Customer Reviews

Mind over Markets: Power Trading With Market Generated Information

5 star:		(17)
4 star:		(7)
3 star:		(2)
2 star:		(0)
1 star:		(3)

 

 

I purchased this book in order to gain a better understanding of CBOT's 'Market Profile'. And the book certainly provides that. But it goes far beyond - this book also teaches you "read the plays" and does so in simple steps...taking you through novice, advanced beginner, competent, proficient, right up to expert trader. I gained an understanding of the importance of the opening call, what to watch for at the open, how to identify control and when it might be changing intraday, how to identify the extremes of the market, the types of auctions, what to look for at the close, day timeframe pattern recognition, evaluating institutional activity, knowing when to stay out of the market, and value area calculation. The information contained in the 'Directional Performance Relationship' table is worth the price of the book alone. The book is easy to read and understand..and the information contained within is quite unique.

The best trading book I've ever read. This is not for the faint of heart or the trading beginner. There is a ton of info very well explained and you will need to re-read this several times to truly understand it. I recommend hand charting your own profiles everyday in a spreadsheet and then analyze what happens when the market opens in the value zone, out of the value zone but in yesterday's range, or completely outside of yesterday's range. Eventually you will be able to figure out what the current day will "look" after the day opens with remarkable accuracy. I was almost tempted not to review this publically, since this in my opinion is as close to a Holy Grail as you will get.

The title of this book can be a bit misleading. The subject matter has little to do with the mental side of trading. Rather, it's a quite thorough discussion of the Market Profile technique for market analysis and trading. Market Profile is essentially an alternative charting method which has been used by professionals in the futures market for years, but has yet to gain wider acclaim in the broader arena because it is not a feature readily available on retail charting packages. For those who take the time to learn it, however, Market Profile can be a very valuable resource.

Mind Over Markets takes the reader through the full topic of Market Profile, from basic to advanced. It discusses the underlying logic behind the methodology and how to apply it. The authors use numerous examples to discuss the various patterns and set-ups which occur, and how one can trade them for maximum benefit.

That said, one seeking a fully developed trading system will not find it here. The authors encourage the reader to spend time working with the Market Profile to get a feel for it for application in their own trading. They do not give many hard and fast rules. This can be annoying for one seeking a straight-forward system, but the fact of the matter is the market is variable. What works one time may not work other times, at least not in the same way.

The bottom line is that Market Profile is a tool. It is a way to look at the markets differently than one normally does, which can be a good thing, and Mind Over Markets is an excellent resource along those lines. Is it for everyone? Probably not, but even if you don't end up using Market Profile, there is still some value to be had in reading Mind Over Markets and understanding the overall message of market action and movement.

The Market Profile has been around long enough for there to be quite a bit of information available for free, in books and in courses. I've read all I can on the web and after reading this book, the Market Profile is finally becoming clear. This book is helping me see how to watch what the other participants are doing based on what they are doing. I'm reducing my reliance on after-the-fact, price-based indicators. It's really a method of trading with the market, instead of following it and being late.

This is one of the better, more useful books written about trading. It presents a thorough discussion of Market Profile. In fact, this book is the best one written covering this topic.

Market Profile, while helpful, is really a story about where the market has been. What the market is likely to do from that point in time, is open to interpretation, and different observers may draw completely different opinions using the same MP data.

Much of the detail presented here, some of which labels certain market action, may not be useful nor practical, however, the logic of Market Profile cannot be ignored.

This one is of value to every trader's collection. But don't let it sit on the shelf. It could be read several times for new, previously glossed over, information. I read portions of this book every year, and find new or forgotten ideas each read.

This book, aside from the tiresome lecturing tone on an analogy regarding a pianist striving to reach perfection, WAS EXCELLENT. This book helped me understand how markets perform on an hourly basis, and how that creates a 'value area' where the bulls and the bears seem to agree. This methodology for charting seems to indicate the best place to place a trade (entry) and where to put your stops. Its methodology was indepth, and will require a fair amount of stamina, and intelligence to be understood. I could have done without the "amatuer to competent to proficient" stuff that the book breaks its theory/teachings into. But, aside from that, again, this is a must read for anyone that is serious about trading. I am a beginner trader in the Futures and Commodities markets, and at this time, the Market Profile appears to be the best methodology for when and where to place your trades. I highly recommend this book. Keep in mind, my mentors in this field recommended this book, AND recommend some extensive reading (over 15 books) before you actually start trading.

I think the reason that at least one reviewer mentioned this book and the phrase "holy grail" is that this books contains an exhaustive exposition of the types or forms of days that the market can have with respect to different time periods. Trading strategies and technical analysis, which are really the only tools that readers can cull from popular trading books, don't really provide a frame, or thorough way to look at the market. Market Profile on the other hand thoroughly explains the auction process in terms of buyer and sellers without recourse to some filter--it's market generated information, not imposed rules. In this sense, it's invaluable. The trading rules thereby procede from what the market tells you. Of course, the market can still fool you but what the book teaches you is how to listen to the market and interpret in its simplest, particulate forms.

My review is at a very abstract level, but the book provides, with maybe too many examples, the types of days that a market can have and their implications and indications. For example, the authors would say that if the trading in the first half hour is within a limited range, then it has a high chance of trading outside that range; if it goes out of that range to the downside, then we have a strong seller presence. If buyers don't step up to buy in this new range, then we would anticipate that sellers are in control of the market, at which point we should place a short position. Now, the market can continue its trend, establish a new range, or buyers can step in to create what is called a buying tail, which is a sign that buyers find value at the new lows. This is a bit complicated, but once you read the book and understand the possible market movements, then it all becomes almost algorithmic and intuitive at the same time. A better title might be "market sense," in the same way that common sense tells us how to frame everyday human situations.

Market Profile is not an easy concept to understand and that is why it has not been adopted by a lot of traders. Most traders want an easy quick fix and are not prepared to take the time and effort to learn an art that will make them stand out above their peers. In this book and through the videos on his web site (www.daltongrouptrading.com) James Dalton clearly explains the concepts and the theories behind Market Profile and combines these with real worlds examples of how The Profile gives structure to the trading day. Everyone is looking for the Holy Grail in trading but very few realize that the Holy Grail is not some magical indicator but the ability to recognize a day type early on in the day and then adapt your trading accordingly. Market Profile gives you this and James Dalton's explanation is the most comprehensive and makes this difficult concept much easier to grasp.

The best trading book I have read. Not only does it provide an explanation of Market Profile, but it gives good interpretations of market action that is useful with or without Market Profile. The book is best read with some knowledge of the markets and technical analysis.

If not the best.I have read a lot of trading books and allready been in the futures market for 2 years, and this is the only book that realy, practically, helped me in my trading.Some say is better than Peter Steidlmayer's books and I agree. Is more concrete related to day trading and how to actualy use market profile in day trading and beyond.