Mind over markets: Power trading with market generated information

I read this book several years ago and felt I needed to read it again because there are so many great concepts contained within it to create a whole-brained trader. The central thesis of this book is trading on the information the market is providing us, and the process a trader must go through in forming proper directional conviction before placing an order. This is not a book about using silly worthless studies and indicators. It is a guide to using the market's balance and auction process in order to become an elite trader. Discussed are areas of trading outside, and within the previous day's range and using the market's open as a gauge of conviction. It all boils down to helping the trader identify which way is the market trying to go, and if it is doing a good job in its attempt to go that way. As a trader who strives to almost always trade in the same direction as the S&P futures, I have truly enjoyed this book. Other topics covered are when NOT to trade, such as non-trending days and non-conviction days. I have traded for over 25 years and consider this one of the must-reads for serious traders.

There are so many errors in the content. Graphs are missing from pages- instead of four graphs as indicated on page 26, there are only 3. This book needs serious editing before a second publication. Good helpful content otherwise.

The title of this book can be a bit misleading. The subject matter has little to do with the mental side of trading. Rather, it's a quite thorough discussion of the Market Profile technique for market analysis and trading. Market Profile is essentially an alternative charting method which has been used by professionals in the futures market for years, but has yet to gain wider acclaim in the broader arena because it is not a feature readily available on retail charting packages. For those who take the time to learn it, however, Market Profile can be a very valuable resource.Mind Over Markets takes the reader through the full topic of Market Profile, from basic to advanced. It discusses the underlying logic behind the methodology and how to apply it. The authors use numerous examples to discuss the various patterns and set-ups which occur, and how one can trade them for maximum benefit.That said, one seeking a fully developed trading system will not find it here. The authors encourage the reader to spend time working with the Market Profile to get a feel for it for application in their own trading. They do not give many hard and fast rules. This can be annoying for one seeking a straight-forward system, but the fact of the matter is the market is variable. What works one time may not work other times, at least not in the same way.The bottom line is that Market Profile is a tool. It is a way to look at the markets differently than one normally does, which can be a good thing, and Mind Over Markets is an excellent resource along those lines. Is it for everyone? Probably not, but even if you don't end up using Market Profile, there is still some value to be had in reading Mind Over Markets and understanding the overall message of market action and movement.

I think the reason that at least one reviewer mentioned this book and the phrase "holy grail" is that this books contains an exhaustive exposition of the types or forms of days that the market can have with respect to different time periods. Trading strategies and technical analysis, which are really the only tools that readers can cull from popular trading books, don't really provide a frame, or thorough way to look at the market. Market Profile on the other hand thoroughly explains the auction process in terms of buyer and sellers without recourse to some filter--it's market generated information, not imposed rules. In this sense, it's invaluable. The trading rules thereby procede from what the market tells you. Of course, the market can still fool you but what the book teaches you is how to listen to the market and interpret in its simplest, particulate forms.My review is at a very abstract level, but the book provides, with maybe too many examples, the types of days that a market can have and their implications and indications. For example, the authors would say that if the trading in the first half hour is within a limited range, then it has a high chance of trading outside that range; if it goes out of that range to the downside, then we have a strong seller presence. If buyers don't step up to buy in this new range, then we would anticipate that sellers are in control of the market, at which point we should place a short position. Now, the market can continue its trend, establish a new range, or buyers can step in to create what is called a buying tail, which is a sign that buyers find value at the new lows. This is a bit complicated, but once you read the book and understand the possible market movements, then it all becomes almost algorithmic and intuitive at the same time. A better title might be "market sense," in the same way that common sense tells us how to frame everyday human situations.

Thanks

This is one of the better, more useful books written about trading. It presents a thorough discussion of Market Profile. In fact, this book is the best one written covering this topic.Market Profile, while helpful, is really a story about where the market has been. What the market is likely to do from that point in time, is open to interpretation, and different observers may draw completely different opinions using the same MP data.Much of the detail presented here, some of which labels certain market action, may not be useful nor practical, however, the logic of Market Profile cannot be ignored.This one is of value to every trader's collection. But don't let it sit on the shelf. It could be read several times for new, previously glossed over, information. I read portions of this book every year, and find new or forgotten ideas each read.

Market Profile analyzed and presented in a way that WILL IMPROVE your trading. Hard to read, more of a Text book for traders.

Bit dated for today's HFT-driven market, but a good look at auction flow. Recommend for any futures trader.

The book offers an interesting view of the markets and it did help explain this whole approach to market analysis. Definitely worth adding to your knowledge banks. However the book construction and material quality itself was poor and felt like a quick print off on the last run of the printer cartridge. As I normally buy hardback books I'm just not used to this type of print quality in the new world of 'just in time printing' of books. The text quality of the book it very poor. Think of old low resolution print matrix printer dots, which are plain to the naked eye. They create a haze or 'blurred' image which I found difficult to read over time (I do wear reading glasses). I don't have issues reading other books cover to cover. Just a heads up on what to expect.