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

To: brec who wrote (8285)	5/5/2000 5:38:00 PM
From: Helge Collins	Read Replies (3) \| Respond to of 18137

I think Eric is right in his post. If you post a Day order on Island through MBTrader, and Nite is still on the inside ask, your limit order will cancel after you have taken out the Island size at the ask. The order will cancel because your limit buy would lock the market. MBTrader only has the 'normal' Island order. Now, with OZ having access to 'Subscriber- Only' orders on Island, his order will not get cancelled because it will not be displayed on the Nasdaq montage. It will just stay on the Island 'till it gets filled or canceled. So no problem with locking the market with this type of order. If you want to buy more from Island than Island displays on the inside ask, and not incur more than one ticket, you would have to use ARCA if you trade with MBTrader. Regards, Helge

To: brec who wrote (8285)	5/5/2000 5:53:00 PM
From: OZ	Read Replies (1) \| Respond to of 18137

If the orders to which I refer are IOC, then how could one ever place an order on the book away from the market? By BIDDING below or OFFERING above. Unless you are trying to lock or cross the market. Then you would use SUBS. ONLY or a HIDDEN version of the bid/offer order. Island BID and Island OFFER are not the same as Island LIMIT IOC. A limit IOC is for when you want an instant execution against the inside price and give up the spread because you know you want in/out immediately. It is the fastest execution available. I personally use IOC exclusively. When I want in badly and I send multiple orders out, I do not want lingering bids adding to my position when I already have the shares I want. Though at times (when I do not get enough), I wish I had it set the other way so I could catch the new incoming island orders. You seem to be saying that with the "restriction" imposed by the software I'm using (MB Trading's version of RealTick III) Island orders against the inside market are IOC If your are getting canceled after a partial they are. I consider RT3 an antique. But even I would be surprised if they did not allow this to be adjusted to a non IOC order and assigned to a function key (You do use function keys do you?). I tend to think it is probably a user education issue. I am actually really curious to find out which. Please advise when you find out. OZ