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

To: Tai Jin who wrote (4599)	10/3/1999 4:07:00 PM
From: -	Read Replies (1) \| Respond to of 18137

Tai, The way I use it is with a limit order above/below the inside market. Say a stock you want to buy has turned up and there is a small quantify offered by a MM at 40 3/4. You enter an ARCA limit order to buy at 41 1/8. It'll take out the shares at 40 3/4 via Selectnet prefernce (or fill your entire order there if it can), and continue working the higher levels until you're done. Pretty handy... and one ticket. I didn't know Cyber had a 1-ticket charge for fills within a 5-minute window... that is pretty cool. I daytraded through Schwab 500 for years and still miss similar commission benefits. We need more of that sort of thing for daytraders! The commissions can sure take away a lot of the profits when you're in scalp-mode, which is my preference in this market. -Steve