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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 21 4:00 PM EST

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To: Monty Lenard who wrote (21457)	7/30/1999 12:52:00 AM
From: Roebear	Read Replies (1) of 99985

OT Monty, "reading the tape" Reminiscences... is one of my favorites, Livermore made it look easy, the guy had ice water for blood in his trading heart! Love his little stories, like the guy whose buddies faded all his trades and made big bucks until he faded himself! just before the crash. I believe reading the tape as Jesse is much more difficult today. Charts and graphs are not really the same as the tape. The huge number of stocks and also derivatives/hedging effects muddy the waters these days for any potential tape readers. Nevertheless, it appears as if it were an unconscious ability on Livermore's part to read the tape and one that is still possible for some individuals. Generally, only when his emotions got in the way did his tape reading ability betray him. Great lessons for traders and a great book. Now I have to go hook up my ice water IV<ggg>, Roebear

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