The Nasdaq Trader’s Toolkit
$7.75
The expertise in this invaluable book will help you move to the next level in your trading by offering practical nuts-and-bolts insights on the mechanics of the market that can benefit any plan-from the basics of SuperSOES, SelectNet, and the electronic communications networks (ECNs) to defining Level II and learning to interpret it. Discover how to route your order to get the quickest fills and execute with confidence. Practical, straight to the point, and comprehensive, The Nasdaq(r) Trader’s Toolkit will help you master the new tools of the trade and learn which route to take in any given situation-the road map lies before you in this indispensable book.
Contents:
- the toolbox
- Level II: definitions
- Level II: interpretation
- Level III
- tools of execution
- order routing grid
- complete guide to selling short
- risk management
- games people play
- margin
- philosophical perspective
The Nasdaq Trader's Toolkit By M. Rogan LaBier pdf
| Author(s) | |
|---|---|
| Format | |
| Pages | 223 |
| Publication Year | 2001 |
14 reviews for The Nasdaq Trader’s Toolkit
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Esperanza Dyer (verified owner) –
Outdated information.
Colt Guerrero (verified owner) –
If you are trading Nasdaq stocks then buy this book. It is worth both the money and the time to read it. I learned many new things. Some of the material is a little outdated, but it is still an excellent read. The author doesn’t promote a pay service or a brokerage firm which is really nice to see.
Jeffrey Evans (verified owner) –
It is very rare I encounter such a to the point and useful tool for the active trader. Written in a highly understandable manner Mr. LaBier offers personal experiences from his time as Head Trader and Market Maker together with structured explanations of the various execution systems in use today. Stock Picking in all due respect but this manual gives you the foundation that is a must if you want to stand any chance in todays volatile and fast moving Nasdaq marketplace. I can also recommend the author’s articles in streetsideinvestor.com and Active Trader Magazine.
Meredith Delgado (verified owner) –
I’d like to reccommend the following book to anyone who is using a level ll entry system. The book assumes you have a trading plan (quite an assumption, huh?) and focuses on what order routing options are most appropriate in given market conditions. Anyone who’s ever pounded on his or her desk yelling “fill, damnit, fill!” will benefit from this book. Quite simply the best guide to level ll interpretation and order routing I’ve ever seen. It provides some terrific details on ALL of the ECN’s, SelectNet, InstiNet, (etc) and the micro-mechanics of dealing with them. Far from the simple “routing grids” provided by DAB’s, this book shows which routes work BEST, and when. It is filled with many excellent insights about the workings of the quotes montage (which is no longer a mystery to me).
Dani Sawyer (verified owner) –
This is am excellent e-book. Everything you need to know about execution. Including SuperSoes, SelectNet, Soes, all ECN’s. It is the best reference manual I’ve ever seen. Don’t know why they decided to publish in paper.,. Author is former market maker, used to head MB Tradings’ trade desk. You can see him at all the trade expos -gives talks about execution. Knows his stuff. Wish I had the book when I started trading direct! Would have saved some of lo$$e$ 🙂
Atreus Hendricks (verified owner) –
I’m excited – there is so much info here; all the questions I have about level ll interpretation and order execution seem to be answered here. And concisely, I might add. There is so much info out there on the www, most is confusing. I’d like to congratulate the author – good job. I’ve been looking for this book for 2 years! Finally all the info I’ve read about execution and level ll makes sense. This guy knows his stuff – and he can EXPLAIN it! Beats reading the documentation at the SEC and Nasdaq; thats for sure. This may sound like spam, but I can’t say how glad I am to finally have all this info at my fingertips. All the reviews on the cover strike me as accurate, having read the book.
Ephraim McConnell (verified owner) –
I bought the book recently. It has so much great information that I decided to see the author speak at the “Online Trading Expo” in NYC this past weekend. He really knows his stuff; the tutorial was the best and most informative of all tutorials I attended – and I am not alone in that opinion. All I can say is: if you are new to trading direct access, you may find this book to be the single best investment you make. True, there are some typos, and the author’s style is a little irreverent – but that’s GOOD news to me – so many of these books are either hype or dead boring. This is niether; it is funny and comprehensive. It covers every execution route available to today’s trader. Much of the information is covered nowhere else – most BROKERS don’t even know this stuff. My broker in particular. But he did have the good sense to reccomend this book to me, and for that I am very greatful. This book will benefit your trading immediately. It certainly did mine.
Camden Rasmussen (verified owner) –
Book was published in January – so graphics are all in fractions… But – information is comprehensive and in depth like no other book on Level 2. The approach of this book is “how to get the best fills, in every market condition.” It applies to all trading styles. Imho, book succeeds where no other does. Complete, unique, and accurate descriptions of all execution systems, in lay terms. When to use which routes, and why. Including Supersoes, how it works, when it works, and how to use it (and when not to use it). If you want to learn the specifics of how to get the best fills, this book will help like no other I’ve seen. Straight and to the point, with no b.s. promoting any brokers, services, etc. Just great info.
Only complaint is that graphics are in fractions, and that is annoying. But all of the ideas and strategies are current and comprehensive. Like I said earlier, it has a complete description of how to use Supersoes. Overall, best coverage of execution and level 2 interpretation I have seen. I learned a number of things, and I’ve been trading “direct” for two years. I am a swing trader, and most of the books dealing with level 2 cover the subject in such a way that it simply doesn’t apply to what I do. This book does; the approach to execution is accurate accross all time frames, not just scalping. So the book was a very pleasant surprise.
Royal Love (verified owner) –
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.
Piper Mullen (verified owner) –
I want to tell any beginning traders out there that if you are considering making the move to direct access trading, you MUST read this book. This is just my personal opinion, but the book has made such a considerable difference to my trading profits that it would be unfair not to share my praise. The author has done a fantastic job of explaining Level ll and the order execution routes in every day language. Unlike the typical books which give cursory treatment to the realities of direct access trading, this book covers all the actual mechanics of it – from how to interpret level ll, to which routes work best *when*, to the special margin situation which applies to “pattern day traders.”
I am so glad that I bought the book. Because, when I made the move to direct access, I was really lost! And that was my worst fear. I worried that when I started trading direct that I wouldn’t be able to execute well, and would be confused by level ll (information overload). My worst fears were realized quickly when I started trading direct. This book stopped the madness. I highly recommend it to anyone who trades direct, or is considering trading direct.
I am convinced this book will become an industry standard. There simply are no other books that even come close to explaining the nuts-and-bolts of utilizing the direct access tools. The writing is even humorous and comprehensive at the same time, so it is not the deadly boring tome that I was expecting. It is an enjoyable read jam-packed with tools you can use right away. Somebody once told me “the best trading plan in the world is useless if you can’t execute it.” This book will show you the Hows like no other.
This review is my way of saying thank you to the author, who has done a truly amazing job. This book has paid for itself so many times that it would be hard to explain. This book may well become your best friend – especially if you already know how to trade, but are new to the tools of direct access trading. (Rogan, if you read this you’ll remember me from my “secant plan” story – keep up the good work!)
Shepard Bryan (verified owner) –
It had some good information but I suppose I was looking for more. The Nasdaq Trader’s Toolkit would be helpful to those with little or no experience in this market.
Denise Winters (verified owner) –
I bought this book to use as a training tool for the teaching of trading and market making to a group of sales people selling EMS / OMS systems. I found it very understandable for them and along with some explanation, it served as an excellent guide to teaching them the basics.
Margot Archer (verified owner) –
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).
Eliana Dixon (verified owner) –
It was OK as far as it goes, but I was disappointed in that it was very outdated. Trading has so far advanced in speed and execution times by now. Maybe some of the different execution methods used to matter a few years back, but I am not sure now. Of course it depends on how “large” a trader you are, and how often.
I was actually looking for more descriptions on how to discern what is happening on Level 2, and the author touched on it too briefly, in my opinion. The hand-eye coordination needed to see what he describes is extremely limited in application on fast moving high volume stocks. His static descriptions (definitions, market makers, ECNs, etc) were pretty good. So much of that is available through other means, nowadays. As I said, it was the “interpretation” that was lacking, I felt.
The graphic examples in the book were mediocre, and don’t match the screens I am using presently.
I neither short, nor buy on margin, and now I know better why not.
The most insightful discussion was about the so-called “hidden” orders which I suspected were there, and he firmed that up for me. Basically, what you see on Level II can’t really be trusted, and using it for more than anything but entertainment is risky.
Many of the things in the book are limited by what one’s online broker will do for you. No way could I trade a dozen times a day on the same stock as described.