shortseller tape reading comes from nothing but just that -----reading it over time, you need to study it to learn it if you listen to the guys in the ET chatroom, its gonna make your learning curve alot longer, ignore nitro and his personal baggage and everyone else in the ETchat room, its up to you to study the tape to get it
ever wonder WHY there is big buying to begin with. it's ok to bandwagon via tape, to observe and follow the buyers, but wouldn't it be great if instead of reacting to a past event, you were there just as or even better, before the explosion began? my first year trading, all i looked for were the basic clues on tape, size bids stepping up, offers being taken, double prints etc but only profited consistently on 5-10 lot. i paid no mind to news. i just looked at bids and offers, price.. and so i could never seem to expand my position size much and had trouble holding on to big ones. after about 8 months or so, i supplemented this tape reading with some stuff. i recognized that stock interest is either overwhelmingly long, short or balanced in the short term. playing contrarian, i could clip the slower institutional trader and profit off their inept stodginess whenever some news arrived. they used to wave their fear with a white flag. worked well for a while, but then they wisened up, and my p&l started getting all volatile. couldn't find consistency. months later, i found that this additional information was ok but not so great unless i knew where stock was relative to the long term trend. by understanding trend, i could find short term speculators who were attempting to defy it and i could clip them off with size. i would just instigate or join a panic in the making. searching futher i found that stock is always tilted in terms of it's participants emotions and convictions. the stock not only has a bullish or bearish tendency, but is colored by how weak or strong willed the interest is. that was a good one for me. it let me enter the boxing match knowing if i was going against a prize fighter or a pussy. observing both the longer trend and the emotions/ psychology gave me a nice edge. this gave way to expanding my holding period as i broke out of doing cheapo scalps and taking laggard scrappiness off the white bread tape reading that the general trading public was hot dog standing it with. now, i begin to realize the astrological influences, time, date, seasonal patterns, and long term cycles relative to all of the above. like the other week, i got up in the middle of the night from a dream and looked out of my balcony and saw a full moon. i went back to bed and just felt that i had to go long the following day. gut feeling.. so i went long. i don't even look at the tape anymore.
You too huh! Amazing coincidence! I had this dream. In it my dog is at my computer trading, and he is an ATM machine. In my dream, he is wearing a superdog outfit, you know, the one with an S on it and spandex tights. So I went out and bought a superman outfit (good thing holloween is around the corner, aye?). Anyhoo, now in the morning when I get up I put my spandex outfit on, and I have my dog sit next to me all day long while trading (I keep him there by waving treats at him every half and hour or so) and my trading has gone throught the roof. Who needs the tape? I am also thinking of astrological considerations. The problem is that because I realize that the positions of the planets and stars depend on your reference frame, I cannot reconcile that fact with my other scientific thinking - in particular Einstein's Theory of Relativity. I should just realize that I am terran and bite the bullet though.... nitro
Don, you never answered my question regarding Shortseller and the training he received at Bright. Care to expand on that?
I'm sorry....I guess I'm getting old, and sometimes don't catch up with everything...I double checked your IM, Mav, and all I can really say is: As far as our training goes, we certainly cannot be responsible for everyone's level of understanding....and that's why we allow everyone the ability to come back for no cost (even if they do not choose to become Bright Traders). I can say that I get about 50 to 1 positive comments about what we do, and we constantly update/upgrade/adapt our program to keep it current. This keeps my teacher/trainers, and myself, motivated. I think we are the only firm that can "bridge" the gap between Exchange Floor trading and current, state-of-the-art trading technologies. We "practice what we preach" - and we have traders utilizing various trading practices, along with our capital, to succeed in this business. And.....we do cover "all encompassing" tape reading from several different viewpoints....each trader/trainer reads things a bit differently. (enough for now) Have a great day everyone! Don
i was always wondering.. if someone had a great track record on position trading and was up every year, couldn't the broker simply systematically mimic his trades? is this considered unethical? i mean i always see traders on the floor call out some stock, and many other traders join the party. that's considered acceptable....
It matter to those who are going to spend 2k or whatever he is charging for his training. So yes, I guess it does matter.