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Ron I don't care about commissions never have cared about that but the
point was about having level 2.
>From what I can tell the MM got the advantage and the bid ask can't be
believed so why use it. Seems like it would just a distraction and a
guessing game with level 2 and MM who has the advantage. If this is so then
why not just forget level 2 and trade level 1. I'm reading the electronic
day trader now so maybe tomorrow i will understand more. My attraction is
the quick executions something that has frustrated me in futures. I am
almost close to renting a seat and going up there to get the stupid
executions. The futures are in the dark ages compared to stocks its almost
ridiculous. Only cure is to trade longer time and hold them overnight and I
don't like doing that. Maybe someday soon the commodity folks will catch up
to the stocks but outcry has to go
and if the foreign exchanges beat ours with electronic trading they will
get my business. The exchanges need to quit suing people for staring
electronic trading and hurry up. Saw a post that 100 points was average
slippage for the S&P for 40 trades, that $10,000 dollars gone thats
considered acceptable. Might be but not for me anymore the jerks, screw
them I'll either come up there or trade something else the day of being
raped is over for me.
Robert
Ron Augustine wrote:
>
>If you're looking for fast executions at a low cost-- Datek is probably your
>best bet for $9.99 last time I checked. I haven't traded with them in over
>a year, but they had an option to enter an order which would require a
>confirmation screen --or-- if you're a real cowboy, they have a server that
>will accept your order without confirmation. Datek also didn't trade
>Options back then, but was planning to add them.
>
>When I was trading Level II, I had a Frame Relay link to NASDAQ that
>executed a trade typically in 1/100th of a second, with a report back in 1
>to 5 seconds. Datek generally provided the same execution in 3 to 5 seconds
>over the Net-- which was more than sufficient. Dreyfus is also fast, but
>requires a confirmation screen.
>______________________________________
>At 08:52 PM 10/31/98 -0600, you wrote:
>>Jwtrader you mention the only need for level 2 is the executions
>>capabilities. I was thinking the same if with level 1 you get the best
>>representative bid, ask and you can't take advantage of the MM's because
>>you can't believe them. Then why not just cut through the chase ignore them
>>and just trade as they are just an distraction. I was under the impression
>>you could get instant execution with level 1 as well and I've seen 7 dollar
>>commission per trade. So am I dreaming here are can you get just as good
>>executions and lower commissions by not using level 2 and just use level 1
>>to day trade?
>>
>>Robert
>>
>> Jwtrader@xxxxxxx wrote:
>>>it. Personally, with few exceptions, I have absolutely no use for Level II
>>>quotes, but the executional capabilities of Level II are imperative for
>>>daytrading.
>>> The down side of Level 2 for me is the higher commission of $20 vs $10
>>>per trade I could get elsewhere. In addition you will have about $350/ mth
>>>quote and software fees, but you get that free if you do 50 or more
>>trades/mth
>>>with THE EXECUTIONER. I get it for "free", but it's not really free to me
>>>'cos I feel I am paying $500 or more in higher commissions than if I do it
>>>elsewhere. Another bad thing about Level 2 trading for me is that it
>>force me
>>>to adjust my trading forcasting down to 1 day and I am more comfortable in
>>the
>>>1 to 5 week range.
>
>
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