Nothing...
It means nothing.
Here's the deal on level 2:
It's a very basic tool. It is a measure of liquidity, and that's it, it's nothing more than a very basic tool.
You see, the online brokerages (etrade, Ameritrade, Schwab, fidelity, etc.) claim (such a fraud that I cannot hardly even explain how they're not sued into oblivion) to give you retail common folk the same tools us pro's use.
Nothing could be further from the truth. That claim is as true as (won't name names here, but it rhymes with schmaclonalds) selling a healthier quarter pounder with fries just because they've removed some fries from the original meal-deal.
So, the online brokerages need gimmicks...viola, now offering level 2.
To make it sound better than it is, it isn't offered to just anyone...nope! No sir! It's only offered to:
1.) people with an account value higher than $X.XX
OR
2.) people paying for the level two subscription.
Sorry poor people...you're excluded from this exclusive club of knowledge, because you're poor.
It's really too bad that L2 is readily live and accessible...but Ameritrade doesn't want you to know you can view SFOR L2 for free.
They want to continue charging you and lending out the money you deposited and trade on their voucher system (your money is not actually there...you see, they're lenders...they take your money, put a value on your account and let you trade that fiat balance while they take your cold hard cash and lend it out. That's right...you actually have no money in your account. That's why it takes 3 business days to cash your trade out. If it were a cash deal, it'd be done as fast as when your fat ass buys a snicker bar and a soda at 7-11. They come up with terms like "settlement date" and "wash" because they need a way to fool you...and it's working.
So...
When you see 88 million on the bid, know this:
The 88 million is not a single source. The MM has adjusted all trades at that price and lumped them together into one big single price point.
Then the true rookies...and I mean this...the true rookies come in here and jabber on about level 2...because they have an account value of over $X.XX or have paid the $10 bucks a month for streaming quotes and level two and they want you to know they've really made it, they are big wigs.
They've bought off on the fraud "same tools the pros use" as seen on tv (lololololol)
Let me be clear SFOR enthusiasts...
You DO NOT have the same tools pro's use and L2 is a gimmick that offers zero actionable value.
If you're reading this and actually have DAT, then you're excluded from this SFOR l2 rant.
If you're an SFOR enthusiast and have any HFT platform, you're excluded.
If you have etrade, Ameritrade, Schwab, fidelity OR ANY OTHER RETAIL PLATFORM, you'd better read this post twice.
Insert smiley face here
(And get to know the difference between someone who posts because they can but shouldn't be posting any investment advice, and someone who posts to help because they can)
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