Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Colin Cody who wrote (573)	6/27/1998 4:02:00 PM
From: jawd	Read Replies (3) \| Respond to of 1729

Colin, It takes about 2 secs from clicking send for the order to show up on the level-II screen. Very fast! Likewise, if you have a bid in below the inside bid, and you see the prices is tumbling kinda fast, I've found that I can cancel the order in about 2 secs - before it gets sucked up and I'm left with stock at a higher price than necessary. I can cancel and reorder very quickly, maybe 5 secs, to catch the lower price. It really is a powerful way to trade.

To: Colin Cody who wrote (573)	6/27/1998 4:22:00 PM
From: funk	Read Replies (2) \| Respond to of 1729

With my WSE account it seems to take about two minutes to get posted in the L2 box. Then execution/report can take another minute after I saw it come over my StockEdge On-Line "time of sales". I have been trading with Manhattan Beach mbtrading.com for six months now, many trades are actually go live, fill and confirm within two seconds of the mouse click or key press, so you see it is an entirely different set of circumstances. An order will go live in the blink of an eye, that time can stretch out to three or or four seconds, if you are trying to trade a "fast market" ie KTEL, the response time is also a little slower on listed stocks, but still its only a few seconds. If you cross an Island order you will go live get filled and confirmed sometimes faster than you can get your finger off the trigger, I honestly don't comprehend how, but it happens that fast sometimes. Many of my trades are at the money, buy on the bid and sell on the offer, so obviously I do not experience two second fills on those unless it is a furious market and in those cases it means the next tick may not be my best one <gggg>. I will get my order live often well away from the inside market and wait for the market to come to me to get filled. If it looks like the market is going to go higher with out me I will get a second live order out there closer to or on the offer, canceling the first order, because cancels only take a second and are free one can end up going to great lengths trying to get the best possible fills. This is all very dependent on personal style and a willing to learn the ins and outs of each order route. The good part is, with better fills you can make more profitable trades, and incur less slippage than you would trading with a $9 broker who sells order flow and basically scalps you for an 1/8 or 1/4 on both sides of the trade. On every trade! I first tried trading that way, it may be possible, to make a living that way, but it is the hard way, to be sure. This is a great thread. By the way, many times when my nasdaq trade is routed through an ecn I will see the trade printed twice. I was always taught to view a print not as a buy or a sell, but as a trade ie "both a buy and a sell". This becomes harder to do when you see all the double prints. An article that is a few years old quoted a study that concluded that as much as 60% of NASDAQ volume is actually no more than swapping between Market Makers. I think you can find the article at phactor.com, you might have to nose around a little, its a great web site anyway. (c: funk

To: Colin Cody who wrote (573)	6/27/1998 5:04:00 PM
From: Eric P	Read Replies (2) \| Respond to of 1729

Colin: I have a Castle account as well and my experience is the same as jawd and funk have had with MB Trading. SOES and Island orders can be filled in 2-3 seconds. Much of this time, I suspect, is actually time loss routing my order over the internet to Castle and routing my fill back over the internet from Castle. With a direct line connection into Castle, the order execution/confirmation would probably only take a second. If you plan to daytrade, fast order executions are absolutely critical to success. Castle Securities, MB Trading or CyberTrader all have very good systems for this type of trading. Good Luck! -Eric