Yes and there are many different approaches to volume just as there are to PA. I would suggest someone wanting to learn how/if volume can improve their trading tries to get familiar with different methods to see what talks to them. Then you can go through an in-depth learning curve that will enhance your trading. Some are easy and fast to learn like OBV or heatmaps, but in life it's usually the stuff most people won't put a huge effort into that pays best. Floor traders find screen trading almost impossible because they are used to hearing the volume. The pit is loud in high volume periods and like the MM they know Who are the volume players to follow. You can get very close to that floor experience by learning to read volume. It was interesting reading the posts of an ex floor trader who was convinced screen trading was impossible. And you know what, with his closed mindset it would forever be impossible for him. I don't trade every signal on volume. There are times in the day the players are absent but when they turn up and hit the market you really want to follow them. The MM has a job to do - balance his books, ensure liquidity and keep the market moving. Now and again there's the opportunity to take a bit extra. But what he can do and will do depends mostly on the volume. He see all the stops, knows the real players positions and knows when he can slap the market and not cause offense. Floor traders don't control volume but can and do gun the stops. Volume tells who is doing what but it's not as simple as heavy volume = serious trading otherwise you could learn volume secrets in 2 mins flat. The exchange doesn't make the final volume figures available for several hours after market close. Most data vendors just post yesterdays volume under todays daily bar because they can't be bothered to put the effort into collecting the data from the exchange and giving the real figure. And if you compare different datafeeds you'll see the daily volume differs because this they don't put the effort into collecting it properly. But there's a couple of methods that sort the problem out. Looking at a price and seeing the height of the volume bar is like chewing gum and walking. For some kids it's complete overload but for most it's a walk in the park
That's ok. I was asking "where to get accurate daily volume according to you" only , not for full tuition. I was also posting to make a real trader, friend of mine, participant in this thread, laugh a little. (Don't worry, you will likely never figure out who he is). You know what?. Grab your "volume" knowledge and stick it where the sun don't shine. That's how much I really need or want your "tuition" and/or your grandstanding and need to be an attention whore. JW
To be fair to whiskey and avoid any confusion I won't be offering tuition. I was not sure how much time I had to post information and because my time is limited I wanted some genuine feedback. What's the point of putting yourself out if someone is not hungry for information. To save myself time and not appear that I'm holding back here's my suggestion. If you don't want to spend 2 years learning Wyckoff then Todd Krueger (http://www.traderscode.com/) looks like he has got a lot of similar approaches to myself. I have never seen Todd's DVD's but he gets my vote on the basis of free video emails he sends. If you get yourself on his email list you will pick up a lot of Wyckoff ideas for free and see if it is something that lights your fires. Also Todd goes into quite a bit of detail as to what different datafeeds do what with volume. If I remember he uses 11 datafeeds. You can also learn how to collect true volume and probably how your data provider calculates volume. eSignal is way off and you'll see why. There should be enough there to see some of the advantages of using volume and decide if you want to include it in what you do and if you trade on daily bars then you'll want real volume and not yesterdays. All of this information is free in Todd's emails and obviously he hopes your get his course. He gives away more quality free information than many others charge for. I have no association with Todd and have never paid for any of his tuition materials, but his free emails are exceptional.
And now we have the "infomercial" pointing you, the unsuspecting newbie, in the direction of the lastest "volume trading expert/vendor". How typical. BTW, that is soooo illegal and definitely violates the TOC. Oh, and btw, WTF would anyone who's raking it in using their "expert volume trading" knowledge want to go around ... aw, fergetaboutdit!
LOL but remember you represent ET and as a moderator are sworn to uphold it's renown ethical and exemplary standards. I on the other hand am one of the common rabble from which you must surly expect pathetically low standards as I post only for myself. In trading it's essential that you learn not to react, remain dispassionate and should you ever find someone you want to learn from... wind your neck in
Notice the arrogance and the air of intellectual superiority that is being exuded by the "volume traders" here. It is that need to be right all the time and the need to show that they have more knowledge than others that shows through like a beacon. Truth is, that trading is not about being intelllectual, but it is more about using common sense and good risk management. ---Izzy
Mandy, Mandy! Wyckoff is not for newbies. It's for clever people like you who want to add to their breadth of knowledge. If people PM me and ask in the thread and I don't have time to go into depth, then hang me for giving free information. What are you giving?