Level 2 trading

peedee

1
341 0
I personally havnt used level 2 yet but i have read in traders magazine that trading without it puts you at a disadvantage. If i am say only trading indexes, dow in particular, through an SB firm, would using a level 2 screen be any benefit to me. Personally i think it would but i would be grateful for any feedback. Cheers, Peedee.
 

one/two

Member
80 0
their is loads on level 2

use the t2w search option

level 2 isn't available on indexes

however you could link level 2 data on certain shares that carry big weightings to get a feel for where the index is going.
good luck
 

peedee

1
341 0
Cheers One/Two, are you refering to the bid/ask prices and obviously the volumes that are traded by the larger companies that are listed on the Dow to get a feel for where the index is going to go. If so, that is what i was presuming, i may be wrong but that was why i was contemplating L2. One other thing, in my circumstances, would i be better off using candles or L2. Cheers, Peedee.
 

one/two

Member
80 0
peedee

i believe the best type of level 2 is used on nsadaq shares

unsure about the dow jones

give a good read to the past threads and posts

like i said, their is a ton of imformation there.
 

peedee

1
341 0
I looked at a few L2 sites they seemed geared towards NasL2, i think ill leave it at that for now. Cheers, Peedee.
 

oatman

Senior member
2,879 22
Level 2 is for scalping mate. I think you're trying to run before you can crawl. You really should get some basics under your belt.

Good luck
 

peedee

1
341 0
Oatman, thats not the first time that has been said about me. Thanks for the advice, im just trying to get to grips with different types of analysis. Cheers, Peedee.
 

peedee

1
341 0
The other thing Oatman, is, i personally find that with all the different types of analysis about ( from a beginners point of view ) it clouds your vision as from where to start analysing the market, that is, what is the basic form of analysis to start with. Cheers, Peedee.
 

oatman

Senior member
2,879 22
Suggest you try a real time feed on a liquid market, start looking at MA crossovers, draw a few trendlines and see if you "see" anything. Don't think about trading until you start to understand how the markets move.

Cheers
 

peedee

1
341 0
How do the markets move? Is this from an individual piont of view or do the markets have set routines? or does it depend on the angle you are trading upon? These questions are not supposed to be predandict but realistict. Cheers, Peedee.
 

neil

Legendary member
5,167 748
Observe

Just watch the market charts to get a feel for price movement.

Look ataily charts, 5 minute charts etc.

Do that for a few weeks . Read in between times then come back.

At the moment you seem to be blundering about in the dark.

:D
 

peedee

1
341 0
Neil, i feel at the moment i am blundering about in the dark and at the moment there seems to be no light, this is because of the amount of TA options open to me. Im going to stick with volume it seems O.K. that will do for me. Cheers, Peedee.
 

Trader333

Moderator
8,647 977
Oatman,

Level II is not just for scalping as that is not how it is used by myself nor for that matter the likes of Naz.


Paul
 

peedee

1
341 0
T333, do you use it for the Dow? It may sound a little ( to the point ) but thats all id use it for! Peedee.
 
 
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