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Strategies & Market Trends : Level II Trading
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To: DRRISK who wrote (267)2/27/1998 11:52:00 AM
From: Cader  Read Replies (1) of 1086
 
Doc,

Thanks for the response. I see why you would not want to use an ECN to exit your trades. Well you might use Instinet to exit but it costs around $10.00 per 1000. I believed that you were still trading in and out for 1/8ths and 1/4ers, because of your earlier posts (#105) were you stated that you traded in and out 68 times in one day.
Your methods of entering and exiting a position as large as you state that you are holding makes perfect sense. I think it was Jesse Livermore that said that he has seen on countless occasions that holding out for the extra 1/8th has cost the trader millions.
I trade for 1/8ths and 1/4ers so It is a great advantage for me to use the ECNs. I don't have a bank roll the size of yours either, however, I have enough to play a thousand shares at a time of most stocks using margin and it is working out for me.
While I'm posting I just wanted to say in defense of Phil and also MM. I talked to Phil about 9 months ago and found him to be very straight forward and honest, however, he did state at that time that his company and Chris Blocks company were in a legal battle over their software. I also talked to Chris and he confirmed this. To my knowledge and you can take it for what it is worth both Phil and Block have worked things out and Block is a supporter of their software along with many other Day trading firms ie Insight Securities.

Later,

Cader
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