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

To: kaz who wrote (3894)	2/15/1999 9:28:00 AM
From: Dan Swartzendruber	Read Replies (1) \| Respond to of 7382

Regarding ISLD fills of 63 shares... Who are these people! Is there really someone wanting to buy/sell 63 or (my personal best) 13 shares? Or is it perhaps some MM just out for a laugh? My guess is they are datek customers who are dabbling with small amounts of money...

To: kaz who wrote (3894)	2/15/1999 10:57:00 AM
From: Rick Faurot	Read Replies (2) \| Respond to of 7382

On partial fills from ISLD, I wonder if their software partitions orders to fill incoming orders simultaneously. It is hard to figure that people are out there buying 17 shares on purpose when they could buy 20 or 50 just as easily. I have heard of people getting 1 share via ISLD and then their order kills. Rick

To: kaz who wrote (3894)	2/15/1999 1:18:00 PM
From: max	Read Replies (2) \| Respond to of 7382

<<Regarding ISLD fills of 63 shares... Who are these people! >> Paul-Let me ask you something. What did you do with these 63 shares? Sell them on ISLD? If so, and that's what is often the only option, someone else got the same partial. I wonder how many times an odd lot by a small investor gets traded around as partials before getting consolidated into a round lot. What are the alternatives? You could have bought 37, or 137, or 237, etc., to give yourself a round lot, but that doesn't solve the problem for the trader who sold you that odd lot. I suppose the only way these odd lots get consolidated is if they are disposed of to a MM via SOES. But what about a non-SOESable stock? Partials stick around for a while, and are a fact of life for direct ISLD users. All one can do is take steps to minimize the possibility, the most significant of which is being sure the size is there before trying to cross or lock. This won't guarantee complete fills, but will help keep partials to a minimum. I had a costly error regarding partials one day last week. My 500 share PRGY order to cross an ISLD offer filled with 5 separate partials in rapid succession. Problem was, in my haste to prepare to scalp out, I failed to notice my fill was only 489 shares. As it turns out, the momentum died very quickly, and when I tried to cross an available ISLD bid to get out flat, my 500 order to sell was seen as a short by the system, and my order was killed. I immediately discovered the problem, but ISLD was gone, ARCA doesn't take odd lots, and I couldn't SOES out,(besides SOES being almost worthless in a sell off) PRGY tier size is only 200, which was the second successive unpleasant error message. I probably should have used ARCA with 400, and dealt with the last 89 later, but didn't and booked a 1 1/4 pt loss. Fortunately for my psyche, I know that I would have gotten out flat if not for my carelessness, and often times, flat is a good trade. In any case, you can be sure my position minder won't be minimized in the future! BTW, in the above example, I'm afraid another unfortunate ISLD user wound up with a partial. At least this one had enough size to be manageable, hopefully that experience was more productive than mine. Despite all this, I believe ISLD to be a very effective tool for scalping daytrader momentum stocks. You can: -Usually buy a few ticks above best offer instantly, and bypass MM's below who have no intention of filling. Be sure the size is there to avoid partials. -Offer out a few ticks above, knowing there are likely going to be ISLD buyers willing to pay up. These orders will not kill with partials, as they won't lock or cross. Just some random thoughts on a very quiet Monday.