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

To: KM who wrote (16)	6/5/1999 5:07:00 PM
From: -	Respond to of 18137

Oh sure, all the time. This week they gave me a 7 share fill, and cancelled the rest of my order. It helps to look at the ISLD book and make sure the size is there, and to time your order carefully. But, this remains as one of the big problems with ISLD.

To: KM who wrote (16)	6/5/1999 5:32:00 PM
From: Don Pueblo	Respond to of 18137

This is the "bad" part of a good system. Liquidity is totally provided by other traders. Sometimes, your order is in at the precise point where, for one of several reasons, you get a partial fill. The next time you are selling, and get hit above the Ask by some other ISLD trader that is being forced to cover a short, just remember that it evens out in the end. <ggg>

To: KM who wrote (16)	6/6/1999 12:08:00 AM
From: Bilow	Respond to of 18137

Hi KM; Yeah, I've gotten a fill of just one share at least twice on ISLD. To understand this, it helps to take a look at why the other guy may be doing this to you... If you have placed an ISLD limit order to sell an illiquid stock, and you are the inside ask, then your order will set the ask price for the stock on the Nasdaq computers only if it is for 100 shares or more. Supposition: The guy who buys one share from you is long (or wnat to go short) and wants to make the Nasdaq screens look bullish. (i.e. he wants to make the ask price lift.) Another possibilility is that someone else on the ISLD has recognized you (by your market behavior) and is pissed at you. He buys a share from you in order to increase your commission costs and to inconvenience you. If he is really pissed, he will buy all 100 shares from you, one share at a time. (Which I have never seen happen.) When this happens, rather than pass on the bad karma to another ISLD trader, I usually round myself out with an SOES order for 1 or 99 shares. (It turns out that the commissions for a 1 share order are slightly cheaper for me on SOES. This has changed, in the future it will be cheaper to get a share on ISLD...) Both of these reasons for getting hit with a share can be largely eliminated by practicing good trader behavior: Don't leave limit orders out where you don't mind getting hit with small quantities of ISLD orders. It just advertises the weakness of your holding. -- Carl

To: KM who wrote (16)	6/6/1999 7:41:00 AM
From: Ken Adams	Read Replies (1) \| Respond to of 18137

Partial fills is another reason I don't want to trade ISLD, etc. Have you ever gotten a fill of one or two shares from Island? With my discount broker, I have virtually never gotten a partial fill. Once in my IRA account with Schwab I got a fill of 700 followed a few minutes later with the remaining 300 shares of my order for 1000. But, I only paid one regular commission for this. And, both fills were at my limit price. Do you actually get fills of only one or two shares? sheeeesh!