Question with Tape Reading

[kyle]

Do I need to learn tape reading if I decide to swing trade and not day trade?

[Soultrader]

Tape reading is useful for short term trading. Even with swing trading it will help significantly on your entry timings. If tape reading can help you on your entry by even a tick or two.... in the long run you are going to be saving alot of money.

Why not learn it?

[Daniel]

Soultrader, where should I start if I want to learn about tape?

[Soultrader]

The only way to learn tape is to stare at it for hours and hours. Start with putting a time of sales only and a price chart only. Take all indicators off and focus on the tape when pice reaches a key level.

Practice, practice, practice.

[quickg]

Is Tape Reading still useful in today electronics markets? They are running so fast that it is very hard to read them.

[Soultrader]

	Quote:	quickg
	Is Tape Reading still useful in today electronics markets? They are running so fast that it is very hard to read them.

Tape reading is unbelievably useful for short-term trading. They are fast and hard to read but practice makes perfect.

It takes months of training to understand tape. You need to practice by observation.

[torero]

	Quote:	Daniel
	Soultrader, where should I start if I want to learn about tape?

Check out this article I found:

Online Stock Trading - PRICE ACTION: MODERN DAY TAPE READING
Online Stock Trading - Using Price Action To Time Entries and Exits

Search the web and read a few books on it. But technical analysis is based on chart reading. The premise is looking for higher high/higher low (bullish) and lower lower/lower high (bearish). Understanding this will get you way ahead of the herd. Tape reading is what they call now price action and chart reading. These people trade using only price, volume, support and resistance, no other indicators are used.

Good luck.

[Reaver]

I'm just getting into learning tape reading. Common snese dictates it would be the best way to trade, at least in my opinion. I am currently taking the Cisco course, and feel like my market knowledge has increased exponentially. It really really helps to actually know what you are trading and how the market works. I have been and am currently trading forex, I plan on papertrading futures a year or so before jumping in. Unfortunately you can't accurately do any tape reading on forex. No way to gauge it.

[torero]

Hi reaver,

This is the tape reading looking at internals that Soultrader uses applies mainly for stocks and futures. The 2 links I gave above are really chart reading (I termed it as alternative to tape reading), this can be applied regardless of the instrument you trade, if it can be charted, the method can be used.

[TheThird2007]

Hi Reaver. What is the "Cisco" course?

Thanks!