Yeah, it's mind-blowing.
What about the CBOE only allowing day-trading? You mean day-orders?
You're not marketable. Mid would only be marketable if the thing upticked. There is no flow in the thing and the MMer doesn't give a sht about your two lot.
There is price discovery... you routed to CBOE. Who sent the order (Fido)...?
Yeah, you're right...day-orders. I know I'm not marketable...Hence keeping the ticket in for a few days/weeks. Fidelity will allow orders up to 60 days...As long as you use THEIR routing!!
Many times to buy a stock, I will put in my price (good till cancelled 60 days). My price is low...Maybe 3-5% below current price (bottom fishing). One day I'll wake up at 10-11am Pacific and check and see if I have picked it up. If it's a quality stock (Walmart, McDonald's, Exxon, Coke, Microsoft) do I really care if and when I picked it up. It's a long term hold anyways.
I am fine with MMs, especially with stocks. Options are becoming a different animal I have to deal with. I believe the SEC sees this also...And yes, I know your views about changing the current rules with MMs.
With both stocks and options, many times I will keep lowering the price till I get a fill. At Schwab and Fidelity many times I am REQUIRED to drop the price in 5 cent increments. That is where the MMs come in an I will get price improvement often. I know it and get it...I'm OK with it.
Both Schwab and Fidelity offered me active trader status. I didn't want to do it...Not very techno savvy. About average for my age (67). I'm sort of like McDonald's...Picking up nickles and dimes. Grab a dividend here, covered call money there, option expire then do another covered call, have a option get called away, then reinvest in something else is my way.
Sorry, but it's hard for me to lay down congruent thoughts in quick sentences....Harder and harder with age. Lay out the thoughts and present it. Accept it or not, that's how I am...
