NYSE "Open Book" helpful.

Discussion in 'Trading' started by airspeed, Aug 24, 2002.

  1. Bottom line is that even when the book is not deceiving you (traders aren't backing away and painting the tape, or the book isn't being updated so slowly that it's useless), THE BOOK STILL CAN and WILL NEGATIVELY ALTER one's trading sometimes (usually more times than not) just by giving someone a very misguided picture of the strength or weakness, and this is why so many top traders who can or do have access to it choose not to use it.
    #11     Aug 26, 2002
  2. i trade with over 30 profitable consistent traders. everyone loves the book. i am not going to argue with you. i will give you one point though, lately it is slow.
    #12     Aug 26, 2002
  3. tntneo

    tntneo Moderator

    missed boat, my remark about people not trying it, was not to you. I want to make that clear. But to others who dismissed it in former threads (even before it was available!).

    now and again, it's just a tool. and some tools are good for some, not for others. not because of the person but the method used or market traded.

    in a last not for this post, all the caveat you mention are true for nasdaq level II as well. so nothing specific to NYSE open book (but the stupidly slow refresh speed of course !).

    that's why I suggested people to try it. If you do and it does nothing to you, you lost 50$.. who cares. If it is useful, you will get back this and much more (obviously) with your first trade.

    #13     Aug 26, 2002
  4. NDQnCA

    NDQnCA Guest

    yeah- i'm getting it monday on my system- i made a killing using it today- a trader beside me had it and we kept an eye on the open book on a few of my stocks - i saw something very obvious and exploited the hell out of it with size :D :D

    i plan on having to learn obviously, what stocks the open book will work best for- i know thick stocks eat through size quickly, but which of the thinner stocks in everyone's opinion does the open book work best for? and i don't want to trade super thin issues that dont move all day, but some known names that have action where the open book is reliable.

    but, i don't know if i should even start to use it as it may fake me out of good positions ( i am aware of that) but on the other hand, i feel it could be used to make a lot of money like i did today- such a catch .22 :D

    if anyone can tell me more about it i would appreciate it. peace and good trading...
    #14     Sep 13, 2002
  5. NDQnCA

    NDQnCA Guest

    so does anyone use the open book profitably or not?? thanks
    #15     Sep 15, 2002
  6. tntneo

    tntneo Moderator

    you don't need it.
    it's useful on thinner issues.
    #16     Sep 15, 2002