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By J. Peter Steidlmayer


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Another way to look at the process is to reorganize the pro­ files, getting away from using chronological time beyond the day timeframe. , distributing, and to combine all the half-hour periods as the market works its way to efficiency. In this way a roughly bell-shaped profile should emerge from the mass of data, culminating with a new vertical move. Figure IV-2 shows the profiles from the chart above regrouped according to this scheme. I knew that discovering the market's purpose was the key to objectivity.

We as traders need to understand not just the workings of the market (which is what I mainly focused on at the beginning), but what it does, what it does it for, and how it does it; what it means to call the market a self-organizing system, and what the orga­ nizing principles are. We need this foundation in order to gain a complete understanding of market discipline. MARKET DISCIPLINE, BACKGROUND, AND EFFICIENCY 25 Understanding the market's purpose is the key to unlocking all this. This basic insight eluded me for a long time.

Every trader needs this type of dis­ cipline, but I've found through the years that it was best for me to be very active, and that the activity tended to push me through any areas relating to emotional control. Shortly after my second MARKET DISCIPLINE, BACKGROUND, AND EFFICIENCY 23 year of trading, I realized what some of my many character flaws were, and I decided to rectify them, so I could improve my trad­ ing results. After six months of hard work I had made absolutely no progress (and not much more money, either).

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