Gary,
I realize your style is rapid fire scalping so it differs greatly from the position trading I do. However, perhaps I can suggest a couple things which may be of some help. These may be things you already know so please forgive me if that is the case. As a position trader, I don't mind paying 1/8 or 1/4 more in most cases. Therefore, my advice or insight may be of no use. At any rate, here goes...
1.) When placing Island orders, I never do IOC, i do Island Day only. Another small item that helps is that I watch the island book (java version via web) which can be obtained at isld.com
2.) Selectnet and soes is a dead business imho. I have been on level 2 for a while now and I have personally witnessed the slow degredation of soes and selectnet. As much disdain as I have for slow-as-molasses Arca, it seems that EVEN Arca is faster than either of these. With respect to Selectnet, my understanding is that MMs have auto scrolling bids and offers on their terminals which they can select to fill. I recall in the "old days," one could quite easily use selectnet to a tremendous advantage when a stock was a mover. Now that is hardly the case. Thus, selectnet is only slightly better than soes in that regard. One tip which may help you in the future: the only times i use selectnet are during fast moving IPOs. Even then, at times I prefer to pay up a lil and enter an order via ARCA (when Island isn't offering much) and perhaps place the order 1/4 or 1/2 above the best offer. Otherwise, its just not a viable alternative for me to use. I hope this helps. Good luck.
Best wishes and regards,
SH |
