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It's Terry Haas here, and today I'm going to be doing a video on why tape is not the holy grail. I chose this topic for this week because I felt it's probably one of the most important topics that can be discussed, I think, for a newer trader, even an older trader. It's a very, very important topic, so today I'm going to be discussing it. As always, I'm not a licensed financial advisor. This is not investment advice, even if it may seem like investment advice purely for, quote, entertainment purposes. And so without further ado, let's get into the video. All right, so in this video, I'm going to be brutally honest. I'm going to be laying it out on the line. I'm going to be giving my opinions on how I view things. So I posted what video topics would you like to see from me on Twitter? And it was interesting the response I got. A tape plus long setup. I've gone over multiple long setups in MIC. These obviously aren't MIC members, but I just wanted to write on Twitter what video topics would you like to see from me. And so this guy, tape, tape, tape, tape, tape, you know, multiple people just saying, Oh, yeah, the tape, the tape, the tape, the tape. And I found that like almost a little bit alarming, you know, because, you know, of a couple reasons. Obviously, there is a demand for knowledge of the tape. Obviously, that, you know, there are a lot of people looking for tips on how to read the tape. But I think people are getting too caught up in, you know, thinking, Wow, if I know how to read tape, I'm going to become a consistently profitable trader overnight. And I really think that that type of mindset is a little bit toxic. Because, you know, when you're, when you're in that type of mindset where, you know, I'm just going to stare at the tape all day and just look for signals on the tape and, you know, I'm going to make bank and I'm going to be trading with 20,000 just based off the tape. You know, that to me is just, it's kind of wrong. And it's really led me to believe that a lot of people do believe that they do believe that, you know, they'll be able to just stare at the tape and just make money all day. And, you know, we don't need the chart. We just need the tape. And, you know, I've gotten DMs from a lot of people saying like, you know, I don't really trade the chart. I just try and look for signals on the tape. And, you know, that's, that's, you know, really hard because HFTs may chop you up. So basically, when, when I think about the tape, when I think about my approach to trading, I'm using it with my plan. So I'm only looking for the tape to confirm my plan. I'm not looking for signals. Every trade you see from me is not from signals off the tape. It's using the lines in conjunction with the tape. But I'm going to stress to you that 95% of my trades are just based off the lines anyway. You know, I come into the market with a plan every day and I just wanted to reiterate this, you know, so many times I'm using it with the lines, using it with the lines, using it with the lines, and I'm not trying to wing it off the tape. And, you know, that is a discussion that I think that that needs to be said, I'm going to get into some examples later. But, you know, that's probably the biggest one is I'm not trying to just go go into the market and, you know, try long a fading stock with, you know, a bunch of dilution and a bunch of, you know, I'm not trying to do anything like that. I'm not trying to long on backside, you know, breaching death line where all the longs are trapped and it's just access supply. You can you can look for all the signals you want. But in those type of situations, you're probably not going to be getting the long you want. So in that type of scenario, you know, I'm not going to I'm not going to waste my time. And I'm just going to I'm just going to use tape with my plan. So the problems. And, you know, as I've said before, I think, you know, too many foobroos are saying they only use tape. So what I've been seeing a lot of is Jimmy had a successful trade today, because he learned how to trade off the tape. And what that does to everyone else is they're like, Oh, shit, how can I be like Jimmy? How can I learn how to how to trade and be so consistent like Jimmy? Oh, if Jimmy's using the tapes and I need to be using the tape, and everyone kind of gets on this this little train, it's like, you know, a little virus that spreads and everyone's like, Oh, well, you know, he uses the tape, I use the tape, we got to be learning the tape, they throw their plan, their process, you know, simple logic, just out the window. And that's a that's another really big problem to me. Because again, you know, when you're when you're looking at a stock, if you're a long trader, then that's what I am. You know, if you're a short trader, you know, works the exact opposite, you know, I'm not trying to long a stock that is, you know, I've said it before, and I'll say it again, I'm not trying to long a stock where there's no long setup. And it, you know, it's just like shorting, you know, you're not going to try and short. Well, maybe you are, but I'd advise against it, you know, you're not going to try and short a massive, you know, front side, float rotated stock, you know, you just probably won't. So, you know, that is just my two cents, I think that it's been exploited, I think it's been used as a marketing tool, I think that a lot of people are saying, you know, oh, I gotta learn how to read the tape, that's the only thing holding me back is what I think a lot of people are thinking is that by not knowing how to read the tape, they're blaming their inconsistent trading on saying, oh, well, if I knew how to read the tape, that, you know, that's the day I finally know how to read tape, that's the day I'm going to become a consistent trader. And, you know, that's just not true. If we're looking at this from a plan perspective, this was my plan in the very beginning. My plan in the very beginning was that I wanted to fade, I wanted a zombie and I wanted to type a, you know, some squeeze action. That was it. And, you know, it's important to note that I was using the tape here in conjunction with my plan. And the tape, I mean, you can just see what the tape was doing based on the chart, you know, it should have probably died here and gone under 550, it didn't, you know, that's a big sign. We see the supporting, we see more supporting. And then we get a nice, we get the spacing action under VWAP and then we get a nice push up. But, you know, I'm using it in conjunction with my plan. So I think that's very important. Like this is an idea on the day where, you know, I'm, I'm just like tape was like maybe like 5% of this actual trade. Because like, even if like I would have taken this trade probably even if tape wasn't even showing me what I, what I kind of quote wanted to see, which is just I just want to see it basing on, you know, this type of area that I was looking for from the very beginning, right? You know, I'm not a, I'm not a fortune teller. I'm not a stock predictor. The tape isn't going to, you know, do it for me either. It's just I have a plan. I want to see it start to work once the plan's confirmed, you know, it's going to go up. Like the money in my opinion is in the planning. It's not in the tape reading. It's not in the, it is in the chart because the chart helps you make the plan. But it's not, you know, a tape signal. Like I didn't see, you know, oh, you must have seen a big soak at 5.5 and a big, you know, no, not really. I just saw that, you know, this level was kind of holding and that's why I took it, you know? That was it. That was my plan from the very beginning. Like what happened, what I wanted to see before the market opened happened and, you know, it was great. So anyway, I hope you guys have a great day or night wherever time zone, wherever you're from and I'll see you guys later. Thank you so much for watching our video. If you want to see more of our videos, please subscribe to our YouTube channel by clicking the button here. We do our best to post a new video every single day. 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