I work for a group that is trying to teach me to read the tape, scout buyers/ sellers and use a scalping system to make trades. I am finding that I like the TA part of trading much more. Any advice on which is better? What to do?
DO whatever makes money for you. They say 90% doesn't make any money.. Thus, the odds are that you might have to choose something else. I personally am playing around with Gann circles now. The best I found yet...
If you have access to teachers who are making money by whatever means who are willing to teach you, you need to put your preferences aside and take advantage of it.
i agree. when the market goes fully electronic where is tape reading going to be? Certainly taking a back seat to fundamentals and TA. I'm trying to be in this for the long run
Are you serious! I'm just kidding about the Tape. I think you are on the right path. Lucky to have them to teach you about the tape reading. Try to learn as more as you can. Don't worry about electronic exchange, Wall Street just change the weapon but strategy remains the same. The two primary elements will remain forever. 1. There's nothing new on Wall Street 2. Listen to the tape Jesse Livermore.
i'm getting my ass handed to me on a silver platter w/ this method of trading. thats why i've been looking into TA methods instead. things seems to make more sense. sure the tape will be around forever, but will it be as effective in the years to come?
dood. your humour meter is broken he was joking "tape is obsolete - CD rom..." fwiw, tape reading is very helpful for a scalper. if u are trading really quick moves, very short time frame, then tape is especially useful i know one guy who can (and sometimes does) trade ONLY with tape and pit noise from the S&P pit. and is very successful with that no charts, period time/sales (tape) and pit noise use what works for u. personally i NEVER look at level II ever some find it useful, and good for them for me, tape and price are king i also love volume @ price/market profile i generally eschew indicators (macd, stoch, etc.) but some find those useful there is no holy grail, or one right way. find what works to give U an edge, employ strict money management and discipline das it fwiw, i prefer tape to L2, because L2 can employ fakeouts, lies, false sellers, bidders, etc. tape can't lie. tape is a record of what DID just happen
there are people who make a very good living reading the tape, and there are those who suck at it. the opposite is true too. there are those that make a very good living using charts and there are those that suck at that too. the bottom line? do what you feel fits your personality better. good luck