Sim,
In your case, ARCA would be a great
"monster" key since you are playing
with 2000+++ shares lots. ARCA will
work the ECN order books and lastly
SNet a MM -- all in one commission
order. On the other hand, working your
orders takes time and if the stock is
moving fast up or down, then not all
order *may* be executed.
ARCA works better for your style
of trading. I typically play with
1000 or less on anything which is
moving during the day - whether
$10/50/100/300 stock. I'm a dayrader
and not a swing or position trader
so <1000 is more manageable to get
in and out with. I use only Etrade's
direct modem access for trading.
Website is too sluggish for trading
at times.
NITE auto-execs up to 2000 shares
w/Etrade -- less with other online
brokers. I have no problem getting
in and out fast on most <1000 trades.
If GTC or Odd lots orders still go
the aut-ex route, then that's what
I will be using. No CHANCE ARCA
will be my first order routing
choice. Just like in MB Trading
where I have order routing choices
of ISLD, ARCA, SNet, and SOES, I
do hope Etrade realize providing
order routing choices selectable
by the customer is the best way.
Too bad ARCA order limit book
will not be available. If customers
are not careful, in some cases they
will be paying more $$$ for a stock
with no ECN volume or offers above
the MMs best inside offers. Thus,
you might want to investigate on your
end a Level 2 quote system which
give you access to the ARCA limit
book. It will help you determine
the status of your order on level
2.
There are more issues on Etrade's
ARCA implementation. Most if not all
traders on all the chatrooms prefer
ISLD -- that's why ISLD trade vol is
greater than ARCA's
QD |
