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

To: Gary Korn who wrote (1154)	9/8/1998 7:30:00 AM
From: TraderAlan	Read Replies (1) \| Respond to of 7382

Gary, You've hit the downside of all this stuff. You must use a limit order on ECNs and have no guarantee of executions. You can get hit with 3 or more commissions canceling and reentering sell orders for your balance. The EDT brokers have pushed SOES market exits for getting out quickly but this isn't a good option since rules changed mid July and the correction began. Expect slippage (and sometimes major slippage) getting out when you're just plain wrong and the market turns. My preference at this point is to use ARCA in a hurry since it taps not only ISLD and TNTO (their ECN), but will also hit Instinet (where a ton of liquidity is) , other ECNs and SelectNet. Also consider ARCA only taps one preference on SN, some fuzzy computer logic choice. If you know who's making a big market in the stock, you can pref that MM yourself and pray for mercy. Alan

To: Gary Korn who wrote (1154)	9/8/1998 7:45:00 AM
From: William W. Dwyer, Jr.	Read Replies (1) \| Respond to of 7382

Gary, Very good question, indeed. Ken Wolff, in the #MTrader chatroom, says to use Market Order to exit (this type of trading). As he says, "when I want out, I want out now!" I echo his sentiment. I have tried all kinds of ways to get out. Usually I screw around and screw around trying to save pennies. Sometimes I do save the pennies, but sometimes I get caught up in a selling frenzy and I am left holding the bag, finally get out after stock slides down 1/2 point, one full point, etc. Once I had a full point profit, but by the time I was out it was nearly a point loss. That was a very volatile day and a very volatile stock. But it happens and you never forget it. Hurts pretty bad to see + $1,000 turn quickly into - $1,000. If the stock is still trending upward and I just want out with a modest profit (the best kind, imho), I might place an ISLD sell order at the ask and wait to get hit. But if lots of folks are also on the ask, I'm not gonna succeed. I might lower the ask by 1/16, making me the lone inside ask for a few seconds, and get out that way. But, on small spread stocks, just use the market order and take your money off the table. That's how I like to see it done. Me personally. Bill