Can anyone advise me as to whether there are any courses that I could attend in order to learn how to use level 2 data?
Thanks

I'm not aware of any courses - I believe MoneyAM has run a free seminar from time to time but I haven't seen anything recently. You may find these links of some use though:

http://www.moneyam.com/InvestorsRoom/posts.php?tid=11918
http://www.moneyam.com/InvestorsRoom/posts.php?tid=8265
http://www.moneyam.com/TradersRoom/posts.php?tid=1433

This is a PDF from the LSE explaining Level 2:

http://www.londonstockexchange.com/private-investors/tools-and-services/direct-market-access/level-2-data/level2guide.pdf

This is Dominic Connolley's book on trading and as I recall it explains Level 2 quite well:

http://www.amazon.co.uk/UK-Traders-Bible-Complete-Trading/dp/1897597398/

This is ADVFN's thinly-disguised Level 2 advert - but it does contain information:

http://www.stockmarketlevel2.com/

Things have changed since a lot of the above was written though. These days a lot of the trade in large companies isn't being conducted on the LSE at all - about 50% according to latest figures I believe - so it never shows on Level 2. With smaller companies, many trades are being conducted via Plus Markets so that isn't showing up either.

Level 2 is a collection of competing bids and offers for a stock. Imagine a town with a market in the centre comprising of ten market stalls. You can visit the market, see what all the prices are, and get the best price. You can see all the buyers and sellers. Now imagine that the decision was taken to separate off five of those market stalls and place them randomly around the town, often in places where you weren't allowed to visit. You can still visit what's left of the market in the town centre (that's the LSE), but it's nowhere near the complete picture any more, and the value of it is greatly diminished. This is Level 2 today.

It's important to emphasise this because the kind of trading we used to do based on Level 2 is not the same now, if it's really usable in the same way at all. Level 2 can still give you a market picture and insight, but an incomplete and potentially flawed one.

froggy: We will aim to create some evening seminars later in the year. I will keep you informed

Mike(MoneyAM)