Understanding the Auction Market and the Value of Market Profile - Tom Alexander
In this episode, https://www.alexandertrading.com/ (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 beliefs Common 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 outhttps://www.alexandertrading.com/ ( www.alexandertrading.com). https://www.dante32.com/ (Podcast episode production by Dante32.)
