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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Eric P who wrote (8281)5/5/2000 4:24:00 PM
From: OZ   of 18137
 
I gotcha. Thanks for the clarification.
BUT, what many people do not know is that if you can send an Island order out as a NON IOC order and it will do the same thing as you describe. It will take the available offer, then it will bid the remainder in the Island book up until the current offers clear. At that time it will jump to the bid at that same price for all to see and try to complete the order. Same as you described except the bid IS PUBLISHED. The ability to do this is set by the either limitations of one's software or his knowledge of the software. Most Island limit orders are usually set to IOC by default though. I believe it is important that people use software that gives them the absolute most flexibility in how and when they can trade. I.E. no 5 minute limits, ability to customize ecn executions to taste, etc.

Hope this helps,
Oswald
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