Im new to daytrading, do I really need level 2 to trade?
It’s been said that “daytrading without level 2 is like driving in the city at night without headlights on – suicide”…. You can daytrade without level 2, my first year I learned a lot just using Medved’s QuoteTracker (www.QuoteTracker.com) and the Datek streamer. I traded better when I had those resources plus level 2; I find that eSignal (www.esignal.com) is a terrific quote service that I use with InteractiveBrokers.com, a direct-access broker. It also depends on your trading style and length of time you want to be “in the trade” for. If you are like me and prefer to be in and out in under 30 minutes, you’ll definitely want level 2. If you want to trade for several hours, or hold overnight and “swing trade” (2 days to a week or so), then you may not need level 2 or a direct-access broker. It’s up to you. Our online DTU has been designed to help both beginning and professional traders improve their trading results. Good luck!
