1 of 1 people found the following review helpful:
Need to look beyond this book, 2005-11-20
It was OK as far as it goes, but I was disappointed in that it was very outdated. Trading has so far advanced in speed and execution times by now. Maybe some of the different execution methods used to matter a few years back, but I am not sure now. Of course it depends on how "large" a trader you are, and how often.
I was actually looking for more descriptions on how to discern what is happening on Level 2, and the author touched on it too briefly, in my opinion. The hand-eye coordination needed to see what he describes is extremely limited in application on fast moving high volume stocks. His static descriptions (definitions, market makers, ECNs, etc) were pretty good. So much of that is available through other means, nowadays. As I said, it was the "interpretation" that was lacking, I felt.
The graphic examples in the book were mediocre, and don't match the screens I am using presently.
I neither short, nor buy on margin, and now I know better why not.
The most insightful discussion was about the so-called "hidden" orders which I suspected were there, and he firmed that up for me. Basically, what you see on Level II can't really be trusted, and using it for more than anything but entertainment is risky.
Many of the things in the book are limited by what one's online broker will do for you. No way could I trade a dozen times a day on the same stock as described.
0 of 1 people found the following review helpful:
Great book, 2005-10-23
This book I read with pencil and notebook. It definitely gave me perspective on the "live" trading. I think this is extremely comprehensive book, going from trading, to shorting, even touching on tax stuff. There are so many worthless books, but this one is a keeper in my library.
8 of 8 people found the following review helpful:
Good but outdated, 2003-09-09
What's great about this book is that it rolls up its sleeves and gets right into the nuts and bolts of trading and the mechanics of what really goes on behind the scenes. Unfortunately that's also its drawback - the mechanics have all changed since it was written (in 2000). Although the book covers SuperSOES, SuperMontage, decimalization and other recent changes, these changes had not been rolled out at the time of writing. Thus about every other page carries a disclaimer that the information will change in the near future. That's a shame, because the book is very well written and informative. Sure hope an update is on the drawing board!
5 of 6 people found the following review helpful:
A Complete Insight Into The Nasdaq Trader's Toolkit, 2003-04-16
Here�s a solid read for the Nasdaq Level II curious. As the former head of MB Trading, Labier has built a career around electronic daytrading. Though a self-proclaimed fan of �get rich� books, this book offers a no-frills example-packed ride for the beginner. Starting with the basics, everything you need to know about interpreting Level II is provided. If you have no idea what Level II is, that�s covered as well. Slugging it out in the trenches with scalping strategies is nothing that comes easy for the untrained eye. Labier brings some clarity to the madness with the one goal of making a profitable trader.
Having the intricacies of the Level II screen ingrained in the mindset is a must for a Level II trader. This book is appropriately called a �toolkit� for the trader who uses all the information to his or her advantage. �Buy low and sell high� is a start, but to really be good at this game, you need everything you can get your hands on to gain an advantage.
I found the strategies uncovered by Labier as to how market makers use deception to mislead a key feature in this book. It's not hard to see how a rookie trader gets eaten up by the big guys when maneuvering through Level II�s electronic battlefield. Labier will save you from a few wounds with an in-depth look into the tricks players use to outwit the competition.
Of other interest is a thorough description of how orders are processed. The Nasdaq is a complicated structure of computer networking that needs to be understood when it comes to choosing a platform from which you wish to trade. Another issue is the up-and-coming Level III that Labier gives the low down on.
I recommend this book for someone interested in getting into Level II. A trader needs the tools best-suited for their interest, and the information provided here will lay it all out for you. Put your strategy together and prepare to succeed.
6 of 7 people found the following review helpful:
you need this book, 2001-11-30
There are already many good reviews written about this book.
So I just want to add,
you need this book if you want to become a day trader.
It tells you about the essentials about order entries, order routings and Nasdaq Level 2.
Also the new Nasdaq Super Montage which will be implemeneted in 2002 (thus making Level 2 and its entry strategies obsolete) is covered and explained in this book.
All the online brokers are advertising with their quick executions. But any market order at any online broker is quick.
You're not really that quick as long as you don't know how to tell an ECN or a Market Maker and as long as you don't know where to route your order via direct access trading (which isn't that expensive anymore).