nx order

S

shortseller

i am new to trading and i have some questions about the nx function.. correct me if i am wrong.. its buying or selling at the bid ask .. if its over 100 shares with instant fill... is there shorting with the nx? is there price improvement?... if the market moves while you enter outta market qoutes where are you filled, and at what price?... the 30 sec is for buy buy or sell sell but not buy/ sell there no time restraints, correct? who is using this function and whats your feed back i am debating it because i get alota price improvement with the style and stock i trade... when would you not want to use this... please gimme as much feedback as possible from the people that use it good /bad or thoughts thanks in advance .
 
you can get an instant cancel on NX. HOWEVER, if a portion of your order is filled, the balance goes to the book. There is NO instant cancellation of orders on the book (yet).
 
you CAN get an instant cancel on NX, but a lot of times, esp. if you play a stock with a slow (or "***hole") specialist he can hold your order and fill it at his discretion...

edited for language by moderator
 
assuming the bid/ask is >100, nx orders only work if your order is at or below the bid and at or above the offer; otherwise it automatically becomes a limit order and is treated like one... Also, a partial nx becomes a limit order.

Keep in mind that the specialist can turn off this function or the quoted size can already be gone and your nx goes into thin air (due to the nyse stocks trade first and quote second.

Darryl
 
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