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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: Rick Faurot who wrote (734)	7/5/1998 8:43:00 PM
From: Tai Jin	Respond to of 1729

As I recall, Ken Wolff said that he does not use level 2. So it isn't strictly necessary, although I should think that it doesn't hurt to have it. ...tai

To: Rick Faurot who wrote (734)	7/5/1998 8:48:00 PM
From: surfinSteve	Read Replies (2) \| Respond to of 1729

I have been noticing a few mentions of Ken Wolff on this thread, so I decided to check out his site. Regarding Level II NASDAQ his FAQ surprisingly says: Q. Do I need Level II NASDAQ to trade with you? We generally do not use Level II. Level II is good for slow moving stocks and we usually do not trade them anywise. Here's a link to that FAQ: mtrader.com He also has a free morning email advisory that looked interesting, so I decided to subscribe to it. I have to admit that I'm a bit skeptical about relying on someone else's advice to pick stocks to daytrade. It sounds like I could easily be taken advantage of in a situation like that. Anyone agree?

To: Rick Faurot who wrote (734)	7/5/1998 8:50:00 PM
From: Eski	Respond to of 1729

Been in Wolff's Chat room for 2 month's. He is a good teacher but be aware he doesn't care much for using Level II, in fact he doesn't use it at all. This will be my last month, I feel 2 to 3 month's is enough, if you looking for a chat room that someone will make alot of call's this is not the place. Wolff more into pattern recognition of the stock that their watching, the bid and ask, the pace to it etc. I personnel won't trade without Level II. I do enjoy the people in the room no hype,no pump and dump. Eski

To: Rick Faurot who wrote (734)	7/6/1998 12:46:00 AM
From: Darren	Read Replies (2) \| Respond to of 1729

The more I watch (in Wolff's chat room) the more I realize that daytrading on L1 is not smart, to put it mildly. Works for him, but my feeling is it's inefficient. If I see 1 MM on the Bid, and 4 on the Ask, I'll wait a second or two and he would buy, because he didn't have that extra knowledge. On the other hand, there are times when 1 MM will move the market and I would be wrong to wait... My feeling about why he doesn't use Level II is that he has a hidden secret he will never document in his chat room or in his writings -- it's the clock.