I am not a sophisticated trader meaning all I trade are stocks either long or short I am into simple limit orders and stop loss orders can anyone give me the pros and cons of Level I as opposed to Level II?
Level 1 gives you the inside market, while level 2 gives you depth. Pro of level 2: can see more levels and potentially figure out how to make that work for you. Cons: Can get distracted by all the changing limit orders and also exit early based on what you see there rather than by your methods rules.
That is what have noticed is the added data will cause me to question my methods of madness, LOL. Is there any dfference n speed or accuracy of execution?
Should be no difference in speed or accuracy of execution all things being equal. If your CPU is older, level 2 may slow down your processor speed but otherwise shouldnt be an issue.
Some brokers promote level II as though it were the holy grail. It's not. The format and details that Level II gives you very with different brokers and trading platforms. In most cases, Level II is useless in my opinion. However, if you want to use that kind of data in your trading then you need to be trading with the type of data that CQG provides. I recommend them, but CQG is impractical for traders with small accounts because of cost. You do not need Level II to trade well.