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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Bilow who wrote (5559)11/21/1999 4:46:00 PM
From: TraderAlan  Read Replies (1) of 18137
 
Carl,

I have to write my experiences. Can't tell you how many times a perfectly good Snet order sat in a dead market and did not get filled. Am sure there are rules. There is also reality.

Have to say that Brown often executed much better than my expectations when I used them. I placed only market orders and ALWAYS got the inside bid/ask or an 1/8th away in a faster market. Others have had similar experiences that they've noted on that thread. My problem with them and all discounters is late reporting, which I just can't stand. And I'm sure most other discounters fit the stereotype you've mentioned.

<a good trader on a direct access terminal can nearly always get a better fill>

I know this is the selling point and, after many months of practice, my slippage is very low. But I still don't quite believe it. Also it's clear to me that many folks mistake order execution skills for trading skills. IOW if you learn all the order handling rules, their technical permutations, and apply them efficiently to the market, you will be a great trader. Think some folks deceive themselves in this regard. Trading is about good stock picking and great timing. Order execution makes the results of those skills better or worse but they don't make the trader.

Alan
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