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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: Eric P who wrote (7246)	5/16/1999 1:47:00 PM
From: Gary Korn	of 12617

For clarification, when Fidelity's market maker is set to autoexecute, how long does it take for your order to execute? 2 seconds? 5 seconds? Longer? It is difficult to tell from web-based trading, for the trades are typically filled by the time I get to the confirm screen (which takes me a few seconds). Judging from fills that occur when I trade with a live Fidelity broker, I would say they take 2 seconds for about 75% of the trades. Up to 5 seconds for another 20% of trades. Then about 5% of trades take longer than they should, something over 5 seconds. These are approximations! Assume you want to buy a stock that is 90 bid and 90 1/8 ask. Do you place a market buy, or a buy limit at 90 1/8? To get into a trade, I always use a limit order. So, in your example, I would place a limit to buy at 90 1/8 (the ask). If the stock sweeps by my limit, I'll cancel or cancel and replace at a new limit. Even with limit orders, I periodically get fills that I would have thought were impossible. I must be catching the last nanosecond before the the bid/ask is moved up. Best, Gary Korn

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