With intermarket sweep orders I can swipe through several levels of ECNs before anything has a chance to pull.
Hydro is this just all about the big players being closer to the actual scene then? i.e. guys in newyork have a millisecond faster connection speed since i got to come all the way back to B.C.? Have you noticed with NMS that the big players can cross/lock the market whenever the fuck they choose, and actually in fact trade through? Seems like all NMS did was screw the little guy, because anything that i got to route to fill a level to get to the next one always misses, and im talking like 90%, or more, often times there will be ARCA(400 SHARES) ISLAND (400 SHARES) ON THE SAME LEVEL, L1 and i go to hit and it will miss one or the other, this just all seems like a crock of shit the market makers have a free choice as to wether or not they want these shares to fill. The entire book is a joke, as when you go to hit anything 3-4 levels back IT WILL 99% of the time not fill, unless you got a solid level that actually wants them. But then whose hitting it anyways? if the quote is for 10k and not backing off every time L1 changes then i just use it as support/resistance and trade off of it, so what the hell is the point of the entire system? it is just very aggravating, NMS made everything difficult!!!
Longhorn again thx for the reply, now that i think of this, this is an even bigger scam, and i just realized it, often times i got to hit JUST 1 LEVEL with an order which will hit it, (i.e.go to hit ISLAND with 20k shares that are showing on ISLAND on L1)and often times that doesnt even fill, that is a joke, atleast they can kind of explain when it has to route there is a bit of a time lag for them to pull but how the fuck do they explain basically saying "nahhhhhh we aint gonna give you these shares," when you go to get a direct fill on one ECN. This means that the book being shown at any given time is just a scam, i dont give a shit if the guy is fake and trying to bluff but i should atleast have the chance to hit him if i choose. I started trading nasdaq in november when hybrid was rolling in cause i figured if it was electronic i may as well but is there something im missing?
Get market maker lines and hope that they auto-ex your size. If not then they'll either reroute for you or hold your order up. And if they reroute or hold you up then at least that is good info on you knowing their side.
ATD, Knight, Madoff, UBS, and Citadel still have it on depending on market and their position. And not just OTC, listed too.
ok will these orders fill what is on the level or only what these POS market makers have to offer at any given time? Being that im from swift i have a pretty good education on dark books =), it doesnt help much when the only liquidity is in the ISLAND/ARCA book
One other thing i forgot to mention, often times these are 25-40k positions on stosks that show at any given time 500 shares on L1 skip 2 levels 300 on l2 3 cents back, and you have no choice but to punch it up, BUT when you miss everything, behind what you just missed gets lifted also cause it saw you coming in so you literally got out of 2k shares and pushed a stock 8-10 cents against a 20000 share position, nice 1600 dollar hit and you still got to deal with the shit position, if it was 1 cent on intc i could hack it no problem, its the 30 centers on 20k shares that hurt.