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i'm talking about market shorts in terms of size in the openbook where the seller is aggressively stepping down.

see that's the difference. For the scalper, the openbook and level II is very useful where as the level I is not so much. If there's a market short by an institutional order, I can see what price level he is at. When the ECNs on level II walks to the other side, it warns me that the size may be...

now you tell me lol, then yes, the openbook in your sense is not much of help, but as for me, the scalper, all i am looking at is very very short term supply/demand imbalances.

ohhh, i thought you are a scalper. It sounds like you are more of a position trader.

how much do you usually offer through on new york? So you offer, wait, and then place another offer if the situation still looks good...i assume you don't offer through on the second one. It's true that one should not jump all in with good size at once, but once the situation is really good...

for scalping, openbook is useful. We are only looking at temporary short tem supply/demand imbalance and you can find sizes in the book where it will let you get some cents.

exactly. The specialists handles the large orders (institutional sizes such as 30,000 shares, etc...) I use limit orders, the only time I use market is when I try to get price improvement but otherwise, if you use market, you are giving the specialist control to where he will fill you (supposely...

at what point during the "waiting to get filled process" do you just cancel the order? Do you just wait till you get filled or cancel when the situation doesn't look good anymore? (when things go bad, that's probably when he fills us..lol) How much do you offer through on new york?

see that's the thing, that's what it should happen, he has to fill you not a penny below your limit price because well...it's a limit order...the lowest you'll sell. But the other thing is that if the stock is through, and you get filled, it's weird as he theoretically can not fill you outside...

tape reading is a wonderful skill to have. It takes a lot of observation, understanding, and experience. It encompasses everything. Tape reading is not just about what it prints on the tape, it's about, what he prints, where he prints it, where's the bid/offer right now, how are the ECNs doing...

openbook is not garbage. It does tell you the price level of institutional orders, granted some sizes may be fake but with careful observation, one can relatively tell which ones are real. For example, if a size is stepping down, and all of a sudden 3 sizes just came in below the big size, it...

one thing everyone has to remember is that Maverick's posts are more for the traders at home, etc... that do not trade prop and can only have level II access without openbook. If you have openbook, you can see where the sizes are (although some may be fake, etc...) but tape reading is also...

I rarely offer new york, and the main reason is what you just said, you get awful fills, at his discretion, and especially when the stock is moving... the only time I offer new york is on clean up prints where he locks the book and spreads up, unload, trying to get price improvement. I...

yeah, when some news hit or a stock that is just volitle, I have to offer through about 50 cents up on ECNs just to have a shot to get filled.

Take more risk, but risk with reason. The thing about trading with fear is that it's true that you won't lose much, but you won't make much either which in turn questions your stance in the game, are you just playing to make a living (you can get a steady job instead) or here to make some...

see that's the thing, if I see a setup that is high probability to me, I have no problem of throwing 100 shares down as I have seen that over and over with 100 shares. but if I choose even 200 hundred shares, my heart beats a little faster, the stress level increases and in turn hesitates me to...

I agree fully. Constantly pushing myself.

good point...volume and relative size.

yeah I hear that a lot of trader tell me that volume is slow during summer-for obvious reasons maybe except earnings season, and they also say that August is one of the slowest months because its right after earnings season.

true...steve, have you been profiting with it? taking the other side?