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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: KM who wrote (157)	6/6/1999 8:39:00 PM
From: -	Respond to of 18137

<I was really trying to get at your techniques for exiting one particular stock like that when perhaps the overall market is fine. Do you offer under the bid, do a market order or what to get out fast? Is one ECN better than another for getting out in a situation like that?> KM, In a situation like that, I would probably use ARCA to work the bid (lower than it is at that moment) giving them a point or two. I hear a lot of complaining about ARCA fills being "slow", but that just indicates the limit price is entered wrong, or the order is timed wrong. It's a faster way to do Selectnet orders, if used properly. I might just do a selectnet preference if I noticed a MM was repeatedly coming up to the bid on the way down, and hit him at least 3/4 of a point below his last bid. But that's more risky, by the time you realize he may not fill you, the issue could be three points lower. Depending upon the speed of the selloff, you have to gauge where to place your order so it's still enticing by the time he handles it manually. Once in a while you're going to get whacked like that, it's part of the game, so don't feel too bad. Especially in the net stocks.