Have posted a lot of really crazy stuff on this forum lately about "dancing with the devil" and such - please forgive me - want to say thanks to all the members of this wonderful forum for all your helpful replies.
In turn, I hope this post is helpful.
The noob adventure continues - in pursuit of a viable real-time method of scalping stocks.
Have established that my instinctive approach to tape reading while being "cute", does not produce consistent results - especially when switching between different stocks, or the market "tempo" changes. This "noob trick" of somehow subconsciously reading/sensing the twitching of the DOM and the T&S "light show" hasn't yet cut the mustard as a methodology with which to trade large positions and build equity - I would need a lot more experience - at present, my tape reading "gift" does not provide the consistency/reliability/profitability I am looking for - possibly never will.
Since posting "big dogs" I have retreated to playing smaller positions - got the "training wheels" on again. Yesterday had mixed results -underscoring that the fact that an improved the approach/method is needed - only getting solid wins when playing very close to the spread and keeping hold times very short - resulting in too many trades and low success rates - especially when price action is vigorous.
"Major re-think" - checked out some different tools, ended up loading (hope it's okay to name names - not selling anything here) BOOKMAP - got it set up with unfiltered feed and tabs for my favorite stocks around midnight last night - ready for this morning. Took only a few minutes of watching the "bouncing balls" to get a handle on it.
Wow - I was stumbling around in the dark and suddenly the lights are on - here it is! - this is THE "picture" - an image of the market that I had struggled to construct in my mind - right in front of me - jaw dropping. So I eased into scalping AMD with small positions about an hour after opening.
Instead of "carpet bombing" the spread with orders, it became easy to target entries/exits with "laser guided" precision - played AMD bouncing from the low side against strong resistance clearly displayed at $53.50 - played the bounces in both directions - so easy to see - "shooting fish in a barrel". It became immediately clear that much fewer trades are executed when the price is targeted in an exacting fashion. Was able to play well beyond the spread with confidence. When the price went the wrong way it was immediately clear and enabled a quick exit - losses today were few and very tiny compared to before.
This sounds really schmaltzy but the dream of succeeding at trading became much closer to a reality today - cannot express how much of a night-and-day difference this tool made - I had been starved for information and resorted to using an instinctive "tape reading knack" to control my trading.
Once again not associated in any way with BOOKMAP - NOT selling a product here - just sharing an experience.
Sorry for tossing all these "noobisms" about.
Cheers to the forum!!
In turn, I hope this post is helpful.
The noob adventure continues - in pursuit of a viable real-time method of scalping stocks.
Have established that my instinctive approach to tape reading while being "cute", does not produce consistent results - especially when switching between different stocks, or the market "tempo" changes. This "noob trick" of somehow subconsciously reading/sensing the twitching of the DOM and the T&S "light show" hasn't yet cut the mustard as a methodology with which to trade large positions and build equity - I would need a lot more experience - at present, my tape reading "gift" does not provide the consistency/reliability/profitability I am looking for - possibly never will.
Since posting "big dogs" I have retreated to playing smaller positions - got the "training wheels" on again. Yesterday had mixed results -underscoring that the fact that an improved the approach/method is needed - only getting solid wins when playing very close to the spread and keeping hold times very short - resulting in too many trades and low success rates - especially when price action is vigorous.
"Major re-think" - checked out some different tools, ended up loading (hope it's okay to name names - not selling anything here) BOOKMAP - got it set up with unfiltered feed and tabs for my favorite stocks around midnight last night - ready for this morning. Took only a few minutes of watching the "bouncing balls" to get a handle on it.
Wow - I was stumbling around in the dark and suddenly the lights are on - here it is! - this is THE "picture" - an image of the market that I had struggled to construct in my mind - right in front of me - jaw dropping. So I eased into scalping AMD with small positions about an hour after opening.
Instead of "carpet bombing" the spread with orders, it became easy to target entries/exits with "laser guided" precision - played AMD bouncing from the low side against strong resistance clearly displayed at $53.50 - played the bounces in both directions - so easy to see - "shooting fish in a barrel". It became immediately clear that much fewer trades are executed when the price is targeted in an exacting fashion. Was able to play well beyond the spread with confidence. When the price went the wrong way it was immediately clear and enabled a quick exit - losses today were few and very tiny compared to before.
This sounds really schmaltzy but the dream of succeeding at trading became much closer to a reality today - cannot express how much of a night-and-day difference this tool made - I had been starved for information and resorted to using an instinctive "tape reading knack" to control my trading.
Once again not associated in any way with BOOKMAP - NOT selling a product here - just sharing an experience.
Sorry for tossing all these "noobisms" about.
Cheers to the forum!!
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