I use the DOM to buy and sell with just 1 click It's fast and convenient I don't understand why this thread? Are professional not using the DOM???
OP is probably talking about entering & exiting a trade using only DOM. And no chart is used. Day traders used to do such a thing until the advent of high frequency traders.
I have used DOM and LL2 for decades because it was essential for scalping. In 2024, I feel conflicted because the algos and funds pulverize the book instantly. Now I watch other data that makes more sense during these gaps. My trades last seconds to days.
click entry and price target on the dom, yes. eyeballing on the dom? good luck with that. only in major news event you can see the buy and sell orders combined with the chart, for few minutes. jigsaw is the last breath.
I personally know 2 traders who trade full time (proprietary level) using DOM without chart until now but they trade non-US instruments. One trade low-mid cap stocks and another one trade futures. Another trader I personally know trade full time US futures using footprint chart+DOM. Personally, I would only take the DOM route if I trade less efficient instruments (low-mid cap stocks, non-US futures) or bond futures (thick order book). Even people who trade bond futures find it increasingly hard.
If the contract is cap weighted, the underlying stocks have multi-trillion dollar valuations (US equities). That means the most economic hedge (options) is being utilized to insure those mag7 returns. Therefore, you need to watch the vol market, VWAP, rates, and make sure you monitor any relevant outperformance metrics. Correlation trading has become very important. DOM and the book are actually very important for rate futures trading.