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    Summary of James F. Dalton, Eric T. Jones & Robert B. Dalton's Mind Over Markets
    Summary of James F. Dalton, Eric T. Jones & Robert B. Dalton's Mind Over Markets
    Summary of James F. Dalton, Eric T. Jones & Robert B. Dalton's Mind Over Markets
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    Summary of James F. Dalton, Eric T. Jones & Robert B. Dalton's Mind Over Markets

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    #1 One morning, Jim Kelvin, a cattle rancher from Texas, got up at 6am to prepare for the market’s open. He picked up the Wall Street Journal to see what the bank traders and brokerage analysts were saying about the foreign exchange market. He had been watching the Japanese yen closely because he felt the recent depth of coverage in the news would surely reveal some good trade opportunities.

    #2 The majority of people who trade futures don’t make money. If you trade with the majority, you will only succeed as well as the average market participant, who doesn’t make money.

    #3 The four levels of learning are novice, beginner, advanced beginner, and competent pianist. To become a proficient pianist, you must go beyond the note-by-note struggle and begin to achieve some continuity of melody.

    #4 The final stage of skill acquisition is expertise, when the musician feels the melody and the song becomes an expression of his feeling. The mechanical aspects are fully ingrained, leaving the brain to its wonderful powers of creation. Listening to an expert musician is like peering into his thoughts and feeling the weight of his sadness or the exhilaration of his joy.

    LanguageEnglish
    PublisherIRB Media
    Release dateApr 27, 2022
    ISBN9781669394532
    Summary of James F. Dalton, Eric T. Jones & Robert B. Dalton's Mind Over Markets
    Author

    IRB Media

    With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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      Book preview

      Summary of James F. Dalton, Eric T. Jones & Robert B. Dalton's Mind Over Markets - IRB Media

      Insights on James F. Dalton and Eric T. Jones & Robert B. Dalton's Mind Over Markets

      Contents

      Insights from Chapter 1

      Insights from Chapter 2

      Insights from Chapter 3

      Insights from Chapter 4

      Insights from Chapter 5

      Insights from Chapter 6

      Insights from Chapter 7

      Insights from Chapter 1

      #1

      One morning, Jim Kelvin, a cattle rancher from Texas, got up at 6am to prepare for the market’s open. He picked up the Wall Street Journal to see what the bank traders and brokerage analysts were saying about the foreign exchange market. He had been watching the Japanese yen closely because he felt the recent depth of coverage in the news would surely reveal some good trade opportunities.

      #2

      The majority of people who trade futures don’t make money. If you trade with the majority, you will only succeed as well as the average market participant, who doesn’t make money.

      #3

      The four levels of learning are novice, beginner, advanced beginner, and competent pianist. To become a proficient pianist, you must go beyond the note-by-note struggle and begin to achieve some continuity of melody.

      #4

      The final stage of skill acquisition is expertise, when the musician feels the melody and the song becomes an expression of his feeling. The mechanical aspects are fully ingrained, leaving the brain to its wonderful powers of creation. Listening to an expert musician is like peering into his thoughts and feeling the weight of his sadness or the exhilaration of his joy.

      Insights from Chapter 2

      #1

      The Market Profile is a visual representation of market activity that takes the form of a statistical bell curve. It is a conduit for listening to the market.

      #2

      The Market Profile is a way of organizing market activity as it unfolds. It is not a system that predicts tops and bottoms or trend continuation. The key to understanding the Market Profile is to correctly read the information.

      #3

      The Market Profile is a challenging task. Everything you learn about the Market Profile is related and integral to a complete understanding of the market. Each concept is like a piece in an intricate puzzle that should be studied to determine its place in the developing picture.

      #4

      The cattle market is a good example of how the market's auction process works. If the open is considered below value, price auctions higher in search of sellers. If the open is considered too high by the market's participants, price auctions lower, searching for buyers.

      #5

      The first half hour of the trading day is designated by a letter. If a certain price is traded during this period, the corresponding letter, or TPO, is marked next to the price. The initial balance is the period of time in which locals attempt to find a range where two-sided trade can take place.

      #6

      The range is the height of the Profile, from the high to the low. On this day, the range was 9617/32 to 9710/32. The area where 70 percent of the day’s business was conducted was called the value area.

      #7

      The Market Profile is made up of five elements: the M period, the S period, the P period, the H period, and the R period. The letters A, B, C, and so on vary between quote services and exchanges.

      #8

      The Market Profile requires more than just regurgitating a list of concepts. You must be able to challenge the rules and look beyond the confines of popular opinion.

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