Paul Rotter and the Order book

[trader56]

In an article, Paul Rotter (aka the Flipper) mentions that if one wants to become a good trader, they need to "spend a lot of time watching the order book."

Forgive my ignorance, but what is this order book?
How can one watch this?

Thanks for any help!

 

[Bitstream]

the ladder. where u can see inside/outside quotes+last and the respective size

 

[dandxg]

I'll take a guess. Time and sales.

 

[dcraig]

Quote from dandxg:

I'll take a guess. Time and sales.

+ DOM

 

[Vince1]

Quote from trader56:

In an article, Paul Rotter (aka the Flipper) mentions that if one wants to become a good trader

A good scalper, actually.

 

[dcraig]

Not just for scalping. Have a look at the last chart on the page here

http://www.elitetrader.com/vb/showthread.php?s=&threadid=78980&perpage=6&pagenumber=20

and the first one on the next page.

 

[me1969]

Quote from dcraig:

+ DOM

I am ignorant, too. Can anybody tell me for what the abbreviation "DOM" stands?

Thanks!

 

[dandxg]

Quote from me1969:

I am ignorant, too. Can anybody tell me for what the abbreviation "DOM" stands?

Thanks!

It's depth of market, your trading ladder, as in Ninja Trader, X Trader, etc.

 

[Arbitrageur]

another good interview with paul here:
www.trading-naked.com/library/paul-rotter-trader-monthly.pdf

 

[dcraig]

Sample order book for DAX future using IB book trader.