| Now, for a Position trader that does research at night or on occasion,
during the day from work, this is typically all you need.
However, for the day trader, this is not nearly enough. A day trader needs to
know what others are bidding and asking instantly.
It not only shows the Level 1 information it also shows the size of the orders, the
ECNs and MMs making those orders plus the Time & Sales (actual order execution of price and size) on the right
side.
The Level 2 Course available to the public at Pristine.com discusses Level 2
in depth.
Additionally, you will need a book or two that explains
the structure of the stock markets to include an understanding of Market Makers, Specialists, and ECNs.
A good free source is your public library or you can review any of the books in Step 2 in the Classroom.
Now, you are ready to tackle
Step 3, Understanding The Markets.
More information on NASDAQ Level 2 can be found at the following sites:
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