Product 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. But just having access to these tools is not enough. Knowing how to use the tools–quickly and expertly–is key. In The NASDAQ Trader′s Toolkit, a former market maker reveals the secrets of NASDAQ trading systems.
From the Inside Flap
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. But just having access to these tools is not enough. 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: the Nasdaq Level II Quote Montage and the order routing systems with which you can buy and sell securities. These are tools that enable you to buy at the bid, sell at the offer, and determine the strength and direction of a stock before it moves–allowing you to enter and exit positions more quickly and easily than the market makers themselves. But how do you get the best fill?
The expertise in this invaluable book will help you move to the next level in your trading by offering practical nuts–and–bolts insights on the mechanics of the market that can benefit any plan–from the basics of SuperSOES, SelectNet, and the electronic communications networks (ECNs) to defining Level II and learning to interpret it. Discover how to route your order to get the quickest fills and execute with confidence.
Practical, straight to the point, and comprehensive, The Nasdaq(r) Trader′s Toolkit will help you master the new tools of the trade and learn which route to take in any given situation–the road map lies before you in this indispensable book.