level2 or webbased platform?

Discussion in 'Order Execution' started by tiger567, Jan 3, 2006.

  1. tiger567

    tiger567

    I am new to trade usa stocks.
    If I dont use level2, but use normal online trading,
    How many sec is necessary for my limit order to reach the market?
    If order from level2 platform, its cost more expensive ,and charged ECN too.
    So better way is to use level2 for checking market data only,
    and order from webbased online account is better.
    But how different spped for order to reach market is it from level2 platform or from webbased platform?
     
  2. birdman

    birdman

    i'm no expert but i can shed a little light on this subject and since no one else has responded ...

    whether you use level 1 or level 2 quotes has no bearing on the speed of your executions

    level 2 simply shows you a bit more of the orders (offers to buy and sell) and in theory may give you an edge in making decisions as to which direction the stock is likely to go in the next few seconds

    now on a related subject,
    some brokers may sometimes get your order to the market faster or slower than others

    hope it helps:)
     
  3. tiger567

    tiger567

    Most broker charge more comission and ECN chage for order
    if he use level2, level2 is not relate to order speed?
    If so ,why most people pay much money to level2 order?
    If no relation with order speed, they can order from level1 platform, checking stock price seeing another account level2.
     
  4. birdman

    birdman

    you can use the search feature at the top of this page to search for threads about any subject

    here is the results for threads about level 2
    http://elitetrader.com/vb/search.ph...=1023772&sortby=lastpost&sortorder=descending

    you are sure to gain a good understanding of level 2 at one of these threads

    but remember level 2 is just another kind of quote --- you can get level 1 quotes or level 2 quotes --- level 2 simply shows more of the current offers on both the bid and ask
     
  5. alanm

    alanm

    There's a lot of confusion here.

    What some people mean by "level 2" is what their broker calls their direct-access platform that includes the NASDAQ Level II display which shows all the MM and ECN bids and offers at each price level, as well as other active-trader-type features. These platforms generally send orders and report fills/status very quickly (i.e. < 300ms).

    What those same people mean by "level 1" is probably what their broker calls their non-direct-access web-based platform with simple national best bid/offer (Level I) quotes. These platforms are generally slower to enter/execute/report than direct-access platforms.
     
  6. gsz55

    gsz55

    the buy and sell layer information
    for example, if stockA is $50 now,
    I want to see 6 stocks of the amount of shares in each price

    buy 50.5
    50.4
    50.3
    50.2
    50.1
    50.0
    49.9
    49.8
    49.7
    49.6sell
    49.5

    and same times, I want to see Can I see the ranking of gainner10 and loser10
    in the webbased platform.
    Usually can I see these condition in a webbased platform simultaniously?