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Preface
Over the next few years the evolution of the stock market will change dramatically. We
can witness this with the rise of electronic trading. Electronic trading will be an efficient
way to trade because of its speed and precision.
Investors now have the ability to execute their own trades without having to rely on a
broker. The two main reasons why people trade electronically are speed of execution
and access to state-of-the-art execution systems. Speed is critical if you are trying to
trade because every second counts. Electronic orders are directly routed to the
NASDAQ without delay. Day Traders use electronic trading systems to get the best
possible fill. The state-of-the-art execution systems give Traders access to SOES
(Small Order Execution System), SelectNet, and ECN’s.
SOES is a market order execution route that was developed in 1987 after the stock
market crash because Market Makers refused to take orders. Therefore, in 1989 the
SECm andated SOES into existence, which forced the market maker to execute orders.
In the early 1990’s SOES represented as much as 80% of day Traders orders.
Today, with the rise of Electronic Communication Systems (ECN’s) the SOES execution
system represents about 10-20% of day Traders orders. What can ECN’s do for
Traders? An ECN can give Traders the ability to act like a virtual market maker. Simply
put, allows Traders to buy stock at the bid price and sell at the ask price (bypassing the
spread). This is a huge advantage over the investors trading on retail order entry
systems. ECN orders represent about 70% of day Traders’ orders.
And SelectNet, a limit order system, allows the order to placed between the bid and ask
price (narrowing the spread). SelectNet empowers the Trader with the ability to
preference Market Makers. Day Traders use SelectNet to execute trades about 10-20%
of the time. In summary, with the combination of speed and state-of-the-art execution
systems Traders can now have a great advantage at their finger tips.
Table of Contents
Introduction to Trading
I. Trading on the NASDAQ System
q
Definitionq
Basic Terminologyq
Dealer vs. Auction Marketq
SOESq
SelectNetq
Electronic Communication Networks (ECN’s)q
NASDAQ Trading SkillsII. Market Awareness
q
History of the Marketq
Gaining Market Awarenessq
What Markets to Watchq
Homework Time – Getting to Know Price Levelsq
Checking Headlinesq
Different Market IndicatorsIII. Charting and PriceMovements
q
Technical Analysis Definedq
Technical vs. Fundamental Analysisq
Intraday PriceMovements on the NASDAQq
Direct Electronic Trader Chart Basicsq
Recommended Chartsq
Popular Chart PatternsIV. Using NASDAQ Level II To Your Advantage
q
Advantages of Level II over Level Iq
Analyzing Short Term Risk through theMarketMaker Windowq
Observing MarketMaker & ECN positioningq
Buy & Sell Signals on Level IIV. Order Placing
q
Timing your Entry & Exit to get the Best Possible Priceq
When to use what type of Orderq
The power of ISLDVI. Short Positions
q
Definitionq
The NASDAQ Short Sale Ruleq
Shorting Against the Boxq
Boxed AccountsVII. Risk Assessment & Management
VIII. Common Trading Styles
q
Developing your Trading Styleq
Scalpingq
Trend Tradingq
Multiple Positionsq
Overnight GameIX. Preparing for Live Trading
q
Demo vs. Live: A world of differenceq
The Right Way to Trade on Demoq
Practicing Key Strokesq
Going Live: CyberTrader Settingsq
Establishing Realistic Short-term Goalsq
Beginner Trading ScenariosX. Important NASD Rules for theDirect Access Trader
q
5 minute SOES Ruleq
10 Second SelectNet Ruleq
NASDAQ Short Sale Ruleq
Out of the Money Bids and OffersAppendices
Appendix A: Training Course Calendar and Agenda
Appendix B: Common Trading Mistakes
Appendix C: NASDAQMarketMakers
Appendix D: Electronic Communication Networks (ECN’s)
Appendix E: NASDAQ 100 List
Appendix F: Reading & Reference Material
Appendix G: Trader’s Slang Glossary
Appendix H: Financial Terminology
Appendix I: Daily Trading Sheet
Appendix J: Standard & Poor’s 500 Index (SPX)
Appendix K: NASDAQ Circuit Breaker Rules
Appendix L: Daily Trade Sheet
Appendix M: Fractions & Decimal Equivalents
Appendix N: Cyber Trader Programs
Appendix O: The Executioner Programs
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