Is it possible to "JUST" tape-read

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

  1. dbphoenix

    dbphoenix

    Gee whiz, the first book on tape reading in sixty years. I look forward to it.
     
    #21     Jul 17, 2003
  2. I am assuming this topic of tape reading is not in the usually sense the many traders think of when they hear tape reading where they are try to "read" the specialist and MM on nasdaq. It would seem, although I am sure there a few traders that still make money doing this old style of tape reading, that tape reading like that would not be very accurate in ther short term time frame of 5 minutes or so. Seems you would be battling the professionals who have much more information within this short time frame.

    Can you explain what you consider tape reading as explained in your book in a general sense to clear up this confusion.
     
    #22     Jul 17, 2003
  3. ttrader

    ttrader

    Just tape read, no. But tape read, horoscope, charts, chart patterns and/or some other gimmicks a la gusto will do it.


    ttrader
     
    #23     Jul 17, 2003
  4. prox

    prox

    Just about every method out there can be profitable to the right trader .. even fundamentals.
     
    #24     Jul 17, 2003
  5. nitro

    nitro

    Threei,

    I annotate my books heavily. Any chance to get several blank pages at the end of each chapter?

    nitro
     
    #25     Jul 17, 2003
  6. Threei

    Threei

    You are absolutely correct. Here is the answer to similar question I posted a while ago: http://www.elitetrader.com/vb/showthread.php?s=&postid=239786&highlight=tape+reading#post239786

    General concept is:

    1. Smart money is usually right. Crowd is usually wrong.
    2. Smart money and crowd act differently.
    3. This difference is possible to see as action develops in MOST cases. Most is important word here as nothing is ALWAYS in stock market. Generally speaking, smart money acts quietly and methodically. Crowd acts impulsively and chaotically. Smart money allows others to see what it's doing when position is built. When the crowd comes smart money exits. Crowd is left to hold the bag.
    4. Astute trader can read those footprints in price, volume, pace and position himself on smart money side.
    5. Armed with tape reading principles trader needs timing tool for entry. Several particular setups based on certain visual chart formations play this role showing entry points. We use those setups, other trader can develop theirs own, and we show how we build them.
    6. Trader needs timing tool for exit. We show how we define our exit criteria.
    7. Trader needs trade management tools: trailing stops, confidence levels, indications for partialling out. We show how we do it.

    I guess this describes second part of the book. There is third one - over 30 practical examples, from very recent to fraction times, illustrating setups, particular trades, with comments about what and why we did - kind of "putting it all together". First part of the book is the most valuable, IMO... it's about trader's development, all the mistakes, practical tricks and methods to create correct mental state, about elusive "edge" etc etc - and this is all not theoretical psychobabble. This is very practical, taken from experience of a trader who started with 40K, went down to 10, then took it up to over 200, and continued making money consistently. You can tell that I love this part the most, however painful the process of re-living early experience was... :) It was our original intention to write the book about this only, as we do not consider having this or that particular system crucial for trader's success... any system will do as long as it has positive expectancy and doesn't contradict major principles of market movements. Then we felt the book would be somewhat incomplete, leaving unanswered question "OK, and what did you do to make money?", so we added those two parts. Then publisher said that original title "A Trader's Jorney into Reality" should now be replaced with casual "Tape Reading Techniques" - and it's not like authors have much sayi in this, LOL. They also rid the book of first chapter describing part of pre-trading soviet business/mafia story as non trading related... so we placed it on our website for those who like fascinating stories.

    Whew... anyway, I gues this is full report. Sorry if too long (Chris is amazed that I still have any desire to write anything :))

    Vad
     
    #26     Jul 17, 2003
  7. Threei

    Threei

    Master set didn't have those... not sure if bound copies are exact copy of master set. Authors don't have too big influence on this kind of things, to say honestly.
     
    #27     Jul 17, 2003
  8. EricP

    EricP

    #28     Jul 17, 2003
  9. Threei

    Threei

    #29     Jul 17, 2003
  10. .... tell me you are kidding. .... please oh please......
     
    #30     Jul 18, 2003