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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: Tom Allinder who wrote (37423)3/17/2000 8:56:00 AM
From: Tom Allinder  Read Replies (2) of 150070
 
OK MYTRACK CUSTOMERS... (I am still using it while I get a couple of more accts set up, then I am done with it)

See this:

Herzog routing restrictions starting 3/17/00
--------------------------------------------

Due to the fast routing available lately via
Herzog Direct and the fact that they give
an auto-execution, there has been some abuse
of this facility by a few members.

In particular, they would route multiple orders
to Herzog in a few seconds time to take
advantage of the auto-execution facility.
Herzog has no chance to hedge or perform the
usual market maker activity under these conditions.

Herzog asked us to prevent this abuse.
Starting today any order routed to Herzog
cannot be followed by another order IN THE SAME
SECURITY to herzog within 90 seconds.

This is on an individual member basis. i.e.
if John sends an order for MSFT, he has to wait
90 seconds for another MSFT order. Bill is
not affected and has no 90 second limitation.

We feel that this should take care of the recent
abuse without affecting most of our member's
trading.

In addition, we will have more market makers to
route to soon, so even in the 90 seconds window
we will be able to route to a diff. market maker.

Now who are the abusers?

I AM ONE OF THEM.... WHY? TRY ROUTING A 10K ORDER TO HERZOG FOR QSTI... YOU WILL ONLY GET FILLED 2500 SHARES. YESTERDAY, I GOT FILLED 500 SHARES ON AN ORDER FOR TREY.

ARE WE SUPPOSED TO BE HAPPY WITH 500 SHARES OF AN .80 STOCK? HOW CAN WE MAKE ANY MONEY WITH 2500 OR 500 SHARES OF A SUB DOLLAR STOCK... I BUY 500 SHARES OF $100+ STOCKS... NOT TREY TRADING IN THE .70'S OR .80'S... WHEN I PUT IN A SELL ORDER ON WTHL YESTERDAY FOR 7500 SHARES, I GOT FILLED 200 SHARES... NINETY DOLLARS WORTH...

I ASKED MYTRACK WHO IS GETTING FILLED ON THESE "BIG ORDERS" IE 5000 SHARES, 10K, 30K.... THEY TOLD ME THAT IT WAS INSTITUTIONAL ACTIVITY... FINE, SO HOW AM I SUPPOSED TO MAKE MONEY ON 500 SHARES OF A .70 STOCK?

Tom
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