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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Mark Nelson who wrote (2377)	1/21/1998 1:37:00 PM
From: Jonathan Brown	Read Replies (1) \| Respond to of 4969

Mark, an Amazon search didn't turn up the book you mention. Would you have the authors' names or a complete title?

To: Mark Nelson who wrote (2377)	1/21/1998 2:19:00 PM
From: Stoctrader	Read Replies (3) \| Respond to of 4969

>The guys at Datek have a book out called "Electronic Daytrading". >It's all SOES,level II, ICN etc. Um, hold up a second. Before anyone spends there money let me say a few words. That book is totally outdated now and was never intended to be an analysis or instructional book on interpreting L2. For one thing, it is heavily biased toward the "Watcher" order execution system and unless you live in the New York area you have to pay long distance charges to use that system. Depending on where you live, this can cost $600 per month or more. So unless you are determined to use the Watcher, you won't find much in the way of useful L2 info . Also and more importantly, the book was written during the old order handling rules. They talk frequently about using a feature of the Watcher system called the "Monster Key", which takes orders and enters them outside of the current inside market by 20%. Under the old order handling rules, you could get a faster fill this way, but that rule is no longer in existence. Unfortunately, the rules have changed so the main focus of that system and the book is now worthless. Although the Monster Key still exist, it has a totally different function now, which is not explained in the book. There are also no illustrations of level II in the book and since level II is a visual tool, it would only make sense that you would want to see some illustrations of L2 and how it works, if that's what you are buying the book for. Let me make it clear that I'm not trying to bash the book. It was ok back when the rules were different. I'm just letting everyone know ahead of time before you spend your money for outdated info. Baron Robertson Editor and Publisher Elite Trader elitetrader.com