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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Richard Estes who wrote (5269)	11/8/1999 6:46:00 PM
From: Robert Graham	Respond to of 18137

You know something Richard? I suspected the reason you started your posts on this particular topic of tape reading is to address what the undiscaplined, inexperienced trader can read into the tape, and ultimately will prove to be unproductive. I personally do agree with you here. What confused me as to your intentions was how "black and white" you have attempted to make your assertions, where the point you are attempting to make became IMO more important than what you were actually saying, and how you were saying it. This at least for me got in the way of the message you were attempting to communicate. So you reaffirmed what I have suspected, that you were attempting to make a (valid) point on some people's use of the tape, and in particular, Level II. Good to see I was in error in my previous post about you. You are correct when you said we are more in agreement than disagreement on this topic. As far as Level II is concerned, which was the primary reason for your posts on the topic of tape reading, I also do not believe Level II is important except perhaps for the scalper attempting a quick in-and-out for a 1/4 point. And I can see that when this tool is used by the beginner trader, it will lead more to confusion that profit. I think Level II adds in an unnecessary level of detail to the trading process, particularly to the newbie, which can adversely impact their trading performance. I think that anything a trader really needs to know to make a profit in the markets can be found on the chart and T&S. As a side note, my view of the markets and in particular charts have changed in some significant ways in the last few months. Pieces which were already there have rearranged themselves and now fit into a more integrated whole giving me a picture that is a bit different from what I had originally about the market. Along with this comes a better understanding of market mechanics and the underlying structure of the market which I think is essential to anyone's long term success in the markets. But there is still much for me to learn and benefit from, and I suspect it will turn out to be a life long learning process. And you have played an important role in the earlier part of this process. I am happy trading again. :-) Bob Graham PS: Dual monitor support by Win98 for trading is VERY nice!