The Culture and Rules of the JPJ Trading Room 1/30/06
Written by the membership
Preparation and Reference Tools
Everybody in the room has read one or both of the 2 books listed below. You might acquire Mind over Markets first and read it for the first time asap, youll end up reading it again. If you are serious about Market Profile you must do this.
Mind over Markets
http://www.amazon.com/gp/product/0934380538/qid=1138661040/sr=2-1/ref=pd_bbs_b_2_1/102-1448873-8810501?s=books&v=glance&n=283155
Steidlmayer on Markets
http://www.amazon.com/gp/product/0471215562/ref=pd_bxgy_text_b/102-1448873-8810501?%5Fencoding=UTF8
Members Websites
Everybody in the room has made themselves familiar with the content of 2 websites operated by room members as a service to all. Drill down and look around in each, there is lots of links to Jps teaching and market profile resources.
http://www.trading-naked.com/MarketProfileToday.htm
http://www.deltat1.com/DailyNotes/dailynotes.aspx
The Pal Talk platform and how its used by the Room
Jimmy has tried many Room platforms and prefers Pal Talk. The room is always pass word protected. Please treat all Jps content as valuable intellectual property and share it with no one.
JP is not a typist and delivers all his wisdom verbally so get a notebook and start taking notes from day one. The microphone is used sparingly by members, most post their questions and comments. When hes not focusing on managing a trade JP slips into his Johnny Carson persona and like Johnny he has an Ed McMahon and a Doc Severensen who have access to the mike.
JP and the membership prefer that all questions are comments are posted in the main room for all to see and hear the answer. Pal Talk has a "private message" feature that should be used only when necessary. Most members will help you if you have a question about their comments or trading. Please dont private JP during the day unless its urgent and very private.
The Need for a Market Profile charting platform
The majority of room members use IRT or E-Signal which fully supports market profile screens and tools. Many use Trade Station and there is a member who has developed easy language indicators the allow you to emulate Market Profile displays. Market Profile is very visual, you must have appropriate charting software. If you need help, post, somebody will help you out.
Execution
Jimmy trades on the J trader reflector , members use a wide range of front ends.
The JPJ School of Trading
If you have decided to join the room, you are going back to school for graduate work, investing your money and valuable time. Heres a typical school day and the participation expected by JP and the rest of the membership
Pre open
Get to school on time! There are members and bond traders in the room well before 8 am eastern. Jimmy calls the class to order around 9 .
During the hour before the open, strategy is discussed and explained dont miss it.
Log in by 9am.
Its annoying to JP and the rest of the room when a late comer logs in and expects a replay.
JP primarily trades the S&P mini contract his "package" is ample, but none of our business .
JPs trading scales down so small lot traders can emulate him
JP is not a scalper . That you will quickly learn --- nuff said!
Members trade a range of financial futures contracts besides the S&P , Bonds , Russell, NQ's, Dow, Currencies. Diversity is welcome Market Profile works across the spectrum.
Open
JP tries to get positioned for the day in the first hour. The open is serious business , focus, no questions please
Hour 1---- in Market Profile language, the Initial Balance (IB)
You will learn how important the Initial Balance is to trading Market Profile JPs way. Pay attention. Take notes . Save your question for the mid day doldrums
Mid Day
JP likes to get a trade on in first hour he can manage all day, when he doesnt , he waits for good trade location within the evolving daily Market Profile
The Afternoon
As the day unfolds so does JPs trading . Hes often still managing a position .He rarely trades after 3 PM. The room winds down in the last hour . Members often stay and BS after the close.
JP is paying attention to Sue.
MP language
As an experienced trader, you have embraced some charting framework and tools to observe price as it auctions within its daily range. Market Profile is very different with its own language. It will take time, so observe, listen, read the book, it will become natural.
Culture and Camaraderie
If you take the first week and just listen you will be exposed to the culture and manners of the room.
JP operates the room because he loves it. The room replaces the camaraderie of the Pits.
He sets the tone for jokes and comments, there are several ladies in the room,. conduct yourself accordingly.
Best to avoid politics and religion. Treat all with respect. The room has an in house disc jockey who provides a musical trading sound track when appropriate.
There is no competition in the room , when a member posts his trades in the room, its for educational purposes, not to show off.
Its a process
We all remember our first weeks in the room . We each absorb the Market Profile concepts and perspectives in our own way, at our own speed, with our own baggage.
It takes time, repetition and effort. Be patient dont try to trade it in the first few weeks.
Simulate before you speculate.
Jps classes last 3 months because to become confidently fluent in MP , it takes that long.
Emulating JP's Trades
JP loves to see us all make money and improve our bad trading habits. Most market profile trades are called well in advance , allowing most of us to make limit entries. JP tells us exactly where and when hes filled. The most amazing thing about JP, that makes him "All Pro", is his trade management, its something to behold.
Market Profile is a registered traded mark of CBOT (Chicago Board of Trade
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