By Online Trading Academy
I'm beginning as on OTC dealer on Wall road, and this ebook is really juvenile. What the booklet needed to provide was once no longer even simple, and pointless... for instance, in interpreting the extent II monitor part, they inform you to observe Goldman Sachs (GSCO), yet to be cautious, for the reason that the the GSCO marketplace maker understands that many investors watch. And that really summed up the extent II research. base line, purchase whatever else, something else...
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Extra resources for Electronic Trading Guide for NASDAQ Level 2
An uptick is created when a new inside bid is established at a higher price (at least 1/16th of a point) regardless of whether it is a Market Maker or ECN quote. • A SelectNet bid is unseen on the NASDAQ Level 2 screen and, therefore, cannot establish an uptick. • You may not send an order to open a short position at the bid price or below when a downtick has been established. • You may short at the bid price on an uptick only. • On a downtick, you may offer (through an ECN or SelectNet) to open a short position if it is at least 1/16 above the inside bid (for most commonly traded stocks).
Analyzing Short Term Risk through the Market Maker Window This is particularly critical for scalping trades (that is, anything with less than a 3/8 or ½ point profit target). When you find a number of Market Makers accumulated at a particular price level, it may represent a temporary support or resistance level. Such levels are areas where you should expect you might be able to get out of the trade if it does not go in your favor immediately as desired in the case of very short term scalping trades.
Keep in mind that this technique is best reserved for more experienced traders. If you must trade the trends of the market using multiple positions, use small share size on each position. Just because you are diversifying into different stocks, this does not mean that your risk is lowered. Your share exposure is of essential importance. Keep it small. Multiple position trading is best suited for when the market or sector trends are clear. Managing multiple positions requires experience – some novices get tense on just watching one stock position.