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

To: tom pope who wrote (2832)	12/18/1998 6:00:00 PM
From: tom pope	Respond to of 7382

Re my preceding post, and just to make myself clear: I just received a private mail from a good friend who said - in effect - "you dummy, why did you use a market order?" Let me make clear - I never, ever, use market orders. If I absolutely want to get out of a position, I put in an order a sufficient spread below the current bid to make it virtually certain I will get out. But in this case Jerry had described a system which seemed to promise I would be directed immediately to the best bids, and that the usual risks of market orders - appalling fills - would be avoided. It didn't happen.

To: tom pope who wrote (2832)	12/18/1998 6:41:00 PM
From: Shoot1st	Read Replies (2) \| Respond to of 7382

THANK YOU TOMMY!!!!!!!!!!that was a term of endearment by the way. ARCA sucks and I've been saying the same thing for 2 weeks or more. If you read my posts to Putnum he rarely if ever answers the question asked. I expect you will be chastised for using a market order and will be told "a bad trade is a bad trade". Facts are facts....Why 2 minutes and 15,000 shares on a market order and why not a fill of your 1k? The shit is enroute to the fan. Shoot1st

To: tom pope who wrote (2832)	12/19/1998 5:52:00 PM
From: JerryPutnam	Read Replies (2) \| Respond to of 7382

I am sorry the trade worked out like it did. Your instincts were right about market orders in NASDAQ. When you enter a market order you are saying just get me out at any price. I never recommended anyone use a market order, I just explained how it works. If the stock you are trading is thin and moving I would not use a market order. I looked at time & sales on USWB and it looks like it trades with a fairly wide spread. If you want I will look up the details on your trade. I promise you we tried every MM at the inside before we lowered the price on your order. You have the right to complain about your fill. You should call the trading desk if something like this happens, again. If you got a bad deal from a MM we will fight for you. Look at my post (2774) The best price is irrelevant? You don't need to place market orders to get the best price on ARCA. Place limit orders at the inside. I think the best price is relevant, but if you don't I am not going to argue with you. I don't know if this is as clear as it could be, but I suggested using a limit not a market.

To: tom pope who wrote (2832)	12/19/1998 9:22:00 PM
From: scanshift	Respond to of 7382

Tom, did you read my previous posts about ARCA ripoffs and Putnam? If you had, then you would not have had to learn first hand the lesson that numerous traders who have got ripped off by ARCA have already learned. You should consider yourself lucky that you were not one of those numerous MBT and other Terra Nova branch office customers who could not cancel a market order when ARCA went down the other day. Now the question is, how much money a month is being lost by unsophisticated traders to ARCA ripoffs?