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Strategies & Market Trends : SOES Trading -- Ignore unavailable to you. Want to Upgrade?

To: GS_Wall Street who wrote (1233)	2/13/1998 9:52:00 AM
From: Darren	Respond to of 1618

"Rackets," as in "racketeering?" As in this is a game, and you should treat it as such. For me, it's another way of saying "tools." To be honest, I don't even notice the color in the level 2 boxes. If the stock is moving fast, I don't have time to check the color. I look at quantities, and symbols (GSCO, MLCO, INCA, FBCO, etc.) Color is only useful in looking at the "inside" bid or ask. As I said in another group about getting filled -- "Execution is the chariot of genius." Getting filled sometimes seems impossible, even with the best systems and the best software. You just have to know when to give up getting filled and wait for the next opportunity. Fills are like fishing. If you don't catch the fish, do you throw a hand grenade in and hope it doesn't hit a rock, or do you rebait the hook and quietly fish some more? As for the 1/16th. I think a huge case could be made for the $15 commission because a profitable 1/16th trade on 1,000 shares is $62.50. Hence, you are reluctant to trade on the 1/16th, because you are giving your OSJ or BD (Block, CyberBroker, etc.) $40 and making only $22.50. Whereas if commissions were $15, you'd basically split the profits evenly and leave $2.50 for ECN expenses. This is why people go for the 1/8th, and in order to be successful, they must be right 7 out of 10 times...