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

To: TraderAlan who wrote (5560)	11/21/1999 9:20:00 PM
From: OZ	Read Replies (1) \| Respond to of 18137

Mr. Alan, regarding direct access: 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. I have to say that in many cases I agree. In my discount days, if I set a limit order 1/8 outside the market when it it was running, I always got the fill. My order were always 1000+ in size. 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. Sorry, but I totally disagree. You analysis only applies to the style of trading that you have chosen to do. In previous posts you have stated that: you trade in lots of 500. You trade the big cap nasdaqs (before that you only traded LISTED stocks, and stocks with "deep island representation. I on the other hand, trade mostly fast moving stocks. Like PHCM, RBAK, JNPR, ISLD, ZOOX etc. These stocks blow right through conventional intraday support and resistance levels. Try getting out of 1000 ISLD (Digital Island) when the ISLD ecn is not there cuz the stock is coming down. I have had to dump 1000 shares when it hit my stop and literally chased (knocked out) the bids down 2 points below the stop. It was as if the market makers forgot the ticker symbol and disappeared creating a volumeless black hole. In retrospect, knowing the nature of the stock, I could have preferenced a MM outside the bid (below) and unloaded the hole position among 1-2 MM's for only a 1/2 point loss. If MSCO and MWSE are at the offer showing 500 and 300 respectively and you want 500... Who are ya going to hit assuming the volume has just exploded and the stock has broken out already?? I am going to hit the MWSE every time and then PREF MSCO because what they are showing is always "real" and MSCO can sit on your order and then lift when time has expired. Trading (like sex) is not just about knowledge, but about EXECUTION. Respectfully, OZ