In this presentation, Peter will describe the important distinction between internal and external market information and how successful floor traders rely primarily on data the market generates internally about itself. Floor traders can readily determine whether or not the markets supports, or "uplifts", their decisions by evaluating the emotions, sounds, and energy levels generated in the pits. Physical proximity to the pits provides them with a distinct advantage over individual traders, for whom the only internal information available is volume.
Peter will describe the strides that the Chicago Board of Trade and NYMEX are making to provide users with more and better internal data. However, more data does not necessarily improve the decision-making process, causing the downfall of even highly trained and disciplined traders. Rather than overwhelming individual traders with too much information, the new platforms offered by the CBOT and NYMEX combine price, volume, and direction into a single market operating unit, and provide decision filters which, in essence, allow for forward testing trading strategies. Peter will describe the mechanics behind this process and provide examples from a variety of markets.
Peter Steidlmayer’s lifelong interest in the markets began during his undergraduate days at the University of California at Berkeley, from which he graduated in 1960. He joined the Chicago Board of Trade in 1963 and has been an independent trader ever since. Peter served on the board of directors of the CBOT from 1981 to 1983. While a director, he was responsible for initiating his own revolutionary concepts in data arrangement and trading information—Market Profile and the Liquidity Data Bank©. He is author of four books: Markets and Market Logic, Steidlmayer on Markets, New Market Discoveries, and 141 West Jackson, A Journey Through Trading Discoveries. He is presently working on his fifth book, The Essence of Trading. Each of these books establishes a rational working framework for organizing the underlying structure and movement of the market(s).
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