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Strategies & Market Trends : DAYTRADING Fundamentals
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To: brec who wrote (8285)5/5/2000 5:53:00 PM
From: OZ  Read Replies (1) of 18137
 
If the orders to which I refer are IOC, then how could one ever place an order on the book away from the market?

By BIDDING below or OFFERING above. Unless you are trying to lock or cross the market. Then you would use SUBS. ONLY or a HIDDEN version of the bid/offer order. Island BID and Island OFFER are not the same as Island LIMIT IOC. A limit IOC is for when you want an instant execution against the inside price and give up the spread because you know you want in/out immediately. It is the fastest execution available. I personally use IOC exclusively. When I want in badly and I send multiple orders out, I do not want lingering bids adding to my position when I already have the shares I want. Though at times (when I do not get enough), I wish I had it set the other way so I could catch the new incoming island orders.

You seem to be saying that with the "restriction" imposed by the software I'm using (MB Trading's version of RealTick III) Island orders against the inside market are IOC

If your are getting canceled after a partial they are.
I consider RT3 an antique. But even I would be surprised if they did not allow this to be adjusted to a non IOC order and assigned to a function key (You do use function keys do you?). I tend to think it is probably a user education issue. I am actually really curious to find out which. Please advise when you find out.

OZ
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