People often use Island because it tends to have the most liquidity of the currently
available ECN's. Island is not always at the inside market though, so the best price
is quite often found elsewhere. As for CyberExchangeECN, it unifies all the ECNs
from the traders perspective and (theoretically) should give even better liquidity.
Others might comment on that. Like many other CyberX users, I route my own orders,
so I never use CyberXLimit or CyberExchangeECN.
CyberX is sort of like a car with both an automatic and manual transmission.
Some folks prefer the automatic and don't want to route their orders manually.
I think you really ought to consider learning how to route your orders yourself,
i.e. "drive a stick." Yes, you need Level II to see your counterparties and
trade with them, however, it's well worth it. That's where the whole advantage
of direct access is realized. Using CyberXLimit is just like giving your order
to an on-line broker's market maker, and perhaps not even as good as that.
WB |
