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Rating: 
Summary: Market Profile Reviewed
Review: I was first drawn to the works of Peter Steidlmeyer in 1993 as a futures trader by a colleague who explained that the features that I noted about the frenzied interest rate futures markets, had been encapsulated by this author. Without reading the book I tried to monitor the market activities in the profile that had been explained to me. Strangely enough, there was a pattern apparent on the daily sheets of paper that I started to collect.It was not until late 1999 that I revisited the phenonmenon when I started to trade on my own account from an office. I recalled the works and decided to pick up the book. It was an incredible revelation and revitalised my enthusiasm for day trading. Many people feel that they have a gut instinct in understanding where markets will trade, but Steidlmeyer's statistical approach formalises much of this. I was particularly interested in how his upbringing and his experiences as a child and the responsibilities he was given formed his approach to trading as a pro. From the writing you will learn the importance of watching rather than partaking in the opening hour of the market, which is often a money saver. it will teach you rules of discipline, because it makes sense. What I failed to take away from the book in working practice was the application of options volume from the 'far-traders,' the people who were bothered about the long-term haul, and how this could be witnessed in practice. There is certainly a lot of truth in it, but I could not match this with my experience as a day trader. The statistical comprehension of Market Profile is skillfully explained and is profitable to those who adopt it. the book is well written, understandable to the novice and is sound advice.
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