No, very different. You need all the variables to put the puzzle together. Is it a plus tick bid? Is he showing 200 shares on the bid stepping up. Are there double prints? Are there perfect prints? What does he do when he shows a size offer. Where does the bid go? What is the size now on the bid? Why does 700 shares keep printing on every downtick? There is so much going on man, so much. You need to see it all.
Yes, I have the book. A great read. Should be read at least once per year. I have a question. Why wouldn'yt you use T&S screen? It shows the size of last sale and whether it was on the bid or ask.
It took me 6 months. I was the first guy in my office every morning and last guy to leave. I dedicated my life to reading the tape. I literally had no social life for 6 months. I would say it slowly and gradually came to me. I would understand parts of it, but then not others. It did not all hit me at once that is for sure.
Because it takes up too much space. You need to focus your eyes straight ahead of you on your quotes. If you are trading 15 to 20 stocks, you simply cannot have 15 time and sales windows up. Besides, you don't need them, all the information you need is on the quote board. It's all there nice and neat.
Yes but you are understating it big time. That is like saying poker is just about getting good cards. There is so much more to it.
Yes sir, I did! And that is why I stopped daytrading. Quality of life issues. Burned out is an understatement.
Agree. However, you are understanding it big time INTRADAY. You are basically understanding price/volume intraday as you hunt for supply/demand imbalances. Is there a way to understand price/volume daily and supply/demand imbalance on a daily basis? If so, would this not be tape reading on a daily basis IF you are only looking at price and volume?
Hope you didn't ruin your eyes. Looking at 15/ 20 stocks quotes searching for opportunities would drive me nutty. That is for the younger folks.