Name: Level 2 & Direct Market Access (DMA) trading tutorial
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Created byJon Matthews

Last updated 1/2025

English

What you'll learn

What Level 2 is and how it works
How to read the Level 2 order book
What Market Makers do and how they operate
How to get a better buy or sell price for your shares
How to trade in the opening, closing and intraday auctions
How to use Direct Market Access to trade on the Level 2 order book

Course content

7 sections • 14 lectures • 3h 49m total length

Introduction7:14
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.
Required set-up4:02
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.

The basics of Level 222:57
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.
Beyonds the basics of Level 230:04
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.

Your first buy order39:53
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.
Your first sell order13:21
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.
The trading day16:45
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.

Understanding auctions24:14
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.
A deep-dive into Market Makers22:05
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.

Bullish and bearish signs19:38
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.

Stop losses and taking profits17:10
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.

Spread Betting3:21
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.
Accessing Level 27:22
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.
Where next?1:28
Important:
The information available through this course is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
Warning: The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Your capital may be at risk.

Requirements

Bought or sold shares in a publicly listed company before. Either in an ISA, SIPP or Stocks & Shares account

Description

If you’re looking for a step-by-step walk through guide on what Level 2 and Direct Market Access (DMA) is and how it works then this course is for you.

If you’re a stock picking retail investor, then not using Level 2 is a little bit like driving without being able to see where you’re going.

Level 2 can be a critical part of your research, what’s more it is an invaluable tool to help you know when is the right time to either buy or sell.

I have put together over 3 hours of Level 2 material for you in this course, with live trading examples showing you how to get a better buy and sell price in the market.

I’ll take you through:

How to perform a sell order
How to perform a buy order
The absolute basics of Level 2
How to read the order book data
How to use Direct Market Access
How to identify bullish and bearish signs
What Market Makers are and what their role is in relation to you as a retail investor

By the end of the course, you’ll be really comfortable to start using Level 2 and Direct Market Access yourself

So, if you already have access to Level 2 data and you’re looking for a guide on how to best use it then these topics will be invaluable

Or if you’re considering subscribing to Level 2 data to enhance your trading but you’re not sure if it’s going to be for you, then going through this course will be a very cost effective way to see it live and see if you think it will work for you before you buy a subscription.

The course is designed so that you can start from the beginning and go all the way through it in a logical format, with each lesson following on from the last. Or, depending on your level of knowledge you may want to skip around and focus on certain topics and that’s perfectly okay too. Whatever works best for you.

And where applicable all of my narration is from the live markets, so this is a course that shows hands-on trading. Not boring classroom theory.

This is an in-depth educational course teaching you how to use Level 2 and Direct Market Access primarily for UK stocks and shares. We won’t be covering indices, forex or crypto in this course. If you’re a US investor, and you’re looking to see how the mechanics of Level 2 work, then you’ll definitely find the content of this course useful. But because it’s aimed primarily at UK stocks and shares, there will no doubt be some differences in regards to specifics, like investing account types etc.

So, why not jump straight into the course now? I've uploaded the first part for free so you can start to learn about Level 2 straight away.

Who this course is for:

Investors looking to learn about trading with Level 2 and Direct Market Access

What you'll learn

Explore related topics

Course content

Getting ready2 lectures • 11min

Foundations of Level 22 lectures • 53min

Live Trading with Level 2 and DMA3 lectures • 1hr 10min

Auctions & Market Makers2 lectures • 46min

Market Signals1 lecture • 20min

Exiting a trade1 lecture • 17min

FAQs & Wrapping up3 lectures • 12min

Requirements

Description

Who this course is for: