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

To: Jon Tara who wrote (7096)	3/4/2000 12:27:00 AM
From: Allan C.	Read Replies (1) \| Respond to of 18137

Jon, I also been using Preferred for the past month and have seen the same things as you. I have been experimenting with the $7.75 pay-for-order-flow option which is usually (maybe always)sent to NITE. It seems like more than half the time if I try to sell to the bid nothing happens for several minutes and then those on the bid disappear and my trade appears now as NITE on the ask. In fact the only time it seems I can get a quick execution is if there are many mm's on the bid, including NITE. Even having NITE on the bid is no assurance of an execution. Today for example I bought a stock which made a nice modest move. Trading slowed considerable and I decided to exit. NITE was the only bid and had 4000 shares advertised. I submitted my order to sell a thousand and within a few seconds, NITE was gone from the bid and now my 1000 share order became the ask. This type of thing happens more often than not. I am glad I don't depend on this method of execution for my general trading. I contrast this to National Discount Brokers who have Sherwood to execute their orders. (first you have to jump through the time consuming hoops of entering the order, waiting for the hour-glass to go away, submitting your password and waiting for the hourglass to go away, then usually one other nag screen) After you have been through all this and you finally reach the holy grail - the submit button- and if you trade hasn't left you in the dust, you can send the order and in seconds it goes by on the t&s. Even in cases where a stock is moving and there are only 1 or 2 mm's with 100 shares advertised, they will give you the thousand you ask for. I had been getting regular price improvement too, which really surprised me. But then you have to wait for the confirmation... I guess nothing is perfect, but I think NITE is about as far from perfect as you can get. I feel like I am in the school yard getting beat up for my lunch money.