Tape reading

Discussion in 'Trading' started by wideopen, Sep 17, 2002.

  1. wideopen


    Does anybody know a good educational source on L2, tape reading and time and sales? There are a lot of books out there that are too basic and worthless.
  2. the only source is experience... and it takes time..
  3. The only place you're gonna learn about tape reading is at a professional firm. There are no books on it, and I've looked. The closest I came was a book on scalping.
  4. I've spent the last year at a prop firm tapereading nyse stocks...yes, time and experience is the best teacher. Keep in mind that it is also important who you watch/trade. Each specialist has a different syle--some use the tape trick traders into buying or selling, others are honest in revealing the true order flow.
  5. wideopen


    thank you for the replies. I work at a firm. Just wanted to accelerate the learning process a bit. It is true that you learn more from experience than from books
  6. rubbish. if experience is the teacher, you will learn just as much trading retail.
  7. Scalpa


    ....and the only book I've found while looking for books on scalping was "Day Trade Online" by Christopher Farrell. It taught me a couple of things, but I was a bit disappointed at how old everything was (no decimilization).

    Was that the same book you found?

  8. that guy's an imbecile. save your time. he and everyone else with a website is more interested in skimming $100/month from as many takers as they can find rather than helping new traders.

    that's the honest to god truth. you heard it here first.

    i was at barnes and noble about 3 months ago and was browsing thru the mags. i picked up (i think) TA of stocks and commodities, and that farrell moron wrote some article about "bear raids" (a large market short) - of course, not once was the word "BULLET" mentioned.

    he's either the biggest idiot the markets have seen in a long time, which i doubt, or he's proven the fact that you won't learn anything worthwhile in books.

    go to a prop firm, make friends with someone who knows what's up, and learn how to detect when a specialist bends the rules to screw the order flow in his favor.

    that's all tape reading is - picking up how a specialist screws people while still (mostly) following the exchange rules.

    ps - i don't think i've ever heard the phrase "bear raid" from anyone under the age of 65.
  9. yeah, read that article too (agree was load of crap)...that mag is such a pathetic joke. actually, in a way it's kind of entertaining reading the incredible bs the staff writers spin..
  10. wideopen


    ohh well,
    bottom line is that I have to learn from my mistakes on the job and it seems its the best way to go. Other people in the office are also trying to help but I still get killed day after day. From what I was told it takes awhile to learn the ropes and get positive. Anyhow, thanks for the comments!
    #10     Sep 20, 2002