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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: TraderAlan who wrote (3636)	9/22/1998 10:13:00 AM
From: Ken Brown	Read Replies (2) \| Respond to of 4969

One of the advantages there was the obligation of the MM to honor the current inside price. Could someone please explain, or point me to a site where I can learn, exactly what this rule is? This morning, on a thinly traded stock, the inside spread was 1/16 x 3/16 (5x5). I entered an order to sell at 1/8 on ISLD, so the price changed to 1/16 x 1/8 (5x4). Orders at 1/8 of 1100, 500, and 500, as well as one of 500 at 3/16!, went off before my order finally filled. Is the only hope I have of getting filled using ISLD on a cross trade? Or was it because I was selling only 4 lots instead of 5? TIA, Confusedly, Ken

To: TraderAlan who wrote (3636)	9/22/1998 10:30:00 AM
From: Len	Read Replies (5) \| Respond to of 4969

".....seems to go straight to INCA when it "knows" it's my order Hmmm, paranoia is not a healthy trait.<ggg> Seriously, though , you make some excellent points, now that I understand your devotion to the T/A side of trading. In fact, if you really are trading strictly on T/A fundamentals, I think you may be dead on with respect to the direct order entry systems not being for you. At least in my experience, I have found it difficult to be considering a trade based strictly on T/A, then looking at all the other factors, as you mentioned, like L2, MM's, etc. While I'm considering all these more esoteric factors, I end up letting trades pass me by. The term 'information overload' always come to mind, when thinking of this. That's why I stopped using Level II after a few months, and went back to using only a streaming quote feed, and good realtime charts. Good luck, and keep us posted of your journey. I'm definitely interested in what you eventually find out. By the way, great site you mentioned. Loved all the T/A links in the reading room. Len