There are some traders who swear by it religiously and cannot trade without them.

有些交易者對它信誓旦旦，沒有它就無法進行交易。

And there are also traders who think level 2 is full of fluff, and therefore they never use it.

還有一些商人認為第 2 級充滿了花哨，是以他們從不使用它。

I'm not here to tell you whether you should or should not be using level 2 and a tape as part of your trading.

我不是來告訴你是否應該在交易中使用第 2 級和錄音帶。

But what I will do today is break down what level 2 and time and sales are, how to read it, and what exactly you should be looking for in there.

但是，我今天要做的是分析什麼是第 2 級、時間和銷售額，如何閱讀它，以及你應該在其中尋找什麼。

After watching this video, you'll be able to decide for yourself whether you should be incorporating reading level 2 and a tape into your own trading style.

看完這段視頻後，你就能自己決定是否應該將閱讀二級和錄音帶納入自己的交易風格。

This was a highly requested video by you guys, my loyal followers here on YouTube.

這是我在 YouTube 上的忠實粉絲--你們強烈要求製作的視頻。

So a lot of time, recording and research went into this.

是以，我們投入了大量的時間、錄音和研究。

If you wouldn't mind, I'd really appreciate it if you could drop a like on the video.

如果您不介意，請在視頻上點個贊，我將不勝感激。

Thank you so much my friends.

非常感謝我的朋友們。

Ok so let's start with the basics first.

好吧，讓我們先從最基本的開始。

This is a recording of my execution platform DAS trader.

這是我的執行平臺 DAS 交易員的錄音。

A recording of the stock UAVS.

庫存無人駕駛飛行器的錄音。

Over here is the stock chart, intraday chart for one minute.

這裡是股票圖表，一分鐘的盤中圖表。

This is the window where you see all the colorful blocks.

在這個窗口，你可以看到所有五顏六色的積木。

This is the montage window, also known as level 2.

這是蒙太奇窗口，也稱為第 2 層。

And on the right side where you see the numbers, the white, the green, the red.

右邊是數字、白色、綠色和紅色。

This is time and sales, also known as the tape.

這就是時間和銷售，也被稱為膠帶。

So let's start with level 2 first.

所以，我們先從第 2 層開始。

Level 2, over here, the left column is basically the buyers.

第 2 層，在這裡，左欄基本上是買家。

The pending orders waiting to buy or cover the stock at a particular price.

等待以特定價格買入或賣出股票的掛單。

The right hand column, these are the asks or offers.

右邊一欄是要求或提議。

So these are orders waiting to get filled to either sell the stock or short sell the stock.

是以，這些都是等待成交的訂單，要麼賣出股票，要麼賣空股票。

So basically just remember left hand side are the bids, the buyers, the asks, or the offers of the sellers.

是以，基本上只需記住左手邊是出價、買方、要價或賣方的出價。

Let's start with the letters.

讓我們從字母開始。

These are abbreviations for the exchanges.

這些是交易所的縮寫。

So you have MX, BATS, ARCA.

所以你們有 MX、BATS、ARCA。

These are different exchange routes that the orders are coming from.

這些訂單來自不同的交易所。

And the price, you can see $3.91, $3.90, $3.89.

價格方面，你可以看到 3.91 美元、3.90 美元和 3.89 美元。

So these are the orders waiting to get filled to buy the stock.

是以，這些都是等待成交的訂單，用來購買股票。

So these are the buyers waiting to buy the stock at $3.91.

是以，這些都是等待以 3.91 美元買入股票的買家。

And $3.91 $3.90, $3.89, $3.88.

還有 3.91 美元、3.90 美元、3.89 美元和 3.88 美元。

And the same for the asks.

要求也是一樣。

These are the orders pending to sell the stock at $3.93, $3.94, $3.95.

這些是以 3.93 美元、3.94 美元和 3.95 美元賣出股票的掛單。

And these numbers, the single digit numbers, these are the size of those orders.

這些數字，個位數，就是這些訂單的規模。

So they are in hundreds.

是以，它們有數百個。

So the 4 stands for this buyer wants to buy 400 shares. 2, 200, 0 is an odd lot.

是以，4 代表這位買家想買 400 股。2、200、0 是奇數。

So that would be an order size less than 100.

是以，訂單數量將少於 100 個。

And 102, this is a pretty big order right?

102 這是個很大的訂單，對吧？

102, so that means the seller is trying to buy 10,000 shares.

102，也就是說，賣家想買 10 000 股。

Wait did I do the math right?

等等，我沒算錯吧？

If you add 2, 0, yeah I did.

如果加上 2，0，是的，我加了。

Not all the shares are bid at ACB.

並非所有股份都以 ACB 出價。

And the same for the sellers. 26, so that's a sell order for 2,600 shares.

賣方也是一樣。26，這是一份 2600 股的賣單。

They are all in this order.

它們都是按照這個順序排列的。

And as for the colors, you see these really pretty colors, the yellow, the green, the blue.

至於顏色，你會看到這些非常漂亮的顏色，黃色、綠色、藍色。

They don't have any meanings.

它們沒有任何意義。

But they are actually really useful when you want to see if the buyers or sellers are stacked.

但實際上，當你想了解買家或賣家是否扎堆時，它們確實非常有用。

And it helps a lot to group them together when you are trying to read it on the fly, really fast, in real time.

當你想快速、實時地閱讀時，把它們組合在一起會有很大幫助。

And we'll talk more about that later on.

稍後我們將進一步討論這個問題。

So don't worry.

所以不用擔心。

If let's say I'm trading right now.

比方說，我現在正在交易。

If I place an order, if I want to buy the stock at $3.89, let's say I want to buy 1000 shares.

如果我下單，想以 3.89 美元的價格買入股票，假設我想買入 1000 股。

If I click the buy button right now, this is recording so I can't buy.

如果我現在點擊購買按鈕，就會出現錄音，這樣我就不能購買了。

If I click this right now, my order is going to show up with the ARCA exchange.

如果我現在點擊這個，我的訂單就會顯示在 ARCA 交易所。

You'll see me showing up on level 2, pending order, $3.89.

你會看到我出現在第 2 層，掛單，3.89 美元。

If I want to buy 1000 shares, you'll see 10 over here.

如果我想買 1000 股，你會看到這裡有 10 股。

And the same if I'm trying to sell.

如果我想賣東西，也是一樣。

If I want to sell 1000 shares at ARCA, then you'll see my number added up to this ARCA exchange right here.

如果我想在 ARCA 賣出 1000 股，那麼你會看到我的數字加到了這個 ARCA 交易所。

Keep in mind, all the orders on level 2 are pending orders that haven't been filled yet.

請記住，第 2 層的所有訂單都是尚未執行的掛單。

Pending orders to either buy or sell.

買入或賣出的掛單。

And if my orders are pending, once they get filled, you'll see them on the tape, the time and sales.

如果我的訂單還未完成，一旦完成，你就會在錄音帶上看到訂單、時間和銷售額。

So these are the actual transactions that has been filled and gone through in real time.

是以，這些都是實時填寫和通過的實際交易。

Ok so let's talk about time and sales or the tape right now.

好吧，我們現在就來談談時間和銷售，或者說談談錄像帶。

So these are like we talked about, once an order gets executed on level 2, then they show up on the tape.

是以，這些就像我們說過的，一旦訂單在第 2 層被執行，它們就會顯示在錄音帶上。

So you see $3.88, that means the order got filled on the bid side.

是以，您看到 3.88 美元，這意味著訂單在買方成交。

And you see quantity, these are the actual number of shares that's being traded.

你看到的數量，就是正在交易的股票的實際數量。

So you can see at this exchange, they traded, somebody do the math really quick, 1015 shares on the bid side.

所以你可以看到，在這個交易所裡，他們進行了交易，誰來算一算，買方出價 1015 股。

And the greens are basically the orders that got filled on the asks.

綠色的基本上是在要求中得到滿足的訂單。

So somebody bought and sold on the ask $3.89 for 200 shares on ARCA.

是以，有人在 ARCA 上以要價 3.89 美元買入並賣出了 200 股。

So these are the orders that's been filled.

這些都是已經完成的訂單。

So you have the price, the quantity which is the actual share size, and the exchange.

這樣就有了價格、數量（即實際份額大小）和交易所。

You also have the option of adding in the time, to see what time the orders got executed at.

您還可以選擇添加時間，查看訂單是在什麼時間執行的。

But for me, I had that hidden because I don't want to see too much information.

但對我來說，我把它隱藏起來了，因為我不想看到太多資訊。

This is all I need, the price, the quantity, and the exchange.

這就是我所需要的，價格、數量和交換。

And for me when I'm trading, I care more about the tape rather than level 2.

對我來說，在交易時，我更關心的是盤面，而不是二級市場。

Because I want to see the actual orders being filled.

因為我想看到實際訂單的成交情況。

And whether they are being filled on the bid side or the ask.

以及它們是在出價方還是在要價方成交。

Because these are the actual transactions that's gone through in real time.

因為這些都是實時進行的實際交易。

The stuff you see, all the numbers and orders from different routes on level 2 that you see, they are just pending orders waiting to get filled.

你在第 2 層看到的所有數字和來自不同路線的訂單，都是等待執行的訂單。

A lot of times, especially when you're trading large caps, you see a lot of algos and HFT high frequency trading on level 2.

很多時候，尤其是當你交易大市值股票時，你會看到很多算法和 HFT 高頻交易在二級市場上進行。

So that doesn't really help.

所以這並沒有什麼用。

Anyone can cancel their order that's on level 2 and pull their order anytime.

任何人都可以取消處於第 2 層的訂單，並隨時撤消訂單。

And that's why you see a lot of orders come in and disappear really fast.

這就是為什麼很多訂單來得快去得也快。

Whether they are real or whether they are just there to spoof the sellers or buyers, we don't know.

至於他們是真的還是為了欺騙賣家或買家，我們不得而知。

And on top of that, it's very easy to hide your size on level 2.

此外，在第 2 層隱藏自己的體型也非常容易。

So maybe I'm trying to sell 10,000 shares, but I can have the order pending on level 2 just as 100 shares.

是以，也許我想賣出 10,000 股，但我可以在第 2 層掛單 100 股。

So that's why you see a lot of fake numbers on level 2, and white people say there's a lot of fluff on level 2.

這就是為什麼你會在第 2 層看到很多假數字，白人說第 2 層有很多花哨的東西。

And we'll talk more about that later on.

稍後我們將進一步討論這個問題。

So I also want to talk about adding and removing liquidity.

是以，我還想談談增加和減少流動性的問題。

So if I'm trying to buy the stock UAVS, there's two ways for me to get filled.

是以，如果我想購買 UAVS 這支股票，有兩種方法可以讓我買到。

I can either sit on the bid on the left hand side and wait to get filled at $389 or $388 and under.

我可以在左手邊出價，等待 389 美元或 388 美元及以下的價格成交。

And that's called adding to liquidity.

這就是所謂的增加流動性。

Because I have to wait for somebody to hit my shares.

因為我得等著有人來打我的股票。

Or the other way is I can hit the ask and get filled right away at $390.

另一種方法是，我可以在 390 美元的價位上提出要價並立即成交。

And that's called removing liquidity.

這就是所謂的消除流動性。

Because I'm trying to get filled right away.

因為我想馬上填滿。

I'm removing the shares available in the market.

我正在刪除市場上的股票。

And generally speaking when you are removing liquidity, it's more expensive and there's more fees.

一般來說，如果要取消流動性，成本會更高，費用也會更多。

Unless you're using one of those flat rate brokers like Fidelity or thinkorswim used to be like that.

除非你使用的是像 Fidelity 或 thinkorswim 以前那樣的統一費率經紀人。

But when you add in to liquidity, you get certain rebates or you get discounted commissions or something like that.

但是，當你加入流動性時，你會得到某些回扣或折扣佣金之類的東西。

Every broker is going to be different, but for the brokers I trade with, it's cheaper for me to add to liquidity.

每個經紀商的情況都不一樣，但就我交易的經紀商而言，增加流動性對我來說更便宜。

But a lot of times, I'd say you're trading breakouts right away.

但很多時候，我會說你是在馬上交易突破。

A lot of people will hit the ask, because if you sit on the bid, you won't get filled.

很多人都會出價，因為如果你不出價，就不會有人買。

Because breakouts happen so fast, if you want to get in right away, you have to hit the ask.

由於突破發生得太快，如果你想立即入場，就必須搶到要價。

And vice versa, let's say a penny stock just announced an offering, and I'm trying to get filled on the short side.

反之亦然，比方說，一隻便士股票剛剛宣佈發行，而我正試圖做空。

And that's where you hear short sellers saying they are hitting the bid or smashing the bid because they need to get filled right away.

這時候，你就會聽到賣空者說，他們正在出價或砸價，因為他們需要立即成交。

They are removing liquidity, it's more expensive, but a lot of times it's worth it to do so.

它們正在移除流動性，雖然成本較高，但很多時候這樣做是值得的。

So a lot of people are asking, what exactly is the secret to understanding what's going on in the level 2?

是以，很多人都在問，瞭解第 2 層的祕密究竟是什麼？

I feel like I'm always staring at these numbers like I'm in the matrix.

我覺得我總是盯著這些數字，就像在矩陣裡一樣。

How do I wake up like neil in the matrix?

我怎樣才能像矩陣中的尼爾一樣醒來？

So the secret to mastering reading level 2 and time and sales, is just to keep reading it.

是以，掌握閱讀二級、時間和銷售的祕訣，就是堅持閱讀。

That's it.

就是這樣。

Ok just kidding, I'm back.

好了，開個玩笑，我回來了。

You know I won't leave you hanging like that.

你知道我不會讓你這樣懸著的。

Yes I can discuss what to look for in level 2 and time and sales.

是的，我可以和你討論一下在第二級、時間和銷售方面需要注意什麼。

But it's true, the only way to get good at reading L2 and the tape and piecing together all the information really fast when you're trading, is to hit the like button and actually just practice reading and staring at the tape.

但事實的確如此，要想在交易時善於閱讀 L2 和錄音帶，並快速拼湊出所有資訊，唯一的辦法就是按下 "喜歡 "按鈕，並真正練習閱讀和盯著錄音帶。

And that's the reality, there's no shortcut here.

這就是現實，沒有捷徑可走。

Again, it's all about the screen time you're putting in to the market.

再說一遍，這完全取決於你在市場上投入的螢幕時間。

So these are just a few things you want to look for when you're trying to read level 2 and the tape when you're trading.

以上就是你在交易時閱讀第 2 級和錄音帶時需要注意的一些事項。

Again, it's important to have them placed beside your charts as a confirmation.

同樣，將它們放在圖表旁邊作為確認也很重要。

So the color blocks that we talked about earlier, helps you identify whether the buyers and sellers are stacked.

是以，我們之前談到的色塊可以幫助你識別買家和賣家是否堆積在一起。

What does that mean?

這是什麼意思？

So that means especially at the $4 resistance area, you want to see, so right now we have buyers stacked at $4, you see a huge block of yellow, and they are bidding at $4, and if you really want to see if $4 can support, you want to see big orders stacked at $4.

是以，這意味著尤其是在 4 美元的阻力區域，你要看到，現在我們有買家堆積在 4 美元，你會看到一大塊黃色，他們在 4 美元競價，如果你真的想看看 4 美元是否能支撐，你要看到大訂單堆積在 4 美元。

So right now we have like 2,000 shares, 1,000 shares at $4, you want to see if it starts to hold.

所以，現在我們有 2000 股，1000 股的價格是 4 美元，你想看看它是否開始堅挺。

And you want to see if we actually break above $4 really clean and start to hold above it.

你想看看我們是否真的乾淨利落地突破了 4 美元，並開始維持在其上方。

Because if the sellers start to come in around $4.05, you can see $4.05, there's sellers are stacked at $4.05.

因為如果賣家在 4.05 美元附近開始進場，你可以看到 4.05 美元，有賣家堆積在 4.05 美元。

And these are pretty big orders, 9,000 shares, 9,000 shares, 2,000 shares, this is probably not going to hold the $4.05 area.

這些都是相當大的訂單，9000 股、9000 股、2000 股，很可能無法守住 4.05 美元的區域。

And again, these are just the pending orders, they can be here stacked just to spoof the buyers or trying to drive the price down.

再說一遍，這些只是掛單，它們可能只是為了欺騙買家或試圖壓低價格而堆積在這裡。

Or these can be actual orders trying to get filled, people trying to take profit on a stock down.

或者，這些可能是試圖成交的實際訂單，人們試圖在股票下跌時獲利。

And also noteworthy that at $4, the bid is at $4.03, but you see $4 here, there's a pretty big order, 50,000 shares.

值得注意的是，在 4 美元的價位上，出價是 4.03 美元，但你看這裡的 4 美元，有一個相當大的訂單，50,000 股。

So it could mean they are trying to support the $4 level.

是以，這可能意味著他們正試圖支持 4 美元的水準。

Again this is a pending order, so they can be trying to prop the stock up around $4.

這也是一個掛單，是以他們可能試圖將股價維持在 4 美元左右。

Whether we hold or not, we don't know until we actually go through on the tape.

至於我們能不能守住，要等到我們真正通過錄像帶時才能知道。

So that's why you want to have the level 2 and the tape placed side by side, otherwise strictly reading the level 2 doesn't really help that much, in my opinion of course.

這就是為什麼你要把第 2 級和錄音帶並排放在一起，否則嚴格閱讀第 2 級並不會有太大幫助，當然，在我看來是這樣的。

And that's why I really hate using the level 2 on thinkorswim, because there's no color blocks.

這就是為什麼我非常討厭使用 thinkorswim 上的第 2 級，因為那裡沒有色塊。

It's very hard for me to identify whether we're stacked on the buyer side or the seller side without these color blocks.

如果沒有這些色塊，我很難辨別我們是堆在買方還是賣方。

This is why DAS trader platform, if you want to take trading seriously, this is the execution platform to go with.

是以，如果您想認真對待交易，DAS 交易員平臺就是您的最佳選擇。

Really fast data, really clean level 2 for you to read and the tape, hands down the best trading platform.

真正快速的數據，真正乾淨的第 2 級數據供您閱讀，還有錄音帶，這都是最好的交易平臺。

If you want to try out DAS trader for 2 weeks for free, I have a link for you to sign up down below.

如果您想免費試用 DAS trader 2 周，我在下面為您提供了註冊鏈接。

And you can see right now, we're not even supporting the $3.70s, we're actually getting pretty heavy right now.

你可以看到，我們現在連 3.70 美元都支撐不住了，實際上我們現在已經很吃力了。

And you also want to use the candlestick chart to confirm as well.

同時，您還需要使用蠟燭圖來進行確認。

You can see we're trying to hold the $3.70s area.

你可以看到，我們正試圖守住 3.70 美元區域。

So what happens is, for example, there is an ask at $3.74 right now, and showing $0.

例如，現在的要價是 3.74 美元，而顯示的價格是 0 美元。

When you see $0, this is supposed to be a size that's less than 100 shares.

當你看到 0 美元時，這應該是小於 100 股的大小。

But if you see the order going through on the L2, it's supposed to be less than 100 shares.

但如果你在 L2 上看到訂單通過，它應該少於 100 股。

But if you keep on seeing prints going through on the L2, you see tons of greens at $3.74, and the size is a lot bigger than 100 shares.

但是，如果你繼續在 L2 上看到印花，你就會看到大量的綠色股票，價格為 3.74 美元，而且規模比 100 股要大得多。

If you see $2,000 going through $3,000, but this ask on L2 is not moving, then that means this seller is hiding their size.

如果您看到 2,000 美元漲到 3,000 美元，但 L2 的要價卻沒有變動，那就說明賣家在隱瞞自己的規模。

They definitely have a lot more than 100 shares at $3.74 to sell.

他們要出售的股票肯定不止 100 股，價格也不止 3.74 美元。

So that's kind of what you want to look for, whether there is any bid or ask that's just sitting there and not moving.

所以，這就是你要尋找的，是否有任何出價或要價只是坐在那裡不動。

That's where you know whether there is a hidden buyer or a hidden seller.

這樣你就能知道是隱藏的買家還是隱藏的賣家。

For me, I never use what I see strictly on the L2 and the tape for me to make buying or selling decisions.

對我來說，我從來不會嚴格按照我在 L2 和錄像帶上看到的東西來做出買賣決定。

I place more emphasis on the chart and how we got here.

我更重視圖表以及我們是如何走到這一步的。

So right now we're really heavy around the $3.70 area.

是以，現在我們的重心在 3.70 美元附近。

The $3.70 support, we want to know if that starts to break down.

我們想知道 3.70 美元的支撐位是否開始崩潰。

If it doesn't, then we're probably going to dump.

如果沒有，那我們可能就會放棄。

You can see $3.70, we're trying to defend that a long time earlier.

你可以看到 3.70 美元，我們早在很久之前就在努力捍衛了。

Because on the chart over here, you can see $3.70 was prior support.

因為從圖表上看，3.70 美元是之前的支撐位。

And also over here.

還有這裡。

So what does that mean?

這意味著什麼？

If we're testing it right now again for the fourth time, if we don't hold, if we don't see buyers start to bid it up at around $3.70, this stock is going to fall.

如果我們現在又在第四次測試，如果我們不能守住，如果我們不能看到買家開始在 3.70 美元左右出價，這隻股票就會下跌。

You can see tons of prints going through under $3.70.

您可以看到大量低於 3.70 美元的印花。

It's all reds going through, only reds transactions being printed, $3.65, $3.70, and we're not even holding $3.60.

所有的交易都是紅色的，只有紅色的交易被打印出來，3.65 美元，3.70 美元，我們甚至沒有持有 3.60 美元。

This is how you know the tape is heavy.

這樣你就知道膠帶有多重了。

And it's not just because I'm seeing it right now on the L2.

這不僅僅是因為我現在在 L2 上看到了它。

It's because I know on the chart, in the prior areas, they had supported $3.70 over here, over here, and earlier just I guess 10 minutes ago over here.

因為我知道，從圖表上看，在之前的區域，他們在這裡和這裡都曾支撐過 3.70 美元，而就在我猜測的 10 分鐘前，這裡也曾支撐過 3.70 美元。

But if we're not holding that again, the stock is probably going to get dumped.

但如果我們不再持有，股票很可能會被拋售。

You can see this is really heavy tape.

你可以看到這膠帶真的很重。

All the prints, they're trying to support $3.50 right now, and we're not holding $3.50.

所有的印刷品，現在都在努力支撐 3.50 美元，而我們並沒有守住 3.50 美元。