Level II, Worth it??

[Trader5287]

Originally posted by daniel_m
L2 is a great tool. you don't NEED it..but if you learn to use it, it can really help.

Can you suggest some internet sites that really explain the proper use of L2? Until recently, I had limited screen space and was always a tape reader. I last had it pre-decimal and always felt to slow in the head to "get it" trading of L2.

Geo.

 

[daniel_m]

Originally posted by Trader5287


Can you suggest some internet sites that really explain the proper use of L2?

i don't know of any, and i doubt that any out there would really teach you anything. do a search.
i'd recommend to just watch it for a while and will start to make sense. don't watch JUST L2, i mean watch it in addition to whatever else you look at.. it WILL start to make sense...
and if it doesn't..well, ...too bad

 

[rs7]

Originally posted by daniel_m


basically, the longer your time frame, the less need you'll have for it. up to a point where it indeed becomes worthless.

As usual, Daniel has made a valid point. Since I DON'T try and scalp, and I virtually never hold a position for less than a half hour or so, to me, I find L2 close to worthless. But he's right. If L2 (or anything) helps you to make money, then it is of tremendous value.

I do think there are better tools, but most are proprietary or very expensive. (One of the many reasons I prefer not to work at home or to trade my own money).

Rs7