Yes, tapereading is useless for futures. No, I have not switched to TA. Although there are purists out there that might consider it TA. I look at spreadsheets, not charts. I trade more longer term, but some intra-day. Keep in mind 95% of what I do is options.
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TAPE READING (chat room cont.)
- Thread starter shortseller
- Start date
Yes, tapereading is useless for futures. No, I have not switched to TA. Although there are purists out there that might consider it TA. I look at spreadsheets, not charts. I trade more longer term, but some intra-day. Keep in mind 95% of what I do is options.
Quote from belavia:
Alright, so certainly your advice would be for others to look into options as well, as the risk reward of stocks is not justified.
There is no edge in stocks. You are trading against auto-bots. And you are paying a fortune for that privledge. Makes absolutely no sense. With options, once you learn how to trade volatility, you can trade any product any in the world. They are all the same. Therefore you can seek out the most volatile and liquid products.
Quote from Bitstream:
fcukin' basket hedgies cpus, they lock the mkt in almost every freakin' stocks. this mkt is on a downward spiral in term of profitability for discretionary intra-day position traders...sooner or later there'll be none left.
just in the last couple of days ( in very slow reporting period) so many stocks had a huge intraday swing , SNDA , DELL , BEBE , CRM are just few to mention. A 15% intraday swing is not enough ? With vix at almost all times low ?
Quote from belavia:
Thanks Maverick. Any suggestions on where to get started learning about options trading, any particular literature you read or advice you can give?
Sure, read these books in order:
1) "Fundamentals of the Options Markets" by Mike Williams and Amy Hoffman. (Mike is a friend of mine)
2) "Option Volatility and Pricing" by Sheldon Natenburg
3) "Option Market Making" by Jan Allen Baird
Then read these two books on the side:
"Fooled by Randomness" by Nassim Taleb
"Dynamic Hedging" by Nassim Taleb
Do not skip these last 2 books. "Fooled by Randomness" should be read as many times as you can stomach it.
so maverick, what's the best one can expect from trading stocks?
Quote from FastandFurious:
so maverick, what's the best one can expect from trading stocks?
You can't look at it that way. Everything is relative. It's a question of utility. You have more upside, with less risk in a more volatile market. That's like saying what are the negatives to working at McD's compared to Goldman Sachs? Of course you can make money at McD's.
Quote from Maverick74:
You can't look at it that way. Everything is relative. It's a question of utility. You have more upside, with less risk in a more volatile market. That's like saying what are the negatives to working at McD's compared to Goldman Sachs? Of course you can make money at McD's.
the reason I ask is that I am relatively new to day trade professionally and I am just scalping equities. In terms of volitility, more volitle means more risk, but also more reward...