Level 2

[TheBramble]

I must be reading Level 2 wrongly. Maybe I should bin it and just rely on the chart formations and indicators that I use ???

DD - bit drastic! LII is a powerful additional trading tool in your arsenal. You just need to learn to use it as you did TA in the beginning.

Unfortunately, there aren't too many current LII books around (like there are for TA).

So, maybe (a) ask specifics about LII setups here on t2w LII forum (I'll be surprised if our more knowledgeable LII traders don't respond to your example of yesterday) and (b) think about getting some 1-2-1 training on it.

As Mr. Charts is booked until late April you could try Naz or indeed anyone else that t2w LII forum members care to mention.

Here's a Thought :- There seems to be a REAL need/desire for LII education from a number of t2w-ers at the moment (myself included) - how about the more experienced LII traders who do not currently coach, laying aside a day, just as a one-off, to coach a bunch of us willing and eager LII tyros - I'm sure we could all make it worth your while for missing a day's trading to educate ourselves...

Just a thought...

 

[Trader333]

Tony,

I think your suggestion would be difficult to get a consensus on. The reason being that I know Naz uses Level II differently to myself and again Mr Charts uses it differently from both Naz and myself and I would guess that other users of Level II would do it differently again.

There are some similarities but there are also differences so what would you teach ? This also presupposes that Naz and Mr Charts would want to do it in the first place although you could take a course on an individual basis.


Paul

 

[Dow Dog]

Yes Paul, I have had some LII tuition but it was just one day, several months ago with Naz. After that day I did not actually use LII and I have only now decided to get to grips with it. Needless to say, I have forgotten most of what was taught during my tuition day. I often feel that one day of personal tuition is just not enough anyway but to go for more than one day would be prohibitively expensive.

 

[TheBramble]

Paul, I wasn't suggesting that Richard and Alan do a joint course for numbers, or even individually (which I know they both do).

I guess I just meant that ANY experienced LII trader who could tutor a few bods for a day and who was willing to do so.

But you're probably right - the logistics etc. could prove a real burden. I was thinking even just a PalTalk session, but again, different strokes and all that.

I appreciate there are wide differences in the way you guys use LII, but there has to be a basic grounding available other than the snippets we get here on t2w etc. which us beginners could work with?

 

[Dow Dog]

I appreciate there are wide differences in the way you guys use LII, but there has to be a basic grounding available other than the snippets we get here on t2w etc. which us beginners could work with?

I totally agree with this Tony. It would be good to find a way to get an initial grounding which would at least provide a basis to build on. My day of LII tuition last year was too much for me at the time as I was still trying to get to grips with basic trading techniques. I somehow feel that I should have been politely informed of this and advised to come back for LII at a later date.

If you find a way to learn LII, along the lines you have described, please let me know.

 

[Trader333]

Tony and DD,

Where there is demand for something then supply will usually be found. I guess Naz hasnt seen this yet as I am sure he will respond.

With regards to Paltalk, I dont think it would work because I have made calls in Paltalk for price entries on Level II explaining why and this didnt help. The main reason being that you cannot see what I am talking about which is what is needed for a useful session.

In my view, if this is to happen it would need to be on a live market where attendees can see exactly why the trade was called at the price stated. It would also make sense to record the live screenshots (which is not too difficult), and then make a CD for those present to refresh what they are being taught.


Paul

 

[Dow Dog]

Naz has done some LII CDs hasn't he Paul ?

Are they any good for practical purposes ?

 

[keano]

I think your copying me Mr.C I've traded SNDK twice today aswell. See my posts on your thread on TTrader.

 

[Dow Dog]

You need someone experienced to teach you, first to learn and really understand level 2 and then to demonstrate it live.

I have already done that Mr C.

It obviously didn't seem to serve any useful purpose.

 

[Dow Dog]

So you do not use Level 2 for entry purposes Mr C ?

 

[Dow Dog]

Questions for experienced Level 2 traders :-

Is the use of Level 2 an absolute necessity for you to trade successfully or is it just an add-on that gives you enhanced success ?

If the latter, then what approximate percentage enhancement to profits do you think it gives you ? eg. if you can make 1,000 points without Level 2 in a given period, then how many points would you make in the same period with Level 2.

 

[Trader333]

DD,

I agree with Mr Charts comments and in my own case I primarily use Level II for reducing risk at entry.


Paul

 

[Dow Dog]

I have decided to bin Level II. For me it is more trouble than it's worth and I am not going to throw good money after bad in a desperate attempt to learn more.

 

[Naz]

I've just noticed the thread.

Many of the books out there written on level 2 can be a little out of date.The best level 2 demo in my opinion is
directaccesselite.com.

Those of us that use level 2 i'm sure we just wouldn't be without it.I think Bramble was correct when he said "L11 is a powerful additional trading tool in your arsenal.You just need to learn to use it as you did TA in the beginning."

ANYONE can email me at [email protected] and i will gladly have a chat about anything and if they leave their telephone number talk to them directly.

Naz

 

[Dow Dog]

The best level 2 demo in my opinion is directaccesselite.com.

Went to their site but saw no mention of a Level II demo.

 

[TheBramble]

http://www.directaccesselite.com/software.asp

 

[Dow Dog]

Trader333 wrote :

No problem then, you can open another Level II screen and just click on "Site" and select Island Level II Streaming then open another Level II screen and select Arhipelago Snapshot and set the refresh time to 1second.

Paul, I have tried to open more than one window for a particular stock, with Money.Net and it doesn't appear to work. It only allows me to open a single LII window per stock.

 

[Dow Dog]

Naz.

Thanks for phoning me this morning on your weekend and taking the time to go over various Level 2 issues.

It was very helpful and I am sure that I can begin to make some progress as a result.

I will not now bin Level II - lol.

 

[Trader333]

DD,

It is on Quotetracker that I was talking about being able to open more than 1 Level II screen. It is done as follows:

Click on the equity in your portfolio and Right Click.
You will get the left hand screenshot view and you just select the area I have highlighted in red.

With the new Level II screen now shown you click on "Site" and you will then get the screenshot view shown on the right. I have highlighted the 2 sites you may want to include. Obviously if you want both then you have to repeat the above to open another Level II screen.

My setup is shown in the second post but is when the market was closed, however you can see on the left I have the standard Level II screen then T&S then the Island book and then the Arca book.

When the market is open there is much more depth across all screens. Please bear in mind that I use Level II differently to others and my setup is specifically to address that need. I know that Alan and Richard have an entirely different approach and what I use would no doubt be inadequate for their needs but my setup does work extermely well for me.


Paul

 

[Trader333]

Level II Screen Setup and I apologise for a overly wide screenshot
but I am unable to maintain the same quality by making it smaller.