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Non-Tech : A.B. WATLEY - THE ULTIMATE TRADER! -- Ignore unavailable to you. Want to Upgrade?

To: Gary Korn who wrote (932)	4/9/1999 3:14:00 AM
From: PerryA	Respond to of 2045

Gary, I've been with Watley just over a month and have generally had excellent results with the NASDAQ button. The few exceptions have been in fast moving markets, most recently ORCL. The day ORCL hit 21 I missed 3 times in a row as I waited until the ask size was shrinking fast (indicating the bid and ask would likely jump a 1/16). The orders were killed very quickly by the exchange, but by the time I raised the limit to the current ask and submitted again the ask had already dwindled and I missed again. After 3 tries I gave up and waited for a pull-back which I was fortunate to get. This time I bumped my limit to 1/16 above the ask and the instant the ask jumped to my limit I clicked the NASDAQ button and was filled within the usual 2 seconds. This may not be ideal, but I am willing to give up a 1/16 in a fast market in order to get filled. I will also be listening in here for any better solutions. Regards - PerryA

To: Gary Korn who wrote (932)	4/9/1999 3:53:00 AM
From: wily	Respond to of 2045

Gary, I tried the Nasdaq button also today on a limit order and it was a rousing success! Executed in about 2 seconds. Of course, the MM's were sitting there like ducks, so any old method would have worked. It doesn't surprise me that SOES failed for you in a fast market -- there was a LOT of discussion about SOES back in November when that first of the recent internet waves hit. It was revealed that MM's were turning off their auto-execution systems which are responsible for filling SOES orders. Of course, that isn't necessarily the explanation in a market like Intel -- could be just too many traders and too few MM's. I figure the Nasdaq button may be of some help in some situations, but definitely not a cure-all. I think I have heard in other places also that certain phone or web-based brokers with guaranteed fills can be an effective solution. Once again, it's the detailed info about the mechanisms behind the scenes that explains why some of these things work and some don't. Takes a lot of patience and digging to come up with that info. Like you say, it depends a lot on your style of trading. Sometimes a situation arises and disappears in a heartbeat, and the ONLY way to capture it would be with direct order entry. Thanks for your testimony, wily