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Magna: Yes, a market order always has preference over any limit order on the NYSE, even if the limit is more than the bid/ask. The specialist cannot give priority to any other order over a market order. If a stock is liquid enough though, and you enter a limit order above the ask (or below...

Janko: Yes you can open an IB account (or anywhere else for that matter) if you hold a series 7/63 liscense. If you are presently not employed with a professional firm, you can just fax them your U5 form as proof, and you will be treated like any other customer. If you are currently...

Roger: For the past few months I have been working on 3 different systems each with unique attributes. All are based on some form of technical analysis (stochastics, support and resistance, candlesticks, and bollinger bands). One is more like scalping where I have a large percentage of...

The best source of analytical information is probably First Call, but it is rather expensive for an individual. Unfortunately you will probably never be able to get that information at the same time as the "big guys" get it. This is a general synopsis of how it works: The analyst of a firm...

Sasha: Yes, unfortunately there is no way to know who is who on the INCA book (unless you work on the Instinet trading floor) or how much size they have. I used Cybertrader for about two months before I switched to IB. They pretty much give you everything you could need as far as info and...

Sasha: I used to have an Instinet terminal when I worked for a firm. It does show you the whole instinet book, but I've never seen it show how many times a particular client has refreshed a bid/ask (Maybe that's something new, but I think most clients would be against that). What it does...

dkamp: I started with cybertrader, but soon realized that the commissions were just too much for a person trying to develop a trading system. Also, while all the bells and whistles are attractive, I really wasn't utilizing any of it. Too much information can be a bad thing at times, and too...

vitajex: In that example, if the specialist is protecting me and there's a bid for 1200 shares and someone comes in and tries to sell 1200 shares at the bid price, he will only be able to sell 600, and I will sell 600 along with him. Kind of sucks for the guy who thinks he's going to be able...

Thanks for all the positive feedback. If I can help in any way I'd be more than happy to contribute to this group. dkamp: I first worked for a Large Cap money manager for about five years, and then I moved on to a Small Cap firm for another four years before deciding to go on my own. So...

Let's assume this happens for the rest of the week. I've now sold 100,000 shares and the stock is down $1.25. This is why a discount bid right off the bat is a more attractive proposition. But, there's nothing I can do about that, so at a certain point I have to lay off for a while (as you...

p2: When you need to buy/sell a large amount of an illiquid stock, the first thing you do is make some calls "upstairs" to the trading desks on the street, in order to find a "natural" (another institution willing to buy/sell your stock in decent size) Most stocks have an "axe" - firms that...

dg: From my own experiences I've found that certain stocks work well with certain trading strategies, while others do not. I have extensive experience trading PSC as I was a former trader for a Small Cap money manager, where we were one of the top three holders of the security. PSC is very...