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Sorry i sent the first one and didn't proof it, phone rang and
panic.........lol
Robert W Cummings wrote:
>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 have the advantage and the bid ask can't be
>believed so why use it. Seems like it's just a distraction and a
>guessing game with level 2 and MM who have 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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