Market Profile

[MichaelB]

Reavor wrote,

"Yeah definitely not saying the tools from TradeMaven are worthless ...just that you can find similar solutions for MUCH cheaper. Damn those fees are ridiculously and I mean RIDICULOUSLY overpriced. They just offer tools, which like I said, you can get a similar solution for much cheaper."

Could you detail the "similar solutions "
that you use , , that provide these tools
at a "MUCH cheaper" price.

If that is possible..........

Thanks in advance.
Michael B

 

[Joab]

Quote from steve46:

Its ironic that this subject is getting some exposure here now that most of the pros have left

As I recall I first recommended Market Profile about 3 or 4 years ago in a post, and as expected most people ignored that....

A lot of skilled professionals trade from that context "upstairs" (off the floor). As the pits die out, I think the majority of screen traders will find it attractive.

For those who are new to Market Profile, simply be aware that it isn't a system that generates setups. It provides a way to see the markets and if you have some talent, you can use that perspective to make a system that works.

I trade several markets using Market Profile as my basis. My own system looks nothing like TradeMaven's yet it works very well. My setups do in fact generate about 70% favorable entries that don't violate my stops and end with a profit. This seems to agree in principle with the system that Mr. Cochran and his associates are promoting and it seems to me to be about right for anyone who learns how to use it in a disciplined way.

In my opinion the challenges for a trader trying to make this work are 1. learning the basics 2. developing a way to trade based on MP 3. executing with discipline 4. ongoing research to characterize markets.

I think its admirable that people try to educate struggling traders, and there's nothing wrong with making a living doing it. If you don't like their prices, hey pass and try to make it on your own....I did

This approach seems as good as any and better than most I've seen. The only caveat I would offer is that after learning all the techniques...how to use all the fancy tools....a trader still has to execute with discipline and that is where most can't make the grade.

Finally there is one thing that isn't in this curriculum (as far as I can see) and that is learning to characterize the markets. Markets are living breathing entities that are moved by people. You may think you know who controls a market but on a given day, week or month that can change (and quickly). Learning how to characterize markets is the difference between rookies trying to learn how to do it, and professionals who do this every day, and that is something that can't be taught in a few days or weeks on the internet..

Good luck folks

The most mature post I've ever seen you write.

 

[TheDarkness]

Quote from dandxg:

If you choose to use them as S/R as I do you can also get them here. http://www.mypivots.com/forum/topic.asp?TOPIC_ID=2873&whichpage=6

They have some other cool tools as well, they even have (or had) a calc that will create a custom MP for you.

Scary info on Trademaven, but as many spam PM's and emails they send (here and elsewhere), it doesn't surprise me someone would eventually get burned for the unscrupulous marketing tactics they use.

Bottom line is folks, if someone doesn't actually trade...don't pay them to teach you how to trade. Don't fall for the hype.

 

[boid-dog]

I have been using MP for a few years. I began with the cisco-futures.com short course. Don Jones has been around since MP inception and between the free information and access to Don you will learn the concept. After the course I still did not have a 'method' with which I could apply what I had learned. I disagree with the poster who suggested reading Steidlemayer's book--you can get a free trial to cisco-futures and read Don's.

Since that time I have learned some techniques--and they involve the levels which are near the value areas. Briefly, the market will go through then return and rotate higher or it will reject and return to the mean or POC. In my opinion the extremes are more important; either the market rejects them or moves through them and finds a new place to rotate I use Ninja Trader with the Fin-Alg add on, which is about $300 for lifetime license. No cbot fees and it allows splitting and merging intraday or daily profiles. The best moves, I believe, come from moving out of a 3-5 day merge. You can also look at a single day against the merged days, weeks or months. The low volume areas stand out. It is just a matter of refining your entries and taking profit.

It really isn't much more difficult than that. If you know how to trade a major level or pivot it's pretty simple. If not learn to read order book. You can use a very low time frame chart; e.g. 20 tick in ES. Or maybe CCI etc. for entry.

Good Luck.

($500 please...just kidding)