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Hi im learning now how to use the smart dom.
I already learn the basics but i dont know how to trade with the dom. for example i see the dom and i dont know where are going to go the price observing the orders i need some help in that.
Thank you to all the users.
PD: sorry for my english , im spanish
I cant find any similar if its any thread that can help me please sen it.
Roberto,skraadiing
Can you help answer these questions from other members on NexusFi?
John Grady at NoBSDay trading is very good for DOM training. He has done some webinars for this site but you may not be able to watch them as it doesn't look like you are an paid member.
He does that have a lot of videos on his site that might be useful for you. Tricky I know if English isn't your first language, but good information there.
His website: https://www.nobsdaytrading.com/videos/
The vendor review for him on this website (click on the panel):
I decided to start a thread on No BS Day Trading since I mentioned on another thread I am taking the course and have had several PM's asking me how it is going.
A little background - John Grady who owns the site was a former Prop Trader who focused …
You do not win as a trader, you just get to play again the next day. If that game doesnt appeal to you then you should not trade. Gary Norden
Thank you for that material i apreaciate that.
Im going to see the videos later .
But my personal opinion of the webinars are that the teacher are more focused on sell you something and not focused on teach you, no mather that im going to see the webinars.
Thank you sir @matthew28
Your broker may have instructional videos on their website or you can try youtube. There are plenty of DOM trading videos. You should also get familiar with 'order types' when trading on DOM.
Thanks @Mozart2112, I said I know the basics.
Maybe I didnt explain my question correctly (because I dont speak English as the first language)
I see on youtube, in internet a lot of guys that only trade looking the dom, they dont have any chart or similar like charts, only dom doms.
My question is: What are they looking in to the dom o put a buy or to put a sell?
Im looking the dom but I didnt understand how they trade only with the dom anyone have an idea?
You sound like somebody who's familiar with chart trading, so let me use an analogy. How do you feel when you switch from the candlestick charts you're used to, to a line chart?
My guess is that it's like you just lost half of your senses - line charts remove 90% of the information that candlestick charts give you. With line charts you see the close, but you have no idea what the trading range was in the timeframe you're looking at. In other words line charts give you a subset of the the information that candlestick charts provide.
The relationship between DOM & charts in general is pretty similar. The DOM gives you all the information about the market at the current moment - not just price, but also traded volume at price, limit orders, orders that were removed. Candlesticks charts give you just a subset of that information. That's why daytraders gravitate towards the DOM it gives crucial information especially around order execution.
Trading from the DOM is usually short term. You see an imbalance in bids & offers and you open a position, or you see a big market order at a significant level and you join it. You rarely expect more than a few ticks from the market, because you entered your position on the basis of short term market internals and not an underlying trend.
If you've just found out about DOM trading my suggestion is to use it in addition to your charts. Do not change your strategy but keep the DOM open next to your charts and look how it changes next to significant price levels. More importantly, every time you open a trade do it though the DOM. With time you'll learn how to incorporate more of the information that the DOM provides in your trading.
As @matthew28 mentioned, John Grady at NoBSDayTrading is an excellent resource. He does offer paid educational materials but there is more than enough free information. You can also look at the jigsaw & bookmap videos on YouTube.
Hi @ivoTrades thank you for the response.
Now im trading with order flow, volumen profile, vwap etc..
Thank you for that information its helpful.
Thats mi two screens, do you see the dom levels?
do you think that the dom provide me better information?
PD: SORRY for my english, i dont speak it well
Order flow is a conversation between market participants - both human and algorithmic. Like any language, the basics are only going to take you so far. At some point you have to enter into the flow of that conversation, make mistakes, try things out and improve as you go. Trading order flow is no different than that - it similarly requires application, repetition, and reflection. In other words, there is no substitute for practice. It isn't realistic for someone to give you a simple checklist of things that orderflow traders are looking out for. Much depends on the market they trade, the time of day they trade it, the time of year, the proximity to economic data etc. - context matters.
As @ivoTrades suggests, reviewing the DOM behaviour alongside other references, such as a chart, can help you to get familiar with the auctioning process. There is no need to assume that you must aspire to a prop shop-style multi-DOM setup, without charts. The important thing is to understand the interplay - both within the market at hand and in its relationship with correlated markets. When you understand how a market typically behaves, over time, you can begin to see when there are anomalies that you might capitalize upon. It is also important to understand the interaction between passive buyers/sellers and active buyers/sellers. Such is at the heart of concepts such as absorption and icebergs.
It is also worth mentioning that the DOM is only one vantage point you might take on orderflow. Depending on the DOM you use, it has the benefit of distilling multiple useful data points into a single window e.g. resting limit orders, pulling & stacking from the limit book, traded volume on the bid & ask, volume profile. However, you may find that another type of orderflow tool connects with you better - a fooprint chart, or a time & sales window, for example. Consequently, what to look for in a DOM is subordinate to the much larger question of whether orderflow trading is right for you.
In an industry populated with so many charlatans, it is of course prudent to be sceptical about vendors. However, in so quickly discounting the value of vendor-provided webinars, you may be missing out on elements that would contribute to addressing the question you asked. (Dicho de otra manera, cuidado de no tirar las frutas frescas con las pochas). Similar to any other information source, we have the obligation to be discerning for ourselves as to the value and utility of information we receive. Just because somebody sells a tool, or additional training, doesn't mean that what they have to say on orderflow is inherently flawed or worthless. There may be selective insights that can be incorporated into your trading development. John Grady of No BS Day Trading, and Peter Davies of Jigsaw, have already been mentioned. To these I would also add Axia Futures. They all use webinars as a social proof device, obviously with the intention of reaching potential customers - they are in business after all. However, if you were to seriously engage with their free content on YouTube, your awareness of orderflow trading would increase. Beyond that, you have to put in the screen time to then reinforce you understanding of the concepts. Such then permits the determination as to whether orderflow should be abandoned as a concept, should form the core of a trading approach or should act as an add-on to another trading style (e.g. just to support order entry).
Finally, a YouTube channel you might consider taking a look at would be that of Christian Anthony. To the best of my knowledge, he isn't selling anything. He just posts videos about his thinking process when trading orderflow. You may find that his reflections on sessions he has traded and what he observed in the order book may help orientate you.