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I think a big misconception about tape reading is that if you figure it out you’ll be able to see everything. Couldn’t be further from the truth. However you will be able to see enough set ups to verify whatever chart or TA shit you’re using. There is no single tool that has been
Around longer or used by more professionals (and quite literally the most successful traders in the world) than the tape. Not Dom, orderflow. The time and sales. It is a must imo. The better I get with it the more I use it at every instance. If you never took a trade without it
Being verified by the tape how good could you be?
Is it easy? No. Is it obvious? Very rarely. But maybe that’s what makes it so useful? If everybody could read when/where to get in by simply watching the tape what would be the point? But for those that take it seriously and not as a gimmick and spend time learning how to
Properly read tape, I think they have a disproportionate advantage vs those who don’t or never learnt how. I also think most don’t bother putting in the man hours because it doesn’t come right away. So when they try it seems useless or pointless. That’s a big problem with retail,
Everyone is always looking for the easy way or stuff that is simple. I think anyone would vouch for tape reading if they had an edge with it, and I think most could read tape if they spent enough time with it and managed expectations.
