This is honestly the best thing I have read regarding trading the DOM. It really is perfect to give you a feel for the kind of things to look for.
http://www.nobsdaytrading.com/
I think someone posted a copy of the pdf on here a while back, might be worth a search. There is also a video with it.
http://www.nobsdaytrading.com/
I think someone posted a copy of the pdf on here a while back, might be worth a search. There is also a video with it.
arabianights
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It depends on market anyway... and most importantly there is no substitute for watching it yourself.
arabianights
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wow, just looked at that pdf - I have to say it written by a guy I could have a beer with - it massively recommended to anyone with an interest here 
Thanks guys.
I agree that there is no substitute for watching it yourself, but its better to have some pointers on what to look for, otherwise its like trying to trade without any instruction. I may get it eventually, but I could also lose all my money before I do.
I agree that there is no substitute for watching it yourself, but its better to have some pointers on what to look for, otherwise its like trying to trade without any instruction. I may get it eventually, but I could also lose all my money before I do.
DionysusToast
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The 'No BS daytrading' book is very good but you should pony up and buy a copy which comes with a video where you can see things playing out in real time. It's about $40. Peanuts.
You don't need to be a scalper if you use the DOM and/or T&S, in fact with the fees the retailer would pay, I think it would be very tough to scalp for a few ticks when paying retail commissions.
I also think it would be tough to watch the thing all day without some other frame of reference. Much better do your tape reading when price reaches an area you think will be rejected. This is not my idea, this is something I was taught.
If you know about the games being played around these areas, then you will be better armed to trade them. So whilst you don't have to be a scalper, it's important to understand the games being played so you don't fall foul of them. You can only learn so much though - you really do have to touch and feel it yourself.
In my opinion - these free webinars are a great source of information too:
http://www.futurestrader71.com/2009/10/chat-session-archive.html
You don't need to be a scalper if you use the DOM and/or T&S, in fact with the fees the retailer would pay, I think it would be very tough to scalp for a few ticks when paying retail commissions.
I also think it would be tough to watch the thing all day without some other frame of reference. Much better do your tape reading when price reaches an area you think will be rejected. This is not my idea, this is something I was taught.
If you know about the games being played around these areas, then you will be better armed to trade them. So whilst you don't have to be a scalper, it's important to understand the games being played so you don't fall foul of them. You can only learn so much though - you really do have to touch and feel it yourself.
In my opinion - these free webinars are a great source of information too:
http://www.futurestrader71.com/2009/10/chat-session-archive.html
DionysusToast
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Yeah - this is worth repeating.
If you are trading futures, then you will find that the various markets are very different.
The ES for instance is ultra thick, it doesn't jump around as much as CL or NQ. Because of the thickness, you won't see so many games being played minute to minute, especially right off the open. You will see differences at high/low of day and get a feel for when it will break out/reverse. The ES can be an expensive game to play too.
On the other hand, the DAX, Bund (I never looked at US treasuries) are full of games, DAX is really thin and therefore more jumpy. The bund is thicker and can be rather dull to watch, perhaps that's a better market for the "No BS" book approach.
I think initially, you are better off picking one market and getting to know it well.
wackypete2
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what about the flipper!
Mr. Charts
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"I also think it would be tough to watch the thing all day without some other frame of reference. Much better do your tape reading when price reaches an area you think will be rejected. This is not my idea, this is something I was taught.
If you know about the games being played around these areas, then you will be better armed to trade them. So whilst you don't have to be a scalper, it's important to understand the games being played so you don't fall foul of them."
Very well said.
Richard
If you know about the games being played around these areas, then you will be better armed to trade them. So whilst you don't have to be a scalper, it's important to understand the games being played so you don't fall foul of them."
Very well said.
Richard
DionysusToast
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Maybe I'm asleep by the time Mr Rotter turns up !
Is it Nobs Day Trading or No BS Trading :clap:
As an aside, what can be used in FX where we don;t have volume info.?
Very difficult to follow what is happening on the order book IMO.
If I could read it then I would start looking near my SR zones on a chart.
I still find it easier to read volume on something like the ES 10min chart looking for volume blow offs and the fading the move but trying to spot that on an order book - dunno - maybe it comes with time?
Also, I don;t see the point in the scalping method - he;s going for 1, 2, 3 ticks maybe more. Why not just get in to a longer move?
DionysusToast
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It is very difficult if no-one tells you what to look at. If someone tells you what to look at, you just saved a lot of time.
You are right though - S/R zones would be a good place to start looking at DOM/T&S and getting a feel for when it's going to break out & when it's going to fail to break out.
As for scalping - I don't see anything wrong with it, myself. 2 or 3 ticks reliably a few times a day would be nice. I'm 40 though and I just think I'm too old to pick up a skill like that.
I am dashingly handsome when dressed as Elvis though...
Elvis...I thought you were a Clint Eastwood impersonator
Even when someone tells you what to look for, I find it very difficult. Anyway, I'm going to start looking for market reversals at SR zones, gotta start somewhere, might give me an idea of what to look for.
What's the white men Can't Jump quote?
Look man, you can listen to Jimi but you can't hear him. There's a difference man. Just because you're listening to him doesn't mean you're hearing him.
Actually "seeing" the reversal in the book is a different matter as it moves so bloody quickly.
Thursday on the ES shows 2 good volume blow off reversal points but that's just volume analysis...
DionysusToast
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SanMiguel
I'd recommend spending the $40 on the no bs day trading book & video as a primer.
I have it but it's not something I'd pirate as the guy is selling something really useful at a very low price. He's also someone that I've traded emails with and seems like a nice bloke too.
..
DT
I'd recommend spending the $40 on the no bs day trading book & video as a primer.
I have it but it's not something I'd pirate as the guy is selling something really useful at a very low price. He's also someone that I've traded emails with and seems like a nice bloke too.
..
DT
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What about:
Day Trader's bible
Techniques of Tape Reading ?
I know some who reckon that day trading UK stocks is basically pointless as it costs too much. The only discount brokers and that includes futures seem to be on the US market. It's actually cheaper to trade the FTSE futures and Eurex but with a US broker - makes perfect sense
What about:
Day Trader's bible
Techniques of Tape Reading ?
I know some who reckon that day trading UK stocks is basically pointless as it costs too much. The only discount brokers and that includes futures seem to be on the US market. It's actually cheaper to trade the FTSE futures and Eurex but with a US broker - makes perfect sense
I've got 'Techniques of Tape Reading' on sale on ebay at the moment if anyone is interested.
http://cgi.ebay.co.uk/Techniques-Ta...0539892753?pt=Non_Fiction&hash=item35ad3f9811
