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Jwtrader you mention the only need for level 2 is the executions
capabilities. I was thinking the same if with level 1 you get the best
representative bid, ask and you can't take advantage of the MM's because
you can't believe them. Then why not just cut through the chase ignore them
and just trade as they are just an distraction. I was under the impression
you could get instant execution with level 1 as well and I've seen 7 dollar
commission per trade. So am I dreaming here are can you get just as good
executions and lower commissions by not using level 2 and just use level 1
to day trade?
Robert
Jwtrader@xxxxxxx wrote:
>it. Personally, with few exceptions, I have absolutely no use for Level II
>quotes, but the executional capabilities of Level II are imperative for
>daytrading.
> The down side of Level 2 for me is the higher commission of $20 vs $10
>per trade I could get elsewhere. In addition you will have about $350/ mth
>quote and software fees, but you get that free if you do 50 or more
trades/mth
>with THE EXECUTIONER. I get it for "free", but it's not really free to me
>'cos I feel I am paying $500 or more in higher commissions than if I do it
>elsewhere. Another bad thing about Level 2 trading for me is that it
force me
>to adjust my trading forcasting down to 1 day and I am more comfortable in
the
>1 to 5 week range. Linda Rashke burst my bubble when she said "you can't get
>rich short-term trading". I am still trying to prove her wrong.
> Good luck. hope this help.
>
>PS:
> Does anybody on this list know if it's possible to feed this realtime
>quote feed I get thru the Internet with THE EXECUTIONER to TS 4.0 ??? It
>uses the SP Comstock data feed thru Townsend Analytical, i think.
>
>
>>Date: Thu, 29 Oct 1998 18:24:02 -0600
>>From: Robert W Cummings <robertwc@xxxxxxxxxxxxxxxxxx>
>>To: Omega-list@xxxxxxxxxx
>>Subject: Trading Level 2
>>Message-Id: <3.0.5.32.19981029182402.007dd3f0@xxxxxxxxxxxxxxxxxx>
>>Content-Type: text/plain; charset="us-ascii"
>
>>Trading level 2 is the advantage trading within the spread offered by the
>>MM? Is it the fact that you can see all the representative bids and offers
>>from the MM and from that you can get an idea of the inter strength of a
>>stock for the short term. Trying to draw some conclusions on why this could
>>would be easier than trading commodities. One big advantage is the 2 to 7
>>second fills. This subject has been here before but for those who are
>>actually doing it can you post some advantages and disadvantages in
>>relation to trading futures. Seems like there are a lot of people willing
>>to give you an education on this subject for a fee. So much hype trying to
>>get through all the BS is a project of its own. I need a computer e mail
>>device that can detect a lie when its written to me. Maybe a picture of a
>>nose that would grow has the script continued. Any help would appreciated
>>thanks, I'm closer than I was about a decision regarding this.
>
>
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