I am boning up on VWAP, TWAP, and a host of other algo trading systems. I have been reading up on them (wiki) http://en.wikipedia.org/wiki/VWAP and using the Obsidian demo www.silexx.com The demo only last 14 days. While the ticket is easy to use, I think their Algo ticket doesn't really reflect proper order handling in the demo. I guess this is because it can't send a real order. I want to learn more about the different types of orders (other than reading about them on wiki). Questions: 1. Which Algo do you use and why: VWAP, VWAP+, TWAP, TWAP+? 2. Do you find Algo trading help with your returns or strategy? 3. What are "Flexible Participation, Implementation Shortfall, Rapid Dark, Synthetic Peg and Volume Participation"? 4. Does anyone use these on Obsidian or another trading platform? I was unable to find any details on those at their website. Has anyone used them?