Cents and Sensibility - Kimberly and Friends' Consortium Message Board

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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium

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To: 2MAR$ who wrote (82399)	3/4/2000 9:44:00 PM
From: KevinMark	Read Replies (3) of 108040

"The Phantom Market Maker" is my nickname for these crooks! There never there when you need them (dropping the bid when trying to sell) and always there when you don't want them (holding stocks down by selling short on the ask.) I know all about "order flow"! Newbies should pay attention to this article. Do yourself a favor by dumping your HTML browser broker (E-trash, Ameritrash, Waterhose, ect.) and go with one (ECN or full-service broker like AB watley) that will offer you multiple ways of trading stocks. Ask yourself this question. How in the world do you think that Ameritrash and E-trash make a living on $8 executions? It cost more than that to execute the trade (overhead, exchange fees)! And, why do you think they charge $5 extra for limit orders? The first question is easy....these trash brokers get paid for "order flow" by crooks like Knight (NITE on L2) who are looking to rip you off! Second question is easy as well. Whenever you place a limit order, your are calling the hand of whoever is on the other side of the table filling the order. They will fill it if and only your price hits the mark. Your $5 is considered insurance...so to speak. It takes a big advantage away from these crooks by not placing a market order. How many times in the past 6 months have you noticed "terrible fills" when placing market orders in a fast moving stock (ipo's excluded)? This is because these crooks fill the limits first and then fill yours second! Why? Because if the price exceeds "your" limit, no execution from the crook! IE...no cha-ching ($$$$$'s)for them! Market orders are always supposed to get filled first right? Yes that's true but, it doesn't happen that way folks. These crooks are out to fill as many orders as possible. That means, they will let your poor market order sit until they clean out all the limits from their drawer. I have been round and round with Ameritrash about "terrible fills" and can give you countless examples that would make your head spin. One last question. How many times have you called up your broker to bitch about a fill only to hear the standard answer...."We're sorry but, at the time you placed your order, an influx of volume occurred at that time. These are market conditions beyond our control, we called the market maker and they informed us that your fill was the best at that time given the market conditions"! LMAO...ROTFL...complete and total horse manure folks! Get out now while you still have trading capital or minimize the crooks advantage by spending that extra $5 for limit orders. From a guy who learned the hard way! KM

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