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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: Chris who wrote (11171)	7/6/1998 7:54:00 PM
From: Robert Graham	Read Replies (4) of 42787

I have been talking to Steve there through the telephone and e-mail on and off for a long time now. There are other advantages. For instance, he will use Selectnet, SOES, and direct telephone conversations with the MM to your advantage. Also for a large order he can call the floor of the exchange (assuming a stock on an exchange) and get a picture for you: where the stop and limit orders are on the specialist's book with respect to the current quote. The desk traders that execute the order also day trade on the side, so they are very knowledgeable about the market and have their NASDAQ Level II screens up throughout the day watching the market. I will give this Yamner brokerage a try. I find that when dealing with illiquid type of stocks particularly on NASDAQ, a trader needs someone on their side of the trade to ensure good executions. Yamner is more expensive, but still at discount brokerage prices I would say between Olde and my deeper discount brokerage Scottsdale Securities. They do work for price improvements, so if you trade enough, you probably will meet or exceed the discount you will get from the deeper discount brokerage houses. According to the article by Gary Smith, he discovered that he in the long run with respect to actual money will save more than he would with even the electronic Internet version of Shwab. I am tired of this Scottsdale Securities making mistakes, and in this case one that actually cost my $500 in profit on my CC option trade. This ate up what I have saved with them in discount brokerage fees. JFYI I have been trading covered calls on my IFMX stock. I have been trading on the volatility of the stock instead of the (non-existent) time premium of these options which is much more difficult to do, but is nice practice. Sometimes I only have one point to trade off of to make a profit. Good way to sharpen my trading skills and dig myself out of the hole I am in with IFMX, which was my first short term stock trade a while back. I will relate my experiences with this brokerage business after I have done several trades with them. Bob Graham

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