The Nasdaq Traders Toolkit
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The excellent introduction to this text makes key points paraphrased next. Full-service discount brokerages often take the other side of your trades, and non-discount brokerages' rape you with high commissions and take the other side of your trade. So if you are someone who actively trades for a living, eventually you will want to cut out the broker and trader's costs.
New laws and new technology allow you to do just that. Chapter one defines pros and cons of "day trading", "scalping", "swing trading", and "position trading". Chapter two gets into the toolbox: Level I is what most brokers access to give you a quote but it contains only what the rudimentary best bid and offer is. Level III contains a wealth of on-line real time information and can only be accessed by the "market makers" filling big orders, often including nice fat margin spreads.
Trading Tools & Platforms
However now a Level II screen can be accessed on-line real time directly by you the individual trader through direct access brokerage to a front-end order execution platform. You are then on the virtual traders' floor. With this direct access to Level II you can cut out the broker.
You do however need to use the correct execution tool apologies to readers of French extraction for exiting a trade, depending on market conditions. A Level II screen needs to be thoroughly understood before you can use other tools.
Note that a new Super Montage is on the way. How to Make Money in Stocks: Smile Pricing Explained Peter Austing. Investing Demystified Lars Kroijer. Reminiscences of a Stock Operator Jon D.
Book Review > The Nasdaq Trader's Toolkit
The Disciplined Trader Mark Douglas. Top Stocks M. Systematic Trading Robert Carver.
The Nasdaq Trader's Toolkit M. Call and a platform specialist can help. Delightfully written with many splashes of humor. Stay on top of your investments and trading ideas with Watch Lists, integrated across any platform, including mobile. Description Nothing has changed the markets more in the last few years than the advent of direct access, the combination of NASDAQ Level II quotes and direct order routing which together enable savvy traders to "hit" bids and offers and go up against the market makers.
Smart Portfolios Robert Carver. Invest in the Best Keith Ashworth-Lord. Understanding Stocks 2E Michael Sincere. Top Stocks Martin Roth. Options for the Stock Investor James B. The Classic Edition David Dodd. Broken Markets Sal L.
Winning on Wall Street Martin Zweig. Quantitative Momentum Wesley R.
Secret of Writing Options Louise Bedford. Other books in this series. Trading in the Zone Ari Kiev. Technical Trading Online 'Trader X'. Technical Charting for Profits Mark Larson. Electronic Day Trading Sunny J.
Bestselling Series
The Nasdaq Trader's Toolkit M. Flap copy Nothing has changed the markets more in the past few years than the advent of direct access. If you have a computer and a phone line, you now also have the ability to make your own trades in the stock markets-and get a jump on the market makers themselves. They all work differently! And use of the wrong execution route can waste time and turn a gain into a substantial loss. Knowing the specifics of execution-which routes will work fastest and when-is vital to success as a trader. In The Nasdaq r Trader's Toolkit, a former market maker reveals how they all work-and the secrets to making the most of them.
Direct access is made up of two main components:
