So with ISLD,looks like the opposite happens.A hidden order loses time priority to displayed orders...http://www.island.com/faq/generalfaq.htm
I think you need to get past the ECN portion of the question and address the overall platform. Since Redi is both a trading platform and an ECN it can get confusing. Redi (platform) will route to all ECN"s and markets, market makers, etc. If you designate Redi ECN it will go to Redi, and allow you to "park" on Redi. More importantly, be sure that you don't pay ECN fees in addition to normal trading costs, this can really add up.
The only way I know how to do this is trade via SOES, but I can't stand trading those junky, weak-ass, manipulated, unfollowable, chaotic, no- logic- whatsoever....... Nasdaq stocks. And I will simply not reduce my self to such a low level as a trader. Or now that I think about it, I could just own my own DAT firm and simply not charge my account any fees whatsoever.
Vinny, I did not know this. Great piece of info. Since I am not Mister Size man, I simply do not use ISLD hidden orders at this point.
We trade millions of shares on the NASDAQ and do not charge our people ECN fees....(I get your point, and am smiling with you)....We are hoping to bring in all the successful NASDAQ traders to our firm now....with our (much) reduced fees and all the rest....so now we'll really be able to see if anyone is really making any money trading that junky, weak-ass......oops, formidable opponent, NASDAQ! (and yes, I do pay commissions just like anyone else) Good Trading!!
DAT, "junky, weak-ass, manipulated, unfollowable, chaotic, no-logic-whatsoever....... Nasdaq stocks"...aren't you trading Nasdaq stocks being that you use ARCA and ISLD,or are you just trading listed with these ECN's?
We trade OTC and listed, mostly listed at this point. I use Isld a lot for eminis, and can grap a dime or two at times from ARCA on listed stocks. We try to point our traders in the direction where the most money can be made in the most simple and straightforward fashion, and that entails the use of Opening strategies (obviously Listed only), tape reading (another obvious)....but we have a few Nasdaq winners (mostly ex MM's) who do very well.....the bottom line of the trader is where we focus....we like our people to do well (it is much easier to retain than try to recruit and train new people all the time). The computer platforms and all the bells and whistles are a small part of the overall trading strategies, and as long as we have access to all the "cool tools" we won't have a problem.... So, who's gonna win the Super Bowl (or at least beat the spread??)
Island gives you a rebate (about 1/3 I think) for adding liquidity, but they still charge you for the executions. This is constantly changing, and is one reason that we don't bother to add them to our fees (it would make the bookkeeping a nightmare).