|
The Nasdaq Trader's Toolkit
 |
Author: M. Rogan LaBier
List Price: $29.95
Our Price: Click to see the latest and low price
ISBN: 0471404039
Publisher: John Wiley & Sons (15 December, 2000)
Edition: Hardcover
Sales Rank: 65,391
Average Customer Rating: 4.25 out of 5
|
Customer ReviewsRating: 3 out of 5
Good but outdated
What's great about this book is that it rolls up its sleeves and gets right into the nuts and bolts of trading and the mechanics of what really goes on behind the scenes. Unfortunately that's also its drawback - the mechanics have all changed since it was written (in 2000). Although the book covers SuperSOES, SuperMontage, decimalization and other recent changes, these changes had not been rolled out at the time of writing. Thus about every other page carries a disclaimer that the information will change in the near future. That's a shame, because the book is very well written and informative. Sure hope an update is on the drawing board!
Rating: 5 out of 5
A Complete Insight Into The Nasdaq Trader's Toolkit
Here's a solid read for the Nasdaq Level II curious. As the former head of MB Trading, Labier has built a career around electronic daytrading. Though a self-proclaimed fan of 'get rich' books, this book offers a no-frills example-packed ride for the beginner. Starting with the basics, everything you need to know about interpreting Level II is provided. If you have no idea what Level II is, that's covered as well. Slugging it out in the trenches with scalping strategies is nothing that comes easy for the untrained eye. Labier brings some clarity to the madness with the one goal of making a profitable trader. Having the intricacies of the Level II screen ingrained in the mindset is a must for a Level II trader. This book is appropriately called a 'toolkit' for the trader who uses all the information to his or her advantage. 'Buy low and sell high' is a start, but to really be good at this game, you need everything you can get your hands on to gain an advantage. I found the strategies uncovered by Labier as to how market makers use deception to mislead a key feature in this book. It's not hard to see how a rookie trader gets eaten up by the big guys when maneuvering through Level II's electronic battlefield. Labier will save you from a few wounds with an in-depth look into the tricks players use to outwit the competition. Of other interest is a thorough description of how orders are processed. The Nasdaq is a complicated structure of computer networking that needs to be understood when it comes to choosing a platform from which you wish to trade. Another issue is the up-and-coming Level III that Labier gives the low down on. I recommend this book for someone interested in getting into Level II. A trader needs the tools best-suited for their interest, and the information provided here will lay it all out for you. Put your strategy together and prepare to succeed.
Rating: 5 out of 5
you need this book
There are already many good reviews written about this book.
So I just want to add,
you need this book if you want to become a day trader.
It tells you about the essentials about order entries, order routings and Nasdaq Level 2.
Also the new Nasdaq Super Montage which will be implemeneted in 2002 (thus making Level 2 and its entry strategies obsolete) is covered and explained in this book.
All the online brokers are advertising with their quick executions. But any market order at any online broker is quick.
You're not really that quick as long as you don't know how to tell an ECN or a Market Maker and as long as you don't know where to route your order via direct access trading (which isn't that expensive anymore).
|
