Customer Reviews

The Nasdaq Trader's Toolkit

5 star:		(12)
4 star:		(0)
3 star:		(3)
2 star:		(0)
1 star:		(2)

 

 

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$ :)

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!)

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).

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.

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!

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.

"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 etc," is what another reviewer said.

I agree 100%. But they didn't mention the chapter on market making: what the market makers really do, how they do it, and how to spot it. Most interesting take on the subject, and the only useful description I've seen. Or that it covers all the special things the ECNs are capable of, like hidden orders- and how to use them for maximum gain. This book is chock full of all the information I've been looking for - for years. Most, if not all of it, is available nowhere else. Why didn't somebody think of it sooner? Wish I knew all this BEFORE I started trading direct. Would have saved me some lo$$e$ :)

Just got my copy. 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.

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).

Book was published in January this year - 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.