clmacdougall

First be sure you really want to trade.

A gambler is always looking for a big win, a magic thrill. A method player concerns himself with percentages and the ultimate results of prolonged sequences.

Don't tell anyone what you know or what you believe concerning a commodity. Once you do you upset your equilibrium. By repeating too often what you think, you create ego and find it hard to change when you are wrong, leading to large losses.

Two entities rule the market, fear and greed. They pass the scepter of control back and forth everyday and that's how we make money. Trading in the volatility they produce.

The traders who are most likely to fail are the ones who enter the market unprepared – emotionally, psychologically and technically.

Have courage and intelligence to admit when you lose.

Winners plan, losers merely hope.

Success in this game depends on skill and research, not size of your capital. Too much money can handicap you to successful trading.

"trading is business shoved into a short lifespan. It's 6 months shoved into 24 hrs. It's life without having to wait 50 yrs. To see if you can make it."

"Ignorance is bliss, as long as you're not about to make a trade."

"It's what you don't know, that'll hurt you!"

A question. Even though this post is well on it's way and none but skilled followers are seemingly still writing, could you please take some time out for a question. A question from a beginner. "Volume Leads Price," that seems to be the key phrase for understanding this thread. I've read and re-read this thread, having even read Mr. Hersheys 2006 instructional manual and have also looked back in other writings by Spydertrader and others who seem well versed in this understanding of the market. Help me with my first step. Is the creation of a tape nothing more than the breaking and reversal of trend at least 3 times while staying within a volume sequence aka "Gaussian"? Or is there a need to use the 10 tape scenarios and Laterals for some special reason? Instead of simply ignoring them and drawing trendlines until they are broken and reversed?

Has anyone found a way to remove the price gap from an esignal chart. I spoke to them and they said it was not possible.

Thank you for the advice, I'm going to take it! I hope you don't mind lots of questions because I need help to understand how to apply even the initial parts of Spydertraders writings, but I'm going to give it a try. Thanks again.

Although I've only been studying this methodology/way of looking at the markets, for a short time, this was my concern as well. I enjoy the new ways I'm being taught to look at volume but am concerned with what seems to be a disconnect from price reality at the same time. Can you imagine considering that something has FTT (failed to traverse), when in reality it hasn't at all. It just appears that way because of the removal of the night session from the picture along with the joining of the day sessions open to the previous days session close. That just doesn't feel right. In the end the method seems concerned with price movement only if supported by the right amount of volume, and even worse, simply at the right time! But what if that volume begins pouring in at 8:15 cst and doesn't wait until 8:30 cst? Is price movement counted then? Perhaps CVB (constant volume bars) might be helpful for this methodology/understanding of the market. Or hows about this for an idea, simply mash the night sessions complete action together as a single bar if that helps, at least the reality/continuity of price will in someway be represented. At any rate it feels like Spydertrader is building something great, but perhaps it's still under construction Please let me know how you deal with this.

Would you care to let us in on just how you would specifically use a volume profile for the setups you trade. Thanks

Just remember upfront that UB has been involved in the industry for years on lots of levels and is going to carry that with him wherever he goes. His contacts are no doubt dealing in technologies that are never going to be offered mainstream, so you might as well relax and learn what you can from him. It's theory that matters, not technology! The concepts and ways that the man sees the market everyday are what I'd love to learn, you can keep the computer stuff.

I think what UB is saying is not that he has multiple feeds providing the same information, but multiple feeds providing different types of information all at the same time, perhaps feeds of info concerning the seperation and attributing of volume to commercial or retail traders based on technologies or streams of information were not privy to. Just my 2 cents.

Just a small bit of advice, nobody here owes anybody any kind of coaching/training/teaching. The men and women who are running some of the top threads here are indeed very giving of their time and expertise. Imagine the advantage we have over the traders from days bygone who had the occasional new book to read or some crazy overpriced good for nothing course to order when looking for help!!! These "oldies" are good people who are "realists" and that's how they've survived thus far in the markets. Their criticism is some of the best advice you'll ever get, be thankful for it.

UB, please let us in on when your new book/books are going to be released. I'm sure by the response to your threads that plenty of us are interested in what you'd have to say. Is there any kind of a preview or table of contents from your book that is presently available for viewing? Thanks again for graciously taking the time to reply to my questions!

UB, I'm guessing that the point of this thread is the discussion our own personal evolution outside of the previous written concepts concerning MP. You've made it clear that you're not going to reveal the concepts involved in your trading system so then I'd like to move the discussion away from your computer program and more towards your theoretical evolution outside of the old concepts/methods. Can you point out the flaws you discovered concerning the old concepts and point us towards what you have now discovered to be worthwhile. I can only speak for myself when I say "thank you" for being the only one around who publicly is allowing us to see the inside of what might be the way that commercial funds trade on a daily basis and it's a bit humiliating to think of just how behind the times we might be with our application of MP principles. Leaving your computer system behind, can you give us a little bit of the professional/commercial understanding of the application of MP today. Thanks.

UB, would it be correct to say you identify the VAL and VAH in the now by indentifying commercial buying and selling as it happens? Is this what you use to identify your balance area extremes until they are broken through?

UB, after you figured out that distributions / day types / initial lean meant nothing can you let me in on what was your next progression forward from the static MP concepts that you find in all books available?

UB, please explain to me the difference between the "lean" I mentioned and the "bias" which you have mentioned. I'm not catching the sense of what you're trying to relay with that term. Much thanks.

UB, I'd like to talk about why any form of traditional MP does not work, because it believes that the market is static (stationary) and in fact it is more dynamic than what either a TPO or Volume based histogram can capture. It's like believing that if you took a picture of someone at some point in time and walked away then returned a day later that you will find that person to be at or near the place where the picture was taken when you return. When you trade MP you are believing too much in the static/stationary properties of the market which are simply just not there. The market seems to be somewhat like a person with little to no short term memory. Sometimes yesterdays value area means something to the market but most days it's not relevant. I'm discovering the need to find a balance between a small lean on value and a greater lean on the "now" of the market. Your software seems to uncover this needed balance, but does your software have any initial lean based upon all you've learnt from the past concerning MP?