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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (3776)	4/21/1998 9:38:00 PM
From: Eric P	Respond to of 12617

Steve: <<At our firm, I might consider setting up SOES to buy your 1000 spyg at 10 1/4, trying to protect your order, while bidding on the bid with other mm or routing to an ECN to get stock at 10 1/8. Watching the prints and seeing action, and having experience to understand the action, lets you know your chances. If the stock strengthens, hit the button, own it at 10 1/4. If stock starts falling, pull the bid and look for 10 1/16.>> Unfortuneately, it's often not that easy. many times you will see a 'weak' stock with one MM at the bid and four MM at the offer. Then, out of nowhere, the four ask MM's will disappear within one second of one another and the stock will go kiting up over 1/2 point. You are then left with a tough decision (that I know too well!) ==> That stock looked like a good buy at 10 1/4, but you wanted to try to buy it at 10 1/8. Now, it is at 10 3/4 ==> Do you still want it at the higher price. It can be a very difficult and frustrating 'game' at times, and very exciting and rewarding at others. The most effective way to learn the tricks of the trade, I believe, is to learn from your mistakes. ==> Analyze them in great detail. Wallow in them. What happened? What went wrong? What can I LEARN from this experience? Eventually, you begin to get a better and better 'feel' for the market. Good Luck, -Eric