You can try a few different strategies... You can look for thinner, lower priced stocks as algo's usually won't be in them, just people with IB accounts or you can look for stock with fresh news that might mute the algos a little and will bring out the institutional investors. Also try to stay out middday as its mostly computers trading during that time. I think tape reading is still very valuable skill in this day and age, its just progressed. Where the advantage comes in is having a foundation of knowledge about tape reading, and identifying what programs might be on as they are all similar just different subsets. Its all about repetition and seeing the same thing over and over again.
im just going with the YM, no decimal point nonsense and only other future i like is 6E bu t it'd probably be next to useless considering the size of the spot market
Are you serious? Why are you going to start a thread, ask for advice and then disregard all the advice given to you, (by some pretty serious posters, I must add)? Once again: 1) You are about 5-10 years late to the tape reading game. Once NYSE Hybrid hit full force, tape reading was on its deathbed. 2) If you are going to try to taperead nowdays, you have to stick to the low volume NYSE stocks where the specialist still has significant influence and is likely handling institutional orders. I would suggest under 500k daily volume 3) When tape reading was taught and employed 5-10 years ago, we focused on stocks doing 500k-1mm volume. High volume stocks have too much going, too many strong sellers & buyers. 4) Tape reading the YM? Waste of time. Too much noise, too many algos.