Module 2: Understanding and Reading Level 2

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Module 2: Understanding and Reading Level 2
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Level: Beginner

Experienced Instructor

About This Lesson

This module introduces you to Level 2 market data, one of the most powerful tools for active traders. You’ll learn how to read the order book, interpret bid and ask movements, recognize key patterns, and understand how market makers, ECNs, and liquidity impact price action—giving you the insight needed to make smarter, faster trading decisions.

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Welcome: Level 2 Course Slides

Welcome: Practice With Asks

Welcome: Practice With Bids

Welcome: Supplementary Material 1 Underlying Bids

Welcome: Supplementary Material 2 Underlying Asks

Presented by

Dr. Roko Rasin

Dr. Roko Rasin, an accomplished educator and neuroscientist, holds tenured professorship at a leading US university, boasting both MD and PhD degrees. His keen interest lies in unraveling the complexities of human brain limitations in trading psychology, crucial in navigating the uncertainties of market environments. This passion drives him to develop and test innovative hypotheses in day trading strategies.

Dr. Roko Rasin's Recent Webinars

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Dr. Roko Rasin Course at Trading Terminal Academy

Foundations of Stock Trading

This course offers a structured introduction to stock and day trading for beginners. Divided into three parts, the program covers how the stock market operates, the basics of fundamental and technical analysis, and the impact of macroeconomic factors on market behavior. Students will also learn how to use trading platforms like DAS Trader Pro, develop a disciplined TradeBook, and approach trading with a professional mindset.

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Module 2: Understanding and Reading Level 2

Lesson Content

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Welcome to Level 2 — Roko

Lesson 1: Introduction to Level 2 — Roko

Lesson 2: Basics of Level 1 Data — Roko

Lesson 3: Buyers on Level 2 — Roko

Lesson 4: Using Bids as Level 2 Bullish Signals — Roko

Lesson 5: Using Bids as Level 2 Bearish Signals — Roko

Lesson 6: Sellers (Supply) on Level 2 — Roko

Lesson 7: Using Asks as Level 2 Bearish Signals — Roko

Lesson 8: Using Asks as Level 2 Bullish Signals — Roko

Lesson 9: Integrating Level 2 with Important Technical Levels — Roko

Lesson 10: Level 2 and Time and Sales — Roko

Lesson 11: Limitations of Level 2 — Roko

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© BearBullTraders.com— Copyright All Rights Reserved Reserved.

Andrew Aziz (C) Bear Bull Traders is a business based in the United Arab Emirates. For all inquiries please contact (email only) Aziz Online LLC FZ Al Shohada Road Al Hamra Industrial Zone - FZ - Ras al Khaimah - United Arab Emirates [email protected]

If you do not agree with any term or provision of our Terms and Conditions you should not use our Site, Services, Content or Information. Please be advised that your continued use of the Site, Services, Content, or Information provided shall indicate your consent and agreement to our Terms and Conditions.

We may publish testimonials or descriptions of certain selected real or simulated trading performance for educational purposes only, but these results are not indicative of future results or performance, and are not intended to be a representation, warranty or guarantee that similar results will be obtained by you. Our provided $50,000 funded training program is conducted entirely in a simulated environment. All accounts provided are 100% simulated and do not involve real money. Any fees paid are strictly to cover the cost of the competition, platform access, and data services. We are not a proprietary trading firm, and we are not licensed or registered to offer financial or investment advice. This program is for educational and training purposes only. Any gains achieved in the simulator do not reflect real-world performance and should not be seen as an indication of future success in live trading. Real trading involves significant risk, including psychological challenges, and there is no guarantee of profitability. There is no profit-sharing or real capital involved at any stage.

Becoming an experienced trader takes hard work, dedication and a significant amount of time. We do not track the typical results of our past or current customers. As a provider of educational courses, we do not have access to the personal trading accounts or brokerage statements of our customers. As a result, we have no reason to believe our customers, affiliates, contractors, or members perform better or worse than traders as a whole.

Available research data suggests that most day traders are NOT profitable.

The Profitability of Day Trading: What Research Tells Us A growing body of academic research suggests that the majority of individuals who engage in day trading do not achieve consistent profitability.

In a comprehensive 2014 study titled “Do Day Traders Rationally Learn About Their Ability?”, researchers from the University of California analyzed an extensive dataset comprising 3.7 billion trades executed on the Taiwan Stock Exchange between 1992 and 2006. Their findings revealed that only 9.81% of day trading volume could be attributed to traders who demonstrated repeatable, predictable profitability. Furthermore, these consistently profitable traders represented less than 3% of all active participants on any given trading day.

A separate study published in the Journal of Applied Finance in 2005, titled “The Profitability of Active Stock Traders”, examined 1,146 U.S.-based brokerage accounts that actively traded equities between March and June 2000. The researchers, affiliated with the University of Oxford and University College Dublin, found that only 50% of traders generated a profit during that period, with the average net gain being $16,619.

Similarly, a 2003 study published in the Financial Analysts Journal, “The Profitability of Day Traders”, reviewed 334 active trading accounts from February 1998 to October 1999. In that sample, only 35% of accounts were profitable, and a mere 14% earned profits exceeding $10,000.

These studies collectively demonstrate the substantial difficulty of achieving long-term success in day trading. While methodologies and market conditions varied, the overall trend remains clear: a significant portion of retail traders fail to generate consistent profits. At minimum, the data implies that at least half of all day traders are unlikely to be profitable, and in many cases, the percentage is considerably lower.

These findings underscore the reality that day trading is a highly speculative and risky activity. Participants should be fully aware that trading can result in significant financial losses, including the total loss of invested capital.

The content provided is intended for informational and educational purposes only. It does not constitute financial, legal, or tax advice. Any mention of a specific security or market should not be interpreted as a recommendation to buy or sell. All investments and trades carry risk, and decisions should be made with care and, where appropriate, with guidance from a licensed financial professional.

For full legal details, please refer to our complete disclaimer here.

Citations:

Barber, Brad; Lee, Yong-Ill; Liu, Yu-Jane; Odean, Terrance. (2014). Do Day Traders Rationally Learn About Their Ability? SSRN Electronic Journal. SSRN Electronic Journal

Garvey, Ryan; Murphy, Anthony. (2005). The Profitability of Active Stock Traders. Journal of Applied Finance, Vol. 15, No. 2. The Profitability of Active Stock Traders

Jordan, Douglas J.; Diltz, J. David. (2003). The Profitability of Day Traders. Financial Analysts Journal, 59(6), 85–94. The Profitability of Day Traders