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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: JDTrader who wrote (6845)	3/27/1999 7:15:00 AM
From: Eric P	Read Replies (1) \| Respond to of 12617

From your last post, it sounds like you are trying to execute against an existing order ("remove liquidity") on the ISLD book and not post an order on the book. Although I have never used CyberTrader, this should not be a problem to do. From the CyberTrader Technical Support post, it sounds like their software supports this: "To clarify, it's important to note that any order that will post resulting in a crossed or locked market, will be rejected. However this does not limit you to place orders only capable of matching the inside. You can indeed choose a level higher than the inside ask or lower than the inside bid. If there are any available shares on the island book to match with your order, price improvement will automatically match your order starting with the best price available and going up to the price you have indicated." Therefore, let me try some suggestions: 1) Castle Securities has an "Override" button that must be clicked to place an order outside the market (i.e. a bid above the inside ask, an offer beneath the inside bid). This is to help avoid placing an order in error by accident. Could CyberTrader have this type of Override key that must be used for a crossing order? 2) Typical Nasdaq level II quotes from ISLD are delayed by ~2 seconds from the actual quotes on the ISLD book. It could be that in a fast moving market, someone is beating you to the order that you are trying to execute against. This would be further exasperated if your quote provider has their own problem with delayed quotes/bandwidth etc. 3) An excellent way to test this problem (or virtually any other problem) is to use the Nasdaq test securities (TESTA, TESTB and TEST). These stocks are fictitous, but can be traded to test your system. I place an ISLD order and a SNet order in TESTA every single day before I begin trading to ensure that my brokers system is up and running properly. I would suggest the following test: Find one of these test stocks that has an ISLD offer above the inside ask. For example, assume that TESTA is 'trading' (all fake, remember) at 59 to 59 1/8. Look for an ask at ~60+. If there is not an offer above the market, place one there yourself! Once you have set up the situation properly, try to execute against it yourself by placing a buy order at ~65. => You should get (fake) 'filled'. 4) Lastly, call CyberTrader technical support to find out how to do this with their platform. It is incomprehensible to me that they do not support this. => CyberTrader users out there: Can you help JDTrader? How do you execute against an existing offer on the ISLD book which is above the inside ask? Good luck, -Eric