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

To: tom pope who wrote (2849)	12/19/1998 9:43:00 AM
From: funk	Read Replies (1) \| Respond to of 7382

Tom, you seem to have a great attitude about that trade. I am only as good as my next trade, so with that in mind, I have to reiterate, I am an MB Trading client, wrapping up my 12th month with them. I use ARCA and ISLD on a daily basis - mostly ISLD. I never ever ever use a market order. I make mistakes a-plenty. It took time to learn these routing tools. I am still learning stuff all the time. Here is how I used ARCA and ISLD together, yesterday, to get what I wanted: Yesterday, I wanted to get short in a name that had just lost the whole number. It traded up and down through the even number a couple times and it was a low risk short, imo. Ok the bid was on an up tick and it was an MM showing 15 7/8 200 shares. The offer was loaded up pretty good as I wasn't the only dope trying to get short, ISLD and ARCA were offering at 15/16 as well as NITE and at least one other MM. So, If I join ISLD or use ARCA on the offer what are my chances of getting filled? I am thinking at this particular price and time about zero. Now the BID is an up tick, but I cannot use ISLD at that price unless I cross another ISLD. Well funny thing is, no one wants to especially buy this name right here. I want in, so here is what i do. I hit the BID with ARCA for 1000 shares. As soon as that goes live I am on the button ready to follow on with ISLD. Sure enough the MM's gets me short the 200 shares he was bidding disappears. I hit the ISLD button and in less than a second it is live 1000 shares at 7/8. Remember, its the quick and the dead. Now the best bid is 13/16 on a down tick. The bid is a few MM's at 13/16 and my ISLD and ARCA offers @ 7/8. Within 2 seconds I am joined by more ISLD liquidity. This is ideal as I have a very liquid ECN at the best offer and as other ISLD offers come down from 15/16 I have comfort in knowing I get my short before they do. I get what I want, some one crosses my ISLD offer and I am short 1200 shares. That seems like plenty and I cancel the ARCA offer. Why rush to cancel the ARCA offer though? I don't rush, I take plenty of time at it. By the time I get around to it the 7/8 offer builds up and looks plentiful. The bid erodes. Uhuh that was two commissions, cost of doing business, at least when I exit I can cover all 1200 on one trade. By the way, the trade was a wash, I managed to cover my costs, but It did not turn out as hoped. Nevertheless, it was a great trade, imo, I executed a plan, it failed, I got out and moved on. NEXT! funk