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Thanks for your reply. I use the BMI feed and average 100 - 150 round
turns/month on the higher volume NASDAQ stocks. If I understand you
correctly, you are saying that Level II data would allow me an additional
1/8th of a point per trade. I would consider that a big deal indeed if it's
true. Any thoughts on this?
Let me give you an example of what I mean by unacceptable execution. On
Fri., Nov. 13, I was long INTC and MSFT and was nicely up in both trades
when I decided to exit at 11:30. First I needed to move to the order entry
page and that took several seconds as the server response was sluggish. I
entered the INTC sell order, hit the send button and got the message "server
unavailable", try another. That required another login and a re-entry of
the sell order. In short, it took 3 1/2 minutes to get out of that trade
and then I had to repeat the process for MSFT. It took about the same amount
of time and combined, these delays cost me over 1/2 point and compared with
previous similar occurrences, that's not bad. The previous week, I lost 7/8
of a point on INTC alone in the same fashion. It is happening to me at
least once a week.
Correcting this problem alone will pay the difference between $10 and $20 in
base commissions, but what about the fees? You mentioned "lightweight"
execution systems and I've checked them out, but who would you consider
"heavyweight" execution systems? I would really appreciate opinions as to
what firm is really the best at this.
At 04:25 PM 11/14/98 EST, you wrote:
>I'm a little confused about how you say Level II isn't of major concern,
>implying 1/8th of a point either way is not a big deal, but then you say you
>get unacceptable executions, implying 1/8th is a big deal. At any rate, Datek
>at $10 a trade uses the ISLD ecn for most orders, when their servers are up
>and running. Otherwise, www.mbtrading.com and www.polartrading.com both have
>(I think) "lightweight" execution systems with no data for around $20 a trade.
>
> > I currently trade stocks intraday with what is probably a typical online
> > broker. At $10 per trade, the price is great, but the executions
> > are often less than acceptable, particularly when the market is busy.
> >
> > Although Level II data would be nice, it isn't of major concern as I trade
> > 15 Min. bars. I would, however, like to get equipped with the
> > capability of trading on the SOES and various ECN's.
> >
> > I realize that making this move will result in increased commission costs
> > and I would appreciate any suggestions as to who might provide
> > these services.
>
>
>
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