[aiki14]

Originally Posted by Reaver »

I don't understand how with the advent of Iceberg and Hidden orders that level II could be viable....it's just not accurate information you are dealing with.

There's been fourth market trading for years as well. Level 2 at least will give you a hint at where the dumb money is going, and total view gives total anonymous interest. I have found it quite useful.

[nasdaq.nyse.day.trader]

I couldn't trade without it.
I use a combo of charts, then level 2 and T&S. There are several fakes the MMs play and that means that maybe 90% of the time they are of no real use.
However, 10% of the time level 2 and T&S tell you what is going to happen before a chart tells you anything. Sorting that 10% out is what makes level 2 and T&S priceless. You require the skills to read them or make intelligent guesses as to what is going on. I guess the nearest thing is reading the road ahead and anticipating when you're driving.