Is it possible to "JUST" tape-read

Discussion in 'Trading' started by neisykay, Jul 17, 2003.

  1. Seriously considering returning to day-trading after 5 years. Concerned that it may not be possible to make money unless I automate with my own 'black box.'

    Is that just the reality of it now or is it still possible to make good money without having a computer do the trades - assuming one has their system and discipline.

  2. Chris and Threei of are in the process of writing a book on tape-reading... they are both members here: you can pm them on their handles ChrisRT and threei...
  3. nitro


    I think these guys will be at the Chicago Expo.

  4. oh great yet another technique that will soon stop working altogether thanks to the franchising of prop shops and now shit like this...

    thanks in advance chris and threei
  5. shit, maybe i should just write a book faster than them and get that profit myself...what's the difference who publishes it??
  6. Brandonf

    Brandonf ET Sponsor

    I think that if you understand the concepts behind the idea you are always going to be fine. Certain "setups" will stop working as they become widely known sometimes, but if you understand what was behind the setups you should be fine.

  7. nitro




    You must be mad! That's not a profession, that's just gambling!!!

    If you even touch the markets, then do it properly, by looking at "investing" in fundamentally valuable growth-stocks that look like they might maybe be worth more in 10 years, plus pay you a juicy 0.0001032% dividend or so per year.

    Just look at the performance of stocks over the last 2-5 years.
    Issues like YHOO went from $5 to $500+ in a couple of years! That's true value!

    Now go and get yourself a trustworthy stockbroker and make sure you do the right thing.

    Good Luck to You.
    ~The Scientist

    P.S: :p
  9. Threei


    Don't worry... if it works from Jesse Livermore times (at least), it won't stop working because of us. True system is based on psychology of market participants, and it would take more than a book or seminar to change that psychology. Try major evolutionary turn... :)

    It's tricks that stop working when exploited by too many so that inefficiency is getting exhausted. To cite an example, arbitrages between SOES buy to marketmaker and sell to overlapping ECN - existed for what, 6 months? 9? But it has never been a system, strategy - it was just a trick. They come and go. It makes sense to protect them from becoming common knowledge (for a while of course, nothing remains noticed by just few for a long). This is not true for real trading systems based on methods of reading of major market moving force - disbalance between smart money and crowd.

  10. true, true...sorry if i sounded harsh...i'm just missing the "easier" NYSE that existed until last october...:D

    GL on the book.
    #10     Jul 17, 2003