[Help] Tape reading and other techniques

Discussion in 'Professional Trading' started by navigateqd, May 1, 2009.

  1. Hello,

    Recently, I'm addicted to day trading business. The problem is there's tons of 'tutors' who sell book and indicators while no operable techniques are provided such as tape reading and transaction level analysis. So I'm doubt that if it's that profitable a system one 'tutor' is introducing, why he doesn't just do the trading himself?!

    Some say only the most successful and unsuccessful traders write books. I agree.

    And according to my own experience in day trading, it is really hard to read the messages hidden in T&S table and the change of volume. I just wondering is there anyone sharing such experience? Googled thousands of times and no relevant results.

    So, if any of you guys can provide any information will be highly appreciated. Link, document, pic, anything, as long as is relevant to day trading technique.

    Thank you in advance.

  2. Time & Sales?




    Friend, like an airplane traveling well shy of takeoff speed down the runway, you will NEVER get off the ground.



    Don't make things hard on yourself, needlessly. Trade support & resistance.
  3. Thank you for reply and I do trade pivot/support/resistance. Just don't feel it's enough.

    The problem is that there are too many tricks and the methods from books just don't work well.

    I have read several top trader interview and they take T&S seriously. According to the report, by combining support/resistance analysis and tape reading they can read the hidden message and trade with a high success rate.
  4. I have never found a useful book in regards to tape reading. That was 2 years ago. Now with more experience I understand why it is unlikely that you will find a helpful book on the subject. Tape reading is a dynamic and intuitive art based on experience plus market conditions are always changing. To condense that into a book would be difficult.

    If you are looking for more information regarding volume marketdelta might help you. I don't use it but if I cared about AMT I would.

    In regards to tape reading, whatever you define that as, I think you either need somebody to teach you hands on or you must have the patience to observe the tape with a relaxed mind until it starts speaking to you in a meaningful way
  5. Exactly, however, the description on tape reading principles is abstract too. I have not find any detailed article. And, although tape reading is dynamic, there is still method to present the data stream like video/flash/chat room. After my thousands times of search, zero result comes out.

    Maybe it is too hard to describe how the right side of our brains work??
  6. One guy linked to stock tape reading in my mind is Mike Kestler. A friend of mine traded at Tuco and said Mike's method of trading relied heavily on tape reading. Thats all I know about that and I would not suggest you spend money on his products but that name might lead you somewhere... or not, I don't know just shot in the dark
  7. Thank you for the information

    I have fond his promoting web page and gone through his event schedule. Frankly, I am not interested. The reason is this guy smells just like other 'stock trading tutors' on the internet, even the web page is exactly based on the 'tutor's web site prototype': you can learn the easy system quickly and make huge money right away, as long as I get pay.

    I'm not saying the course is worthless, but it is just not I am looking for.

    And thank you again :D
  8. Thank you so much, KingZardoz.

    It seems you have updated your reply, and you mentioned the observing with patience way which enlighten me. Patience is important.
    I'll give myself more time. And I would be lucky if I can learn from someone hands on.

    I will keep searching. I believe every thing is just located where it is, if I can't find it, I search again.
  9. NYC212


    it seems the old time traders were tape reading pros. they followed the orders and went with the big buys and sells etc

    it seems tape reading is hard now with all the ECN's and it seems even harder with the dark pools of liquidity too.

    Id love to see a tape reader go at it. it is a skill/art/feel.

    I think the Brights still tape read and teach it (dont hold me to that quote! )
  10. Yeah, dark pool, bigger and bigger amount stocks begin to trade through it and sometimes I can feel it.

    During the very beginning of my trading days, I saw wired phenomenon. Then, I knew it's dark pool. And I know there's method to make profit from this thing but don't know how.
    #10     May 1, 2009