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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: Robert Rose who wrote (13738)	12/1/1999 11:11:00 AM
From: TheKelster	Read Replies (2) \| Respond to of 16892

It has almost always been that way. I have many times had a market order sit for 2-5 mins with stock trading all around. An interesting pattern I have notice, and sometimes purposely used, is the market order and cancel. Meaning: I notice when I have a market order just sitting there, say for 2 minutes, I can punch the cancel order in and as soon as I do they make the trade. It may have just been coincidence a time or two but I have done this several hundred times. I have been taken a few times with the market order spike down or spike up when buying. I have also done some experimentation and found that I can place a market order and a limit order for say 200 each of the same stock and the limit order is almost always faster to execute. I would say 99% of the time. I have found the most effective way to get a controlled and fast "market order" is to place an extended limit order. In other words if I want to get out of a falling stock I place a limit order 1/4 to 1 full point (depends on how fast it's falling) below the current bid. I often do this when a stock is rising also. The cute thing is this. You get pretty good execution times 95% of the time. You also often (50%)get price improvements. So the extended limit order gives you the best of both worlds. You a get a "market like" sell me now please type of action, with mostly the best possible price available, AND YOU GET PRICE PROTECTION. I have almost never failed to trade a position I want traded by using this method. I never have to worry about the "spike" rip-off. Keep in mind the size of the stock you are trading. If it is over 100 per share you might be using a multi point extention. Premium Hands, KK