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

To: Dan Duchardt who wrote (136)	2/9/1998 8:38:00 PM
From: Jay Morrison	Read Replies (2) \| Respond to of 1086

Dan, That was one of the best descriptions I have seen for how a SOES trader watches the market for very small (1/2 point of less) price movements and profits. <<What I want to see on level II is lots of support, i.e., several MMs willing to pay a price very close to my buy price in case things start moving against me. If executions are going off at the offer, and the number of offerers starts to decline, while the bidders hold or increase, chances are pretty good a stock will move up. It's time to buy at the asking price. If a stock really runs, the bids and offers will rise, often in spurts that last less than a minute or two. Typically, the price will go up by 1/4, or less, before things slow down. >> That is the key right there. Not everyone can do this. It requires that a person be able to watch alot of numbers moving very quickly. It requires the ability to watch this happening and interpret the time to get ahead of the market and move with the near term trend. Most people do not have the ability to watch a computer screen for 6 1/2 hours per day and look for these oportunites. There is nothing magical about doing this. It only takes concentration to watch the computer screens and maintain a high level of attention. When the average attention span of a US couch potato is a 30 second commercial, then I think it is a safe bet that most people cannot daytrade. However, it is wrong for people on this thread to credit some magical ability to the sucess of daytraders. Sucessful daytraders are simply people who can focus for long periods of time. Jay

To: Dan Duchardt who wrote (136)	2/9/1998 9:12:00 PM
From: Nazbuster	Read Replies (2) \| Respond to of 1086

Dan, thanks for the GREAT response. Not having the L2 screen in front of me, I have to rely on blow-by-blow words and you provided them! (I think many of the more advanced traders assume we have all been there, done that.) I can see from the CyberTrader screen snapshots that you can see a good number of Bid/Ask entries and who posted them. You can also get a good sense of the backlog volume behind the best Bid/Ask. What exactly do you see when someone's buy/sell actually occurs? How do you know whether it went off at the Bid, Ask or in between? Does an entry simply disappear from the top of the queue? How do you know it was not cancelled?

To: Dan Duchardt who wrote (136)	2/10/1998 6:07:00 AM
From: Philip R Berber	Respond to of 1086

To understand the difference between CyBerTrader and other systems is to see and use CyBerTrader The key differences might be DECISION SUPPPORT SYSTEMS - CyBerTrader has around 10 "radar" systems running on the NASDAQ and NYSE markets and provides green and red "signals", alerting traders to specific buy/sell opportunities. These include Print Alerts Quote Alerts Island Order Flow and Executions Trader Order Flow and Executions New Highs/Lows - intra day and 52 week Top 10 - Volume, Advancers, Decliners The Hammer- shows you which Market Makers are the "lead players" in each stock that day RISK MANAGEMENT: A suite of tools that help to manage your exposure for each position enetered into ACCOUNT MANAGEMENT: Key real time summaries of your Open P&L, Closed P&L etc STOCK BOX: An advanced and feature rich "market maker" box, with Time and Sales built in CHARTS; Advanced technical features/functions - intra day, daily, bar charts, candles sticks etc EXECUTION SYSTEMS: High end, multiple function speed ket order emntry to NASDAQ, NYSE, AMEX, ISLAND, INSTINET etc etc SMART KEYS: Order entry is complex. Smart keys are "expert Systems" that are designed to direct orders to the optimal counter party at that moment in time CYBERCHAT:A a real time private "chatline" between CyBerTraders DATA: CyBerTrader offers access to and use of both NQDS, the high speed direct NASDAQ Level II data feed, plus the "true" Island book - which means you get the data faster! What if you saw market data a second or five faster than those not using these data feeds!? To see it visit cyber-corp.com and either download the screen shots and/or the "screen cam" demo which shows you both CyBerTrader and CyBerT, the more user freindly version for less experienced traders.Hope this helps PRB