Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

Key Learnings from James Dalton – Market Profile Guru – Traderscarnival 2016

2 min read

Here is the storified version of James Dalton’s(Market Profile Guru) talk at Traderscarnival 2016 – Bangkok. Lots of leanings, thought process as a takeaway from the master which could help improvise your trading decisions.

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1. Use Market Profile to Organize Information

I don’t trade #MarketProfile I use it to organise the info which helps me to take a decision. – Jim Dalton

— Rishi Umrania (@ProAMTraider) May 15, 2016

2. Emotional Capital Vs Financial Capital

“Emotional Capital is far more important than Financial Capital” says @JDaltonTrading during his session at #TC2016

— Sumeet Jain (@JainSumeetS) May 18, 2016

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3. Don’t need lot of capital to listen markets

U don’t need a lot of money to make money if u can listen to what the mkt is telling u #TC2016 #JDalton

— AP (@ap_pune) May 18, 2016

4. My Initial Position is always speculative long Put or a long Call

#TC2016, Day 2. Learned from Dalton how his initial position is always a speculative long Put or a long Call. pic.twitter.com/gBhcMiwYFv

— Uptickr (@uptickr) May 18, 2016

5.Which Book to Start with Market Profile

Q. Which is the better book? Dalton: “Markets in Profile, if you really want to understand all this.” #TC2016 https://t.co/RNJiU0DYEN

— Uptickr (@uptickr) May 20, 2016

6.Value Area Traders are Emotional Players

Many people are too obsessed to play to the exactness of the Value area too. Those are also no better than emotional players – Jim Dalton

— Rishi Umrania (@ProAMTraider) May 20, 2016

7. Failed Auction do not really work

#MarketProfile does not give any targets..it’s just a visual representation of a dataset. 80% rule and FA do not really work – Jim Dalton

— Rishi Umrania (@ProAMTraider) May 18, 2016

8. Larger the Gaps lower the odds of filling the same day

“Larger the gaps, lower the odds it will get filled, in my experience…” – @JDaltonTrading @Traderscarnival #TC2016 pic.twitter.com/jHi2QFit3x

— Uptickr (@uptickr) May 18, 2016

9.Trading Sideways Market

A trend trader can trade sideways market as good as a trending market with #MP as he knows tht its time to fade the moves – Jim Dalton

— Rishi Umrania (@ProAMTraider) May 18, 2016

10.Which timeframe is in control

Have a Top down approach monthly weekly & daily then drill down to #MP on daily to estimate what TF traders are in control – Jim Dalton

— Rishi Umrania (@ProAMTraider) May 18, 2016

11. Jim Dalton about other Market Profile Traders

Jim Dalton – who has polished and lived #MarketProfile does not even know 50% of what few expert profilers know. Amazing.. isn’t it !!

— Rishi Umrania (@ProAMTraider) May 18, 2016

12.Should Look for a Buy or Sell?

Most wanna know the level at which 1 shd buy or sell and what SL to keep while doing so. Very few are interested in the process – Jim Dalton

— Rishi Umrania (@ProAMTraider) May 15, 2016

13.Who Drives Short Covering?

“Who drives a short covering?” Jim Dalton: “A Bill, a John, a Terry” 🙂 #TC2016

— Deepak Shenoy (@deepakshenoy) May 18, 2016

14.Cognitive Dissonance

Jim Dalton: The number one thing that kills traders is Cognitive Dissonance. You don’t want to believe the market.

— Deepak Shenoy (@deepakshenoy) May 18, 2016

15.Dont Trade during Educational Programs

Jim Dalton: “”In my view, the majority of people who trade during an educational program have very horrible profit and loss statements” 🙂

— Deepak Shenoy (@deepakshenoy) May 18, 2016

16.Let the trade come to you. Dont look for instant trades

“Let the trade come to u.” Like batting in cricket? Let the ball come to u …. #JDalton

— AP (@ap_pune) May 18, 2016

17. You need to know when the Economic Numbers are going to released not what the numbers are

U need to only know WHEN r any economic numbers, not WHAT #JDalton

— AP (@ap_pune) May 18, 2016

18. About Markets

It never happens when u think it’s gonna happen #JDalton

— AP (@ap_pune) May 18, 2016

19. No Need to be in the trade all the time

Just because u r paying for the equipment and data doesn’t mean u need to be in a trade all the time #JDalton

— AP (@ap_pune) May 18, 2016

20.Teaching Markets?

Do not try to teach the market a lesson #JDalton

— AP (@ap_pune) May 18, 2016

Listen here to know about what James Dalton thinks about US Market.

httpv://www.youtube.com/watch?v=yIp7kB-d5zs

Read the entire Dalton’s Interview here

Dalton’s Photo Made of Market Profile Letters – Gift from Rishi(ProAMTtraider) to James Dalton

Eklavya’s gift to Dronacharya @ProAMTraider pic.twitter.com/x6VVXbBaf7

— AP (@ap_pune) May 20, 2016

And last but not least me with the master!

With the Master @JDaltonTrading #TC2016 pic.twitter.com/SEFX2cwlzj

— Marketcalls (@marketcalls_) May 20, 2016

It was a great opportunity and learning experience for me to learn directly from the master! #TC2016

Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

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