profile analysis. Which takes market data and places it inside a gaussian distribution model. It allows you to see much more than simple open-close, high/low. It looks at market as a auction process and lets you guage the fair market price as well as the value areas have formed where 70% of participants have traded (+ 1, -1 standard divation). A very holistic view of what is happening and as a result I no longer take a trade based on where the technicals point alone.
I can see major support and resistance levels several days back and well as judge who is trading? long-term traders or short term. Learning this type of analysis is not easy, I have read multiple books on the subject but what really put it into perspective was a Market profile bootcamp from profiletraders.com. The creater is a guy named REZA. Also a lot cheaper than other courses offered out there on market profile.
Shortly I will be posting screen shots of some of my recent succesful trades.
I can not believe I am writing this post considering a few months back when I wrote Ten-thousand and still not profilable, I was about to give up!
Warning, Market profile is not easy to learn and use, but so far I can tell you, it has made a huge difference in my trading results and approach. I will keep you posted.....
Can you help answer these questions from other members on futures io?
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
The following user says Thank You to rtrade for this post:
If there was one book that I wish I read in the first year of my trading career it would be Mind over Markets by Dalton. The AMT framework is good antidote to viewing the markets like a video game that can be beaten with the latest and greatest new indicator.
The following user says Thank You to emerson for this post:
I read it and his other book. i really liked michael jardin "one trade a day" because he combines technicals with market profile, has a nice strategy using virgin point of control. A really great read on market profile was a 6 part guide put out by the Cbot in 1996 that updates Peter Seidlemayer(developer of market profile analysis for trading) work.
You can find it around if you drill down. I found a copy and literally devoured it. I have it in PDf format, it really strieves at a comprehensive explanation of market profile and its use. If I can figure out how to upload it, i will.
Also -Practical trading applications of market profile by alexander trading was an excellant book.
But Reza's market profile bootcamp was the best at making this a useful tool in real-life trading because he discloses his own setups with market profile, the same ones he uses to trade LIVE in his trading room, Yes! he shows the ninja superdom!!!
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
