Thanks...but I "recovered" only from an angio that concluded that I must go in for open heart surgery in a few days, to replace a bad aortic valve....I will know more after meeting with the surgeon on Monday. Thanks again!!
Zed- I couldn't agree with you more. I consider myself a pretty intelligent guy. However, if there is a trader out there that can honestly say that when trading, lets say CSCO he/she consistently and more importantly, profitably uses LVL II for the majority of their decision making when putting on a trade . . .I'd say to them PROVE it. I couldn't have said it better "Slip n Slide" is the perfect analogy. In terms of helping time the entry or exit of a trade I find it to be only marginally useful. You might save yourself a .01-.03 taking note of the LVLII at the time you place the trade. Beyond that you are much better off taking note of T&S- price and size along with 1-min & 5-min chart. -momo
Level 2 is very useful! I use Level 2 mainly for trading decisions on NAS stocks. There are a number of things you can do that work. Take advantage of the fact that that ECNs allow you to show and hide size, which makes for a poker game no doubt, but I'll take it over the NYSE specialists any day! You want numbers? ok. I make about 600-1000$ day from my Nasdaq trading (I have other strategies I employ in other markets as well), so I think traders much better than me must be cleaning up!
the thing with L2 is that its a short-term tool. For a swing trader,who cares if you get that 2cents. For others, like me, i certainly care. I'm good at reading L2 and the charts, and when combined i do very well. To each his own. But to say it's completely useless is incorrect. Like all information, understanding what's important and what isn't is the key to the game. cheers