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

To: Rick Faurot who wrote (1400)	8/8/1998 10:32:00 PM
From: Sheri	Read Replies (1) \| Respond to of 2120

I did yesterday (my first full day of using MB Trading). Only problem was that I was getting partial fills...sometimes up to my original order amt, sometimes not. Still working through how to reduce that. Was told it was a side effect of buying at the bid, and selling at the ask. (had one partial of 382 shares out of 1000, what a weird number IMO) Sheri

To: Rick Faurot who wrote (1400)	8/8/1998 10:50:00 PM
From: Rick Slemmer	Read Replies (2) \| Respond to of 2120

Rick: Anybody have experience buying at the bid or selling at the ask? I am reading a book that says this is a good thing to do... It's also a good thing to find $100 bills in the street every morning <g>. Sure you can buy at the bid and sell at the ask; however, be prepared for spotty fills (I got 9 shares of INTU once in my early days. What the hell can you do with 9 shares?). Also be aware that you may be selling into the start of a rally or buying into the start of a drop. IOW, your odds of being filled are inversely proportional to the direction you want the stock to move. If a wide spread is your problem, try limit orders on the Island; you might find a contra who is willing to buy/sell at some intermediate price twixt the inside bid and ask. Good luck! RS

To: Rick Faurot who wrote (1400)	8/9/1998 5:11:00 PM
From: AHM	Respond to of 2120

I fully agree with #1402. Old proverb: "Be careful what you wish for ...you might get it". I customarily go in the middle unless there is a large spread - then I try to get closer to the ask than the bid if I'm buying. If it doesn't execute quickly I cancel and wait to see what is happening. As the poster of #1402 pointed out, you don't want to get caught in a market swing that is going against you and your bid or ask is one of the first trades in a large movement in the wrong direction. If the market seems to be trending strongly in the direction I want to go in, I'll bid at the ask if I'm buying so I don't miss out on the gain in value. A good thing to look for is the volumes at various bids and asks to see if it appears that demand or supply is stronger. This sometimes (but not always) is helpful.