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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: JZGalt who wrote (15532)3/19/1998 4:05:00 PM
From: Chuzzlewit  Read Replies (1) of 95453
 
JZ, I agree. That is exactly what I was saying. But here is the point: you can only buy at the asked side, and you can only sell at the bid side. If you look at a lvl 2 screen all of the offers to sell are asks, and all of the offers to buy are bids. Sure, if you are a SOES trader you can choose the MM you want to do business with based on his price, but the transaction will always be based on his bid or his asked. A limit order simply keeps your offer in the queue, and at such time as the MM your brokerage house uses agrees your transaction is closed. And that's an interesting twist. Brokerage houses don't seek the best bid or asked for their clients. That represents a source of extra income from them. Only if you are a market maker do you get the chance to offer shares at a certain price to all other mm's.

One other addition to your list of do's and don'ts: don't use stop losses on the NASDAQ -- it's an invitation for theft by the mm's.

Regards,

Paul
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