Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: LAWRENCE C. who wrote (1085)	6/6/1998 6:27:00 PM
From: steve goldman	Read Replies (1) of 2120

Lawrence, you are missing a point. If you put in a limit to buy xyz at 10 and you get a report at 10, you are probably saying "great, I got it at what I wanted it at.." The point is a market makers went into the open market, and got it at 9 7/8, booked it into their inventory a/c at 7/8 and filled you at 10....why didnt' they give it to you at 9 7/8 on a 10 limit? because they are market makers? Would you ever buy a house through an attorney that took both sides, that is bought it from the seller and was selling the house to you out of his own pocket? NOT A CHANCE! you'd never get a better price, and ifyou did, he got even better. That's what making a market is and yet individuals doing business with firms like DLJ, Schwab are trading in 'house'amounts of money every day with a market maker. Hey, but you got filled at your limit.... Understand how market makers make their money, understand and consider how anyone could offer to do trades for $5 bucks or OLDE's commissionless trading...they are business people..noone does business for free. .look at their balance sheets, they make tremendous money....on your 1000 shares you think you are paying $19...you are, for sure paying more... which do you think they want? 19 or the 1/8s on all the 1000 extra shares you trade because you can piggyback them on the $19 ticket? -Steve@yamner.com

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