L2

[Dzielak51]

Who offers L2 for free?

Ive been using this site : http://66.201.236.134/export/level2.jsp?symbol=  so far so good.

Im trying to learn L2 as much as possible to i can add it as a tool for trading stocks.

[Dzielak51]

also another question.  When looking at a BB or Pink stocks L2's BID and ASk size's, what do you multiply that by?

Say for example the size says 5000, does that mean 5,000,000?  That would make sense since the stock i was looking at in L2 the BID and ASK sizes were 5,000 an the volume is about 50 million.

[Tommy86]

you multiply by 100, but forget it again, those sizes are pure crap.
i use L2 too, i feel like blind if i want to buy a stock and have no L2.

my broker offers L2 and Time & Sales for 15$ monthly

[Dzielak51]

I know, now that i have been learning about it i cant believe ive been trading all this time without it.

[rb122756]

Dz and Tommy,

Pretty cool.  Haven't used this before.  Do you a have a link to some docs on this stuff ?

RB.

[Dzielak51]

Here you go bud, some good info there  http://investorshub.advfn.com/boards/board.asp?board_id=10298

[Dr PennyStock]

Level II is a trap, I don't use level II and I don't need level II, believe, that is a trap, look to your streamer and you will recognize buy and sell pressure, that is what you need to trade, level II is crap.

[Dzielak51]

i dont have a streamer

If level 2 is crap then why do so many traders use it?

[Tommy86]

everybody has its own opinion, i myself like using level2, especially when i watch low volume stocks.

[Dr PennyStock]

i dont have a streamer

If level 2 is crap then why do so many traders use it?

Dzielak

So many people commit suicide and that doesn't mean they are right, this is my opinion, level II is a trap, is good only to the  MM's, if you don't believe me, just try it and in a few weeks you will see why I tell this.

[Dzielak51]

do you say its a trap because the info it proviides is incorrect?

[Dr PennyStock]

Precisely, the MM's use the level II to create traps, for example, one stock trade at 1, and begin a run, almost immediately the MM's move to 1.50 for example, to give the idea that the street is free till 1.50, the people start to buy  confident that the stock will hit 1.50, the price is now at 1.15, you just bought, suddenly one MM that was at 1.50 begin to sell at 1.15, 1 minute later comes another and so on, in 3 minutes you have 10 MM's selling at 1.15 or lower and the price drop to 1.10, this is how they act, back to 2001 I used level II for 3 months, I saw this happen hundreds of times, I will never ever use again level II.

[rb122756]

Doc,

Thanks for the tip.  It looks pretty cool.  I've never used it before so I can't really comment.