I'm now reading this every evening. Really appreciate the effort. I work a full time engineering job, swing trade and have been trying to day trade a little. I can see how market profile provides more edge through added context. I just don't know where to start. Are books a waste of time? Dalton video course? I singed up for Shadow traders alerts a couple of times and my main take away was that my account does not have enough margin to follow Peter and he is on a level that I an not getting to in this life time. I need a step 1.
I started trading ES futures about at the beginning of the year. I got a subscription to Sierra Charts and joined a discord room. The room I was in was a good one for beginners I think. The two people in charge of the room talked a lot about Dalton's concepts and shared Sierra chart layouts. There were videos to watch and written explanation of concepts (single prints, poor high, etc.) with screenshot examples. The room was $40 per month. I cancelled my subscription to the room because I just stopped using it like I did in the beginning. I thought it was a good value at the time, but now I just read Smash charts every night and try to make my own trade plan. I'm about half way through Dalton's first book and it feels like a review course for me at this point. Figuring this out has really taken a lot of time. Just when I feel like I've become proficient, I kick myself in the ass when it comes time to trade. FWIW, I'm also a professional with a busy full time practice. Luckily I live on the west coast so I can trade the first two hours of the day before I head off to the office and it doesn't really affect the rest of my day. Good luck.
Thanks for the insight Kyle! I work from home, but don't have the time advantage. That would be sweet. Short time frames are rough when coming from a days or weeks long swing trade style, but I'm wanting to add day trading for times when the market isn't trending. You have to make very quick decisions. I'm spending more time managing risk than anything else, but Market profile seems to provide a unique edge to compliment typical TA. I'm going to find out haha!
I am not smash but thought I could give you my take. I think you are at step 1 already. You’re reading smashelito’s reports. I have started reading the first of dalton’s books and took his primer this past summer. Primer was a great first introduction to get a lot of the background and concepts. As you read Smash’s thoughts and plans, things will begin to make sense over time. It’s a long path but I think it’s worth it.
I'm now reading this every evening. Really appreciate the effort. I work a full time engineering job, swing trade and have been trying to day trade a little. I can see how market profile provides more edge through added context. I just don't know where to start. Are books a waste of time? Dalton video course? I singed up for Shadow traders alerts a couple of times and my main take away was that my account does not have enough margin to follow Peter and he is on a level that I an not getting to in this life time. I need a step 1.
I started trading ES futures about at the beginning of the year. I got a subscription to Sierra Charts and joined a discord room. The room I was in was a good one for beginners I think. The two people in charge of the room talked a lot about Dalton's concepts and shared Sierra chart layouts. There were videos to watch and written explanation of concepts (single prints, poor high, etc.) with screenshot examples. The room was $40 per month. I cancelled my subscription to the room because I just stopped using it like I did in the beginning. I thought it was a good value at the time, but now I just read Smash charts every night and try to make my own trade plan. I'm about half way through Dalton's first book and it feels like a review course for me at this point. Figuring this out has really taken a lot of time. Just when I feel like I've become proficient, I kick myself in the ass when it comes time to trade. FWIW, I'm also a professional with a busy full time practice. Luckily I live on the west coast so I can trade the first two hours of the day before I head off to the office and it doesn't really affect the rest of my day. Good luck.
Thanks for the insight Kyle! I work from home, but don't have the time advantage. That would be sweet. Short time frames are rough when coming from a days or weeks long swing trade style, but I'm wanting to add day trading for times when the market isn't trending. You have to make very quick decisions. I'm spending more time managing risk than anything else, but Market profile seems to provide a unique edge to compliment typical TA. I'm going to find out haha!
I am not smash but thought I could give you my take. I think you are at step 1 already. You’re reading smashelito’s reports. I have started reading the first of dalton’s books and took his primer this past summer. Primer was a great first introduction to get a lot of the background and concepts. As you read Smash’s thoughts and plans, things will begin to make sense over time. It’s a long path but I think it’s worth it.
Thanks Marty!
I could hear your voice telling me to be careful as we approached the gap haha!
Smash- thanks for your work. I'm learning something new every day.
I had a question as to what determines a poor high or low. I think this page might have answered it for me. https://www.marketcalls.in/market-profile/poor-high-and-poor-low-market-profile-structure-explained.html
Yes. It's an incomplete auction. Here an additional explanations:
Poor High/Low
https://www.shadowtrader.net/glossary/poor-high/
https://www.shadowtrader.net/glossary/poor-low/
Excess High/Low
https://www.shadowtrader.net/glossary/excess-high/
https://www.shadowtrader.net/glossary/excess-low/
Thanks!