Have you, or someone you've known, ever been a successful trader just by watching the tape? (i.e. no TA, no indicators, etc) -- Just time and sales, a chart and volume? aphie
I don't think you can have no TA and use a chart...but anyway, I don't use any RSI, stoch, or any shit like that. Just charts, tape and volume.
I know a guy who trades wit a prop firm that tape reads only, about 4-5 stox at a time, trades a bazillion times a day and a bazillion shares a month. No charts. No TA. All tape reading. Makes a lot of $$$.
For those that tape read, how did you go about learning how to do this? Were there any books or websites that were helpful?
At my best, all i do is read. Let my intuition work for me. I'm spending more time trying to unlearn all the shit that gets in my way then the time it took me to pick it all up in the first place.
Most of the time, watching just the tape will put you a few steps ahead of those who rely on stochastics, macd, or any other momentum reversal indicator -- don't need a weatherman to tell which way the wind blows . . .