Ok guys I am looking for a demo trading platform with level 2 quotes.
Preferably Australian based but not necessarily.
I have been studying metatrader for some time and now feel I would like to look at level 2 quotes.
Metatrader 4 doesn’t have this capability that I know of.
I downloaded a demo of ninja trader only to discover the level 2 quotes don’t show you the ID of the bids and asks. I also joined another US company Sterling trader that says their demo platform has level 2 only to discover they send an email with no password for the demo account …LOL
Dose anyone know where I can get a demo of level 2.
there is no level 2 in the spot forex markets. Only centralized markets like futures would give you level 2.
I believe you are correct because i remember reading that forex has no level 2 because it is
OTC (over the counter trading). I just went to ninja trader again and noticed if I call level 2 in forex it comes up blank
before I was calling level 2 and searching for AUD and it was taking me to the currency markets (futures) and showing me the level 2 quotes from that.
What was really confusing is that the prices are almost the same … almost.
at this clip of level 2 AUD-currency the AUD/USD was actually 1.0729
Close enough to be mistaken Hey.
I think you cant get level two in forex because it is all electronically done or something so there is no real offers of bids and asks out there. Well what I would really like to know if it is all electronic decisions and transfers ? Who done the programming …?
Well. Dunno. The first video link looks like (live) Level 2 to me: Technical Trading Systems at TechTraderCentral - You gotta admit: it looks good!!! LOL!!!
LOL!!!
Regards,
Dale.
All markets these days are handled mostly electronically, including stocks and futures where you see the Level II. In fact, it takes electronic markets to have Level II since that’s where the bids and offers are coming in from. As MeiHua said above, there are no exchanges in spot forex so we retail folks have nowhere to actually see standing orders. I’d venture to say, though, that they can be see in the inter-bank dealing systems.
Yeh yeh. Remember what forum you’re posting on here (as I’m reminded regularly)!!! LOL!!!
Alright: Deltastock’s Level 2 is showing you all the bid and ask prices of all the orders at all of those liguidity providers (including Deltastock of course) i.e. the aggregate amount (but you can elect to not ‘group prices’ together).
Put another way: it’s the closest you’re going to come in Spot FOREX. Call it a ‘Level 2 Proxy’ if you will. Same as Spot FOREX VOLUME at a particular broker.
Regards,
Dale.
Les, hello. There is no Level 2 in futures or Spot Currency, that thing you see that looks like L2 is actually called Depth Of Market, or DOM, pronounced DOME. Level 2 came about in equities with the advent of NASDAQ and ECNs. The first version was Level 1, this was basically given away for free and was what amounted to an equity DOM. Now L2 was another story. To get level 2 you had to pay an extra fee, but what it told you was priceless. With L2, back in the day, you could see what the Axe or Market Maker was up to. You see you could identify the market maker on any issue, for example Cantor Fitz was CANT, so if CANT was the market maker you could “see” what they were doing and just ride their coattails, of course this all changed when they allowed the MMs onto the anonymous ECNs and so L2 became worthless at that point. Oh did I mention that I believe one of our own babypips members will soon be an official Introducing Broker, and will be offering super special rates to their loyal following, just thought I would throw that up there. Anyway proll’y more than you wanted to know about L2.
The Ever Remembering The Good Old Days VIPER
Nice post and info. And correct!!! LOL!!! Most people don’t actually understand Level 2 (or Level 3 for that matter) and wouldn’t know what to do with it anyway. And in ‘the good old days’ Level 2 had an UNDESIRABLE (UNINTENTIONAL???) ‘side effect’ in that the major market players (I’m obviously talking stocks here) could place orders one way, ‘lure’ market participants in, then cancel the orders and go the other way. Neat huh!!! LOL!!! Put another way: it’s not the ‘Holy Grail’ some people think it is (was).
Let me make this clear though: my comments above based only on my lengthy research and much reading on the subject NOT from using Level 2 or Level 3. Put another way: at a retail Spot FOREX Broker you’re not going to get that information NOT EVEN if they’re offering CFDs on stocks for example. That is exchange supplied information and comes at a price. Sorry: but if you’re at that level and can afford the account opening minimums, the little to no leverage, and the platform and data feeds, then you shouldn’t be trading Spot FOREX ANYWAY!!! (Yeh yeh: just me again)!!! LOL!!!
Deltastock’s Level 2 is simply showing you the current bid / offer prices of the (their) various liquidity providers and the pending orders at such liquidity providers so the client can choose the best bid / offer price. Put it this way: it’s not inconceivable to buy from one liquidity provider and immediately sell to another at a profit. But (in my opinion) you’re in the ‘scalping realm’ and you’ve gotta be quick. Not for me I’m afraid. What I can tell you though (but again this is in the ‘scalping realm’): it’s a bit of a ‘no brainer’ if you sit and watch the Level 2 quotes. If EUR/USD, for example, starts to move up then (if you don’t ‘group’ the prices together) the bid column starts getting longer and longer and when the move is over the columns sort of ‘even out’ and visa versa if the price starts falling. But I’m afraid, as I say, that’s of no use to a long term trader such as myself. Nice to watch though hence my videos!!! LOL!!!
Suffice to say and has been noted: Level 2 and Level 3 in the TRUE sense doesn’t really exist in the RETAIL SPOT FOREX Market.
Anyway VIPER!!! WHICH BabyPips Member ‘will soon be an official Introducing Broker’ and for which Broker??? C’mon. I’m sure you’re DYING to tell me (us)!!! LOL!!!
Regards,
Dale.
Edit:
After posting the above a link on this very topic appeared in my Inbox (Google Alerts and one of my keywords OBVIOUSLY being ‘deltastock’):
Deltastock L2 ECN forex platform - My personal experiece
I don’t know who posted it but they went to a lot of trouble (and no it wasn’t me because you can be sure I wouldn’t be noting the things I DO NOT like about Delta Trading)!!! LOL!!! Make of it what you will but whoever wrote the review has done so in great detail and has probably explained things better than I from a client’s point of view (in a FAR more concise way than I’m capable of anyway). I don’t know the site at all or who runs it i.e. first time I’ve seen it. And come to think of it: there’s an INORDINATE amount of broker review sites ‘popping up out of the woodwork’ of late. Must be a good business i.e. ad revenue!!! I knew there was SOMETHING I was doing wrong!!! LOL!!!
Edit 2:
Hmmnnn… After reading that review again myself I noticed this: “Fortunately in the upcoming update of the platform this is about to change.”. The ‘reviewer’ seems to know more than I do. Go figure. Oh well: it’s a fine explanation of Deltastock’s L2 / ECN Module anway. That said: it would sadden me greatly if my beloved broker has resorted to posting their own reviews!!!
D, whats up. It’s funny we are talking about DOM/L2, I don’t scalp either so here we are, discussing something that we don’t use LOL. While there were headfakes back in the day, the key was watching the Axe. I do know some quants, in Michigan, of all places, that have built some pretty neat algos that will work with Futures and run directly on the data compiled from the DOM, lots of high level math, stats, etc. As far as the I.B., its not me, don’t have the time to mess with the accounting and compliance, however I thought I would throw this out so I can say “I told Y’all so” at a later date hehehe. Ok insomnia over back to bed, and you have a good weekend D.
The Ever Insomniac VIPER
Bahahahaha, you can take the trailer trash out of the trailer, but you can’t take the trailer out of the trash.
The Ever Observant VIPER
Ouch!!! LOL!!!
Off topic (of course) but I’ve a lot of respect for her as an artist (as I’ve noted on another thread). And frankly I wish people would just leave her the hell alone and let her ‘get on with it’. Not my type of music AT ALL. But: ‘when you are good then you are good’. Some of her shows put the Michael Jackon’s of this world to shame!!! That’s a tall order!!! Then again: my ‘using’ her on the forums for my own entertainment doesn’t make me any better than all the others that won’t leave her in peace I guess!!!
Regards,
Dale.