The NASDAQ Trader's Toolkit: The Step-By-Step Guide to High-Impact Governance

by Rogan LaBier and M. Rogan LaBier

Nothing has changed the markets more in the last few years than the advent of direct access, the combination of NASDAQ Level II quotes and direct order routing which together enable savvy traders to "hit" bids and offers and go up against the market makers. But just having access to these tools is not enough. Knowing how to use the tools-quickly and expertly-is key. In The NASDAQ Trader's Toolkit, a former market maker reveals the secrets of NASDAQ...

• Format: Hardcover
• Language: English
• ISBN: 0471404039
• ISBN13: 9780471404033
• Release Date: December 2000
• Publisher: John Wiley & Sons, Inc.
• Length: 224 Pages
• Weight: 1.10 lbs.
• Dimensions: 1.0" x 6.3" x 9.3"

Customer Reviews

Absolute Must Read

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.

Fill, damnit, fill!!

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).

"Only book dedicated to Order Execution"...

That's what the site (www.nasdaqtraderstoolkit.com) says about the book. I was skeptical, but I bought the book anyway for two reasons. I am fairly new to direct access trading, and I saw the author at an Expo last year. I was very impressed by his information packed seminar - usually these things are filled with sales pitches, hype and hyperbole - but his seminar was conspicuously lacking fluff. It was full of real, solid information. In fact, too much information for such a short venue, so I decided to buy his book. I should first of all explain that I spent years trading in the pits, but for the past decade or so, I have been trading stocks, most recently with a discount online broker. It took me a long time to make the move to direct access, and at this point, I would never go back. 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!)

SuperSOES, SuperMontage, Decimals...oh, my!

Is there anyone else out there with a GOOD explanation of what is going on with all the changes in NASDAQ? The author (who is obviously a real trader--a former market maker, in fact-- with TONS of experience executing trades) is way ahead of the game with a full accounting of all the changes and proposed changes coming down the pike. Don't trade without reading this book!

only book dedicated to execution

This is the hardcopy version of the excellent e-book the "Tools of the Trade." 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$ :)