The Nasdaq Trader's Toolkit



"LaBier has compiled a fascinating study of modern market execution systems. An instant classic that should find a prominent home on every trader's bookshelf."-Alan S. Farley, author, Master Swing Trader, Editor/Publisher, Hard Right Edge

"The Nasdaq(r) Trader's Toolkit is an absolute must read for anyone who is serious about trading in today's competitive market. Don't trade without reading this book!"-Ken Wolff, founder and CEO,

"A very important book on a topic too often overlooked by new and even experienced traders. Delightfully written with many splashes of humor."-Allan Jan Baird, PhD, author, Option Market Making and Electronic Trading Masters

"No other stock trading book on the market today offers the depth and clear explanations of the different Nasdaq execution tools available to the individual. If you're already trading Nasdaq stocks, don't make another trade until you've read this manual!"-Tim Bourquin, cofounder, The Online Trading Expo and TraderInterviews
* Save money off every trade-winner or loser-by learning Superior Execution. Learn how SuperSOES, SelectNet, and the ECNs really work, including active and passive ECNs as well as controversial "Hidden" and subscriber orders. Eliminate slippage due to routing mistakes
* Get the inside scoop on reading Level II quotes from a real Nasdaq market maker
* Learn how the Ax (i.e., the institutional buyer or seller with a large order to transact) really thinks

M. ROGAN LaBIER is a former Nasdaq market maker, institutional equity sales trader, and propriety trader. Most recently, he was Head Trader at MB Trading before opening his own brokerage,, which supplies its traders with one of the fastest, most powerful proprietary trading platforms available. LaBier has traded equities, derivatives, and currencies for his own accounts as well as managed accounts.

The Toolbox.

Level II: Definitions.

Level II: Interpretation.

Level III.

Tools of Execution.

Order Routing Grid.

Complete Guide to Selling Short.

Risk Management.

Games People Play.


Philosophical Perspective.