The Tape

This course will show you how to form profitable judgements from price and volume data published by major stock and commodity exchanges. Price-volume data have advantages over other sorts of information available to traders.

Unlike research put out by brokerage analysts and letter writers, data from the tape are not tainted by the judgement of others. To trade with consistent success, you must learn to think independently. Develop an indifference to others’ opinions, tips, news, and research.

Price-volume data are abundant and inexpensive to acquire. There is a constant flow of price-volume data from all major exchanges, which allows you to remain just as current as you need or wish to be.

Price-volume data are well defined. The trader knows when all necessary price-volume data are in. Without a well-defined data set, the trader risks a unique paralysis, caused by thinking that just one more report, newsletter, announcement or as-yet-ungathered bit of information might make the difference between success and failure in a trade.

Price-volume data provide a window through which you will gauge underlying supply and demand. With practice, you will learn to rely exclusively on your judgement of evidence offered by the tape.

Those who disparage the use of price-volume data alone as sufficient for judging the market simply do not understand the efficacy of the methods you will learn.

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