Really Trader? It will only take a day? When I read the undergroundtrader books I found it difficult enough understanding what he was saying... it was all buzz words and gibberish to me!
It cant be that difficult if the practical aspect can be learnt so quickly.
It cant be that difficult if the practical aspect can be learnt so quickly.
Salty Gibbon
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I think most of it is probably a waste of time pkfryer. You can trade without needing to know the intricate ins and outs of Level II
Trader333
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I have also read the UndergroundTrader Guide to Electronic Daytrading and as you say there is a lot of buzz words etc. It all depends upon how you want to use Level II, I use it as a means to reduce risk at entry only and for that purpose it is easy to learn. I have also previously traded by shadowing the Ax, determining support and resistance levels and other ways of using Level II. To be honest the way I use it now is by far the most useful and I take almost no notice nowdays of the Ax as most of the time they are all playing games anyway. Recently I have heard of a few traders who used to trade almost exclusively using Level II who have now said that they are no longer able to do so and have changed the way they trade to accommodate this.
Paul
Paul
Anyone trading IPIX today,
(Just started looking at Nasdaq so forgive me if not as incredible market action as i thought.)
What a rollercoaster - for a $13 stock, there were plenty of hefty spikes of 20 cents and more within seconds. This makes reading level2 so difficult. Unless you hide (if thats even possible), those mm's and ecn's that are not so relevant its extremely difficult to pick up on the signalling info simply because orders did not stay still long enough to know what to make of it.
Anyway, although a bit quiter now - still moving so back to it!
(Just started looking at Nasdaq so forgive me if not as incredible market action as i thought.)
What a rollercoaster - for a $13 stock, there were plenty of hefty spikes of 20 cents and more within seconds. This makes reading level2 so difficult. Unless you hide (if thats even possible), those mm's and ecn's that are not so relevant its extremely difficult to pick up on the signalling info simply because orders did not stay still long enough to know what to make of it.
Anyway, although a bit quiter now - still moving so back to it!
Trader333
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cucuchris,
Yes it is a book which I obtained second hand as when I tried to access the internet sites for the book they didnt get me anywhere. I am sure that there are a number of websites on Level II if you did a search on Google.
binsley,
IPIX was just too volatile for me but I traded IMCL which gave me a fairly easy 80c profit and (as always) use of Level II was critical to reduce the chance of loss at market entry. I then went out so didnt trade the rest of the day.
Paul
Yes it is a book which I obtained second hand as when I tried to access the internet sites for the book they didnt get me anywhere. I am sure that there are a number of websites on Level II if you did a search on Google.
binsley,
IPIX was just too volatile for me but I traded IMCL which gave me a fairly easy 80c profit and (as always) use of Level II was critical to reduce the chance of loss at market entry. I then went out so didnt trade the rest of the day.
Paul
Naz
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Level 2 Nasdaq is the best tool in a traders tool kit when trading Nasdaq stocks.
Even a well respected moderator from t2w said,
"He had slide shows of charts and the accompanying L2 screen to show the moves as they unfolded. When he says you see the move a minute before it happens on ANY chart is absolutely true. He knows what to look for, has his order in place, ready to hit the button..... This leaves no room for guesswork. Is it going to bounce? OR will it drop? He knows, while we're still guessing or gambling....."
Charts are great to show what has just happened, i look to profit from what will happen.
I've shown students on my live market tuition, the difference between what the chart says and what the level 2 screen says and they've been shocked.
Little surprise then that using this method of trading i can call a live exit in TASR with the chart going straight up,just before a $3 fall.
http://www.trade2win.com/boards/showthread.php?t=7329&page=30&pp=15
I trade the Nasdaq for a living if there's a better way to get an edge i'd be using it.Sometimes i use the same tools to trade the US indices with out any spread,but then thats another story.
Naz
Even a well respected moderator from t2w said,
"He had slide shows of charts and the accompanying L2 screen to show the moves as they unfolded. When he says you see the move a minute before it happens on ANY chart is absolutely true. He knows what to look for, has his order in place, ready to hit the button..... This leaves no room for guesswork. Is it going to bounce? OR will it drop? He knows, while we're still guessing or gambling....."
Charts are great to show what has just happened, i look to profit from what will happen.
I've shown students on my live market tuition, the difference between what the chart says and what the level 2 screen says and they've been shocked.
Little surprise then that using this method of trading i can call a live exit in TASR with the chart going straight up,just before a $3 fall.
http://www.trade2win.com/boards/showthread.php?t=7329&page=30&pp=15
I trade the Nasdaq for a living if there's a better way to get an edge i'd be using it.Sometimes i use the same tools to trade the US indices with out any spread,but then thats another story.
Naz
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Salty Gibbon
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I was one of your students and the only thing that shocked me was your appallingly bad teaching techniques and the wad of papers that was literally thrown at me - and passed off as notes - what a laugh.
You seemed to be on a personal ego trip the whole time I was with you and the only thing I learnt was what a wonderful trader you are.
I am sure that all your students are initially stunned and shocked by what you show them but when they get home they wonder what the hell they have gained from the day.
Invariably nothing.
What a waste of money.
Salty Gibbon
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LevII - strange but true.
Frankly, he is a useless teacher and I think it is high time I wrote a proper critique on the Reviews section.
He will get all ZEROs from me though due to the fact that I believe that I was totally ripped off.
Great Traders doth not great teachers make or something like that !
Frankly, he is a useless teacher and I think it is high time I wrote a proper critique on the Reviews section.
He will get all ZEROs from me though due to the fact that I believe that I was totally ripped off.
Great Traders doth not great teachers make or something like that !
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Trader333
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For me Level II is only one part of the entire toolkit and I wouldnt say that I find it the best tool as I dont have a favouroite. I also know of stock traders who never use Level II and are consistently profitable. Personally, I find that it is a combination of several things including Level II that have worked for me in the trading of stocks.
Paul
Paul
Salty Gibbon
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Yes, but the supposed " mystique " of Level II can be used to fool aspiring students into believing that they are going to learn something special from a 121 session with a "great" trader.
Naz
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I'm sorry you feel that way.You are always more than welcome to chat with me directly,either by phone or e mail.
I've always said on the boards that level 2 trading isn't for everyone but for those that want to get serious about day trading i believe it gives you an edge.Everyone in life has different opinions.
I've always said on the boards that level 2 trading isn't for everyone but for those that want to get serious about day trading i believe it gives you an edge.Everyone in life has different opinions.
Naz
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Naz
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This method is a great way of getting an intra day move before the crowd know whats happening.
In the following sequence,a similar move is spotted.Good reading of the level 2 screen like the above post will get you in quick.You notice that the whole move was over so quickly it was encaptured by one 5 minute bar.Any extra time in spotting it building up and getting in early to me is a bonus.For a 1000 share day trader that was over $1000 profit in just under 5 minutes.
In the following sequence,a similar move is spotted.Good reading of the level 2 screen like the above post will get you in quick.You notice that the whole move was over so quickly it was encaptured by one 5 minute bar.Any extra time in spotting it building up and getting in early to me is a bonus.For a 1000 share day trader that was over $1000 profit in just under 5 minutes.
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Salty Gibbon
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You have to work that out for yourself Oatman.
You get given mysterious clues but are never told the whole picture.
It all adds to the mystery of Level II.
You get given mysterious clues but are never told the whole picture.
It all adds to the mystery of Level II.
Trader333
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Nite is supporting the Bid at the $40.91 price level so if you take an entry at the ask of $40.95 you could have a 5c stop, ie set your stop at 1c below where Nite is sat at which is a stop price of $40.90
At this point Nite is also sat on the Ask at $40.96 but as the stock moves up in price Nite moves his Ask price from $40.96 to $41.04 and by doing this is saying that he will not act as resistance to the stock moving up at least to that the price he has moved up to. Also he is still supporting the Bid of $40.91 indicating his intention to hold the price to no less than where he is sat.
Now if Nite suddenly dropped his Bid below the $40.91 level (and or) moved his Ask to a lower price say $40.99 and holds these positions then it signals that the up move is over. This will give the level II player an early warning of what is likely to happen next before the chartist has any indication of what is going on.
That is my take on this but Naz may see it differently.
Paul
At this point Nite is also sat on the Ask at $40.96 but as the stock moves up in price Nite moves his Ask price from $40.96 to $41.04 and by doing this is saying that he will not act as resistance to the stock moving up at least to that the price he has moved up to. Also he is still supporting the Bid of $40.91 indicating his intention to hold the price to no less than where he is sat.
Now if Nite suddenly dropped his Bid below the $40.91 level (and or) moved his Ask to a lower price say $40.99 and holds these positions then it signals that the up move is over. This will give the level II player an early warning of what is likely to happen next before the chartist has any indication of what is going on.
That is my take on this but Naz may see it differently.
Paul
