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

To: - who wrote (97)	6/6/1999 3:51:00 PM
From: Colin Cody	Respond to of 18137

I am fairly new to direct access. here's my 2c With my browser broker, who I still use, I consistently get buys at the Bid and Sells at the Ask. I see the Broker (Wall Street Access) select a MM within 30 seconds to 60 seconds after I click "okay" and I see my order reflected on Level II. I believe since WSA uses the best legitimate MMs that I get filled over and above an other order right beside me on say ARCA. With my Direct Access Broker (MBTraders) I too am often able to get a buy filled at the BID, but often I see my ARCA trade ignored while NITE et al get the order flow. Or I use ISLD and get a partial fill (g) I am getting better with experience. I have been playing with buying UNDER the Bid or selling OVER the Ask using ARCA and am improving my reading of Level II to help me make proper placements in that regard. No, I do not "know what I am doing", just futzing around with MBT's direct access and learning slowing by rote. Colin

To: - who wrote (97)	6/6/1999 4:40:00 PM
From: Dave O.	Read Replies (1) \| Respond to of 18137

Having traded with both direct entry and web brokers, another advantage of web based (or disadvantage of direct access) is that you don't end up paying the extra ECN fees. Depending on the direct access broker, you can pay 1.5 cents per share for INCA and/or some of the others BTRD, ATTN, BRUT ...., extra charges for Selectnet, etc. I had trades in the past cost up to $80 for entry + exit (on 1000 shares) if I bought and sold using INCA ($25 commission + $15 INCA - each way). If you're trading for 1/8, 3/16 these extras costs can erode net profits. Dave

To: - who wrote (97)	6/6/1999 6:24:00 PM
From: dpl	Read Replies (1) \| Respond to of 18137

hese times, and give you their finest "come in to our parlor" fills. For example, one morning early this year when "Brazil news" hit, YHOO gapped down big(on the open) many points (meeting some setup criteria I look for) and "I immediately BOUGHT it on the ARCA ECN 1 point above the opening price (it proceeded to scream upwards 30 points in a few hours). On Schwab's website, I entered a market order at the same exact time, and was filled (was left hanging, and got the news 45 minutes later) 10+ points up (I later was able to negotiate that fill down 5 pts with them, they are a very honest outfit when it comes to things like that). But, that is typical of what can happen." I did the same type of trade on DELL and CSCO that morning at the opening.I use Fido.Got filled 1/8 from the lows. David