Re "Level 2 for scalpers" etc
One description was that it was for scalpers,
looking for pennies, attempting to "beat" the
marketmakers. Most daytraders that even come
near messageboards aren't trading 25k shares
for .02 and it's hard to believe anyone is out
there thinking they are going to "beat the
marketmakers".
I think any daytrader would be seriously hampered
trading without Level 2. Not being able to see
the weight of buys/sells is too much like trading
blind. While not the "magic answer" (there is none),
it's a valuable tool. Having it can save you money
on a daily basis. You can see selling coming in and get out of the way, or vice versa. Datek/Ameritrade offer it for
9.99 a month. I'm sure they aren't the only ones
offering it for less than 50.00 a month. Even if
someone had to pay 50.00, there are expenses in
trading, and that's one that you should make up
with better trades. With a "normal" job, you'd be
paying money in out for gas, parking, etc. Trying to
"save" money can cost you money, and already has.
One small extra trade a month, or just being able to
squeeze a few more pennies out of trades, pays for it.
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