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Fifteen years since publishing Mind over Marketstheir seminal work on markets and investor behaviorDalton, Jones, and Dalton have greatly expanded their scope, delving deeply into the ways in which the auction process reveals the actions of all investor time frames. They believe that by understanding timeframe behavior through developing market structure, it is possible to identify asymmetric opportunities that can ameliorate risk and help ensure financial dominance.
This book is a bold call to action for all investorsfrom day traders through the longest-term individual investors, to traditional asset managers and hedge funds that control trillions of dollars. It challenges serious traders, investors, and researchers to reach beyond price-based market analysis and traditional fundamental research for a more contextual approach . . . an approach that translates the principles of behavioral finance into actionable reality by examining the relationship between price, time, and volume.
The authors take a profoundly different approach toward the traditional separation between day, short-, intermediate-, and long-term investors, pointing out that even the longest-term professional investor is a day trader on the day they enter, exit, trim, or add to a position. Lead author Jim Dalton and coauthor Eric Joneshaving been heavily involved in selecting hedge funds and traditional managers for a leading Wall Street financial services firmcan attest to the importance of each basis point of performance in a world where one quarter's results can trigger financial triumph or a quick exodus.
In May of 2006, two months before the book was to be delivered to the publisher, the U.S. stock market broke eight percent in a matter of dayssending investors and the media into a tailspin. The authors saw this as an opportunity to demonstrate their theories in real-time, as opposed to cherry-picking historical events that supported their claims. The event unfolds in Chapter 6 and the authors offer sound advice and strategies on how to navigate market activity yet to unfold. The results are summarized in the Appendix, which was written after the book was submitted to the publisher. You be the judge.
Filled with in-depth insight and expert advice, Markets in Profile teaches you the market's basic auction process, redefines how to view and conduct research, separates the markets into different time frames, illustrates the importance of inventory imbalances, and, in sum, demystifies market behavior by showing you how to organize the market's auction process in a scientific, systematic way.
Praise for MARKETS in PROFILE
"Good books teach, but the best books enlighten. Markets in Profile is much more than a lucid explanation of the Market Profile and its application; it is an enlightening perspective on auction markets and the principles underlying all trading, regardless of time frame. Clearly written with many practical examples, Markets in Profile moves seamlessly from trading how-to's to trading psychology and back again, emphasizing the trader's dual challenge of understanding markets and understanding self. In so doing, authors Dalton, Dalton, and Jones have produced a worthy successor to their classic Mind over Markets."
—Brett N. Steenbarger, PhD, author of The Psychology of Trading and Enhancing Trader Performance
"Markets in Profile is a brilliant, insightful work that should be required reading for any trader. Dalton, Dalton, and Jones will transform your trading technique through their unique knowledge of the markets and understanding of trading psychology."
—Martin Sheridan, commodities trader, NYMEX member
"This book provides a fresh approach to behavioral finance—ideas that I have used to great benefit."
—Gregory A. Ehret, Senior Managing Director, State Street Global Advisors
"Few people understand the dynamics of the auction process as well as Jim Dalton. Market Profile offers a graphic representation of this process and Markets in Profile illustrates Jim's mastery of it."
—Steve Dickey, Vice President of Market Data Products, Chicago Board of Trade
"Market data speak volumes and Jim Dalton has deciphered the code. In Markets in Profile, Jim shares his techniques of profitable trading in a most readable and entertaining format. Serious traders, both professional and amateur, should benefit from the application of Jim's volumetric approach to reading what investors are telling us through their collective buy-sell transactions."
—Walter Sall, professional investor
This book has completely changed my 30-year trading career. You need a level of experience, and you need patience and persistence to learn, but it is worth every hour you spend. Read morePublished 4 months ago by smasty
An interesting read. Aspiring traders should give this a look. The author offers up much to consider, and this is not a book related to trading (how to trade). Read morePublished 7 months ago by john brueggeman
Combining the Market Profile concepts of the auction process, value area, POC, spikes, short time frame traders and other time frame traders with my price and volume analysis has... Read morePublished 7 months ago by Scott
I watched JIm Dalton's Market Profile unfold before me and it was a thing of beauty. After you read and process the information, you will begin to see the market with new eyes. Read morePublished 9 months ago by HW
I read this book after reading 1. Steidlmayer on Markets Followed by 2. Mind over Markets. I found it gave extra further insight to the previous 2 books. Read morePublished 13 months ago by Terry Novella
Very good book. Not an easy read but as an experienced trader willing to do the work I must say I wish I'd purchased it years ago.Published 18 months ago by Mark Knecht
I alrady had a good idea what volume profile was. This book helped provide tips and tricks of the trade (no pun intended).. Really great material. Read morePublished 18 months ago by Matt Sikorski
Excellent book going into further details of the mechanics of market profile. I would recommend reading Dalton's other book first thoughPublished 19 months ago by Txchase