TA or scalping?

drew4784 · Mar 7, 2006

I work for a group that is trying to teach me to read the tape, scout buyers/ sellers and use a scalping system to make trades. I am finding that I like the TA part of trading much more. Any advice on which is better? What to do?

Ripley · Mar 7, 2006

DO whatever makes money for you. They say 90% doesn't make any money.. Thus, the odds are that you might have to choose something else.

I personally am playing around with Gann circles now. The best I found yet...

coolweb · Mar 7, 2006

Quote from Ripley:

DO whatever makes money for you. They say 90% doesn't make any money.. Thus, the odds are that you might have to choose something else.

I personally am playing around with Gann circles now. The best I found yet...

heheh
gann circles

your kidding me rihgt ?

)

easyrider · Mar 7, 2006

If you have access to teachers who are making money by whatever means who are willing to teach you, you need to put your preferences aside and take advantage of it.

bitrend · Mar 7, 2006

Tape is obsolete. You might need to learn how to read CDROM instead.

Quote from drew4784:

I work for a group that is trying to teach me to read the tape, scout buyers/ sellers and use a scalping system to make trades. I am finding that I like the TA part of trading much more. Any advice on which is better? What to do?

drew4784 · Mar 7, 2006

Quote from bitrend:

Tape is obsolete. You might need to learn how to read CDROM instead.

i agree. when the market goes fully electronic where is tape reading going to be? Certainly taking a back seat to fundamentals and TA. I'm trying to be in this for the long run

bitrend · Mar 7, 2006

Are you serious! I'm just kidding about the Tape. I think you are on the right path. Lucky to have them to teach you about the tape reading. Try to learn as more as you can. Don't worry about electronic exchange, Wall Street just change the weapon but strategy remains the same. The two primary elements will remain forever.

1. There's nothing new on Wall Street
2. Listen to the tape
Jesse Livermore.

Quote from drew4784:

i agree. when the market goes fully electronic where is tape reading going to be? Certainly taking a back seat to fundamentals and TA. I'm trying to be in this for the long run

drew4784 · Mar 7, 2006

Quote from bitrend:

Are you serious! I'm just kidding about the Tape. I think you are on the right path. Lucky to have them to teach you about the tape reading. Try to learn as more as you can. Don't worry about electronic exchange, Wall Street just change the weapon but strategy remains the same. The two primary elements will remain forever.

1. There's nothing new on Wall Street
2. Listen to the tape
Jesse Livermore.

i'm getting my ass handed to me on a silver platter w/ this method of trading. thats why i've been looking into TA methods instead. things seems to make more sense. sure the tape will be around forever, but will it be as effective in the years to come?

whitster · Mar 7, 2006

dood.

your humour meter is broken

he was joking "tape is obsolete - CD rom..."

fwiw, tape reading is very helpful for a scalper.

if u are trading really quick moves, very short time frame, then tape is especially useful

i know one guy who can (and sometimes does) trade ONLY with tape and pit noise from the S&P pit. and is very successful with that

no charts, period

time/sales (tape)
and pit noise

use what works for u.

personally i NEVER look at level II ever

some find it useful, and good for them

for me, tape and price are king

i also love volume @ price/market profile

i generally eschew indicators (macd, stoch, etc.) but some find those useful

there is no holy grail, or one right way. find what works to give U an edge, employ strict money management and discipline

das it

fwiw, i prefer tape to L2, because L2 can employ fakeouts, lies, false sellers, bidders, etc.

tape can't lie. tape is a record of what DID just happen

gongish · Mar 7, 2006

there are people who make a very good living reading the tape, and there are those who suck at it. the opposite is true too. there are those that make a very good living using charts and there are those that suck at that too. the bottom line? do what you feel fits your personality better.
good luck