I use it as both support and resistance, a magnet, and a way to catch large moves. Are you familiar with FuturesTrader71?
I've heard the name and maybe I listened to a podcast once, but not really that familiar with the guy. Your mentor?
Was following him for years until he shut down his morning pre-market YouTube videos. He stopped doing them to focus on building his brokerage and community within his brokerage (see: https://edgeclear.com/ and https://convergenttrading.com/). The way he uses volume profile is the way that I use it.
Imagine if you're making $10k-$20k per day from the markets. Are you really going to go to the trouble to run a brokeage? I get that some of these guys with huge followings can almost make more money than trading themselves, but I think its a whole other headache. Most traders that have gotten good at day trading work on long term investments to funnel their daily winnings into. If you're setting up a trading business instead, I think its because you're not doing as good as you let on.
I killed it for another 7 point loss. Thank goodness it was only 1 contract per trade. Poor trading for me this RTH session. I was up 20 points pre-market and it went all the way back to even while I was at work. I think I wasn't able to let go of my bullish bias after that. Pity, as I've been shorting quite a bit lately. Market seems spooked by the entire Russia-Ukraine situation. Maybe there's other factors, too.
Trading is mentally draining. I get why profitable traders do things like open brokerages, build communities/prop firms, etc.
Sure, I can see this. But if you've already made millions, I'm not sure if taking on a venture with many more headaches is what most of us would do. If you're a guy like Elon Musk, you crave the work. Traders are I think are trying to go the easy route (although its of course not easy). But we don't want to manage teams and have customers, etc. That's why we picked trading. We think we can make as much money as possible from just clicking on the chart. Once you've finally made it, why on earth go on to do something even more stressful when the whole idea behind trading was supposedly easy money?
FuturesTrader71 traded with the SOES Bandits before he moved on to running his own prop firm-- he's been in the game for a long time. My guess is he likes running a business and managing/helping others more than he does trading.
Skills needed for trading for income are not easily transferrable, and in some cases not possible or desirable. More conventional ventures may be very appropriate. Legacy... So there's that.