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To Gary, TraderAlan, William et al.
I agree with everything said.
I seldom use SOES anymore for the exact reasons stated. The last time I used SOES I did a SOES market with 1 MM on Bid and several 1 tick below. I was executed 100 shares at a time every 17(I think it's 17) seconds until filled.
ISLD is fast and liquid, usually. But the partial fills are a killer particularly when you are down to the last 61 shares to sell, the market moves and you have to cancel and reenter the 61 shares, but you don't show up on level II because you aren't 100+ shares so no one knows you are there.
ARCA is great if you want 1 commission and just want to set back and let it sell. Downside? If the market is moving ARCA sits preferencing the fuzzy logic MM for 15 (or is it 30 secs) even though the MM may be on vacation that day. ARCA market stacks up chippies unbelievably deep - and fast and the MM still doesn't buy your preference even though ARCA changed your ASK to less than Bid.
Selectnet preference a MM sometimes works very well. One thing I do to help identify the MM to preference is Shift-Double Click (MBT software) the MM that I see on Bid most often as I am watching the trading. This puts the MM in black so he is easy to watch. Not only do you sometimes get an insight into whats happening but when you want out you know if that MM is buying and at what level. If a stock is moving fast, preferencing the MM that is buying with an attractive price has saved my butt.
I use all of them depending on the situation and sometimes get burned but less and less frequently. ISLD is where I personally trade the most often as I try to sell to ISLD,ARCA on the way up where it is easy to get out.
PS. To restate a question and answer from Peter Michaelson even more strongly, There is no such thing as Buying at the ASK and Selling at the Bid on a consistant and regular basis. If there were I would be rich. Too many times I try to buy from/sell to a MM, they set there, time out and move - no fill.
Why do I like doing this so much?
Good trading
Largo |
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