lagging (indicator): indicating the past. Compare leading.

large-cap: large capitalization.

Last: the price of the most recent trade. Compare current.

layer (verb): to spoof using multiple orders.

leading (indicator): indicating the future. Comparing lagging.

leg: a structural segment of a trend. A leg may comprise multiple steps. Whereas a step is microstructure, a leg is macrostructure.

lemming: a person who habitually practices conformity; based upon the myth that animals called lemmings practice mass suicide by jumping off cliffs (which doesn’t happen).

liability: the condition of or potential for being held responsible; financial obligation.

Limit (OSO): the profit-taking exit limit price in a bracket order; how many cents per share you bet the stock profitably moves to the price where the position is closed. Limit is set as an OSO. Compare Entry.

limit order: an instruction to trade a stock only at a specified price or better. Contrast market order.

liquidity: how many shares can be traded without affecting price. Liquidity reflects volume, which relates to how many market participants (buyers & sellers) there are. Liquidity is inversely related to bid-ask spread: low liquidity equals a high bid-ask spread.

logistics: the planning/setup and implementation of an operation.

long buy: buying a stock intending to sell it at a higher price. Contrast short sell.

LOPS: a stock with a price lower than $20 per share. Compare HIPS.

luck: chance; the imagined force behind random events.