Market Order

Quote from joeyata1:

i read the transcript with bright and it was very informative. so instead of using nx to get an instant fill bright uses bid minus 2 cents to insure #1 he gets a fill period and #2 many times its better than the bid vs using nx were the best you'll ever get is the bid and at times even miss the trade and have to chase it lower. so its basically like using a nasdaq ecn at bid minus 2 cents were many times you get screwed and get the bid minus the 2 cents were with the nyse putting it bid minus 2 cents doesn't hurt you becasue the specialist will give you the best fill and many times aprice improvement
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I trade with IB and i dont think they allow that order type
when routing to NYSE instead of using SmartRouting???
Not real sure though.

For me i wouldnt even use an Nx even if i could in many of
trades i attempt. Sndk comes to mind. Couple of wks ago
the action got pretty intense. Imo, it would have been
a mistake to Nx. The B/A structure was not "stable"
Last price and spread would change real quick and heavy vol.
Lots of gaps. Seems like i got the best results by "fishing"
inside and outside of the B/A with lmt orders.

............... rj
 
If you have the capability to NX a quote with size then do it. But if the quote is 1 and you think it is going to move then the next best thing to get on the next print is a mkt order. Reasoning: limits will pile up on the book with 1 quote and you get prioritiy on the next print.

j--
 
Quote from rcj:
I trade with IB and i dont think they allow that order type
when routing to NYSE instead of using SmartRouting???

AFAIK, IB sets the NX flag on all NYSE orders.

For me i wouldnt even use an Nx even if i could in many of
trades i attempt. Sndk comes to mind.

NX is for NYSE stocks only.
 
Sounds like some of you don't know that when the specialist is only showing a one lot on the inside bid or offer, it means that he's turned nx off. You won't get an execution at that price, even if your order is for 100 shares.
 
The idea that an order 2-3 cents through the market will get you a fill is wrong. I had to chase a $50 stock down 0.50 the other day, giving the spec a little more room each time (0.20 the last time). I don't remember which stock it was, but I know it trades a couple million shares a day. This wasn't some specialist shakeout or anything - the stock continued to trade lower. I do most of my work on the ECNs in stocks where there is liquidity there.
 
nobody's saying you get a fill 2 to 3 cents under. the purpose of it it is not to use nx were all you'll ever get is that price peiod but to use the 2-3 cent to aty least get the same nx price and many times get price improvment
 
Quote from alanm:

The idea that an order 2-3 cents through the market will get you a fill is wrong. I had to chase a $50 stock down 0.50 the other day, giving the spec a little more room each time (0.20 the last time). I don't remember which stock it was, but I know it trades a couple million shares a day. This wasn't some specialist shakeout or anything - the stock continued to trade lower. I do most of my work on the ECNs in stocks where there is liquidity there.
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that's a prime example of when it would be beneficial to use a market order...

when I have a bunch of shares to buy/sell... (usually when I'm getting out of a position) I split my order up... limit/market/ecns etc... If I send a large market order I'm filling Don or some bright trader and watch the stock bounce back... If I split up my order though it seems to work pretty well...

mnx
 
did you even take the series 7? Before posting and being condescending to people, you should know that nowhere in the 7 do they talk about daytrading and how to enter and exit positions. Maybe on the series 55, but certainly not on the 7.

Quote from monistat7:

did you guys pass your Series 7 exams? im pretty sure they had a whole page or two on NX's.

you can only NX 1000 shares max in the same stock on the same side every 30 seconds.

example.) you buy NX 1000 shares of WMT at 9:30:00, and then you sell NX 500 shares of WMT at 9:30:01. you cannot buy NX WMT until 9:30:30 and you cannot sell NX WMT until 9:30:31.

but if you want to sell your remaining 500 shares of WMT before 9:30:31, you either have to market out or hit the ECN's. most trading platforms will not let you NX out until the 30 seconds is up.

you can only NX when there is more than 100 shares showing on the bid/ask. so if the bid/ask is 1 X 1, you cant NX from either side.

if you guys are in a training program at some prop firm, you should fire your trainers and find a new training program asap cuz this is def. something all trainers should explain on day 1. if you are trading on your own, i hope this answers your questions.
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NX'ing SNDK??? Geez, you do realize that NX is for NYSE issues only, not Nasdaq.

Quote from rcj:

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I trade with IB and i dont think they allow that order type
when routing to NYSE instead of using SmartRouting???
Not real sure though.

For me i wouldnt even use an Nx even if i could in many of
trades i attempt. Sndk comes to mind. Couple of wks ago
the action got pretty intense. Imo, it would have been
a mistake to Nx. The B/A structure was not "stable"
Last price and spread would change real quick and heavy vol.
Lots of gaps. Seems like i got the best results by "fishing"
inside and outside of the B/A with lmt orders.

............... rj
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