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Gold/Mining/Energy : Day trading in Canada -- Ignore unavailable to you. Want to Upgrade?

To: keith massey who wrote (3178)	5/13/1999 6:03:00 PM
From: Greg from Edmonton	Respond to of 4467

Thanks Keith, you pretty much confirmed my thoughts. Especially with a fast-moving stock such as GLE was in the last hour of Wednesday's trading, having a stop-buy order would have made sense. At least in that particular example, it would be better than chasing a stock upwards and griping about slow brokerage and unfilled orders.

To: keith massey who wrote (3178)	5/13/1999 9:19:00 PM
From: Rob Davis	Respond to of 4467

General info on how fills happen...attempting to answer a question from the realtime thread dealing with a perceived bad fill. -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= I'm not 100% sure of how things work yet (taking the Trader training course from the CSI...it explains all the inner workings of the 4 Cnd markets), but I have some knowledge I'd like to share. On the TSE, there is something known as the "Minimum guaranteed fill". Each stock has a MGF and it may be a different number of shares for different stocks. This is the minimum number of shares that you would ever get a partial fill for. ex. Say XYZ had a MGF of 2000 shares. Current quote: $10.00 by $10.25 The $10 bid is made up of three orders, A 7000 shares, B 3000 shares, C 5000 shares. Someone sells 10000 shares at $10.00. It would be doled out 2000 shares at a time to A, B, C, A, B, C. (Note that the order into the queue has some significance, but not all significance.) When all is said and done the distribution is A 4000, B 3000, C 3000. It is my understanding that during pre-open this same process would be employed. Please see next post for my understanding of VSE openings. Please see next post for

To: keith massey who wrote (3178)	5/13/1999 9:30:00 PM
From: Rob Davis	Respond to of 4467

VSE openings: The VSE doesn't have the MGF rule (since it doesn't have specialists in charge of each stock). At about 5 minutes before market open, the bid and asks are all lined up via computer to determine the price at which the stock will open. At this point the price is fixed. Orders can then come in and "scoop" shares that you would think should belong to you. For example, one day I was trying to sell some XYZ. I put my ask lower than the best ask at about 9:10. My order was for 10000 shares. I saw it in market depth. Someone else came and put an order to sell at the same price for 5000 shares. Trading began at 9:30 with 27000 shares trading at my price. I was filled on 2500 shares with 7500 shares still open. I was fuming....I called the VSE and ended up getting someone from their market compliance department. (He explained that he is not supposed to talk to individual investors...but he looked into my situation none-the-less.) It turns out that after the price was fixed (at my price) some orders came it to sell stock at a lower price so they took precedence over my order. Since it was past the price fixing time, they simply took the shares that I believed should have been destined for me. In the future the compliance dude told me to talk to my brokerage's head trader and have him/her call down to the compliance dept of the VSE to investigate a potential bad fill. Note that I'm not an expert in this field and this is my opinion only (until I get my butt in gear and read my Trader training textbook). If anyone has any corrections or additional information, I'd love to hear it. (Also, I don't want to be a trader, just learn info that could be helpful to my getting better fills in the market at open and after halts....the VSE compliance dude was the person who suggested this course as a method of learning this info.) Cheers, Rob