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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Eric P who wrote (1222)6/30/1998 11:07:00 PM
From: Colin Cody   of 2120
 
Eric, My retail brokers are taking one minute or longer to even "get in the box" once I place/click the order.
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It takes some TIME to fill-in / place the order as well, which I understand at an MBtrader is done much much easier.
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For MARKET ORDERS in a FAST MARKET (buy at the Ask and sell at the Bid) this delay is UNacceptable, and that's THE ONLY REASON (so far) for me to switch). I have lost thousands of $$$ in just the past two months because the inside quote moved after I placed a Market order.
(I will admit I MADE a few bucks too, when the price IMPROVED in those couple minutes of delay)
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For LIMIT orders, this has not been a big deal though. So, big deal, it takes me a couple minutes to enter the order, and another 60 seconds for it to show up on Level II.
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Why don't I switch immediately? Well, my broker(s) are great in many respects. They allow me to trade OTC-BB (MBtraders and Castle will not) and All-Tech only allows me to sell (not buy) OTC-BB. My brokers will "work" large orders for me (these on telephone/voice orders at a much higher commission).
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But the FAST executions are tempting, so I DO plan to ADD either MBtrading, Castle or All-Tech soon. Just fishing around for more input from ya'all!!
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Colin
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