level 2 for UK stocks

[ivor31]

level 2

Hello all
Im just wondering what most people in the uk use for level 2 data on the ftse stocks. Been toying with the issue for some time. Hope it will improve my trading. Looked at advfn for £40 a month and still waiting for odl to send me a upgrade cd to level 2. Any pointing in the right direction would be appreciated.

Ivor31

 

[anley]

Level 2 for most people is a waste of money, it gives one the illusion of having more important information at your fingertips but then so does everyone else who has it. It's therefore's hardly an edge.

Also realise that the people who are using it effectivly have most probably been doing so for 5+ years and therefore know all the tricks that are played with the information.

Of course there are always exceptions to the rules.

 

[alanb41252]

I like Level 2. You get a much better view of the movie from up there.

 

[olwenh]

It depends on what type of trader you are.

If you hold positions for several days/ weeks I'd say that L2 is a waste of money, but for me it's invaluable.

I've tried all sorts of trading methods & find that I CANNOT use indicators - I can't bring myself to trust them.

I daytrade - often only grabbing a few points at a time & I couldn't do this without L2. I know there are larger runs to go for, but I've proved over and over again that I'm no good at that sort of trading & I don't like holding positions over night.

L2 is not for everyone & there is a lot of screen watching, so it depends entirely on your personality and trading strategy.

I use advfn and find them very good - but nothing is perfect and they do have glitches from time to time. I believe proquote is more reliable but it is much more expensive.

good luck

olwen

 

[Jerry Medved]

You can also use MoneyAM for the datafeed. You can use QuoteTracker for both ADVFN and MoneyAM Level II giving you quite a bit more flexibility than doing so via web pages.

As anley said though, its not for everyone. Best to read up on it first and determine if its really for your style of trading before spending the money

Jerry Medved
http://www.quotetracker.com

 

[anley]

Yep, the point I was really trying to ram in was the fact on training and experince because the other guys you're trading against will likely have bundles.

PS. Jerry nice software!

 

[olwenh]

I agree anley,

There are lots of games going on on L2 - all is not what it appears & it takes time to learn.

& I'm still learning...

Good luck in whatever you decide to do ivor.

 

[CityTrader]

Within Level2, there are of course 3 trading platforms:- SETS, SETSmm and SEAQ. - I can not popssibly begin to imagine how anyone can trade ( rather than invest) in UK stocks without access to the information provided by Level2...

 

[JTrader]

Level 2 can be an extremely valuable resource for day traders. I have proved this myself by trading with level 2 only while I was without a charting package for a few weeks. I have heard of other day traders operating successfully with level 2 on it's own.
I recommend some combination of charts and level 2.
I tried the £40 ADVFN service and it is limited, meaning that you have to press the back button every minute or so - which becomes very annoying. I also didn't like the layout/appearance of the order book. I also trialled proquote, which is probably the best and most reliable, but was far too expensive. I would recommend moneyam for it's value for money and customisability.

 

[ivor31]

Jtrader
Looks like im on the path you have already discovered. MoneyAM is the one for me. Looked at proquote and yes its to expensive.Still waiting for them to enable a demo for me. Too late now.Thanks everyone for the replies.

ivor