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Strategies & Market Trends : Level II Trading -- Ignore unavailable to you. Want to Upgrade?

To: DRRISK who wrote (37)	2/2/1998 12:38:00 PM
From: ExCane	Read Replies (2) \| Respond to of 1086

I followed streetwalker here from the final frontier site to see what you people are gaining from Level2. I do some daytrading on NYSE and Nasdaq stocks and offer up the following opinion- Level 2 as a trading tool will probably not help your profiability over the long term because what you see is not the true picture, only what the MM wants you to see. Do any of you feel you trade better because of Level2?

To: DRRISK who wrote (37)	2/2/1998 12:41:00 PM
From: Mark Bartlett	Read Replies (2) \| Respond to of 1086

Hi Folks. You know The usability of most Level II quoting systems like realtick III (which is what I use) is very limited at the present moment. The MMs still live in a insular world with most traders unaware of there action on the stocks that they trade. What I would like to see in a Level II quoting system is more along the lines of what cyber corp has implemented in there trading system for day trading profesionals. Their market maker screen provides not only the MM and bid/ask price but some explanation of the MMs previous and current actions making it easyer to understand the intentions of the MMs and how a stock will be moving. Here is some of the MM information that they give you: Makes High Bid Makes Low Ask Refreshes Bid/Ask Goes from Bid to Ask Goes from Ask to Bid Drops Bid Lifts Ask Joins/Leaves the Ask Joins/Leaves the Bid Givin this information it will be alot easier to compete in the market place because now you have more accurate information on whats going on and the very real risks involved with trading. I hope more Level II services pick up on this... My real beef is that so far there is a price ticket to even play the game. Things have gotten better though. Instead of investing $4000.00 or more up front for realtime feeds now its only $150.00 to $300.00 per month. Commisions are down. I think things will get cheaper but with more services as time goes on. One question though- as time goes on will trading continue to be a good ole boys game (I.E. Market Makers) or will it become a more "free and efficent market" where there is more opertunity that can be used by individual traders? -Mark