Question for the thread...
You're in an IPO, and it's moving away from you at light speed. You decide to get out quick. Your method?
My experience before Watley: enter ISLD market order and wait
1/2 to, at most, 1 1/2 points and I'm out.
I have tried with several hot issues to get out using every conceivable UT route, and I have been frustrated by the "no SOES available", "crossed market", "exceeds tier", etc. cancellation messages. NADSDAQ market orders get ignored, selectnet market orders get rejected, and ISLD limit is just futile when they're flying by.
It is not my trading style to use market orders, and I realize they are a last resort. But as I said, ISLD market orders do work well in a fast-moving situation. Very liquid, and the quickest ECN. And soon to get much more liquid with Waterhouse, we should note.
I am told by Watley that ISLD market is in the works, but Island rules prevent Watley from using it now. Sounds to me like a rule that could be bought.
Personally, even if it meant an additional fee, I'd use it from time to time. Especially to avert the type of losses I've been incurring. Five points getting out today...and many other days I have spent many points getting out.
Any thoughts? Anybody else have similar troubles getting out? And please, no lectures on the pitfalls of market orders. I am talking here about specific circumstances - namely, the need for an immediate out, given high volume.
TIA,
Carl van Rooyen |
