RE: Red Braces Brigade24 Sep 2021 21:51
Evening all.
n - you asked the question about level 2. I’m very much a novice.
Funnily enough because I only started frequent trading earlier I asked the guys here the same question when I joined the board. I will leave those who use it to explain. I don’t use L2, maybe I should maybe I shouldn’t.
On some of the boards theres a lot of nonsense spouted about dark pools, shorts, shorts closing,rampers, de-rampers, market shenanigans etc. I’m not convinced that they are true, or whether you can ascertain any element any as being true from L2.
That said, I’ve never set a stop loss, as I think this is where the unscrupulous could take advantage and cause a very short duration drop in an SP and trigger the stop losses.
I do read all the papers in detail especially about politics, economy and markets etc and take a view. So for instance this week, what with likely inflation at 4% going into 2022 there was talk about BoE needing to increase base rate. This is a good thing for banks, so I bought LLOY on the bell. Ha ha, it dropped half a percent and I cashed out later in the afternoon when it went up. I know some guys on here never buy on the bell as prices fluctuate widely in the first couple of minutes.
As regards trading every day. Rule number 2 according to Jesse
Livermore is: “Do not trade every day of every year. Trade only when the market is clearly bullish or bearish. Trade in the direction of the general market”
If I were to take this literally, I shouldn’t have done much day trading these past few months as the market has been indifferent!
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