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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: wallstreeter who wrote (2754)	8/13/1999 7:47:00 PM
From: Threei	Read Replies (1) \| Respond to of 18137

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

To: wallstreeter who wrote (2754)	8/13/1999 8:12:00 PM
From: Eric P	Read Replies (2) \| Respond to of 18137

I have a few questions for you and the other veteran traders here? Do you concentrate more on the level 2 screen and the ax than volume and momentum? I think many traders, including myself, like to review intraday (and daily) charts to find promising candidates, then use Level II for the actual trade entry timing. I used mostly arca for my trades,should i have concentrated more on island? If you are placing limit orders, you should probably try using ISLD. It offers the advantage of more liquidity than any other ECN (except maybe INCA), as well as being essentially free for everyone to use. The only real disadvantage of ISLD is that you can sometimes get 'stuck' with an odd lot fill of ~8 shares out of your 500+ share order. You should try using both ARCA and ISLD to find out which works best for you. I tend to use ISLD, despite the occasional odd lot problem. -Eric