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To: buckshot who wrote (2373)	6/9/1998 7:20:00 PM
From: Wayne Rumball	Respond to of 9824

Then you would think that any order to sell below the bid would be filled, but thats not what happened to me. The only way to be sure it to practice the same voodoo and witchcraft as the MMs. But then there is the danger of becoming one...

To: buckshot who wrote (2373)	6/9/1998 8:24:00 PM
From: TraderGreg	Respond to of 9824

I thought any order placed above the ask price becomes a MO at the ask.? Oh , how I wish it were true. A limit order above the ask will not be filled until all market orders(that have a time stamp associated with them) are filled. If the ask is .09 and I place a limit order at .10 to move ahead of the pack, it won't. If during the course of filling the market orders, the ask moves to .11 they say adios to my limit at .10; if the ask stays at .09, then if the MMs are benevolent, I too will get it at .09; if they want to gouge, then they will scoop my buy order at .10. The purpose of the limit is to avoid getting stuck at some unknown top. You're telling them you'll pay more than the current ask, but a "limited" amount more. Reverse all of this for sell situations. TG