So your new broker,i know who it is but i won't mention it,does allow reserve orders and stops on nasdaq,just not trailing stops?
vinny- reserve orders yes. everything else, no...but they said they will add it. my biggest problem is not having stops for nasdaq...i like to trade nas...but not without being able to place stops...the main reason is for ISP protection...like today, my ISP was out for 20minutes thankfully i had no positions at th etime. when i was at TNT i could be long XLNX for example...place a stop a point back(trailing even better) and not have to worry if I lost my connection. so hopefully they will add that feature soon.
I havent used arcapilago in a while, but it used to be my favorite ecn. It had the qualities of island and redibook.
Mr. Bright wrote: "Sometimes I wish we could take the "other side" of our new traders trades....but of course, we don't. Of course, we don't self clear either. The old idea of a "bucket shop" always comes to mind when I hear about this." Should I read this to mean that where a firm self clears that there is a greater likelihood that they are taking the other side of the trade?
actually, if a firm was operating as a "bucket shop", how would they get caught? When they screw up and go bankrupt cause their customers are doing too well ?
When I traded ISI, it was their rep that called the floor and complained for me. That hardly ever results in any execution improvement -- at least it hasnt for me once in two years. But I don't complain too much (to them, anyway). Some guys called up once a day or more. I think they're too busy too front run. They might be monitoring risk, though.
That sounds bad. I don't know if you are talking about NYSE or NAS, but on NASDAQ stocks (not necessarily the fastest moving, but not the slowest either) that I trade, both ECN and Supersoes fills are pretty much instantaneous. The one exception is when things seem to be running a little slow. I assume this is just server or internet traffic, and doesn't happen too often. I would not settle for anything less than < 1 sec. confirms at least 80% of the time. As far as NYSE, who knows what the specialist is going to do to you! My experience is that Nas MMs can be picked off on SOES, that's always a pleasure. As far as firms trading against your orders, I think this is the most despicable thing I can think of.. and check this out.. I have talked to managers of a well known prop firm (you would know the name) and heard them boasting about trading against their own traders! Also, I would keep my stops mental, if they are on a server, assume someone knows where they are! I say this, not to knock anybody, but I think it's a good idea to remember that people in the firm you trade with, know what you are doing. Are they taking advantage? You gotta take their word for it. I remember back a few years ago, it was pretty much common knowledge that NITE was taking advantage of overnight customer orders and working the open. Maybe back then, things were so good for everyone that nobody thought to complain.