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

To: Eric P who wrote (7417)	6/3/1999 10:26:00 PM
From: TraderAlan	Read Replies (1) \| Respond to of 12617

Eric <Otherwise, you will have to attempt a fill several levels above the ask to get filled once the stock turns up. Conversely, you might sell your long position several levels below the bid price, once the stock turns> So true. It takes away the alleged advantage of EDTs over discounters. EDTs were hyped to reduce/eliminate slippage . The net result is you get the same fills as those times when pay-for-order-flow MMs at discounters turn off their autofills! May I suggest the problems you raise suggest their own solution? Your execution strategy must be opposite to the current short-term swing. Then you're almost guaranteed a good fill. Alan

To: Eric P who wrote (7417)	6/4/1999 4:56:00 AM
From: E. Davies	Read Replies (2) \| Respond to of 12617

Any successful momentum trader will tell you that one key to success is the ability to get your orders filled Boy did you hit that one on the head. I had trading nailed till I actually started daytrading for real. I finally had to give up my RT3 broker for a discounter so I could get better fills! If you have a stock going against you there was no way I could get to the ECN's faster than more experienced traders with better setups. Not even close. Not having instant order entry/cancel forces you trade slightly slower stocks and skip trying for the ultra quick scalp but in reality those tend to be high risk ventures anyhow. Still looking for the broker that has it all. Would kill to get Datek with a reliable realtime order entry system. Eric

To: Eric P who wrote (7417)	6/4/1999 3:43:00 PM
From: Dan Duchardt	Respond to of 12617

Virtually anyone can be a successful momentum paper trader. Why? Paper trading is easy. Very easy There are better ways to "paper trade" than with a paper and pencil. I currently subscribe to myTrack and use their "contest" as a paper trading vehicle. It gives artificially slow executions compared to direct access or even a good online broker. While this can be very frustrating, especially when trying to execute a stop, it is much better than getting lured into the mentality that every quote you ever see equates to a filled order. You can take some serious hits using this approach, but it's a lot more like the real world than doing it on your own. The cost for access to real time quotes with this or a similar service is a wise investment... about the cost of one round trip with a direct access broker for a whole month of paper trading.