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Strategies & Market Trends : DAYTRADING Fundamentals
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To: KM who wrote (16)6/6/1999 12:08:00 AM
From: Bilow   of 18137
 
Hi KM; Yeah, I've gotten a fill of just one share at least twice on ISLD.

To understand this, it helps to take a look at why the other guy may be doing this to you...

If you have placed an ISLD limit order to sell an illiquid stock, and you are the inside ask, then your order will set the ask price for the stock on the Nasdaq computers only if it is for 100 shares or more. Supposition: The guy who buys one share from you is long (or wnat to go short) and wants to make the Nasdaq screens look bullish. (i.e. he wants to make the ask price lift.)

Another possibilility is that someone else on the ISLD has recognized you (by your market behavior) and is pissed at you. He buys a share from you in order to increase your commission costs and to inconvenience you. If he is really pissed, he will buy all 100 shares from you, one share at a time. (Which I have never seen happen.)

When this happens, rather than pass on the bad karma to another ISLD trader, I usually round myself out with an SOES order for 1 or 99 shares. (It turns out that the commissions for a 1 share order are slightly cheaper for me on SOES. This has changed, in the future it will be cheaper to get a share on ISLD...)

Both of these reasons for getting hit with a share can be largely eliminated by practicing good trader behavior: Don't leave limit orders out where you don't mind getting hit with small quantities of ISLD orders. It just advertises the weakness of your holding.

-- Carl
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