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

To: Helge Collins who wrote (8287)	5/5/2000 5:57:00 PM
From: brec	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 ... Yes, I said Eric was right. The issue is what happens when NITE is NOT also on the inside, i.e., ISLD is alone on the inside and I hit/lift the ISLD bid/offer with more size than that of the bid/offer.

To: Helge Collins who wrote (8287)	5/5/2000 6:16:00 PM
From: OZ	Respond to of 18137

I think Eric is right in his post. Eric (as I replied to him the second time) IS EXACTLY RIGHT IN HIS POST. I just added another way of accomplishing what he said WITHOUT using a subscriber only order. The order will cancel because your limit buy would lock the market. This is not correct. That is why BREC WAS CORRECT when he stated that the order would cancel EVEN IF NITE was not at the offer anymore. The reason is because it is an Immediate or Cancel order. It says give me anything available at my limit price (inside offer) up to the amount of shares specified by me and then cancel immediately. 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. I ALMOST never use Subs. only orders. If I wanted the rest of a partial buy to show up on the bid, I would send it out as a non IOC. PERIOD. What part of this is so hard to understand. I do not know if the limitations are with you or your software. I am just stating island has the capability to function just like ARCA,BTRD,INCA and REDI in this regard. It is not deficient in any way. regards, OZ

To: Helge Collins who wrote (8287)	5/11/2000 8:30:00 AM
From: eric012	Read Replies (2) \| Respond to of 18137

ISLD Subscriber and hidden orders are GREAT. All it means (if you have access to them) is that you'll get more executions and fewer partials (there is no downside) Unfortunately, many brokerages don't support subscriber or hidden orders. That is a sad dissadvantage (but good for ME!). I didn't see what the value of these types of orders were until I watched a buddy trade on Cyber's software. They offer subscriber orders, yet NOT hidden orders. But, lets put it this way: the non-availability of subscriber or hidden orders at my OLD brokerage was enough to make me change brokers, once I saw what could be done with subscriber orders. That alone was enough to make me switch. Having (at that time) not yet seen "hidden" orders, I could only imagine how very very useful these would be. And they are.