Is Market-Profile the best method for trader?

[A-Malpel]

Hello,

I'm looking for the best method to trading, or rather to scalping, and I'm strongly advised to use Market Profile?

What do you think about it ?
Market Profile is not very simple to learn, but I am told that after, when you master it, so it is the paradise ! Should I make the effort?

Do you know other methods that perform better ?

Regards
AM

 

[Splitlink]

Hello,

I'm looking for the best method to trading, or rather to scalping, and I'm strongly advised to use Market Profile?

What do you think about it ?
Market Profile is not very simple to learn, but I am told that after, when you master it, so it is the paradise ! Should I make the effort?

Do you know other methods that perform better ?

Regards
AM

It, probably, is simple to learn but to interpret it correctly I found to be a time wasting process. Remember that you have to do one of those charts for every instrument that you do. Basically, it comes down to the same problem as for all trading. You have to get the direection right. So which is the side you have to trade successfully? I believe that a bar chart will give you the same information as MP ie. the price level that has the maximum number of bars cutting is the fair level value. IMO, MP is a disappointment because its concept is promising---a new way of trading--- but it lacks something to make it work. I believe that you have to buy the software package to learn what that is and that could be an expensive experiment.

 

[Joules MM1]

Hello,

I'm looking for the best method to trading, or rather to scalping, and I'm strongly advised to use Market Profile?

What do you think about it ?
Market Profile is not very simple to learn, but I am told that after, when you master it, so it is the paradise ! Should I make the effort?

Do you know other methods that perform better ?

Regards
AM

take a squizzer at Trader71 who uses profile/vwap/vpoc ideas

he has cheap courses.......i watched him develop his ideas over a few years and he runs courses and you need to have your ears on......not for everyone ......top trader from a retail pov.....top educator, risk averse.....

i'm not affilliated/connected to him

google

 

[Joules MM1]

Hello,

I'm looking for the best method to trading, or rather to scalping, and I'm strongly advised to use Market Profile?

What do you think about it ?
Market Profile is not very simple to learn, but I am told that after, when you master it, so it is the paradise ! Should I make the effort?

Do you know other methods that perform better ?

Regards
AM

uk's Kam Dadwahr (check the speling) has some freebie vids on MP.....hang on.....see if i can find a link....

https://twitter.com/#!/marketdelta

https://twitter.com/#!/FuturesTrader71

Market Profile Trading | Online Training for Futures Trading | Learn To Stock Trade

there's a plethora of free vids on L2ST with Kam D explaining his techs

dont pay for anything......just launch pads......

-------------------------------------------------------------
edit ;i'm not affilliated/connected to them

 

[Joules MM1]

dont pay for anything......just launch pads......

a lot of people are looking at MP in a grail way......a lot of traders want a formula which is what MP attempts to do make a formulaic approach to a dynamic activity and they do a pretty good job......respect that any approach that leads into red-light stop green-light go is fraught with danger and time finds the truth of it out......start from the angle of "understanding the auction process" first ......footprints and volume bars are all a different version of old signal ideas and become redundant when theyre given preference over how an auction functions.......think of it this way, as a lead-in idea, the technical assets of these regimes are off the right and the understanding of auction participants is off the left......

look left, right, left....
..... truck coming

 

[Patricia12]

I am not familiar with Market-Profile trading method. Although want to say, there is not any best method for trading because one trading method may be best for one trader but there is no guarantee that same method will work for another trader as well.

 

[Splitlink]

I am not familiar with Market-Profile trading method. Although want to say, there is not any best method for trading because one trading method may be best for one trader but there is no guarantee that same method will work for another trader as well.

It is based on the statistical bell shape. Most of the price hangs around the peak and the exceptional prices tail off towards the edges. Perhaps it is popular for scalpers for that reason, but there is a lot more to it than that and I, probably, am missing a great deal.

Would any defender of this system tell me why a bar chart does not do the same, more simply, because one has to know the direction of the main thrust in both methods.

 

[NVP]

Brain hurts today...........is this the ole J-Chart trading method stuff ?

 

[A-Malpel]

It, probably, is simple to learn but to interpret it correctly I found to be a time wasting process.

I believe that a bar chart will give you the same information as MP ie. the price level that has the maximum number of bars cutting is the fair level value.

IMO, MP is a disappointment because its concept is promising---a new way of trading--- but it lacks something to make it work. I believe that you have to buy the software package to learn what that is and that could be an expensive experiment.

Hi Splitlink,

Yes, the problem is not really with how to build it, but how to interpret i.
I think is really near with Pivot Point, and in my concern, I use it with them on my chart.

Of course I use too 5minutes chart, hourly chart and daily chart, to see the trend and direction. But in conjonction, on Futures, it gives some good informations and different rather than bar or candlesticks charts.

Effectively the concept is promising since Peter Steidlmayer created it in Chicago, but it is not only promising, but really usefull. I think only I don't use it in all ways, and miss some informations.

AM

 

[tommog]

Never got anything from it personally, they talk about range days and trend days, ok fair enough, but just because something is forming a normal distribution bell curve after 3 hours of trading doesnt mean in 3 hours time it will have turned in to a trend day, youre still left with the same old problem of how much relevance does whats happening now have on what will happen over the next 5,10, 60 minutes, no amazing insights here.

Biggest draw back though is that the whole premise of MP is based around the pit session, where the opening range is, where the "other time frame" players want to take things on the open. These days with 24 hour electronic trading the pit has less and less relevance.

On the plus side its quite good for spreads which tend to mean revert and gives you a realistic idea of what prices really traded and which were just delayed prints

 

[robster970]

MP is a way of visualising the continuous auction process that the market for any security goes through.

The key is in understanding how the auction works, not in the techniques associated with the visualisation of it. If MP helps you achieve this then it will have been useful. FT71 is a good resource to help you understand how the auction works.

 

[Splitlink]

MP is a way of visualising the continuous auction process that the market for any security goes through.

The key is in understanding how the auction works, not in the techniques associated with the visualisation of it. If MP helps you achieve this then it will have been useful. FT71 is a good resource to help you understand how the auction works.

Put it down to age, mate. I find it too bewildering to contend with.

Onward, you youngsters!

 

[robster970]

Put it down to age, mate. I find it too bewildering to contend with.

Onward, you youngsters!

I'm 42!

 

[Splitlink]

You are a kitten! I'm 80 in April.

I like people to know. That way, I get a bit of respect around here.

 

[YouAreNotFree]

The Market Profile is just a concept based upon market distributions. It's up to the individual to develop a method of trading it according to their own style.

I find there are alot of misconceptions around it, but I would highly reccommend any trader giving it a good going over. It will be well worth your while imo. As long as you approach it from the standpoint that you want to understand how markets work rather than in search of a strategy or system of trading.

 

[cmmichaels]

I am learning about this at the moment as well there is a good thread on it over on FF if you google it I'm just in the middle of reading Markets in Profile James Dalton has a good website with loads of videos on it. In a simple way I think it is a different way of looking at what some people call FTA trouble areas and looking at where price had space around it to move. I think if you combine it over a long period of time looking at the Balance areas and the bracket areas created you could get a lot from it. I think it looks particularly useful for areas that price will retrace to and then either reverse or break below or react some way anyway.

I know there was a guy who used to post on here Dash Riprock who posted a thread on how he trades and he used it very well and as far as I know made a lot of money from it.

 

[A-Malpel]

I am learning about this at the moment as well there is a good thread on it over on FF if you google it I'm just in the middle of reading Markets in Profile James Dalton has a good website with loads of videos on it.

I know there was a guy who used to post on here Dash Riprock who posted a thread on how he trades and he used it very well and as far as I know made a lot of money from it.

Yes, indeed, James Dalton seems to be the best specialists in the world on MP. He is not this one who invented MP (it is Peter Steidlmayer ! ), but it is this one he who wrote the 2 most interesting books on this issue : "Mind over markets" in 1999, and "Markets in Profile: Profiting from the Auction Process" in 2007.
These are two reference books that must be read to begin to use MP.

Effectively, his web site is very useful, because there are a lot of articles and free videos on MP.

Of course, MP is firstly a different way to draw the market, and not a trading method itself. But I consider, it is this way to draw the market prices, and the concept of auction process, which allows you to see new configuration and allow you to act in a different way. With the pivot points, it's FORMIDABLE !

Of course, as for MP, the pivot points alone, are not a trading method. This is the way to use them that allow you to succeed in the markets.

 

[YouAreNotFree]

Yes, indeed, James Dalton seems to be the best specialists in the world on MP. He is not this one who invented MP (it is Peter Steidlmayer ! ), but it is this one he who wrote the 2 most interesting books on this issue : "Mind over markets" in 1999, and "Markets in Profile: Profiting from the Auction Process" in 2007.
These are two reference books that must be read to begin to use MP.

This is better if you haven't already seen it....

http://www.trading-naked.com/library/Market Profile Study Guide.pdf

 

[A-Malpel]

What a good idea, but I already read it ... some years ago.
I agree with you, it is a real good book on MP, and free of charge in addition !

Just note, an other good idea, is to meet James Dalton nextly, in face to face for FREE, when he will be in Paris, in next march, for some free conferences. It would be interesting to ask some questions on MP, after his conferences, or on his booth (see his web site for exact dates and precise location).

 

[Patricia12]

It is based on the statistical bell shape. Most of the price hangs around the peak and the exceptional prices tail off towards the edges. Perhaps it is popular for scalpers for that reason, but there is a lot more to it than that and I, probably, am missing a great deal.

Thanks Splitlink to share details about Market Profile trading method.