Understanding the Auction Market and the Value of Market Profile - Tom Alexander
Limit Up! Podcast
English - December 15, 2018 02:00 - 43 minutes - 40.2 MB - ★★★★★ - 53 ratingsInvesting Business Education Self-Improvement trading podcast professional trader trading education trading for a living trading tips learn to trade trading career path finance investing trading Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Previous Episode: Statistics, Managing Risk and Failure Recovery - Michael Lydick
Next Episode: Best of Limit Up! - Part 1
In this episode, Tom Alexander goes in depth on the benefits of viewing markets through the lens of the auction process, using the market profile chart as a tool for viewing the auction and analyzing the market and outlines the common denominators of successful traders.
[06:53] - Despite all the changes in the market over time, the auction process hasn't changed; which the market profile chart reveals, making it the most robust and objective way to analyze the market.[08:15] - Why Market Profile should be used as a tool for understanding the market and not as a trading system[16:32] - The number one reason traders fail is confirmation bias - they get overly invested in their beliefsCommon Denominators of Successful Traders:[18:23] - They remember the goal is to be a profitable trader, so stay open minded and not overly invested in their beliefs[20:19] - Resist confirmation bias and keep robust records of all trades, even the losing ones[23:53] - They’re patient and trade opportunistically rather than relying on trading a single market[26:56] - Why it's important to focus on the fundamentals... the blocking and tackling of trading[29:22] - How information overload has changed trading
To learn more about Tom and Alexander Trading check out www.alexandertrading.com.
Podcast episode production by Dante32.