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

To: Eric P who wrote (2412)	8/5/1999 5:55:00 PM
From: Eric P	Read Replies (5) \| Respond to of 18137

Forgive me for still fuming about my Fidelity experience. The ironic thing is this: Daytrading became much more difficult when market makers were able to start quoting as little as 100 shares for their own bid/ask prices. They requested and got this rule change after the limit order display rule forced them to display their customer orders. The market makers claimed it was unfair to be forced to post the (then minimum) 1000 share quote, in order to comply with the new rule to display customers orders for as little as 100 shares. They ought to be able to display solely the 100 share customer order, the arguement goes... Anyway, it's ironic to see how the market makers are now using this rule. Now, I see they are only displaying 100 shares, even when they have a customer order for 1000 shares. By doing this, they create an advantage for themselves, while providing a significant disadvantage to both their customers and the other traders in the marketplace. Someone needs to provide a better job of oversight on these guys. Anyone listening, SEC? -Eric P.S. Any SEC folks out there wanting to use me to help them get to the bottom of this, please PM me. I would love to help. It's getting old being screwed by the market makers, both legally and illegally.

To: Eric P who wrote (2412)	8/5/1999 7:35:00 PM
From: Dan Clark	Read Replies (2) \| Respond to of 18137

Eric, interesting post regarding Fidelity. Matched my experience with them late last year. Only difference was the my limit sell was at or lower than the inside bid for 29 minutes before executing! Got the same run-around from them. I was a very unhappy trader. Then I tried Datek because they specialized in day traders (so I thought) and their commission was $9.99. Turned out that: - Customer Service service was horrible, - Customer communication was even worse, - Executions were highly erratic varying from excellent to mediocre, - Cancellations were abysmal (typically 1 to 3 minutes) and - The user-interface was clumsy. With Datek, earlier this year I entered a long position in EGGS at 20 1/8. Oops, very bad move! Started dropping like the proverbial rock. Entered sell limit order for 19 7/8. S**t, missed it! Cancel. Wait. And Wait! And WAIT!!! Three minutes later it finally cancelled. Reentered the sell order. Finally executed at 17 15/16. OUCH! I was a REALLY unhappy trader! I got smart about 6 weeks ago and opened a CyberX account with CyberCorp. At $14.95, their commissions are very reasonable, their executions and cancellations are very good and the user interface is very easy to use. Cancellations typically take 2-5 seconds! Order entry options are flexible (incl. direct to ECNs, SelectNet, CyberLimit). Shorts are available. Customer Service is available, enthusiastic and responsive. And, it integrates with QCharts! About the only thing that they don't have is an open API so that I can integrate my application (StockScanner) with CyberX. At least so far. We've been discussing that too and I expect them to open the API up for developers in the near future. Bottom line is that I finally came to the conclusion that web-based brokers couldn't hack it and direct-entry was the only way to go. With CyberX, I get both direct entry and almost-discount commissions too. Now I'm a happy trader!!! Still a neophyte, but at least I'm happy with my tools. :-) Regards, Dan.

To: Eric P who wrote (2412)	8/5/1999 10:33:00 PM
From: kaydee	Read Replies (2) \| Respond to of 18137

Eric, A great thread. Thanks... I have similar experiences with Fidelity/DLJ/ETrade. These days I use only ETrade. ETrade has a policy of assigning a particular stock to a particular MM. All my PHCM orders go to a greedy MM GVRC, all my DELL orders to MWSE, my BEAM order went to MAX?? (Chicago board I was told, when I called), and a lot of other orders to HRZG. I always get fills only for the first 100/200 shares, unless the trend is opposite to mine... The only MM I find a little better is NITE, who provides some liquidity, ETrade uses NITE, but with every day I see ETrade using more and more of GVRC/MWSE/MAX?/HRZG... all suckers.. I blame ETrash for routing my orders to them... I have a question for the thread. I appreciate any answer/opinion. Is there any OLB where I can choose the MM, other than ECNs? With higher commissions will SCH MM MASH provide liquidity? I do a lot of position/swing trades in stocks/options.... By the way who is GVRC? ,a totally useless MM Thanks in advance, DB