From my experience (others may have different opinions of course);
Do you concentrate more on the level 2 screen and the ax than volume and momentum?
Not really. Volume, momentum, range etc is first line of consideration, level 2 structure confirms original suggestion, sharpens timing and helps to route the order using the best way at the moment. Watching the ax... well, sometimes it's useful, but overall is overestimated, IMHO.
It's just one of the hints, but not stand-alone strategy. When you listen beautiful music playing, do you really want to monitor every swing of conductor stick? ;)
I felt like most of the day my stocks were in a very narrow trading range and the market makers humbled me for getting in even if i was looking for just modest gains
Well, that was the name of the game today: gaps ate most of the gain. But one thing should be said: if you are going for just 1/8 scalp, trade has to have greater potential, you can't trade exactly under upper limit. It will decrease the odds dramatically. Much easier to take 1/2 on trade with 2 points potential upside than 1/8 on trade with 3/16 potential (whatever the system for potential determining is used).
I used mostly arca for my trades,should i have concentrated more on island?
There is no good or bad route... they all have their place and should be used when appropriate... ISLD has it's limitations (as any other route) and will get you no fill if used at wrong moment. Learn and practice them all, Eric gave great summaries on each route earlier.
Congratulations on your "initiation" and good luck!
Vadym |
