Quote from NYOBScalper:
They change them every day. Even if I wanted to teach you, it wouldn't be usefu unless you learned the skills to pick them up yourself. Try tape-reading, it is possible, if you want to make money doing that, but you have to be able to notice new programs, figure out their algos, etc. You can only learn that from trying. If you focus on the tape and books it should become clear with time, if not, you aren't looking properly.
Okay, I'll give you one.. WCG before it crashed used to have a sell program and a buy program for about a month working that stock every day. I could tell withabout 80% probability when the sweet spot entry or exit was, and would constantly find the right long entries at spots when the book woud be full of ecns offering but I would notice that the price wasn't declining the way it would if the programs meant to sell, and instead of panicking and spreading down 30 cents the stock has 200 share bids that keep coming back... I say "fuck it there's a buyer," define my out, buy 500 shares, if I'm right, I uptick another 100-200 in the market 10 or 20 cents higher if the stock gets bid up, and then read the tape to figure out how long to hold and where to limit. Ever since they were raided by the government the old algo programs working that stock are overtaken by the massive orderflow... but WCG is just a 3 letter ticker, the programs are the same everywhere on a certain fundamental level.
