OMG, it took you writing a book to say that you only listen to people whose verified pnl you have seen? For me , I consider arguments, made on the basis of facts and logic as noteworthy and adoptable.
Simple as that. And so far nobody has shown a single example or provided credible reasons or a logical argument why tape reading in 2016 works. The "it works for me, that's proof enough" is childish and immature because it adds zero value.
I have reason to believe that there are some very angry people around who have either direct monetary interest in some of those order book or tape reading software applications or otherwise benefit from hyping them or this method.
Simple as that. And so far nobody has shown a single example or provided credible reasons or a logical argument why tape reading in 2016 works. The "it works for me, that's proof enough" is childish and immature because it adds zero value.
I have reason to believe that there are some very angry people around who have either direct monetary interest in some of those order book or tape reading software applications or otherwise benefit from hyping them or this method.
Well I'd like to put in my 2 cents as this "discussion" goes back and forth. Both of these guys sound smart, but what do we really know about either of them? Both of them just signed up in the past few months, and yet they are here pretending to be the world's hottest trader. Its actually very easy to sound smart about trading, but very difficult to do it consistently profitably, and take trade after trade.
Since I haven't seen verified PnL's from either of these guys, most of what they say can be bullshit. Seriously, at any one time, you can have just as many guys who say don't chase a breakout, as guys who say you should chase breakouts, and you know what, both can be making money, or both can be losing money! Simply put, you really only should listen to someone who is actually making money, and we have no idea who this really is.
On the other hand, even those making money probably cannot even do a good enough job of teaching/explaining because what they do, what they are actually doing, is only in their subconscious. They can go on and on about their rules, but I bet if you looked at their trades, and saw that sometimes they don't enter, even though it looks like one of their setups, the key to making money would be in this "instinct" to not enter. So even before listening to how someone says is a profitable way to trade, I would want to see their own trades first.
My point is that unless any of these guys is willing to show you their PnL, show you a nice subset of their trades so you get some idea of their risk profile and win rate, then all the stuff they debate about is pretty much useless. Perfect example is this tape reading argument. Some can use order flow to make money, some can't, and neither is showing how much money they apparently make using it, or how much they lost using it, and of course how they were even using it to begin with. At this point, they are practically debating about a personal preference. I like potato chips and I dare anyone to come here and tell me they aren't good.
In summary, until someone puts up some stats, and shows some proof, most of what is shared in here is bullshit. So in my opinion, feel free to share what you're doing in your journal if it makes you feel good, but don't expect to find anything useful as a result of sharing. (maybe even don't put too much weight into anything shared if you haven't seen it yourself)