DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: Don Green who wrote (29)	6/6/1999 8:12:00 AM
From: TraderAlan	Read Replies (3) of 18137

Don, I was thinking of mentioning RSO which is an excellent book. It raises an additional issue regarding the tape. There are now four different levels of tape info available. Livermore traded with a manual ticker, or a very early version of what CNBC flashes at the bottom of the screen. L1 displays the combined inside bid/ask on a single issue. Time and sales provides a vertical display of all trading activity and L2 shows what's in all the players pockets but only the last sale. The assumption among many traders is "more is better". My experience (and that of many traders here at SI) is that "less is better". I had L2 for months and gave it up. My profitability jumped sharply when I did. It's a great argument for a purely price-driven market. The printed numbers are everything. Alan

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