Tape Reading

CONR · Nov 10, 2005

Quote from kowboy:

I appreciate your sincere question and it deserves positive suggestions.

One book I found helpful is "Techniques of Tape Reading" by Vadym Graifer. This book is not exactly reading by time and sales per se alone, but more on volume and price as depicted by the charts. Probably the best book I have read on trading.

The focus is on the charts on a tight time scale, so it may not be exactly "Tape Reading" strictly from a time and sales aspect, but more a feeling of what direction the stock is moving using level 2 and the charts in combination.

Also don't forget that other things enter into the equation such as general market direction, time of day, news events and other indicators such as the Vix, Vin, Trin, Sector strength, etc which all influence the direction of the instrument/stock you are trading. A lot of experienced traders watch a number of these, and not just the time and sales/charts in isolation to everything else. IMO it takes a lot of work, experience, and screen time. Not something to be learned without some effort and dedication.

Would be interested if anyone else has suggestions and additionally on other resources.

Good luck.

Mike

Thanks for the rec. on the book. Has anybody else read this book and if so what are your thoughts?

Hydroblunt · Nov 10, 2005

Quote from trader28:

You just keep telling yourself you make 6 figures, positive thinking is important... and when you finally get there, i'm sure you'll realise like all the other traders making 6 figures... you wont be in here arguing with me

Actually he will make 6 figures if he didnt already so you're just making yourself look like a retard. You should have been humble and gotten help cause Steve can read crazy stocks like ACI and thats tough game.

But it does not even matter, with your attitude even if someone handfeeds you some tape reading techniques, you'll still fail. I dare you to prove us wrong with your supposed net worth of 3 "computer stores".

Steve Tvardek · Nov 10, 2005

Thanks Hydro, actually am at $104,000 after today so things are going well. Trader28 is a jerkoff anyways, not worth our time. Hope things are going well on your end.

Steve

Quote from Hydroblunt:

Actually he will make 6 figures if he didnt already so you're just making yourself look like a retard. You should have been humble and gotten help cause Steve can read crazy stocks like ACI and thats tough game.

But it does not even matter, with your attitude even if someone handfeeds you some tape reading techniques, you'll still fail. I dare you to prove us wrong with your supposed net worth of 3 "computer stores".

trader28 · Nov 10, 2005

Methinks he doth protest too much

mizer · Nov 10, 2005

Quote from Steve Tvardek:

Thanks Hydro, actually am at $104,000 after today so things are going well. Trader28 is a jerkoff anyways, not worth our time. Hope things are going well on your end.

Steve

Steve is that gross or net?

ang_99 · Nov 10, 2005

Quote from Steve Tvardek:

Thanks Hydro, actually am at $104,000 after today so things are going well. Trader28 is a jerkoff anyways, not worth our time. Hope things are going well on your end.

Steve

Seeing your P/L posts, I would have assumed you were at around 200K for the year....did you have any large drawdowns this year?

trader28 · Nov 10, 2005

In Australia we'd call this a wankfest

Steve Tvardek · Nov 10, 2005

Mizer,

$104,000 is the net figure, the gross is like $240,000. I dont have my P&L statements here at home so I dont know the exact gross figure.

Quote from mizer:

Steve is that gross or net?

Steve Tvardek · Nov 10, 2005

Well, just in the last 3 months my trading has really started to take off so my P&L's recently have been much bigger. Before Sept, I was only up 50k for the year so I have put on quite a bit since then. Its crazy to me how I have been able to make so much progress these last few months but I had been stuck at a level for 6 months so I am guessing it was just the natural progression that is the reason. Either way, I am happy

Quote from ang_99:

Seeing your P/L posts, I would have assumed you were at around 200K for the year....did you have any large drawdowns this year?

trader28 · Nov 10, 2005

Quote from Steve Tvardek:

Mizer,

$104,000 is the net figure, the gross is like $240,000. I dont have my P&L statements here at home so I dont know the exact gross figure.

Have you looked for them in your imagination?