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Strategies & Market Trends : Trading For A Living

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To: Len who wrote (517)	6/25/1998 1:36:00 AM
From: Colin Cody	Read Replies (2) of 1729

Len or anybody: . I posted the following: I see my limit come into the box when I place an order and I get filled nearly immediately as soon as the inside quote reaches my limit Bid=my Buy or Ask=my Sell. . I see you posted that you too are getting filled this way. . My question is HOW ARE THE MMs MAKING ANY $$$? . Typical Example: today I placed a SELL of MSFT at $104 5/16. There was only ONE MM moving up the box showing this price (and it was my size too). So I "know" this was my limit order. When the ASK hit my price I got a partial. Now let's stop right here. The MM took my sell order to the box, and filled it WITHOUT first selling the stock at the Ask and then picking up mine from me at the Bid. So WHAT'S IN IT FOR HIM? . Then, somewhat amazingly, I got filled at 104 3/8ths (price improvement) even though I was willing to let it go at 104 5/16ths. Again, WHAT'S IN IT FOR THEM?? That could have been easy money for the MM, but he (apparently) made nothing on it? How do they "pay the bills" if they don't "make the spread" on every trade? . Colin

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