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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: Len who wrote (521)	6/25/1998 1:27:00 AM
From: Colin Cody	Read Replies (1) \| Respond to of 1729

Len, [background - while I've used Level II on and off for 15 years, I am just now for the first time currently playing with daytrading, of one to 10 trades a day, whenever the mood strikes me to trade that day]. . You said: the ECN's, the electronic order books that have sprung up with all the new technology. When you look at Level 2, you will see them denoted with an asterisk next to their symbol. Island is ISLD, then there's TNTO , INCA(Instinet) and a couple of others. . Yes, I HAVE noticed these. They are often on the inside quote but MY trades come through via "normal" wholesale or retail MMs. Are these (ISLD, INCA) "better" in some way? . I see my limit come into the box when I place an order and I get filled nearly immediately as soon as the inside quote reaches my limit Bid=my Buy or Ask=my Sell. . If my e.broker was FASTER I could play "Market Maker" and buy at the bid and sell at the ask seconds apart and make a stinth all day long. (g) But there is a execution/reporting DELAY with my e.broker of anywhere from a couple minutes to 10 minutes. I see my order real-time via Level II and Time of Sales, but I don't "know" for sure until I get a confirmation from the e.broker. . So what is my question? (g) How am I doing? Is the delay I'm experiencing about normal? I hear people get "instant" confirmations, but what's "instant" 5 seconds or 5 minutes? (g) . Should I be looking to trade via ISLD, rather than say via HZRG? If so, why? . Colin