Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: gbh who wrote (8190)	4/26/1998 5:09:00 PM
From: Zog	Read Replies (2) of 16892

Well, it appears that my trading experience has been very different from yours. I think I will continue to buy at the bid - perhaps I will be buying the shares you are selling! (VBG). Do you use level 2 quotes? If not, you should check it out sometime, it is amazing what you can learn. I am waiting for the day when the MM have to open their limit books - that will really equalize the game (that is why I doubt they ever will)! One more thing, at NYSE (and I believe AMEX), orders are filled on the basis of the time the order has been at that price. So, if you are the first in to buy at the bid (say the price drops 1/16 and you happen to be the first order in at to buy at that price) you WILL get filled first - before any of the "big guys". Since the size of the bid and ask is actually the number of shares available (unlike the NAZ where they mean nothing expect for ISLD (a very major flaw with using ISLD)), you can sometimes predict when the bid will move. Believe me, trading listed stocks is very different from NAZ stocks. Another aside (sorry for the rather disjointed discussion!), but even if it appears that you happen to be the only one buying/selling at a price, you may not get filled even if you see orders go through at your price (on the NAZ). MM love to jerk ISLD orders around, and many times they will trade around you - it is no where near as transparent as NYSE. One more reason why I think MMs make lawyers and used-car salespeople appear like saints! Michael

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