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

To: Eric P who wrote (1040)	6/19/1999 12:46:00 PM
From: Rick Faurot	Read Replies (4) \| Respond to of 18137

<<I know that Gary Korn has been successful scalping using Fidelity, and was unable to find equivalent success with a 'legitimate fast execution broker'. The difference was that with Fidelity, he was able to get his orders filled quickly (2-5 seconds), whereas he was unable to get orders consistently filled dealing directly with the ECN's and market makers. I think this is a very legitimate complaint when dealing directly with the market. I am in the process of opening a small Fidelity account myself, to see how well they perform.>> I have corresponded with Gary quite a bit and I don't know if I would agree that his technique is successful. His thing is to scalp 1/16s over and over again all day. In my experience this is hardly a winning strategy. I certainly agree that there are a few veteran traders who have never clicked with L2 and fast execution multi-route systems. I contend that these traders are a very small minority. I have followed a large number of expert traders on IRC chat rooms for a long time and 99% of them are using Realtick brokers. These traders do any where from fifty to a thousand (yes, a thousand) trades PER DAY and they have no problems getting fast executions. Most focus on ARCA and ISLD. I use this approach myself and executions are the least of my problems. I'll be interested to see how you do with Fido and if anyone else has positive experiences with discount brokers, I'd love to hear about it. I still want these damn banner ads removed from SI, however. Rick