I am using Sterling and every time I enter an order, for example buy 100 of XXX at a limit price, an identical order at the same time and price will be entered from ISE and EAB. My order will be listed ahead based on time but it will not be two seconds until an order for 200 shares at the same limit price will be entered from NASDQ, etc. which comes ahead of my order. Is anyone else experiencing this problem? The three "P's" are killing small traders trying to scalp.
some venues double quote - if you see 300 ISE and 300 BAB it's only 300 shares, not 600. What are the the three "p"s that are killing daytraders?!?
Double order entry from a market center does not explain why identical orders are always placed and/or cancelled from ISE and EAB whenever I place an order using Sterling. I am not using either of these markets for placement. I have only started using Sterling. This predicament has never occurred before in my 45 years of trading. It is weird. I expect MM's to fade orders using NASDQ. It just make it difficult for small scalpers. The three "P's" are the stock market rules for order fulfullment.
The EDGX book is a part of the ISE. Thus, one actually trade with the ISE but not EDGX yet one cannot trade ISE without trading EDGX. For instance, PSEX is the leading ARCA bid/offer. NASD is theleading NSDQ bid/offer...but one can trade with NASD and not NSDQ. Thus, it looks like therei s a double print, but there is not. You;ll note- particularly on Sterling- that ISE shows up only on the top bid/offer, but EXB goes all the way down the level II screen. Ergo, as confusing as it is, there is no double print. And it is horribly confusing to me as well- particularly NASD/NSDQ- particularly when there are, say, 32,000 shares offered on NASD at the top offer but only 31,500 on NSDQ thus I watch what seems to be 63,500 shares peeling away yet only 32,000 shares truly are being worked.