Level 2

[titus-uk]

Decided to look at ADVFN's level 2 facility. Would be interested to know how other members use it. I can see how you would look at the SETS order book, not quite so sure how you would best profit from the SEAQ screen. Advice - or even the odd trade secret (!) would be much appreciated!
Thanks
Mark

 

[titus-uk]

Mmmmmm
Does that mean that no-one takes much notice of level 2, or may be that no-one uses any other "tricks" apart from those described at ADVFN?????

Mark

 

[shelman]

Hi Mark
I don't have it myself but i know several members in the chat room use it as an aid when very short term trading.
It lets you see up to date orders as they are placed on sets, i don't think it works for seaq quoted stock.
Steve

 

[ChartMan]

C'mon you guys, lets have an answer from those in the know...I have used proquote occaisionally for sets, as confirmation or otherwise of TA indicators.SETS I just cant figure out.
I have heard of unreliability with ADVFN....

Martin

 

[Riz]

Hi Mark,

Sorry to reply this late...have already you subscribed to advfn? If not, wait for a while..recently it hasn't performed properly..lots of complaints..

As for SEAQ...you see a list of MMs providing their bid and offer prices..you can't read as much information as you read from SETs, but you can still check if the price is ticking up..say how many of them has increased/decreased their bid/offer prices..that tells me if the price is ticking up or down..also you can check how many of them is offering the lowest offer price..if many then you won't expect an imminent rise, if only one for example and the price is ticking up and you have positive news/sentiment confirmation then the price might rise soon..the same works the other way round ie price going down..only one MM offering the highest offer price and there is a gap between him and the others with the price tickin down..further downwards price action could be soon..

Just a few points from those I folow..only you need to watch the action for a while to get the feeling and you need to have studied your lesson regarding that particular stock..plus if you're not a day/swing trader or trading short term, then don't bother I'd say...

Hope this will give you an idea, as I am notan expert on it..just sharing..it could be more helpful if you come up with concrete questions..or pop in the chatroom, choose a few stocks, watch them on L2 and we'll discuss the price flow..

Well good luck..

rizgar

 

[MX]

I do not trade many SEAQ stock sticking mainly FTSE 100 stuff.
All I can say is take for instance I was in IMG and caught the big made up the other day. I watched the MM and they all had blue arrows I was looking to take my profit but while they were all blue I stayed in. as soon as the first arrow went red I was looking for the out, the next red and I was out. the price fell back soon after as the rest of the MM's followed in a few seconds they were all red. The price pulled back until one of the MM's lifted the price a good time to get back in again as it proved.
As with using L2 on sets you have to watch and learn a few stocks to get to see how the react with L2.
I short term trade and feel blind without it I use Proquote as it is very reliable.
I think you need every help to trade in this market and L2 is a great asset
But L2 is just one more tool in your tool kit not the be all and end all and as Riz said only really nessasary for short term trading but give Proquote a call they offer a free weeks trial and give it a go.

MX

 

[titus-uk]

Thank you for your views. It seems that seeing a SETS screen is of the greatest use - thugh SEAQ not impossible. However, I heard grumbles of ADVFN, plus the benefit of proquote. Any others with experience, and how do I ind proquote?
Thanks again,
Mark

 

[MX]

http://www.proquote.net