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

To: Dave O. who wrote (7109)	3/4/2000 5:13:00 PM
From: Jon Tara	Read Replies (2) \| Respond to of 18137

"Free Level 2 ain't "free", though. Dave Osterfeld wrote: "Direct access eliminates going through firms like NITE. And it's obvious that more and more will be offering free Level II access." The commissions that these firms charge are significantly higher than those at other firms that don't have "free" level 2. Do the math, and you will see that it doesn't take much day-trading to make it cheaper to pay Towsend or PC Quote $350/month for quotes and go with a broker that has cheaper commissions. I like having a choice with Preferred. I can choose NITE for $7.75/trade, or I can "auto trade" or use Selectnet for .02/share with a $15 minimum. Most of the time I use NITE. Since they DO represent my orders on L2, I always use NITE when I am trying to buy at the bid or sell at the ask. Why pay twice as much to have the same order listed on ISLD? The rest of the time, NITE is fine more often than not filling marketable orders. When they are not, they are usually stingey for the entire day, so I switch to auto-trade and Selectnet for the rest of the day.