Naz
Experienced member
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One quick thing i still believe in is having a level 2 broker with decent telephone back up so if you get called away from the markets a quick call from your mobile where ever you are and you can close out your positions immediately.You never know when you might need it.
US L2
Hi Cubists!!
I have arranged a day with Naz on March 13 so would like to propose our first meeting w/c 17 March. Lawman, Trader 333 & any others out there who are focussing mainly on the US and NASDAQ L2 in particular. It's got to be in a Seattle style coffee shop somewhere 'downtown' no?
Pollux & Castor
Hi Cubists!!
I have arranged a day with Naz on March 13 so would like to propose our first meeting w/c 17 March. Lawman, Trader 333 & any others out there who are focussing mainly on the US and NASDAQ L2 in particular. It's got to be in a Seattle style coffee shop somewhere 'downtown' no?
Pollux & Castor
Trader333
Moderator
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ECN Name Changes on Level II
In view of the fact that Island have being acquired by Instinet and that Redibook have merged with Archipelago, what are the new four letter acronyms on the level II screen known as ? I know that ARCA is still present but ISLD is not, so what is the new ECN name for this amalgamation ? Also are there now only 2 ECNs or are there some that I am missing ? And can someone tell what inca is ?
Thanks
Paul
In view of the fact that Island have being acquired by Instinet and that Redibook have merged with Archipelago, what are the new four letter acronyms on the level II screen known as ? I know that ARCA is still present but ISLD is not, so what is the new ECN name for this amalgamation ? Also are there now only 2 ECNs or are there some that I am missing ? And can someone tell what inca is ?
Thanks
Paul
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Don't know how up-to-date this list is, but there's a list of abbreviations of MMs and ECNs:
http://daytrading.about.com/bl_mmcodes.htm
http://daytrading.about.com/bl_mmcodes.htm
Naz's Level2 tradong course
Attended Naz's Nasdaqa Level2 course yesterday. I went on the course with many apprehensions, believing that there wasn't anything new that anyone could teach me after being on many training courses....but i have to admit i was impressed by what i learned. Before we began Naz asked about my trading style and tailored his method to work alongside mine.
Before going on the course, the US markets seemed a million miles away and the thought of monitoring all those numbers on the level2 screen was very daunting, but i was very suprised to learn that it is not as difficult as it first appeared. I am in the process of opening an account with a L2 broker and hope to implement what i learned as soon as possible.
Thanks Naz for a truly inspiring day.
Really exciting stuff. will keep you posted.
scrappy
Attended Naz's Nasdaqa Level2 course yesterday. I went on the course with many apprehensions, believing that there wasn't anything new that anyone could teach me after being on many training courses....but i have to admit i was impressed by what i learned. Before we began Naz asked about my trading style and tailored his method to work alongside mine.
Before going on the course, the US markets seemed a million miles away and the thought of monitoring all those numbers on the level2 screen was very daunting, but i was very suprised to learn that it is not as difficult as it first appeared. I am in the process of opening an account with a L2 broker and hope to implement what i learned as soon as possible.
Thanks Naz for a truly inspiring day.
Really exciting stuff. will keep you posted.
scrappy
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The Dow Jones is an index - therefore its moves are the total result of the moves of its constituent stocks. There are 30 constituent equities in the Dow, consisting of North America's biggest companies.
So you can use Level 2 to watch each of the 30 constituent stocks, but not on the actual index.
Futures are electronic where buyers are matched to sellers with no middleman, so you could not use Level 2 to trade the Dow futures either.
Well, that is my understanding ... and if I'm wrong, then I'm sure I shall be corrected.
So you can use Level 2 to watch each of the 30 constituent stocks, but not on the actual index.
Futures are electronic where buyers are matched to sellers with no middleman, so you could not use Level 2 to trade the Dow futures either.
Well, that is my understanding ... and if I'm wrong, then I'm sure I shall be corrected.
NASDAQ training
I spent a full day last week with Naz on his 1-1 NASD & Level 2 course and wanted to say what an excellent day it was. He showed me in detail how he operates on a day to day basis, what platforms, charts, finding set ups etc.
I think the key about his style can be summarised in a word: simplicity. When you have a gift for trading markets as he has, a few critical decision making criteria are all it needs to make money. The day was as much about this aspect as the precise mechanics of trading.
Another aspect I would stress is the need for patience. I laughed a couple of times when Alan would turn to me and say: "It's SO boring isn't it?!" Stalking can be boring or at least very quiet and demands patience above all. Implement the plan and then be patient. Many short term traders including this one over trade incessantly. Alan trades a few times a day, and you get a very clear sense that trades for him are mechanical, not something to make the blood rush! Too often when I am bored I give a quick pump and bang a trade on ...to have a look! As with all things there is a balance of course, and I think Alan has reached a high level of discipline and focus via many thousands of trades over many years. If you start too cautious, you may never get there perhaps.
For those who wish to focus on US equities for short term trading, time spent with Alan on learning several key skills is very well spent: Screening & finding set ups, reading Level 2 data, the mechanics of trading using ECN's, SOES and MM's, stops & risk management.
DH
I spent a full day last week with Naz on his 1-1 NASD & Level 2 course and wanted to say what an excellent day it was. He showed me in detail how he operates on a day to day basis, what platforms, charts, finding set ups etc.
I think the key about his style can be summarised in a word: simplicity. When you have a gift for trading markets as he has, a few critical decision making criteria are all it needs to make money. The day was as much about this aspect as the precise mechanics of trading.
Another aspect I would stress is the need for patience. I laughed a couple of times when Alan would turn to me and say: "It's SO boring isn't it?!" Stalking can be boring or at least very quiet and demands patience above all. Implement the plan and then be patient. Many short term traders including this one over trade incessantly. Alan trades a few times a day, and you get a very clear sense that trades for him are mechanical, not something to make the blood rush! Too often when I am bored I give a quick pump and bang a trade on ...to have a look! As with all things there is a balance of course, and I think Alan has reached a high level of discipline and focus via many thousands of trades over many years. If you start too cautious, you may never get there perhaps.
For those who wish to focus on US equities for short term trading, time spent with Alan on learning several key skills is very well spent: Screening & finding set ups, reading Level 2 data, the mechanics of trading using ECN's, SOES and MM's, stops & risk management.
DH
Hi Pollux
Glad to hear you enjoyed it so much! Was waiting to hear about it.
My day is up in a couple of weeks. Really looking forward to it, but also scared that I may be overwhelmed and feel there is too much to take in.
Hope all is well there and that you're ready to hit the NASDAQ.
Cheers
Shaun
Glad to hear you enjoyed it so much! Was waiting to hear about it.
My day is up in a couple of weeks. Really looking forward to it, but also scared that I may be overwhelmed and feel there is too much to take in.
Hope all is well there and that you're ready to hit the NASDAQ.
Cheers
Shaun
I Have seen the Light
I Know T2Win board is not for advertising on but as it does promote his course and I think he is worth seeing just a quick bit on Alan's course.
Last Friday I spent the day with Naz on his T/A course, and what an eye opener.
Naz knows his stuff and has opened my eyes to trading NASDAQ stocks.
He spent the first hour and a half talking to me about my style and trading psychology and my mind set.
We then went through risk management and finding potential stocks to trade on the NASDAQ.
Naz then showed me little bit of Level 2 and the basics of how it works.
The one thing that sticks out more than anything else is keep it simple.
I have read loads of trading books and tried to take in everything they all say but I think I just suffered from information overload. Seeing Naz has straighten a lot of things out and and he has shown that there is light at the end of the tunnel.
I think the fee for the course is fair given what I have learned and once I have practiced and put into place what I learned from Naz I will definitely be going back to learn Level2 with him.
Lawman: No need to worry, you will love it and Naz is a very relaxed guy.
Thanks Naz for a Great Day.
I Know T2Win board is not for advertising on but as it does promote his course and I think he is worth seeing just a quick bit on Alan's course.
Last Friday I spent the day with Naz on his T/A course, and what an eye opener.
Naz knows his stuff and has opened my eyes to trading NASDAQ stocks.
He spent the first hour and a half talking to me about my style and trading psychology and my mind set.
We then went through risk management and finding potential stocks to trade on the NASDAQ.
Naz then showed me little bit of Level 2 and the basics of how it works.
The one thing that sticks out more than anything else is keep it simple.
I have read loads of trading books and tried to take in everything they all say but I think I just suffered from information overload. Seeing Naz has straighten a lot of things out and and he has shown that there is light at the end of the tunnel.
I think the fee for the course is fair given what I have learned and once I have practiced and put into place what I learned from Naz I will definitely be going back to learn Level2 with him.
Lawman: No need to worry, you will love it and Naz is a very relaxed guy.
Thanks Naz for a Great Day.
Naz
Experienced member
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I had an interesting time yesterday with another trader.He came along with his trading set up and we placed both of them together.
First of all we noticed the difference in spreads quoted in the UK for US stocks compared with island prices, pre market.Obviously they all tightened up once the market opened.
INTU. UK quote 38.16-39.38.....US quote 38.40-38.45
KLAC.UK quote 38.27-38.83.....US quote 38.75-38.83
NVLS.UK quote 28.76-29.40.....US quote 29.27-29.48
However he was using q charts as well and i must say that his q chart scanner was very good at picking out potential trades especially gap trades.We found BBBY for the open and JDAS for the day.Both gap plays.
On the open i was shouting at the L2 screen as Goldman did the business all the way down in BBBY.In the end my friend just watched the level 2 screen only peering occasionally over at his chart.I occasional looked at the quote from the UK on the stock as we fell.Checking it against the level 2 quote.
The result i felt was this.Trading a gap move with some UK based prices is difficult to say the least.Of course i always knew this.Without a level 2 screen you're blind.Oscillators mean nothing its all ruled by the axe.
However something i found from all this was having a REALLY good scanner linked to displaying charts can pay for itself over and over again.Sometimes you get used to your own scanner and its interesting to see someone else's in operation.
I found it interesting to see how others play the US markets and of course NL2 rules,but you know what i do like that scanner.
First of all we noticed the difference in spreads quoted in the UK for US stocks compared with island prices, pre market.Obviously they all tightened up once the market opened.
INTU. UK quote 38.16-39.38.....US quote 38.40-38.45
KLAC.UK quote 38.27-38.83.....US quote 38.75-38.83
NVLS.UK quote 28.76-29.40.....US quote 29.27-29.48
However he was using q charts as well and i must say that his q chart scanner was very good at picking out potential trades especially gap trades.We found BBBY for the open and JDAS for the day.Both gap plays.
On the open i was shouting at the L2 screen as Goldman did the business all the way down in BBBY.In the end my friend just watched the level 2 screen only peering occasionally over at his chart.I occasional looked at the quote from the UK on the stock as we fell.Checking it against the level 2 quote.
The result i felt was this.Trading a gap move with some UK based prices is difficult to say the least.Of course i always knew this.Without a level 2 screen you're blind.Oscillators mean nothing its all ruled by the axe.
However something i found from all this was having a REALLY good scanner linked to displaying charts can pay for itself over and over again.Sometimes you get used to your own scanner and its interesting to see someone else's in operation.
I found it interesting to see how others play the US markets and of course NL2 rules,but you know what i do like that scanner.
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Nasdaq Level II
Well, I must agree with Scooby. Keeping it simple and sticking to the plan is the way forward.
Had a really good day with Naz yesterday. Really relaxed, easy to chat to...
Now, I need to get practising. A good Direct Access Broker, Level II screen and basic charting is what I need to get hold of.
If anyone has had any experience here, please let me know.
Looking into:
QCharts with PreferredTrade or CyberTrader
PointDirex Platinum
EXPTrader
Thanks NAZ. Was a good one.
Cheers
Lawman
Well, I must agree with Scooby. Keeping it simple and sticking to the plan is the way forward.
Had a really good day with Naz yesterday. Really relaxed, easy to chat to...
Now, I need to get practising. A good Direct Access Broker, Level II screen and basic charting is what I need to get hold of.
If anyone has had any experience here, please let me know.
Looking into:
QCharts with PreferredTrade or CyberTrader
PointDirex Platinum
EXPTrader
Thanks NAZ. Was a good one.
Cheers
Lawman
Naz
Experienced member
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You're welcome Lawman.I always enjoy meeting other traders.
Exp trader seems to have problems on occasions,but with fantastic phone back up its never been to much of a problem.Now one of the t2w guys has told me that they're fazing it out very soon and traders will have to switch to Direct access elite.
So it was with great interest that i checked out www.pointdirex.com. mentioned above. If their phone back up is good.$5 trades on a decent level 2 direct access platform look good to me.I must get the demo and check it out.
One tip if you see a level 2 platform that has three level 2 screens all in a row,normally along the bottom and not showing to much depth thats a scalping platform,everything on it will be geared up for scalping.ie Direxpro.
With so many gap plays happening day after day i'm tempted to have a shot at this one.
The plan.Find three decent gappers with a scanner linked to a charting package.Make sure if two are long the third is short and vice versa.Gat all three going on the level 2 screen and dont trade until you find the axe.Hot key every order for quickness.
Try and fill the gap by shadowing the axe.Manage your trades.WOW if you want some adrenaline on the open you've got it.Get it right and you will clean up.Half an hours trading and you'll be up $2,000 and done for the day.
One major tip when your in the trades do not take your eyes off those level 2 screens.Do'nt fuddle your brain by looking at the chart otherwise you'll be wiggled and jiggled out of the trades too early.100 shares going off away from the where the stock is realy trading at will distort the 1 min chart stock chart.
Do not try this until you're good.But thats the type of trading you can do with Direxpro.
Exp trader seems to have problems on occasions,but with fantastic phone back up its never been to much of a problem.Now one of the t2w guys has told me that they're fazing it out very soon and traders will have to switch to Direct access elite.
So it was with great interest that i checked out www.pointdirex.com. mentioned above. If their phone back up is good.$5 trades on a decent level 2 direct access platform look good to me.I must get the demo and check it out.
One tip if you see a level 2 platform that has three level 2 screens all in a row,normally along the bottom and not showing to much depth thats a scalping platform,everything on it will be geared up for scalping.ie Direxpro.
With so many gap plays happening day after day i'm tempted to have a shot at this one.
The plan.Find three decent gappers with a scanner linked to a charting package.Make sure if two are long the third is short and vice versa.Gat all three going on the level 2 screen and dont trade until you find the axe.Hot key every order for quickness.
Try and fill the gap by shadowing the axe.Manage your trades.WOW if you want some adrenaline on the open you've got it.Get it right and you will clean up.Half an hours trading and you'll be up $2,000 and done for the day.
One major tip when your in the trades do not take your eyes off those level 2 screens.Do'nt fuddle your brain by looking at the chart otherwise you'll be wiggled and jiggled out of the trades too early.100 shares going off away from the where the stock is realy trading at will distort the 1 min chart stock chart.
Do not try this until you're good.But thats the type of trading you can do with Direxpro.
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Hi Naz
After I was with you a couple of weeks ago I have opened and downloaded a simulator account with pointdirex.com to practice what I learn't with trading NASDAQ stocks.
The software is OK, it could do with tidying around the edges but it is free and I am short of $25,000 to trade NASDAQ stocks but the $100,000 simulator does let me practice what I have learned.
After I was with you a couple of weeks ago I have opened and downloaded a simulator account with pointdirex.com to practice what I learn't with trading NASDAQ stocks.
The software is OK, it could do with tidying around the edges but it is free and I am short of $25,000 to trade NASDAQ stocks but the $100,000 simulator does let me practice what I have learned.
