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I consider myself a systems trader, yet I use level 2 as a type of
confirmation. My systems may trigger about 20-30 trades per day and I not
only do not have the trading capital to place sizable trades on each and every
one, but I do not have the brain power to fully mentally trade that many at
one time. I am a day trader but not a scalper and Level 2 helps me with the
last step of the equation. I look for the strength in the hidden levels to
make a decision on taking a signal or not, especially on thinly traded stocks.
Works great for me. My Level 2 cost is usually paid for with the improved
decision making on the first trade out of the box on the first day of the
month.
<< At this point, if you have to answer that question, I'd have to ask, "Are
you a systems trader or a discretionary trader ?" Do you ignore your
tried-and-true TS system, in favor of what the Level II quotes shows? If you
do ignore the signal, what's the point of using a system? >>
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