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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Ken Adams who wrote (9)	6/5/1999 4:37:00 PM
From: Eric P	Read Replies (1) \| Respond to of 18137

Ken: You are not missing a thing! Stick with it. If your broker is giving you quick fills at or within the inside bid/ask in an active stock, then you have an ideal situation and are understandably happy. The real source of liquidity these days is coming from the ECN's and from direct relationships to market makers who receive payment for order flow (such as with your broker). The traditional Nasdaq marketplace, using SelectNet and SOES, is becoming virtually worthless until the rules are changed. Good Luck! -Eric

To: Ken Adams who wrote (9)	6/5/1999 4:51:00 PM
From: -	Read Replies (2) \| Respond to of 18137

Ken, I'd also encourage you to stick with your discount broker if that works for you. I used to trade the same way. Going to a direct-access broker adds a lot of new hassles and complexity. However, there are definitely some major advantages which you can benefit from if you want to put in the effort for the transition and learning curve. By having Level II quotes and being able to route your order selectively to ECNs, you can time your orders much better, get better fills most of the time, and (a big one) stay more nimble - it's easier/quicker to jump in and out of stocks. There is little reason to be clipped for more than a point (in most stocks) if you trade this way; you can get in and out much quicker. Commissions tend to go up, but so can profitability. And there is no reason you can't swing-trade and position trade using direct access, I do that all the time. Just gives you better entries/exits for those trades; icing on the cake. -Steve

To: Ken Adams who wrote (9)	6/5/1999 11:33:00 PM
From: Bilow	Respond to of 18137

Hi Ken Adams; About splitting those teenies... Those of us who scalp are making a profit from those teenies. A day trader who can generate a decent volume of trading with a gross profit of 1/16th per share (round trip) average can make a very good living. On the other hand, if a long term trader tried to scalp those teenies, he probably wouldn't get into some very profitable trades. In short, there are thousands of ways of making money in the stock market. Unfortunately, there are also millions of ways of losing money there... Sometimes I wish I had the ability to play longer term, but I find that it works best for me to hold for 5 minutes or less. -- Carl