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Excellent post. I couldn't agree more.

Don't just trade because you want to make money. Trade because you love it. It needs be your passion. You have to wake up every morning and love what you do. Trying to trade to "get rich quick" is the absolute WRONG way to go about it. Learn from books, learn from good traders on ET....maybe...

lilyoung, First I dont trade nasdaq so I may not be able to help. If you are just starting to trade, I would seriously suggest you stay away from trading pre-market.... I dont know about other tape readers but I can't trade just by looking at the prints. I would need to see the bids and...

Dogballoon, I will pm you about that.

No? Then where else is a newcomer suppose to go to learn how to trade? I was trained like that but I don't jump in whenever I see a big bid/offer. Maybe in the first couple of months but not anymore. My tape reading skills have gotten much better but still not at the point where I can see the...

I know and I can't stand it. I was so happy in May when it looked like it was breaking out of its dead zone but then it just came right back in.:mad:

Yea I have been doing that lately. I get greedy at times and catch myself sizing up. I have to work on my discipline.

Its not that I have difficulty differentiating chop and trend. A stock could trickle up for 2 points in the afternoon and I will still struggle with it. The moves are too slow or the stock will go up 5 to 10 cents down and then squeeze people out and then continue the trend. My head is always in...

I trade nyse equities by reading the tape and scalp fast movements for 10 to 50 cents. For a while now I can't seem to trade the afternoon at all. I can kill it in the first hour and the last hour is not so bad. However, when it comes to trading in the afternoon, I am completely lost. Other...

How did I get involved in this? I have no idea who nysekiler or nysekiller is and I don't really care.

fast, A market short is what it is. Someone is trying to short the stock and has to follow the uptick rule. They are easy to spot. I don't know why this happens or who places these orders and I don't care. It works, thats all that matters. One thing to remember, there are no market shorts...

I hate when you talk negatively about tape reading. It makes me want to quit my firm and get a "normal" job. :(

fastandfurious, You wrote so much I dont know where to begin.... The situations that you described sounds like bidding on the plus or offering on the minus. That's a very aggressive buyer/seller and from my experience, is very rare. I think the chasers that you talk about are just market...

We basically do the same stuff that Maverick talks about on this thread. Seriously, Steve told me to read through this thread when I started almost a year ago so what Mav says is right on. We pay a lot of attention to the futures or the index in which our stock is in. For example, if you're...

There is still a lot of money to be made trading for pennies. Catching 15 to 20 cents on 1k or more shares is decent money. Do this several times a day and you can make a very nice living. The market is not the same as it was in the 90's. But your right about research. We always try to find...

Depends on the day of course. I am not too sure how many trades Steve does but I do between 150 to 250 a day. Steve averages around 100k shares a day.

We don't go for points or at least the guys in my group. We scalp for as much as we can get. Usually this is like 5 to 50 cents. I dont know anyone who holds a position for more than 30 minutes and even that is too long. Most guys get in and out in a few seconds to a few minutes. My mentor...

A trader in my firm uses a 3, 8, 24 sma crossover along with tapereading. He swears by it but I have never really tested it. I bounced back and forth using sma's and ema's and I have decided that sma's are better for my style. Ema's react too fast and create a lot of noise, imo. If you were...

Quick question regarding reg SHO...come next year will it stay or will it get the boot? Any speculation on what the likely decision will be? Thanks. -Spxdes

uuuhhh....whats the difference between the tape and level 2?? I was under the impression that they were the same thing basically. -spxdes