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I think that I saw an institutional buyer in action, though he was at a Nasdaq stock not on the NYSE. Late in july this year, around the 22nd day. It was at BRCDE. This guy was buying 200 shares every two seconds for several hours. At the office we thought it was some mad guy or...

Ok, Im starting to follow you now. So the reason I should look at 15 stocks is to look for abnormal movement at one of those stocks, to spot profitable oportunities... time and sales should be studied after the closing bell then/?

Ok, now you've really got me confused... I though when you said talked about the tape you where talking about the time and sales and that you where looking at buys and stuff at the TAS... So please help me get my vocabulary straight. What do you mean by quote what do you mean by tape?

Great, thanx for the answer. One more question though. If the buyer's investing horizon is long term. doesn't it mess things up for day traders picking up on the buyers move... in oder words, the buyer could be acumulating for several days before the move up begins, during those days low...

I think that failiure forces us to analize ourselves with a microscope, looking for the weakest traits of our personality [or at least those that affect us the most while trading] without failiure it's imposible to evolve as a trader. No wining streak lasts forever, one is bound to take a loser...

"For example, morons who would bid into a minus tick offer" Forgive my ignorance but what do you mean by a minus tick offer?

I dont think that going from offense to defense is that rare or difficult. I mean, every time you think a stock is going to keep moving in a certain direction and you put some shares on your forecast, your on offense. If you think that is going to hold and go back and you put some shares on it...

That's very good advice. A degree is fundamental to become a serious money manager [one who's able to trade, but also to invest]

Update, I talk to my uncle again on saturday... he now thinks of trading as an expensive hobby and he suggested I get a real job to pay the bills... kind of the same hedging your life idea.

Thnx for the advice. I don't think I've ever worked a 72 hour week... should give it a try at some point... diversified income... sounds interesting... I'll give it a try soon enough. EUSda-trader? that gave me a couple of laughs... good one.

I dont think that;s the approach. Losing or failing to achieve one's short term goals is a part of the learning process - you cant expect to be the best from day 1. Once you get to the point of not having a losing day for a year -kudos on that btw- you've probably learned most of the...

A wise man once told me. If one is trying to achieve perfection then a loss may be seem as devastating for one's goals. That is frustrating. if one is trying to achieve victory, then a loss may come simply as a natural part of the process. That is rewarding, as by facing failiure and learning...

Well... This really sounds like my scenario... and reading this thread has really made me feel a whole lot better. We should start some sort fo trader support group... like traders anonymous... I'll be like "hi Im Pablo and I haven't punch in to work in six months" and then I get a poker...

The key to a good offensive is timing. Get on the deffensive side just long enough to launch your offensive at the right time.

A couple of questions... 1- Is there a book that's good for learning how to read the tape? 2- Is there a web site where I can find old tapes so that I can study them and try to identify patterns? [ I'm guessing that spotting a pattern on an old tape must be easier as one already knows the...

So the advantage is that you may get better prices than thorugh the ecns? If the specialist wants to print at that price of course.

No problem, I learn something new everyday. Couple of questions though. How is the openbook different than a level 2 book besides the fact that it's match up by the specialist and not by a computer? What advange can come from visualizing it as a separate entity and not simply as a level 2 for...

interesting... at my firm we have the openbook displayed inside the level 2 with a NYB MMID... but I guess you're right as it might need a different interpretation than that of a nasdaq level2.

And wouldnt that information be displayed next to the quotes from ecns and such... on the level 2?

hmm... the thing is that being a prop firm trader, Im assuming that his operation costs from entering exiting a lot are close to none... paying less than a $1 per trade in commissions. If trading at the nasdaq, you can even make commisions count in your favor. The advantage of entering exiting...