thanks, i appreciate the perspective (and the cheese). still learning the infinite differences between investing and trading. schooled in fundamentals, teaching myself technicals. trading small-caps with paper and pennies while my real money is asleep on the big boards, but getting ready to step further out into this pool and others (certain water-related industries look interesting). doubt i'll ever be truly day trading (i have a small company to grow), so perhaps learning to read L2 pattens is pointless, but i'm curious as to your take, given you mentioned that "limited liquidity" (which keeps rearing its head, usually after legal and fundamental screening yields some candidates and i start in on the technicals). the more i learn about L2 the more i see how deceptive the (visible) order patterns are. is it purely rules/technicals that drive your entry and exits or is there an element of "upstream" momentum/order-watching that causes you to adjust strategy on the fly? do you adjust trade size (or rate of averaging in/out) to what you see real-time or some trading volume metrics/thresholds?
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