Is it possible to "JUST" tape-read

I know traders who can trade exclusively from the tape and a stock ticker page and be profitable. But adding charts to the mix makes things easier since you don't have to memorize all of the prices and support/resistance levels.
 
Quote from goldenarm:

I know traders who can trade exclusively from the tape and a stock ticker page and be profitable. But adding charts to the mix makes things easier since you don't have to memorize all of the prices and support/resistance levels.
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You nailed it. In addition, charts allow to see certain formations, let you relate volume to price movements much easer and give you the story of what happened before you started watching particular stock. I went through both stages, and charts certainly made it a lot easier. It's just more convenient medium.
 
I'd say, Reminiscences... was the most imfluential book for me. Not the only one of course, many others added thing here, concept there, but that one shaped up my entire outlook. It's not even trading system that this book taught - there is not much in terms of trading system in there... it's something subtle... general outlook, general approach. Hard to word it, I guess those who love it know what I mean. It's not accident that the book with almost no pure trading discussions in it became trader's bible.

As for mentors... I guess having one would have shortened trading curve, but I never found one. His Painfullness Market played this role for me, and good job it did in punishing his student for each and every mistake :)
 
Quote from goldenarm:

I know traders who can trade exclusively from the tape and a stock ticker page and be profitable. But adding charts to the mix makes things easier since you don't have to memorize all of the prices and support/resistance levels.
More...

Ditto. The thing that really screwed me up was when Bob Bright would always tell his traders that charts are useless.
I'm still kicking myself for listening to him on this.
 
Tape reading & market tactics by O'Neill and Studies in stock speculation by Wolf... And again, as with Reminiscences..., they did their part in outlook shaping rather than in forming of exact trading system. Hint there, clue here, and everyday's trading and observing, day after day, month after month... slowly all this conglomerat blends into mature trading - amazingly simple algorithm of behavior. This simplicity comes through many complications but when it's there - you can't miss it. Things become clear, all the pieces of the puzzle fall together, you stop worrying, there is no stress anymore. Instead, there is confidence and understanding that the market is just ocean of opportunities balanced by risk. You see your opportunities as your system defines them, you weigh the risk, you take those where risk is within your tolerance, you wait for the market to tell you what it is this time - profit or loss. You take either with no hesitation. That's it. That's all there is to trading... well, IMO :)
 
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