As mentioned above - that information (and more) is available in TotalView - at a very low price.
You don't seem to have a solid grasp on you're talking about, and really aren't in a position to be casting "clueless" comments at others.
Level 3 data: What is it & why is it hidden from retail traders?
- Thread starter pcp198
- Start date
As mentioned above - that information (and more) is available in TotalView - at a very low price.
You don't seem to have a solid grasp on you're talking about, and really aren't in a position to be casting "clueless" comments at others.
ok, lets replace clueless with 'uninformed', sounds better? If we conducted a poll, I suspect results will find most traders, (myself included) have little knowlege what level 3 means and how it may improve there trading results. You're correct about TotalView, it's a level 3 service offered by Nasdaq. The description says 'NASDAQ TotalView-ITCH â the standard NASDAQ data feed for serious traders â displays the full order book depth for NASDAQ market participants'.
This is a good option if you trade Nasdaq listed stocks. However, it does not cover futures trading. Does NYMEX or other futures exchages offer a similar service?
There is nothing wrong with what i have said.
L3 is only for brokers, its their order book. They see everything.
The size of the order, the kind of order, the name of the client.
They are market makers, because they make the price, they scalp between their orders from their clients to make quick money, a few ticks here and there, thats why they take positions against their clients - dont ask me how often they do complete trades against their clients - if its not illegal, they do it anyways. If they have a client who loses 20 out of 20 trades, i would do the same as a broker - thats just business.
They dont need it to make business, but i think its a big part of it, to scalp with L3 i mean.
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Retail brokers are different ones. No broker wants supertraders who steals all their money.
They are Market makers and trade against their clients or they are ECN or STP Brokers, who only make money with commissions and spreads.
And they want to collect as many losing traders as possible.
Most small retail brokers, life from new deposits from their losing clients. That only works when new fresh money is coming into the firm.
Next step is get in touch with institutional clients, to get big fresh money into the firm.
Thats their business as retail traders.
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No client of a broker have access to L3, only to L2.
I thought every broker have access to L3, if it is only their order book, but when talking about stocktrading and knowing all the other orders from the Nasdaq, then you might pay for a license and need some other requirments as a broker.
What do you think ?
If thats so, than would trading be easy.
If everyone can see the big orders waiting and know where support and resistance will be.
If so, this does not count for Forex.
Most of you here trading Forex aren't even using proper brokers, you're using what are effectively bucket shops.
Yes, of course.
Do you use level 3 in your trading? Like Hatetherisk mentioned? Identify big s&r zones using resting orders?
I hate bucket shops.
Thankfully there are enough big brokers who offer retail fx.
LOL
Big firms, yes maybe - you never know....
Small retail bucket shops, no - sure not, you can feel happy if you see your money back......
But simply said, market makers, can trade against their clients, and i am sure they do it.
ECN + STP can not.