Level 2 trading is a completely different approach and I don't know enough about it to explain. L2 players talk about buying at he bid and selling at the offer - it's a bit of black magic that no one has ever explained to me in simple terms so I'm afraid I'm not qualified to answer that. I can tell you that L2 is not for beginners - to me it sounds like a big poker game - and if you don't know the rules the big players will take all your money!
Nasdaq Level 2 is entirely different from UK Level 2/market depth. With Nasdaq you know WHO is trading, which is the key to success.Does that not also hold true for the UK Level 2 trading screen?