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Ron, you literally took the words out of my mouth. Like all other
trading hypes, it's a great way to blow money. It takes a trader to
trade, whether he has a level two or not. I found out the hard
way...(you couldn't have told me that I would have had that experience
beforehand, though).
I think a level 2 trader can survuve if he is exceptionally well
disciplined and exceptionally well capitalized. MASH, GSCO, and the
boys -- er, persons -- can (and will) fade the bid a point and a half
just to make you panic because they know you can't afford to lose that
much on a single trade, and have been indoctrinated to dump at a 1/4
to a half loss. If you can afford to hold it, then you're not a
bandit...your a defacto market maker.
Once in while you'll gain a half on something that Joe Kernan
mentions, but when that happens you can't trust your level 2 because
of the speed of the buying panic. that's just Las Vegas on steroids.
And then they'll be the rush to get out,which you might play right,
this time...
---Ron Augustine <RonAug@xxxxxxxx> wrote:
>
>
> Been there, done that -- Level II was much more useful before the
NASDAQ
> changes in early '97 -- MMs also got very good at head-fakes and other
> deceptive tactics.
>
> If you feel you need this type of excitement, I suggest walking
across the
> freeway at high-noon, blindfolded. It eliminates the exorbitant
monthly
> fees... :)
> ____________________________________
> At 04:27 PM 8/9/98 -0400, you wrote:
> >
> >Any bandits in the crowd? How many folks using Level II quotes?
> >
> >The Omega Man (TM)
> >
>
>
>
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