Basically L2 gives you a real-time look at what's happening with a stock. Here's a quick and basic definition:
Level 2 (L2, LII) is an essential tool that any serious trader requires. L2 lets you look behind the scenes at what is going on beyond the current bid and ask of a stock and gives you a clear snapshot of how much demand and supply there is at that precise moment in time.
The most basic and fundamental rule of the markets is that there are only two things which make any stock move, supply and demand (or with these penny picks it will be hype!). Try and remember these are pump and dumps.
-If there is a lot of demand for a stock, the price will go up.
-If there is a lot of supply, a stock will go down.
-If demand matches supply, the stock will go sideways.
I use ETrade and if you call them and ask they will probably give a trial run of ETrade Pro. If you do 30 or more trades a quarter (3 months) you will get it fro free. If not, it will cost you $100 per month. Trust me, you want Pro if you're going to trade.
Now, if you say your are a newbie, I'd suggest not getting into this APS pick right now an just observe. It is soon to fall apart and there will be plenty of bag holders here. Don't be one. There will be a new pick in a few weeks or so. I'd suggest you watch that one too until you get the idea. If you do buy (like I did) buy in early, when the stock goes up put in stop losses in case of a fall and enjoy the ride. You will lose some and probably win some if you don't get greedy. If you do get greedy, you'll probably lose some real $.
So, there you go. Good luck!
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