Tuesday, 18 October 2022

[Book 69] Volume Profile, Market Profile, Order Flow: Next Generation of Daytrading by Johannes Forthmann

Serial No.:- 69 

Category:- Informative Book (2. Business & Investing )

Book:- Volume Profile, Market Profile, Order Flow: Next Generation of Daytrading

Author:- Johannes Forthmann

Language:- English

Publisher:- Self Publishing (Kindle Edition)

Published on:- 25 November 2020

No. of Pages:- 211

My after reading review (October 18, 2022):- I was searching for profitable technical analysis strategies on youtube and accidently ended up with some new topics (or at least new to me) like order flow analysis, institutional trading, volume profile etc. I never heard of those terms before. So I start digging deeper into those things. And what I found totally surprised me. I was shocked to know that technical analysis is totally a scam. It is used only by retail traders to lose their money. Well that makes sense though, because I am trading for years using technical analysis and I haven't made a single dime from it. I only lost money till now.

The major problem of technical indicators is they are all lagging indicators. They are not the reason for market price movements, they are the effects of price movement. That means it appears the way it is shown on the chart after the particular movement of the market. Which is too late to predict the future moves.

So to learn the new way of trading analysis, I collect some books on this topic. The reason to choose this book to read first is that it's brief, which is good for beginners. Though the book didn't help me to clear most of the concepts. I just got familiar with some new terminology that I didn't hear before. Also the book is not too practical. So I need to read more books on that to clear those concepts.
The book covers some major topics -
1. Volume Profile
2. Market Profile
3. Order Flow Analysis
     a. DOM
     b. Footprints
     c. Delta