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This explanation is about at a kindergarten level of trading. No offense, but what you are describing isnt even tape reading, you are just looking at bid and offer sizes. I'm not usually a jerk when I post but you should go back and read through this thread so you can get the gist of what it...

Does anyone know if there is any software that will record the entire trading day as it appears in the level 2 quotes? For instance, I want to record the SPY's and QQQQ's and study their price action after the market close, so I can continue to trade what I trade now intraday w/o having to put...

I've even heard that some prop firms black box their own traders and take the opposite side of their trades, i guess under the assumption that traders are wrong more than they are right. Just a rumor I heard though, dont know how much truth there is to it.

Maverick, I agree, daytrading for me is a stepping stone too. I'm 26 years old so I am still young and I am sure I will get into options at some point, hopefully not too far down the road. I have been daytrading for 2 years now and am starting to make good money (well good enough for now...

VLO is quite a particular bastard when it comes to upholding the "fair and orderly" market. Forget about trying to get matched up with incoming buy and sell orders, he'll front run the hell out of you and spread you 10-20 cents either direction. From what I know about X from a friend of mine...

Maverick, You mentioned that you no longer trade listed stocks. What do you trade now and why did you stop trading listed?

I dont think so, most people dont have the willpower or determination to make these life altering changes to their own thinking. The few that do, I am sure will benefit enormously in trading as well as life. Plus, I think the majority of people are under the illusion that learning more about...

Shortseller, I'm sorry but I have to agree with Maverick 100%. You dont want to be buying in front of stale bids or selling in front of stale offers. For all you know that stale buyer is just someone who is short 20k shares and wants to cover his position at a level where he thinks he will...

Both, I had a couple experienced profitable traders show me the ropes and then, day after day of trading, I picked up my own niches and applied them to my trading. A mentor is great because he/she can lay the foundation for good trading down and then you take that foundation and build upon it...

Shortseller, do you really buy in front of big bids or sell in front of big offers?

Maverick, Your posts have been spot on, dont let lesser minds get to you. It doesnt matter if you havent traded listed for awhile, your insight into tape reading and institutional order working is exactly how i see it everyday.

I agree 100%, I am referring to my core list of stocks where there may not be any news but there is definitely a buyer or seller at any given time during the day. Now, he doesnt have to be aggressive and he can step away for a bit because he isnt competing with any other buyers or sellers. This...

Maverick, Thanks for the great posts. I actually know very well what you are describing. Currently I avg 9k-12k a month trading listed stocks and have gotten pretty good at reading the tape. Its just sometimes, especially in some of my thin pricey stocks (for instance ACL or AZO) the buyer or...

Sleeping is overated anyways :D

Maverick, Great post, you definitely are spot on with your assessment. The hardest part (for me at least) is not necessarily identifying that there is a buyer or seller in a stock at any given time, its finding that right entry and gauging just how far he will let the stock trickle away from...

Lol, I wasnt even close with that one :D

Oh, you are right. I didnt realize the example only had 100 shares on the offer. I just thought it just said that .05 was the inside. Well, in that case maybe i'd just buy 500 market, see where he fills me and then either buy more aggressively if I liked the print or re-evaluate before buying...

by the way, how often do you see a 56k share bid or offer in a $100+ stock? Most stocks of that price hardly ever show anything that close. As a matter of fact, I'd be a little skeptical if I saw that size showing up in the Open Book on those pricey stocks, might be someone messing around or...

Yeah, i agree. You are doing very very well. Keep up the good work man.

You work at Hold in jersey city?