As a Level II ‘student’ I am always particularly appreciative of Naz’s offerings on the subject – all gems I reckon for anyone considering graduating to Nasdaq L2 trading.
While I save up my $25K+ to start a RealTick (or similar) account, I’ve found the following useful learning tools :-
. At
http://www.mbtrading.com and
http://cybertrader.com you can download a full Level II package to free test drive for as long as you like, but the data is not live – in fact its probably 6 months old – still useful to play with though! More useful are the free testers from
http://www.realtick.com. Go to the brokers link and download the software from a brokers site and they will email you the login info and give you an time allocation for your tryout over 1-3 days. This is superb software incorporating multiple level 2 screens and charts and the data is live – they give you $100,000 or so toytown dollars to trade with so find out if you’re a winner or loser without losing your shirt!
· You can sign up for a live (but non-interactive) Level II screen at
http://www.money.net for $29.99/month, also very useful is ChartStream - live streaming charts in several formats including candlestick at $9.95/month. Also worth a look is the ‘Screamer’ - streaming real-time stock quote system @$14.95/month. All these are available on free 14 day trial. The live data from these tools gives your ‘paper’ trading the cutting edge. They cost a bit but you’ve got to invest in your training.
· Take a look at
http://www.tonyoz.com. Tony Oz is a competition winning Level II Nasdaq trader who also writes books and makes CD’s about daytrading. The thing I particularly like about Tony is that he tells about all his losing trades as well as his winners and sometimes he has more losers than winners but still makes megabucks! It makes you understand that the concept of small losses and large profits is the thing that really makes it work. On Tony’s website you can order his books and CD’s and there is loads of trading info and free tools you can download. Tony is a founder member of DayTradersUSA. See
http://www.worldwidetraders.com - a useful site.
Regards, TS