So does it mean it is for market price only, not limit price?
You can extend the definition of slippage that SM has given above to any gap in between the price mentioned in order to the price at which order is filled. So in case of limit order with a trigger price having trigger price of 99.5 and selling price of "at market". When this order is triggered, if it is liquid stock where buy/sell bids are at a difference of 0.05 Rs. you might get filled at 99.45 or 99.40. So slippage is 5/10 paise.
but if there is low liquidity and next buyer is ready to pay 98.1, then your mkt order might get filled at 98.10.. giving 1.40 or so.
You can avoid it by giving limit price.. but then u risk that order may not get filled. As in above example, if u have given limit price of 99.40, and next buyer is at 98.1..then ur order will remain as unfilled.. and price may never come back to 99.40 level but continue to fall.
TAPE = is nothing but the live streaming data of mkt price. The term comes from older days when there was no live data stream and price used to be transferred thru telegrams.. This is not just price but also the order size etc.
In today's condition, u can consider it as reading order book.
There are strategies where people look at order flow..near support/ resistance zone and anticpate whether the zone is going to break or hold and take position. Tape raading skills is core for scalpers and short term traders.
You can very well day trade using higher TFrames like few mins..Just read the chart of your time frame and thats it. At that stage, tape reading become irrelevant to you and can be ignored as just mkt noise. Let scalpers enjoy that high speed, high action trading.. and u be comfortable with your 5 or 30 min chart.
Hope this helps.
linuxguy - seems u are putting lot of effort to read and understand day trading. Great man. Appreciate it. Way to go. keep it up and keep raising your doubts.
Happy Trading