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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Jon Tara who wrote (7479)3/16/2000 6:03:00 PM
From: Dustin  Read Replies (1) of 18137
 
Jon, the advantage to a subscriber only Island order is that your order will usually not affect a stock. Example...Let's say you want to sell 500 KEYN (not very liquid) with Island. If you make the best ask, you run the risk of making some weak hands hit the sell button. Also, a MM may decide to step in front of you so you can't get a fill. If the stock was in a delicate balance, you may have just forced the stock lower. With a S-Only Island order, your order does not appear on the L2 screen, only the Island book. It just allows you to hide.

I use Cybercorp, and can not speak for other brokers, but there is another aspect. If you want to cross the market with Island, you must use a S-Only order. Cyber automatically does it for you. Without the S-Only, you could not cross the market.

Hope that helps.
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