It is my pleasure to welcome back Linda Bradford Raschke for a webinar on Tuesday, December 12th @ 4:30 PM Eastern US.
The title for the webinar is "Reading the Tape: Combining Discretionary & Systematic Trading", and bullet points include:
Tape reading is part of concentration and focus, but difficult to do for prolonged periods.
Linda will talk about the tips she uses to tape read around entries, as well as the techniques of some of her professional trading friends.
She will also talk about ways to then use systematic exits (trail stop, play for fixed targets, exit on time of day function, etc.)
She will then look at the reverse: limit and stop entries for mechanical ways of trade initiation then combined with discretionary exits.
The main points are:
1) Using discretion on either your entry or exit is more important the shorter the time frame you trade on. For example, it would be irrelevant for a long-term trend following system.
2) Tape reading involves intense concentration for brief periods at specific levels. What is a trader looking at or looking for when tape reading?
3) It is essential to concentrate and focus at specific points or times of day, but impossible to concentrate for prolonged periods. How does a trader manage this?
4) A systematic process for both trade initiation and trade management goes a long ways towards eliminating unforced errors!