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

To: - who wrote (4571)	10/3/1999 12:59:00 AM
From: Tai Jin	Read Replies (2) \| Respond to of 18137

Steve, the example you gave of bidding below the ask is no better for ARCA than it is for ISLD. If you are at the bid then you will be filled on ISLD until there are no more sellers. I don't think that's any different than ARCA. However, if you're talking about buying above the market then it is possible to get a partial fill on ISLD and a canceled order. IMHO, the one big advantage to using ARCA is in a situation where I want to short a stock that's going down. I would place an ARCA sell below the market and it will work my order 1/16 above the bid on downticks all the way down to my limit. But otherwise, ISLD is great and much faster for getting fills when I want to get in on an upside move. I can place a buy above the market and my order will take out all the ISLD offers up to my limit and number of shares. This is much faster than ARCA which only works the order at the current market. It's frustrating to see an ARCA order sitting there waiting for some MM to respond when there is an ISLD offer just above the market. ARCA may not even get me into the position, and I will likely have to cancel and try again at a much higher price. I don't entirely blame ARCA as part of the blame is on selectnet and the MMs. But ARCA could be improved by behaving more like ISLD in this sense: if I place a limit buy above the market I want ARCA to first take out all ECNs up to my limit and then try the MMs since the MMs are always the slowest to respond. Always working at the market may sound nice at first (and they want you to believe that it's giving you the best possible price), but in many situations you end up paying more by having to cancel your order and enter a higher limit as the market moves away. ...tai

To: - who wrote (4571)	10/3/1999 11:49:00 AM
From: N2GROWTH	Read Replies (1) \| Respond to of 18137

ISLD Cxl After Partial Fill? Steve: In the example you gave August by placing a standing limit bid on ISLD for shares, you indicated that after a partial fill your ISLD order was canceled. This should not happen. Make sure you have not set your order time to 3 minutes. Select "DAY." If you bid for 5000 shares and you are filled 100 shares at a time, this order should be represented for the day until you are filled or you cancel the order. If this is not happening, there is definitely a configuration problem on your order entry settings. Just FYI.... N2GROWTH