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

To: Doug Coughlan who wrote (4101)	1/18/1999 7:36:00 PM
From: xcr600	Read Replies (2) \| Respond to of 4969

Lesson number 1. Never use market orders. MM's will screw you every time.

To: Doug Coughlan who wrote (4101)	1/18/1999 8:30:00 PM
From: steve goldman	Respond to of 4969

The first step in guaging how well your order was completed it to look at a few things: 1. get the exact time you entered the order to the second. 2. get the exact second that the firm began working the order; 3. take a look at a times, and sales AND quote screen which shows the bid , ask as it is changing the prints going off in between. Then take a look at the quote when you went in, the action, number of prints, number of offerors, size of offers, etc. and determine how long it was till it hit the price they filled you at, and how many shares traded at lower prices. You have to be careful with the nasdaq. Its a negotiated market, without a single specialists but with many market makers. I cant speak to how your current firm would have worked the order. I didnt see it trade yet have seen some stocks fly 2,3 points in a couple of seconds..yet i rarely see fills like you got there, particularly upto and under 1000 shares. Thats not say we couldnt have done worse. but We might have used any number of auto-fill systems, as well as ECN routings to handle the order. regards, steve@Yamner.com