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: Eric P who wrote (1222)	7/1/1998 2:36:00 AM
From: Marc D.	Read Replies (1) of 2120

Hi Eric. With discount firms, you can count on them selling your order flow to market makers. However, this would not be so bad if they could assure you of a fast fill (less than five seconds) of a buy at the inside ask or a sell at the inside bid. Not only have I had Ameritrade (ok, stop laughing, I needed a broker for options trading) fill marketable orders in less than 10 seconds many times, I've had them fill much more than the SOES limit 1k shares. Using SOES would have probably gotten me 1k and the MM on the inside would have pulled away. Perhaps a SelectNet broadcast could've achieved the same result, but sometimes payment for order flow can be a good thing. Now trying to get timely representation of a limit order through an MM is another story altogether... Marc

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