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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: Eric P who wrote (6853)3/27/1999 11:47:00 AM
From: Gary Korn  Read Replies (1) of 12617
 
I am not recommending that it is always best to cross several levels to get a fill on ISLD. However, this would be the proper way to 'simulate' an ISLD market order. I hope this is clear

Eric,

Thanks. Actually, your suggestion reminds me of what I used to do at Fidelity. When selling, I'd pick a limit price that was about 1/2 point below the then prevailing price. I did it because I thought (perhaps incorrectly) that limit orders took priority over market orders. But regardless, these limit orders almost always did fill at the prevailing price.

Applying the same logic to the ISLD book, I would pick a limit price 1/2 or more below the best price, and could expect to be filled at the best price on down, depending upon availability. I assume that is what you are saying.

Thanks for the response. It helped!

Best,
Gary Korn
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