Do you think you need to see the order book to be successful in day trading?

I've heard that information on the order book is the purest information, so is focusing on the order book the surest way to go?

 

We offer both full Level 2 depth of market and on Lightspeed Trader a Level 1 bundle that looks like below. You can see one level of each ECN and Exchange. Level 2 offers up to 30 levels of each. For me, I find more than one level distracting.

 

That's interesting!

 

The next level above L1+L2 is NASDAQ TOTALVIEW. This will show the Nasdaq market maker names not just "NSDQ". See attached. I only like seeing them on OTCBB or very small cap stocks. Otherwise, even more distracting. We only offer L2 on Lightspeed Trader but we offer NASDAQ TOTALVIEW on Sterling Trader Pro and Realtick.

 

The order book is supply and demand. Which can be manipulated but is good to know

 

Assuming you are not trading big size, then "NO", because it is a distraction from getting the right entry-exit from your system.

OTOH an automated signal of the "favorable conditions" you want, is OK, but trying to manually determine in real time said condition or as a "check" before submitting an order is a waste of time.

Also look up "spoofing" order books.

Finally, if does look pretty and if you want to see all the colors, go for it!

 

it is executed orders that count.....

 

It does help. I notice quite a bit the market moves where the money is. Very useful when trading the 1-5 min charts

 

Absolutely not.

 

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LOL\ IF only no one ever canceled ;
dont like to cancel orders myself
But i dont want 100% MOC orders, so some is logical;
not a real good trend if it takes last seconds to turn up.
BUT most dont have to worry about the regulators bringing a case against banging close LOL