wily,
I see Eric P has responded accurately to your point. I would add I am an MBT trader, tho I used to trade with Datek.
As Eric points out, you can usually go below or above the inside with ISLD and get an instant fill, tho I suppose you are right that in a case where the ISLD inside position happened to be two or three ticks back from the displayed inside, there would be no ISLD offers or bids to fill you and in this case you might get cancelled. Actually, using ISLD to "escape" a position in a fast market is a pretty viable technique as long as you make sure to go well below a reasonably ample inside bid displayed on ISLD. If ISLD only shows 10 in a stock that is dropping fast, you might have to go two ticks down to get out fast.
If you're scared to death, however, two ticks is no big deal, eh?
Rick |
