Hi, Im pretty new to trading and all this environment. I've been reading about tape reading for about 1 week now on this forum and in a book. I really dont know much about it like the patterns and everything. Yesterday, in one thread, I read the NYSE is going electronic, and its going to be the end of floor traders and the end of tape reading. My question is, why would it be the end of tape reading?? Isnt tape reading trying to predict the trend looking at a graph, or by using the bid/ask volume numbers? If so, with the NYSE going electronic, how could this affect tape reading? thx
what book are you reading for tape reading? and is it any good? does it teaches how to spot different patterns on the tape, etc?
We read the NYSE open book. It's very difficult reading, and newcomers are encouraged to "write down the big words and look them up after the market closes!"
dont believe everything you read on et. our own assumptions and conclusions are often a better map of our reality than someone elses map of their reality. its still possible to read the tape on nasdaq, globex etc. what you are looking for may vary a little due to the differences in the structure of these different exchanges and their rules. these are tactical issues though, not strategic.
Much depends on what you define the tape to be. IMO tape will still be around. It was here before electronic internet trading...before ..electronic streamers..and it is here now and I think it will be here in the future.