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Trading Reference Links
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if you have Nasdaq Level II screens, then it's usually pretty easy to see if
payment for order flow is occurring. Whenever the market starts moving, even
if offers still exist when you're trying to buy, DON't expect to get the
stock at that price, or even the next higher prices. In Internet stocks,
even higher than that! When payment for order flow occurs, the broker (or
actually, their Market Makers) will only fill it if they can make at least a
little money off the trade. Otherwise you'll get filled at higher prices on
market orders or not filled at all (on limit orders). The historical montage
from www.spectrenet.com/histlev2 would also be a good way to determine such
bad fills after the fact. You could pause -- go moment to moment. Find out
where the market was when you put your order in and see at what time/price it
actually was filled. Such low commission rates just about ALWAYS go through
to a market maker as opposed to direct execution like tradescape, or even
Datek (which goes right to Island/SNET) -- unfortunately, Datek is still only
browser-based order entry -- yuck!
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