How Good is BEST

[jperl]

Sniper_Trader1

Actually, this quote belongs to Rogan LaBier. It was originally posted word for word on his tools-of-the-trade website.

You force me to reply- the "original quote" is from
Ken Calhoun's Trading the Open chat room as stated by him and printed by him on Oct 23,2000 at 1:37:23 EST.
If Rogan Labier has the same quote, after this date, then he borrowed it from Ken.

 

[stevene9]

I hate to be involved in such a trivial argument, but just for the record LaBier's "Tools of the Trade" was published on the web way before Oct 2000. I don't know the exact date, but I downloaded it in either late 1999 or early 2000. I don't know if that quote is in there, and quite honestly I don't care enough to look, but if it is in Tools of the Trade, it was way before Calhoun's discussion.

 

[Sniper_Trader1]

Originally posted by jperl

You force me to reply- the "original quote" is from
Ken Calhoun's Trading the Open chat room as stated by him and printed by him on Oct 23,2000 at 1:37:23 EST.
If Rogan Labier has the same quote, after this date, then he borrowed it from Ken. [/B]

The quote is borrowed from Rogan's E-book published in 1999. http://www.elitetrader.com/vb/showthread.php?threadid=655 Rogan used to be a market maker, and this was his exact description of what happens with a selectnet order. FWIW, I guarantee you Ken has never seen a Level III screen. You can ask him yourself

 

[Sniper_Trader1]

Originally posted by zboy2854A
sniper,

I disagree. I used to trade with a Realtick broker, and while I preferred the integrated quote and execution platform, I still use Realtick for my quotes/charts but execute through IB. My fills are about the same in terms of routing and speed as they were with the Realtick broker. The trick is simply setting up the IB page properly to execute your trades. With its hotkeys to boot, executions are a breeze (at least in my experience). True, there is not the same level of live help with IB as other full service brokers, but for the commissions and for those who don't need any hand holding it can't be beat.

Zboy, I respect your opinion very much, and I know that many of you feel that way. However, from a risk management point of view, I feel that if I trade 300+ shares on average per transaction, MBT is the way to go. I average 700 shares per order, so my commission difference is 1 cent. I strongly beleieve that I save more than a penny on average by using MBT. And I am comfortable that if my network goes down, there would be someone to get me out of the trade.

 

[Sniper_Trader1]

Originally posted by dlincke

Originally posted by Sniper_Trader1

Originally posted by dlincke
If you stick to liquid names there will practically always be an ECN available within four or five levels in a fast market.

And what if my trading style is not to trade the CSCOs and ORCLs of the world???

VRTS, CIEN, JNPR, KLAC and many more fit those criteria as well.

Not in my trading experience. You can lose a ton on VRTS and CIEN in one-sided markets. There will be no ECN in sight! I have paid up 50-80 cents many times to cover a short on VRTS and CIEN taking out best ECN offers. Remember we are talking about FAST MOVING MARKETS ...

Bill

 

[dlincke]

Originally posted by Sniper_Trader1

Not in my trading experience. You can lose a ton on VRTS and CIEN in one-sided markets. There will be no ECN in sight! I have paid up 50-80 cents many times to cover a short on VRTS and CIEN taking out best ECN offers. Remember we are talking about FAST MOVING MARKETS ...

I trade VRTS every day and even in fast markets (e.g. last friday afternoon) there's practically always an ECN available within the first five levels. Of course that may be 50 cents or more away. But if you're caught leaning the wrong way in such a situation it's often better to bite the bullet instead of preferencing some MM closer to the inside and ending up with a 100 share partial fill.