What broker do you use? I will have level II starting Dec 1, and at that time I want to dump Ameritrade and go with someone much better. I have been evaluating several quote/charting programs, and using Ameritrade for a while now. I have no problem with their execution of market or limit orders (in fact, they got me out of BNYN at 10, the exact peak on Wednesday on a 9 7/8 limit sell--although they later claimed that I had cancelled that, and so I still have BNYN, but that was later cleared up (I think)). My problem with them is that I often find myself chasing stocks when they go up or down. For example, I will enter a limit sell or buy, find that it has passed me, and then I have to change my order. This usually takes 15 to 20 minutes, after which I find that I have either executed a trade at my change order price, or I now have a new open order, which has been passed again, so I need to drop the trade or issue another change order, etc. Apparently market or limit orders are handled by a computer, but change orders have to be manually handled (or something).
I need better change order's, etc. I assume that most people use limit orders to protect themselves from the MM's, but maybe I should be doing things differently. I am relatively new to day and position trading. I am thinking of Etrade or MB Trading. My understanding is that I would be better with someone like MB Trading if I am using level II software and quotes.
Any opinions? Suggestions? Market vs limit orders? Limit stops vs stop orders? (I am now convinced that I am better not entering stops...just set a mental stop and sell myself, but maybe I am wrong?)
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