How do you trade those Nasdaq Stocks

[dddooo]

I am just beginning to trade and trying to decide what is going to work better for me - NYSE or Nasdaq.

The more I read here on this board about Nasdaq, the more confused I am i.e.
- More and more people say that Level II screen is useless with bogus 100 share sizes etc.
- Tape is supposedely not good either, as block trades are not posted at the time they actually happen.

So if you cannot trust Level II and tape what do you have left to make trading decisions - charts, patterns, indicators, TA, anything else?

I am not asking for specific setups and I realize that lots of you are profitalbe trading Nasdaq, I was just wondering what tools you find useful specifically in trading Nasdaq stocks.

Thanks a lot
Dennis

PS. I realize that NYSE is not that nice either.

 

[birddog]

dddooo,

start out with the charts on a short term time frame. Find a method to initiate and exit trades.

Pick one stock and watch it for a week. Notice who is selling who is buying in size. Look at time and sales together with level two - see if trades are going off on the bid or the ask - see which marketmakers are staying firm or backing off.

Pay attention to the trend. Try and be on the same side of it all the time.

when looking at level 2 pay attention to tier levels and collapsing tiers. Watch important points such as yesterdays high, low, close, and todays .

Hope this helps