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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Eric P who wrote (1222)	6/30/1998 11:07:00 PM
From: Colin Cody	Respond to of 2120

Eric, My retail brokers are taking one minute or longer to even "get in the box" once I place/click the order. . It takes some TIME to fill-in / place the order as well, which I understand at an MBtrader is done much much easier. . For MARKET ORDERS in a FAST MARKET (buy at the Ask and sell at the Bid) this delay is UNacceptable, and that's THE ONLY REASON (so far) for me to switch). I have lost thousands of $$$ in just the past two months because the inside quote moved after I placed a Market order. (I will admit I MADE a few bucks too, when the price IMPROVED in those couple minutes of delay) . For LIMIT orders, this has not been a big deal though. So, big deal, it takes me a couple minutes to enter the order, and another 60 seconds for it to show up on Level II. . Why don't I switch immediately? Well, my broker(s) are great in many respects. They allow me to trade OTC-BB (MBtraders and Castle will not) and All-Tech only allows me to sell (not buy) OTC-BB. My brokers will "work" large orders for me (these on telephone/voice orders at a much higher commission). . But the FAST executions are tempting, so I DO plan to ADD either MBtrading, Castle or All-Tech soon. Just fishing around for more input from ya'all!! . Colin

To: Eric P who wrote (1222)	7/1/1998 2:36:00 AM
From: Marc D.	Read Replies (1) \| Respond to of 2120

Hi Eric. With discount firms, you can count on them selling your order flow to market makers. However, this would not be so bad if they could assure you of a fast fill (less than five seconds) of a buy at the inside ask or a sell at the inside bid. Not only have I had Ameritrade (ok, stop laughing, I needed a broker for options trading) fill marketable orders in less than 10 seconds many times, I've had them fill much more than the SOES limit 1k shares. Using SOES would have probably gotten me 1k and the MM on the inside would have pulled away. Perhaps a SelectNet broadcast could've achieved the same result, but sometimes payment for order flow can be a good thing. Now trying to get timely representation of a limit order through an MM is another story altogether... Marc