Quote from Bitstream:
the problem is also that on listed stocks u often dont get filled on ecns either...wether u buy or sell.
me thinks specs are pissed big time cuz they know they gonna slowly disappear and give up all the easy profits since the hybrid system is prolly already eatin' into their bottom line; they are aware they willl be left out soon and now they are in revenge mood...things got very bad in the past few months as far as i concern.
Quote from FastandFurious:
I rarely offer new york, and the main reason is what you just said, you get awful fills, at his discretion, and especially when the stock is moving...
the only time I offer new york is on clean up prints where he locks the book and spreads up, unload, trying to get price improvement.
I trade equities.
Quote from Bitstream:
one thing i have to say tho, when it takes ages to get filled, sometimes even if price moves 10c or more in your favor u get the fill @your lmt price...this has happened to me on a few occasions in the past weeks; guess it's all about the stock and who's the spec is makin' the mkt in it.
Quote from FastandFurious:
see that's the thing, that's what it should happen, he has to fill you not a penny below your limit price because well...it's a limit order...the lowest you'll sell. But the other thing is that if the stock is through, and you get filled, it's weird as he theoretically can not fill you outside the spread.
well....banded prints huh..lol
Quote from billp:
Fastandfurious,
Can you elaborate what is 'banded prints'?
Also, when you mentioned the below :
'Quote from FastandFurious:
yeah, when some news hit or a stock that is just volitle, I have to offer through about 50 cents up on ECNs just to have a shot to get filled. '
, you are talking about limit orders right?
Bitstream,
Are you usually using limit orders or market orders?
Also, when you mentioned on gap down days that you couldn't get filled, are you using limit or market orders?
Thanks to both
Quote from Bitstream:
it's a matchin' process...i guess my order was held in a cue 'till a counterparty was found; in the meantime stock moved in my favor but the spec didnt give a shit since it wasnt his shares innit.
Quote from Bitstream:
usin' mkt orders is essentailly like givin' the spec the right to rape u without baby oil. they are all handled by the spec himself...lmt orders are instead usually handled by the clerck, who's only responsible for the matchin' process.
Quote from FastandFurious:
at what point during the "waiting to get filled process" do you just cancel the order? Do you just wait till you get filled or cancel when the situation doesn't look good anymore? (when things go bad, that's probably when he fills us..lol) How much do you offer through on new york?
Quote from Bitstream:
i dont wait more than 20seconds; sometimes i leave my order there and place another 1 at the current bid/ask if the mkt moved; i am always addin' pos after pos....dont often get in with good size all at once.