can market profile be self-taught?

I've been reading about market profile lately and a lot of times I see posters saying that market profile is not easy to learn..you have to join/purchase courses like balancetrader etc

anyone here using market profile @ self-taught?

 

Start here.

help for struggling traders

The OP of the thread uses market profile.

There are many other threads here that go into market profile as well.

You have to use the search engine.

 

1) The book authored by Kevin Koy has the most practical way of describing and displaying the profile data for immediate trading application.
2) Being cognizant of "initiating range extension" helps to give me a better idea of lower-risk set-ups.

 

You can learn Market Profile on your own, but it depends on what you are planning on using Market Profile for.
If you are looking for specific trade setups, then you might want to see what others are doing. If you want to use it for understanding the movements of a particular market to supplement your own trading style than you really don't need anyone.

Also, please understand that most of the people trying to teach it are only teaching there view of Market Profile and there are many different ways to use it.

 

I have my own strategy...

I would like to learn market profile so that I'm able to may have a better picture of what the market is doing (market conditions)

any website that provide good resource on market profile?

thanks

 

The CBOT website has a pretty good tutorial on MP.

http://www.cbot.com/cbot/pub/page/0,3181,1184,00.html

 

I would recommend you read Mind Over Markets by Dalton. This is for me the best book on the profile development. There is a chapter towards the end of the book that covers what it takes to become a trader and it would almost be worthwhile reading that first, as it is a bit of an eye opener. Also I would say that Market Profile is not a system and in my opinion does not generate buy and sell signals. It does give you a different means to generate an opinion on the market. It’s quite simple to learn its principles, but as with all things it could take a life time to understand its implications for your trading strategies.

 

thanks...too thick though

 

In my opinion Market Profile is not easy to learn on your own. I don't know how most MP traders did it. I would think most people read a book or two or hear about it on an internet site or chat room, look into it for a period then give up. There is a lot of work upfront in the learning process. Rewards, better market understanding, don't come until later.

For me it took around two months before I started to see relationships and opportunities come from MP and Volume by Price analysis. I didn't consider myself knowledgeable on it enough to trade until six months to a year into it. I consider myself lucky. I went to WIU where I spent three semesters learning in a formal trading/teaching environment. It is one of the few universities to teach markets from a practical trading standpoint and the only one which teaches Market Profile.

 

the website is a joke are you sure about this?

I've already got my MP software but still pretty much lost lol