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Non-Tech : MB TRADING -- Ignore unavailable to you. Want to Upgrade?

To: Gary Korn who wrote (1023)	9/6/1998 12:00:00 PM
From: William W. Dwyer, Jr.	Read Replies (1) \| Respond to of 7382

Gary, It seems like you have what it takes to daytrade. Now you realize you need a broker who can keep up with you. Some brokers just aren't cut out for it the way others are. I imagine you will be much more profitable (and comfortable) when you can quit waiting on hold for a broker who doesn't even make a market in your stock and start executing your own trades with a single mouse click (or whatever). Like someone here said earlier, my suggestion would be to execute fewer, better selected trades. Keep your percentages up and your costs (brokerage fees) down. If you can trade a thousand shares of Dell and come out ahead consistently, I think you know what you're doing. Go for it! Bill

To: Gary Korn who wrote (1023)	9/6/1998 12:03:00 PM
From: TraderAlan	Read Replies (1) \| Respond to of 7382

Gary, Interesting. You certainly will benefit from a direct execution system. Just keep in mind your slippage is likely to increase. That needs to be balanced by buying at the bid or between the spread and good exits at the ask. My math is far from complete on this subject. Believe very good traders can do this but many, many fail as scalpers because a high losing percentage will accelerate losses (i.e. you're much more UNLIKELY to sell the ask on losers and MORE LIKELY to incur slippage). After my first month of L2, I've concluded it is much LESS important to my strategies than I expected. My technical analysis will always be my edge and VERY often, the TA supply/demand contradicts the L2 supply/demand. I've held back and missed some very nice gains and intend to return to my number-triggered trading rather than relying on L2. Also think it's in my interest to actively trade AGAINST the EDT crowd at certain times. A typical situation for me is watching big supply build just above a BUY trigger using TA support/resistance. As soon as the number is hit, there is a monster buy surge from the stops being hit, followed by traders seeing the stops being hit. The MMs disappear at the number, causing a surge through resistance and a nice 1/4 to 1/2 pt move. My intent is to buy at my TA trigger even if its below the L2 supply, i.e. get on board ahead of the reaction crowd. Alan