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

To: Bilow who wrote (5559)	11/21/1999 4:46:00 PM
From: TraderAlan	Read Replies (1) \| Respond to of 18137

Carl, I have to write my experiences. Can't tell you how many times a perfectly good Snet order sat in a dead market and did not get filled. Am sure there are rules. There is also reality. Have to say that Brown often executed much better than my expectations when I used them. I placed only market orders and ALWAYS got the inside bid/ask or an 1/8th away in a faster market. Others have had similar experiences that they've noted on that thread. My problem with them and all discounters is late reporting, which I just can't stand. And I'm sure most other discounters fit the stereotype you've mentioned. <a good trader on a direct access terminal can nearly always get a better fill> I know this is the selling point and, after many months of practice, my slippage is very low. But I still don't quite believe it. Also it's clear to me that many folks mistake order execution skills for trading skills. IOW if you learn all the order handling rules, their technical permutations, and apply them efficiently to the market, you will be a great trader. Think some folks deceive themselves in this regard. Trading is about good stock picking and great timing. Order execution makes the results of those skills better or worse but they don't make the trader. Alan

To: Bilow who wrote (5559)	11/21/1999 9:35:00 PM
From: E. Davies	Respond to of 18137

It is my belief that a good trader on a direct access terminal can nearly always get a better fill I would much appreciate any advice as to how. Not being able to get a fill even when willing to pay the spread (or even beyond the spread) is without a doubt my single most significant issue as a trader. There will be a MM (or more) at the bid. I'll even see some MM's come and go at the bid. Sometimes an ECN will even flash for a second (gone before you can even think of hitting it). A Selectnet order, broadcast or preference, even one below the bid will simply be ignored while trades go zooming by. It only fills if enough support forms at the bid so that it looks like it may be a bottom. SOES orders are usually useless. ARCA is not giving me the fills it once seemed to have either. I never seem to have problems like that with a discount broker. If there is someone at the bid for more than about 5 seconds after I hit "submit" it almost always fills. Sure, its easy to sell into buying. You dont need a direct access broker for that, and far too often the fear of not being able to sell if the tide turns means that I sell way too early. The only thing I have found better for a direct access broker (besides the speed of confirm/cancel) is that you often if you are trying to sell @ ask ISLD is the first place many traders go. In this way you can step in front of all the MM's to get the fill, you can often step in front of the ISLD sellers too if you are willing to go ask- 1/32 or even ask -1/64. Suggestions? Eric