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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: Zog who wrote (8191)	4/26/1998 8:12:00 PM
From: gbh	Respond to of 16892

Michael, if you are always buying at the bid, are you just as easily selling at the ask? If so, why are you still trading and not retired by now? :) I don't use level 2 but do know that it gives you access to every MM's best bid and ask. It therefore, allows you to sometimes (and I emphasize sometimes) anticipate the direction of the next tick. So you can which MMs are lined up on the bid or ask and if its GSCO and INCA on the BID, thats usually good. I am waiting for the day when the MM have to open their limit books - that will really equalize the game (that is why I doubt they ever will)! The ISLD limit book can be viewed at isld.com although it is not always up and working. But it is the only one available free, for all to see. Another aside (sorry for the rather disjointed discussion!), but even if it appears that you happen to be the only one buying/selling at a price, you may not get filled even if you see orders go through at your price (on the NAZ). MM love to jerk ISLD orders around, and many times they will trade around you - it is no where near as transparent as NYSE. I certainly agree with your NYSE point. Not sure I agree here about ISLD though. The times I have been filled at the bid (my bid was the new best bid), I always see my bid appear on my level 1 screen, say for 100 or 200 shares, then if I am filled, the new best bid moves back down to previous best bid before mine was entered. I've never been filled on Datek or elsewhere at the bid where the bid didn't change (down) after my execution. Just my experience.