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I've read my share of books and I was pressed to find one that I would recommend on day trading specifically. After you read a couple, you quickly realize that they are all the same ... discuss a couple of indicators, explain what trend is, describe some made up set ups which look good on...

You are recommending because you have read them? Which one your top choice?

K, I accept your answer :). Can't think of any book specifically on day trading. Maybe Linda Raschke's books point to the right direction of what to look for. I personally like this guy's (trade the trader) approach: http://yourtradingcoach.com Really, best way, imho, is to start trading and...

Ha ha ... No, I crap my pants way before being 17% down :)

I doubt very much his clients were retirees and people of limited means. Most people who invest in such funds allocate only % of their net worth to diversify. So I don't consider these people scammers ... They attract certain kind of "investors". The line between being brilliant and a...

Are you kidding? Blowing up OPM is a badge of honor :). Three years of above average performance is all it takes. Just blame it on one in a lifetime Black Swan event.

What intrigued you?

I don't know if there's a generic SOR. The SOR I developed for myself had "assume hidden liquidity" config param for every venue and kept track of fill rates per venue. This is all getting a bit off the topic, but good discussion.

Hidden buy order above Best Bid is jumping the lit queue, right? So before Best Bid is taken out, your order will fill (let's assume all major exchanges are at Best Bid). Obviously, if best bid moves, you need to adjust. Basically, the lit quote is something you can use to make decisions knowing...

"The TradeZero smart router will route the non-matched orders to market centers that provide payment for order flow or rebates." Does this mean you internalize?

You are correct that hidden orders are not protected and your example is valid. My point was that hidden orders inside the NBBO are very likely to fill prior to your lit orders, so even though they are not explicitly protected, they benefit by the protection of the lit orders ... That's the...

What's long term? So some coin doubles in price in the next week and your call was that in the long term it will fail? How is it useful? No wander you don't trade.

Everything comes at a cost. Challenging yourself in new ways inevitably leads to a few failures. At times, your instincts will all point in one direction, and that direction is dead wrong. So you err, you learn, you make fewer mistakes, you gain more confidence, you trust your instincts more...

Agreed.

I think we are just looking at it from different perspectives. So from a trader's perspective, if I place a resting displayed/lit order on an exchange, am I guaranteed not to be traded through? Yes, it's protected. If I place a hidden order in between the inside market, is it guaranteed not...

LOL, @stevegee58 nailed it! I think one of the main issues for me is non-programmers don't quite understand the complexities of automating something that appears pretty trivial. The other problem is that it's hard for them to differentiate good quality vs. bad quality (and rightly so) so they...

Correct, most activity is happening about 3-5 ticks above and below, so IB maybe not displaying the orders too far away (especially odd lots). I can tell you for sure that both Nasdaq and ARCA send updates on ANY change to ANY level.

I meant that when you compare, offer on Nasdaq two levels above Best Offer and on ARCA two levels above Best Offer. Don't compare offering two levels above on one vs. offering ten levels above on the other. Ten levels above is so useless to most that some vendors may not even update it with...

You are correct. I think OP was asking why trade throughs happened, so I was thinking in terms of liquidity takers. The hidden orders which improve on the NBBO are implicitly protected because there's no reason for exchange to route the crossing order out when they can match it internally. So...

IB is a mystery wrapped in an enigma. Are you paying for all full depth books? When you place direct orders, pay attention how many levels away from NBBO they are (make sure they are the same when you compare). It's not the exchange but most likely IB/TWS related.