Trading by just looking at live price, bid/ask prices

marketsurfer said:
tape reading makes great sense-- knowing what will likely happen before it does by studying the book, and being able to tell real activity from spoofing, etc. I like this style!

It makes so much more sense than using charts of price. Remember you only see the past on charts-- tape snd book reading allows wise anticipation of what will happen as you are seeing the orders prior to execution. Then learning from the actual executed orders what on the book was spoof or real--- its difficult , but some can do it. surf
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Is the name "tape reading"?
 
wrbtrader said:
Lots of books on this topic from the 90's...it was a popular trading technique amongst stock traders during that market boom. You can still find these books on Amazon and local libraries...probably can get them on courtesy loans at the library if they don't have them.

Tons of online articles, live demonstration youtube videos, webinars and so on.

Just use Google.com, Youtube.com and Amazon.com because its all there to keep you busy for many years. There's even several in-depth old threads here at Elitetrader.com on this topic with lots of explanations. Just scroll down further below your message post to see a list of the old threads with similar like topics.
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Is there a name or term for search?
 
marketsurfer said:
Everything in speculation is guessing. Only the deluded think otherwise. I just prefer to base my guesses on whats about to happen rather than some kind of historic record.
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Honesetly it makes perfect sense. All chart no matter 1 min, daily charts are just history.
 
arna said:
Tape reading + volume - for me two most important things.

Tape reading is great stuff for analyzing icebergs and the weapon against spoofing/layering.
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For people do >50 trades per day, I doubt even volume can tell them anything since they keep trading a lot for the whole day. For that kind of rapid "scalp" trading, is that they mainly look at the bid/ask number to determine there is a small edge up/down in next few seconds?
 
There's plenty of software that automates tape reading. Been around for years--- Computer power properly used, i never "got" using a computer to draw charts like u still live in the 1970's or something. How quainte.
 
GloriaBrown said:
For people do >50 trades per day, I doubt even volume can tell them anything since they keep trading a lot for the whole day. For that kind of rapid "scalp" trading, is that they mainly look at the bid/ask number to determine there is a small edge up/down in next few seconds?
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I've been doing about 200-300 trades per day. Believe me volume makes big difference. Of crouse all depends on strategy that I use. For quick scalp volume doesn't matter for me. But for some strategies it is very important factor which support tape reading.

But all traders have different personality, different risk aversion etc.
 
arna said:
I've been doing about 200-300 trades per day. Believe me volume makes big difference. Of crouse all depends on strategy that I use. For quick scalp volume doesn't matter for me. But for some strategies it is very important factor which support tape reading.

But all traders have different personality, different risk aversion etc.
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I believe, then what do you look at? ask, bid, volume?
 
arna said:
There are subtitles in most of videos. But it is not the aim - just wanna show that trading using tape reading is something normal. But all in all need to spend some time to prepare strategy for this kind of trading.
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arna, can you command something for me to learn from? Youtube is the best way? Any book or research paper? Do you manually or automatically trade?
 
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