I am curious about how ECNs effects your profitability in day trading? I used ot rely heavily on BRUT and ISLD while market making stocks. I traded at Prop Firms and only to find out that there is no ECNs access during market hours which really hurts me as a profitable trader. While trading at Prop Firm, BT, my listed orders get routed to specialists, NX orders. And the specialist screwed me anyway he wants. I saw prints on the tape lower than my bid or higher than my offer. I just don't get an execution. why?
The timing of the trade is so important. Level 2 and T&S are so disjointed that sometimes it is hard to tell the truth. I have tried to remedy the situation with NYSE specs by offering .02 lower than the ask and bidding .02 higher than the bid using limit orders. This has worked well as it seems to box the specialist in and at the same time give him room to work. I do it because....
i never consider what ecn i am going through- just get the trade if you want it.....forget preferencing certain ecns over another for a rebate- you will be tripping over pennies instead of making dollars.....
yeah, trading listed i always go about 5 cents through the bid or offer when i NX- just to be sure that i get the fill....
WHAT? Why wouldn't you have access to ECN during market hours? A Pro Firm that does not have direct ECN access is tying a hand behind your back. As for Listed, you WANT to use the specialist, but have access to the ECN's if you can pick 'em off or get out quick!
yap, Bright Trading does not offer access to ECNs. it is extremely difficult to trade without ECNs. often times the profit on the trade got squeezed so much that we have to trade more volume to survive hopefully. I am still profitable without ECN's, but i am saying lots of money (profit) can be saved with access to ECNs. Therefore, looking for a real "pro firm" who is on the side of trader and knows what traders need rather than someone who knows how to reap off traders profits.
Hmmm. I would swear that Bright had access to ECN's! How long ago was it when you traded with Bright? They had access to at least the REDI ECN as far back as 1999 when I traded with them. Are you positive? I am not accusing you of lying, I would have just SWORN Bright had access! Regardless, If you are looking for a pro firm with direct access to all the ecn's, feel free to PM me.