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

To: Eric P who wrote (2759)	8/17/1999 2:26:00 AM
From: Cormac	Read Replies (1) \| Respond to of 18137

Preface: Eric and all contributors on thread...it is still the best thread going, keep up the good work Eric - I followed the thread back to this posting of yours #2759 - re: the following quote "...Note: all direct access brokers will be able to SNET preference any ECN,..." are you sure this is accurate (or has someone else addressed the issue), it is my understanding that with Real Tick III (via MBTrading and I suspect other Real Tick broker/dealers) a trader is unable to SNET preference ECN's, though able to SNET preference MM's. I have been told by MBTrading representative(in chat)that this is true and that they are working to remedy - granted this conversation took place a couple of months ago - has their execution capability been enhanced to include SNET preference for any and all ECN's? While I am here I might as well put in my proverbial "two cents" regarding the selection of a daytrading broker/dealer...I will try not to be redundant(at least not too much)as others have made valuable and informative postings on subject. 1. Data feed is critical - you have to be able to depend on your data and its accuracy. you can not trade effectively with the handicap of data that is not dependable. I am not a techie and can only repeat what I have heard from more than one source - PCQuotes Hyperfeed digital market data feed is the best, it is a fairly new technology and system and not all firms have it - the upgrade process is not going quickly. If anyone has any info in support or that refutes these statements please forward to me. 2. Available short stock inventory - shorting stocks is an integral part of a daytraders repertoire ... it can be frustrating to be all ready to short a respective stock only to find it unavailable. 3. A. Execution capability in software, the interface and execution capabilities - all are not the same... example being the ability to close and enter a position with one transaction, example - in long position 1000 shares, sell short 2000 shares would close long and enter a short position for 1000 shares and vice versa if in short position B. Pre and post market trading capabilities - hours and execution - all are not the same C. Instinet Book - access to book...the ability to view entire book vs. just best bid/offer D. Island Book - access to book...the ability to view entire book vs. just best bid/offer 4. Software features and being comfortable and confident with software and interface - if you can just execute one trade in 40 that will save 1/16 in slippage because of being in tune with your software etc - the benefit is obvious -so find a software that fits you personally 5.Price of software and commissions - last on my list Another subject worth mentioning is the advantage of having 2 brokers/dealers either with the same or different trading platform (not the same servers) - the advantages would be redundancy, ability to trade when one broker is down, expanded short list, ability to trade a stock you have held overnight the next day without generating a margin call (if you use margin) and the ability to hedge/box a position - though not advisable but nevertheless a tool that in the right hands can be... Remember the above is only my opinion and you must take everything with a grain of salt. Best of Trading to All Cormac

To: Eric P who wrote (2759)	11/18/2001 1:33:50 PM
From: tekie2k	Read Replies (1) \| Respond to of 18137

sorry, the exact name of this process evades me at the present time. imo, THE # 1 QUESTION IS do they send your request to a "preferred" (by them, not by you. and if they are going to do this, usually, its on a market order (not recommended at any time). its the proverbial, "i put in a market order and it didnt get filled till it hit the low of the day.") mm. or does it go to all mm and the best buy or sell is taken. this doesnt happen that much any more, sec started clamping down on it about 9 months ago. it was a conflict of interest for the brokerage (it was a freakin crime as far as i my believe) as they got a kick back from the "preferred" broker, and the client got a very horrible fill. ie, if the price reversed from your position, then the order got filled. if it didnt reverse and continued up, oops, you didnt get filled, "they had other orders ahead of yours.". sorry again, the exact term for this process evades me at the time. tk2k