For listed stocks, how do i direct my order to

Discussion in 'Order Execution' started by howardy2k, Dec 28, 2002.

  1. nas or nyse (as displayed on the level2 window)??? I cant seem to get any good fill with island on a listed stock. Thanks
  2. cheeks


    sorry, I do not understand your question.
  3. there are nyse, arcabook, isldbook, and nas. Most of the liquidity is going thru nyse or nas. But since I am using datek, how do i direct my order thru to the specialist or nas???? The reason I ask is because I cant seem to get a fill thru island. Thanks
  4. heh...

    this is a problem with datek. in anything besides a dow stock, your ISLD listed order will probably be ignored. it's because datek routes to ISLD first because...well, for many reasons, but mostly because datek just sucks...

    get an IB account. with them you can send directly to NYSE.
  5. With an IB account, how do i route it to nas? Can i route it directly to nas instead of the specialist. Thx
  6. I have been a retail (datek, etrade) scalper for about 4 years now. Even though the profit hasnt been as great as before with the teenies, its still good. I have read about some of the profirms, but the commission is just too high for me to scalp in blocks of 10k and 25k dollar stocks. Am i getting my information wrong??? Are I haven't searched for the right firms??? TIA

    fwiw, i do about 20-30 trades a day.
  7. Can I get margin for stocks under 2 dollars? Means I can sell short also?? thanks
  8. def

    def Sponsor

    You can short at IB. There are regulations about cheap stocks in regards to margin. See this page for further details on how IB handles things (you can short at any price but the amount of margin may vary):

    Fees are not based upon price put by shares. 1 penny for < 500 shares and 1/2 penny thereafter. No other fees. You can route to the exchange your desire but you're probably better off using SMART routing. Via SMART your order will be routed to the market place with the best price which also includes the internal TMBR route which provides virtually instant executions.
  9. I second that! I have never had the displeasure of trading through datek, but considering the little experience I have had with unethical if not illegal practices at Island (which is owned by the same people as datek; I wonder why they send all customer orders there...) I would close my datek account before they get around to screwing you more than they regularly do by sending your orders to ISLD instead of the NYSE.

    The TMBR executions alone are worth switching to IB. What that is is basically IB gives you back part of the penny you pay to them as a commission, which they can earn at minimal cost to them by not having to route your order through a stone age exchange.

    Of course, as a scalper, especially if you trade dollar stocks, you will probably use it only in emergency situations, but with a little practice you should be able to take advantage of these lightning fast executions more and more frequently. Lots of times you can still get into a move through TMBR when it is already too late to realistically expect an execution through the NYSE or even ECNs.

    Just give it a try and see if TMBR works with the stocks you trade, or maybe you will want to trade a whole different universe of stocks now that you will be getting a more competitive commission structure.
  10. The route you select depends on market conditions & the type of order you have. For an immediate fill on 1000 shares or less (limit order) , if ISLD is available , I would go to ISLD. If you have NYSE NX(NYSE Direct), you will get fills on 1099 shares or less in three seonds or less and have the possibility of price improvement on your orders. NYSE direct has rules relating to order execution , see . There are rules for executing n NYSE direct, contact your introducing broker for more information. I like NYSE NX , for most of my trades. If you trade over 1000 shares NYSE, I send my orders via the NYSE DOT, you may get price improvement on large orders. Remember, the specialist system is not an "auto-ex" and the specilaists's clerk must execute your order on the NYSE book. Market orders can sometimes take up to a minute to execute in a fast market. This is a long time for a "Day Trader". Our REDI+ order execution platform has routes on NYSE stocks for NYSE,NYSE NX(direct), ISLD,REDI & INCA. Remeber, the primary market for NYSE stocks is the NYSE, even though ISLD may be a "faster" execution in some instances, you may be giving up price improvement to gain speed of execution.

    howardy2k-usually stocks under 5.00 are not marginable and you may not be able to borrow them , even for a day trade.

    Gene Weissman
    Lieber & Weissman Sec., LLC
    #10     Dec 29, 2002