Attention ETF Traders

Some of you may want to try some of the regionals. Their systems are very fast. A thing to remember is that when the markets get locked or crossed the executions go into manuel mode at most regionals.

Jeff--
OES

 

Between the two in terms of how do they work? And what is RTFM?

 

It's an old computer term:

Read the F*cken Manual

 

the F*** Manual?

I use to trade QQQ only on ISLD and never had any problems with execution. Now with ARCA problems similar to what was described happen all the time.

Does anyone know and can explain how to resolve this issue, and why ARCA is providing such bad executions?

Looks like trading blind on ISLD is the only solution....

 

Unless you send a PNP order ARCA will preference your order out to other exchanges (NYSE, AMEX, regionals, Nasdaq Intermarket dealers) if they display superior prices to what is available on the book. PNP orders won't let you actively cross the market though. Instinet may be your best choice as it works analogous to ISLD. Or head right to Chicago which is the best solution in terms ot ease of use, speed, and liquidity.

 

Thank you very much for your reply.

You were right, I should RTFM first.

After reading thoroughly the ARCA web site that explains orders, it seems to me that ARCA is not the best way trying to exit/enter fast even at their own book displayed prices, since using the PNP, as you said will not allow me to cross the market, and PNP available only with the limit not market orders.

I trade QQQ only and I it looks that INCA also was prevented from displaying their book on ETF.

You have mentioned Chicago as the best solution. Did you mean CBOT? How to rout the order there and where can I RTFM for Chicago?

Thanks again. Alex.

 

FWIW I've been getting pretty good fills on IB using TMBR for the ETFs

 

I've been getting decent fills w/ ARCA on the q's. I posted about this on another thread recently.

Another alternative (that I've now gone back to) is just preferencing ISLD. Even though you can't see the quotes, they usually are close to the market on both sides.

Believe me -- I don't like "trading blind" -- but my initial disgust has subsided and I'm cranking up the $$$ machine despite the "inconvenience."

(I've been able to get off 10-20K share blocks successfully now w/out giving up more than a penny or two -- for now gotta live w/ it).

I did speak to ISLD the other day and they said they were "working on a solution" to this problem. Don't hold your breath.

dog