Thanks Ian, good advice.
Sorry to be an idiot, but what is a level 3???
Have been looking at the various methods of charting the market movements, all looks reasonbly straightforward, but Maths is something I do know....
Agree also about the could have should have would have aspect, I've been trying a few theories without actually spending any cash, and I seem to be up on the deal, what's the bet though that once I use my own money I'll be down a few grand in no time!!!!
Anyone else wann come out of the woodwork and offer some advice? I can't believe we only have so few share traders amongst us.
Pity me if nothing else, I have no excitement in my life anymore, since the Audi went!! Closest I get these days is wondering how far past 600 miles I can get per tank before refuelling!! BLOODY DIESEL!!
Stocks and Shares, Daytrading
Hi Dan - sorry I meant to type Level 2 (not level 3).
To explain:
Level 1 is the normal streaming real time feed showing bid, offer, volume, time etc - the retail end if you like.
Level 2 is also streaming real-time and allows you to look at the wholesale picture which lies behind the retail (Level 1) data. So you'll see the full order book ( i.e. all outstanding orders to buy and sell shares in the market) for a paticular stock - the bid, bid size, offer, and offer size data. You'll be able to see a market makers ID and the buying and selling pressure on a stock. It will give you a significant edge but like I said markets can turn for reasons unbeknown to you and even level 2 won't protect you from this.
If you want to read about it take a look here at http://www.advfn.com/?forceview=gb
Also if you want to open a margin trading account you normally have to prove £25K of liquidity (as well as having a telephone interview from a compliance officer to make sure you know what you're doing) - then you'll need to spend £5K to open the account and then you'll be able to trade on 20% - 30% margin depending on the derivative - so for £5K you'll be able to margin trade £25K of shares - you'll be able to take short and long positions and spread bet. But beware - if you take a large position in a stock - say £25K's worth and the market moves against you you receive a "margin call" from the stockbroker and you'll have to pay there and then by electronic transfer.
And Dan, if you want excitement there are better ways of getting white knuckles mate.
To explain:
Level 1 is the normal streaming real time feed showing bid, offer, volume, time etc - the retail end if you like.
Level 2 is also streaming real-time and allows you to look at the wholesale picture which lies behind the retail (Level 1) data. So you'll see the full order book ( i.e. all outstanding orders to buy and sell shares in the market) for a paticular stock - the bid, bid size, offer, and offer size data. You'll be able to see a market makers ID and the buying and selling pressure on a stock. It will give you a significant edge but like I said markets can turn for reasons unbeknown to you and even level 2 won't protect you from this.
If you want to read about it take a look here at http://www.advfn.com/?forceview=gb
Also if you want to open a margin trading account you normally have to prove £25K of liquidity (as well as having a telephone interview from a compliance officer to make sure you know what you're doing) - then you'll need to spend £5K to open the account and then you'll be able to trade on 20% - 30% margin depending on the derivative - so for £5K you'll be able to margin trade £25K of shares - you'll be able to take short and long positions and spread bet. But beware - if you take a large position in a stock - say £25K's worth and the market moves against you you receive a "margin call" from the stockbroker and you'll have to pay there and then by electronic transfer.
And Dan, if you want excitement there are better ways of getting white knuckles mate.
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