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Strategies & Market Trends : DAYTRADING Fundamentals
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To: August who wrote (4570)10/2/1999 8:38:00 PM
From: Matthew L. Jones  Read Replies (1) of 18137
 
Although not invited, I will respond to the question... I hope you don't mind. ARCA is a priceless tool for getting out of a trade quick when you have overstayed your position. If you use SOES it may take 4 or 5 different trades and the MM's may very well back away if the market is moving against you (typically lifting bids or offers and essentially screwing you "fair and square". Daytraders are who use ISLD by and large and so ISLD bids and offers have a tendency to disappear when you need them the most (not to mention partial fills that are typical on ISLD). ARCA is an electronic selectnet execution engine that works much faster than even the fastest traders and you can bail out of a bad trade quick (15-30 seconds) if used properly and often the ARCA system will have made as many as a dozen partials on your behalf with only one click and only one ticket. Some people don't like it because they are used to the instant execution using ISLD, however for exiting in a fast market with size there is no ECN that is better because ARCA accesses all other ECNs and MM's to get your fill. On everyone's system except MB (I think) it costs an extra 1.5 cents per share premium, however. All I can say is I wish I had had it this past Christmas Eve. I turned a $750 winner into a $15,000 loser trying to get out of Sky Mall in a fast dropping market and watched as ECN's were not there or lifing bids faster than I could place orders and MM's were not responding to SOES or Selectnet preferencing because "they were light staffed for the holiday and the market was too fast" (Ha Ha). If I'd have had ARCA, I'd have broken even worst case. Matt
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