What is tape reading?
- Thread starter mockingbird
- Start date
I had not planned on bringing this up, but after reading some of the posts on this thread, I was tempted to write about it.
I attended the "Beyond the Snake oil" seminar in San Francisco conducted by Bright Trading. My reasons for attending were primarily to understand some of the strategies that Don had discussed in this forum.
Before registering for the seminar, I sent Don a mail to find out about the content of the seminar and I was reassured by Don, that they would be talking about the strategies that are currently working in this market like for example the opening only orders, tape reading and the pairs, etc. He also said that they would have a separate session the day after the seminar for 2 hours to discuss advanced strategies.
Don always talks about the strategies that they use for exiting open orders in his posts at elite, and I was hoping to find out more about them at this seminar.
With due respect to Don, and I think that he has contributed a lot to this forum, the seminar was a real disappointment for the following reasons.
1) THere was a brief discussion about how to initiate opening orders, but for details about exiting we were asked to attend the 5 day seminar in Vegas.
2) Mention of Pairs Trading, but no details again about how to initiate postions.
3) Nothing about tape reading except in the context of discussing Trade throughs.
4) The 2 hours session for the next day on "Advanced Trading strategies" was cancelled.
5) But yes, no detail was spared in discussing Bright commission structure and how it was the best place to trade. You didn't have to attend any 5 day seminar to find out more.
I was also told that they cover Tape reading in great detail at their 5 day seminar.
I attended the "Beyond the Snake oil" seminar in San Francisco conducted by Bright Trading. My reasons for attending were primarily to understand some of the strategies that Don had discussed in this forum.
Before registering for the seminar, I sent Don a mail to find out about the content of the seminar and I was reassured by Don, that they would be talking about the strategies that are currently working in this market like for example the opening only orders, tape reading and the pairs, etc. He also said that they would have a separate session the day after the seminar for 2 hours to discuss advanced strategies.
Don always talks about the strategies that they use for exiting open orders in his posts at elite, and I was hoping to find out more about them at this seminar.
With due respect to Don, and I think that he has contributed a lot to this forum, the seminar was a real disappointment for the following reasons.
1) THere was a brief discussion about how to initiate opening orders, but for details about exiting we were asked to attend the 5 day seminar in Vegas.
2) Mention of Pairs Trading, but no details again about how to initiate postions.
3) Nothing about tape reading except in the context of discussing Trade throughs.
4) The 2 hours session for the next day on "Advanced Trading strategies" was cancelled.
5) But yes, no detail was spared in discussing Bright commission structure and how it was the best place to trade. You didn't have to attend any 5 day seminar to find out more.
I was also told that they cover Tape reading in great detail at their 5 day seminar.
You can ask questions during the seminar, and you may take it as many times as you wish, for free.
Also, I'm sure Don, Bob or Earl are available via e-mail or phone, for more information on any topic covered.
Mark
Also, I'm sure Don, Bob or Earl are available via e-mail or phone, for more information on any topic covered.
Mark
I am sorry that we did not spend more time on certain aspects of trading in our San Francisco seminar. This was a new format for us, and we tried to do an "overview" of as much information as possible. Since we are encouraged by the magazine to make this more of an "introduction" type class (which I may have to change), we did just that. I am not making any excuses, but I think that the information given in that short one day was far in excess of what most the attendees expected.
30% of the attendees are coming to the April 22 5 day training class. We allow all attendees to return for free, ask follow up questions for months, and welcome them and their questions.
Tape reading is something that takes months to teach, and we do cover it during the 5 day classes...and I encourage any attendee who came to March 17 to return (free of course).
Each class is different, with a little different blend of attendees, and we do our best to give as much info as possible.....I will make an asserted effort to spend more time on tape reading. It is a bit difficult since the classes take place after trading hours.
We did combine the beginning and more advanced class in S.F., due primarily to my recent health concerns, and I am applying the full payment of the seminar to any further classes (which is normally not done).
We are first and foremost professional traders, and we may not have the "polished" and "slick" snake oil type of presentation...in fact we try very hard not to present that way.
Some people don't hear what they want to hear, and then therefore are disappointed....the people who want to know about trading have been very, very happy with all of our events.
1. I will spend more time on tape reading in follow up classes, even though the whole "trade through" scenerio (if fully understood) is more than most can handle in one day.
2. We will apply any money spent to future events, no matter what (for SF).
I have been encouraged to charge $500 or more for these weekend events, which I may have to, make them 2 days long so we have more time to make everyone happy. This low costs, introductory event was meant to be just that, an "awakening" of sorts.
We have already put 2 people on as traders from this event, and it seems that we have 3 more coming on board, so I don't think it was all that bad.
30% of the attendees are coming to the April 22 5 day training class. We allow all attendees to return for free, ask follow up questions for months, and welcome them and their questions.
Tape reading is something that takes months to teach, and we do cover it during the 5 day classes...and I encourage any attendee who came to March 17 to return (free of course).
Each class is different, with a little different blend of attendees, and we do our best to give as much info as possible.....I will make an asserted effort to spend more time on tape reading. It is a bit difficult since the classes take place after trading hours.
We did combine the beginning and more advanced class in S.F., due primarily to my recent health concerns, and I am applying the full payment of the seminar to any further classes (which is normally not done).
We are first and foremost professional traders, and we may not have the "polished" and "slick" snake oil type of presentation...in fact we try very hard not to present that way.
Some people don't hear what they want to hear, and then therefore are disappointed....the people who want to know about trading have been very, very happy with all of our events.
1. I will spend more time on tape reading in follow up classes, even though the whole "trade through" scenerio (if fully understood) is more than most can handle in one day.
2. We will apply any money spent to future events, no matter what (for SF).
I have been encouraged to charge $500 or more for these weekend events, which I may have to, make them 2 days long so we have more time to make everyone happy. This low costs, introductory event was meant to be just that, an "awakening" of sorts.
We have already put 2 people on as traders from this event, and it seems that we have 3 more coming on board, so I don't think it was all that bad.
We covered: 1. Following short sellers 2. Finding institutional activity vs. retail activity. 3. Trade throughs and their ramifications 4. Moving to and through "size." 5. Bluffing on L2.
This is quite a bit for newer people to digest, and since OJT is required for tape reading, I prefer to go into more detail with our traders after they have some "time under their belt" - and have actually seen the setups we discuss.
These classes cover so much information is so little time, that it is difficult to make everyone happy each time. We encourage your return visits, and have continuing education monthly for all Bright Traders.
Please feel free to ask specific questions, as you know, we thrive on helping new traders get better. I hope to see you back for more training.
Our training is not gimmicky, and is not always what people "want" to hear, but it is real and necessary for those who want to succeed in this business.
So, come on back, ask some more questions, help us make the week even better!!
with respect to Don and he's education program . I don't understand why anybody need this kind courses (most likely expensive) when one need only some materials on tape reading .
principles of supply and demand which is tape reading hasn't changed for an hundred years and ALL needed materials already provided by two authors mansion on this thread with approximate total cost of : $50--$100.
(I said on purpose 2 authors not 2 books .
Cost of two books mentioned only 0--$25 and information in this two books more than enough for understanding general principles)
principles of supply and demand which is tape reading hasn't changed for an hundred years and ALL needed materials already provided by two authors mansion on this thread with approximate total cost of : $50--$100.
(I said on purpose 2 authors not 2 books .
Cost of two books mentioned only 0--$25 and information in this two books more than enough for understanding general principles)