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

To: LPS5 who wrote (6321)	1/6/2000 7:19:00 PM
From: cloudless	Read Replies (1) \| Respond to of 18137

LP, I have no choice if I do the auto routing. There is a way to send it to a specific market maker. I'm not sure if I can send it directly to an ECN. That's what I want to do, right? Now that I think about this ~ this is why my fills are taking so long and I'm at the top of the little pop. It's sending to 5 market makers for 12 seconds before going to Island ~ so if I enter a bid the same as the inside bid it's not going to get filled by the mm unless it's advantageous to them (in which case the stocks about to fall in price) or until 60 seconds has passed and it moves to Island, in which case I'm last in line. I've got to go look at this routing and see if I can't send it directly to ISLD first. Thanks LP for making me take a look at this! Cloudless

To: LPS5 who wrote (6321)	1/7/2000 12:23:00 AM
From: Dan Duchardt	Respond to of 18137

LPS5 et al. do you choose what market maker or ECN it sends trades to, or do you simply choose this option, with it subsequently sending the order in the fashion described: First 5 times to 5 mms, then Instinet, then to the PT desk? The IB system I mentioned earlier has a similar auto routing system that always looks for the best price. This could be an ECN they select for you, but when it is a MM you are flying blind. If so, I would definitely circumvent the market makers in favor of one of the deeper ECNs. ABSOLUTELY! POSITIVELY!, and that's the beauty of the IB system. You can hit ISLD, INCA, BRUT (and supposedly ARCA, BTRADE, MXT, but I've never gotten these working yet), with a separate trigger, with quotes for each one of them (not jumping around on level2) on your screen all the time. Or you can trigger that "best execution" path and take your chances that the best price tries will not get you filled. Dan