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

To: peter michaelson who wrote (1149)	9/7/1998 11:27:00 PM
From: William W. Dwyer, Jr.	Respond to of 7382

Peter, My point exactly! Were it that easy, I would be very rich right now and certainly not sitting here typing this stuff. I contend that many times, buying on the bid is really buying on what you "thought" was the bid, but is now really the current ask. It just changed and you got in at that point. Only way I believe you can truly buy on the bid is when there is a wide spread on a high volume stock (very unusual situation lately), such as 1/4 point or so. You can,using ISLD or some other friendly ECN, bid to buy slightly above the inside bid, thereby creating a new inside bid (raising the bid). If the stock is currently 40 1/4 x 40 1/2, you could try buying at 40 5/16 or maybe 40 3/8 and buy at the bid that you created. But, if the stock is moving up, no one is going to sell to you anyway. My point is that if you get to buy on the bid, well, you've just bought a stock that is going down and someone loves you for it!! You did them a favor. The music stopped, and you're standing there with the shares that no one wanted anymore. Bill

To: peter michaelson who wrote (1149)	9/8/1998 8:05:00 PM
From: funk	Read Replies (1) \| Respond to of 7382

TRUE OR FALSE? There is no such thing as buying at the bid and selling at the ask on demand on a consistent and regular basis. My question is: Is there any such thing in the market that is on demand, consistent and on a regular basis? <ggggg> Right, you are dealing with a market, so you need another trader to think just the opposite of you, or you ain't getting a fill. It is so so much easier to get a fill when you are one of the first guys to decide where a stock is going next, as opposed to being one of the last guys. Partial fills may be the market telling you that ... you hesitated ... you are late ... you almost got your pocket picked. Every dollar you make has to come out of some poor bastard's pocket, right? Is it that unbelievable that you can often buy on the bid the exact same shares that someone is just dying to sell in a panic? The quickest fills I have ever seen are the buys on the bid when I am covering and the trader that hits my bid is convinced the stock is going to zero. The confirmation comes just a split second before you hit the button! When I cover a short that has gone well, it is nearly ALWAYS bought on the bid. Sure some times it will tick down further, but the idea is that the selling is still happening. The worst is missing that rush of sells to get covered only to watch the elastic contract and then have to chase up an hit the ask to cover and "waste" a big chunk of profit. Beating the spread is not a magic bullet, but it is very "doable". By the way, other than ASND, every stock I saw this morning was a great open short. Even on a record up day.... there are always opportunities to Sell High and Buy Low <gggggg> good luck tomorrow Up another 400 points tomorrow ?? LOL funk