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Non-Tech : Quote.com QCharts
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To: BigJC who wrote (3435)8/22/1999 10:19:00 AM
From: BigJC  Read Replies (2) of 17977
 
I an not technically a day trader since I carry positions overnight and sometimes for weeks at a time, but I am by most standards a pretty active trader, trading many times a week. (I describe myself as an 'opportunist')

I _ALWAYS_ buy or sell with a limit order rather than a market order, even if my 'limit' is below the best bid on a sell or above the best ask on a buy - I do this to avoid getting really bad fills, and since I don't play momentum, I don't usually suffer as a result.

I pay for realtime quotes (quote.com's QCharts) (but not Nasdaq level II) and I use an online broker (eDreyfus). If the bid-ask spread on an NYSE stock is (to make things simple) 50 to 51, and I enter a bid at 50 1/8, my realtime quote updates to reflect the spread at 50 1/8 to 51. My question is this:

Is that 50 1/8 bid _MY_ bid, or is the market maker upping _HIS_ bid to 50 1/8 in order to continue buying and selling on the spread (and thereby keeping my bid from being taken)?
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