quinn- thanks for your insight
i agree, you see the potential negatives, as do i. you stated them nicely.
the way etrade told me is that round lots will be sent to arca automatic, sounded like i had no choice once i tell them to put me on the system.
however, odd lots and good til cancelled orders do not go to arca......so when liquidity is the issue and auto ex is needed, i sell or buy 499 shares instead of 500, or make it a gtc at the bid or ask. that is how i see it.....so maybe we will have the option where it goes. dont know how they will do that. perhaps they have thought of my bypass mechanism and will kibosh it right away.
as for auto ex, i trade 2000, 5000, 10,000 shares at a time (egrp, cmtn, wstl as my primary trading stocks) auto ex doesnt even dent a position for me when things move fast, or i need in. i would say i have left a ton of money on the table because of mm. since exit is the key to my trading, i now hope to have the option of hitting bid after bid on the ecns when i want out. (nite just will not fill on the buy or sell when i am in the action zone....even when i allow as much as a point higher for my bid or 1/2 or so lower on my sell....outright crookery in a way......they have their motives.....example: i want out, level 2 shows bids lined up at 1/8ths all the way down....i'll fill them all as quickly as i can
what size lots do you use and what stocks do you trade? i used to like the $100 plus stocks for the auto ex reason, but in this environment not so much.
i dont know if i am correct in my assessment of all things but this is how i see it
sim |
