To: OZ who wrote (14254 ) 9/24/2001 5:55:32 PM From: Dan Duchardt Read Replies (2) | Respond to OZ.Though I think it would be probably be most accurate to say that at any give price level, there are more market orders than limit orders and the taking out of the static limit orders is what moves the market. usually not enough to slip the price more than a tick. If you are right about the move, it is often more important to get in than to get the very best price. There is always the risk that at some point you are going to take a hit on a bad fill, but it really doesn't happen that often, or at least it did not in the past. Maybe with a whole flock of new futures traders migrating because of margin rules, it will change.The only exception to this are marketable limit orders but most software systems make those hard to place and get filled quick enough anywhere other than the original breakout. When there is a news shock, one can see how the market orders zap all of the limit orders out of the book as there is a relative vacuum of limit orders to take the massive flow of market orders.
