Trouble getting filled on nyse stocks

INCADP is basically "Direct-Plus" whcih I am sure that you have on your Hammer Platform.

As long as the specialist is making the best market ( no regionals in the way ) and he is "firm" with his size, and your order is less than 1,099 shares, a limit order using INCADP usually gets filled immediately. With INCADP, you are allowed to execute "one-side" every 30 seconds.
 
Quote from waggie945:

INCADP is basically "Direct-Plus" whcih I am sure that you have on your Hammer Platform.

As long as the specialist is making the best market ( no regionals in the way ) and he is "firm" with his size, and your order is less than 1,099 shares, a limit order using INCADP usually gets filled immediately. With INCADP, you are allowed to execute "one-side" every 30 seconds.
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This is the NYSE "nx" system (the NYSE ECN, if you will). The only reason we don't use it much is that we don't get price improvement). Waggie is right...be sure you have the "inside market".... or else you will be getting filled on wide markets.

Don
 
Yep.
Just go Direct-Plus with a "limit" and you will have your fill in no time at all.

And on Hammer, it should be SUPER FAST!!!

:)
 
ListedGuru said: For example if one of my stocks is setting up as a buy..."

Setting up how? If you're using a common chart study, realize that there are many other people that could easily be using the same study (which is why TA "works"). So, a barrage of buy orders come in, the spec goes non-firm and gaps up the offer. NX won't do a thing for you. Nothing will. You and your fellow enthusiasts have created a buy imbalance, and you're going to have to find some stock for sale. It's not likely to be anywhere near the last print. Unless, of course, you're wrong, in which case you'll get all you like and the stock will move down from there :)
 
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Quote from Don Bright:

Just a note of caution. We advise our traders to always use limit orders, since the limit orders can be filled by the "clerk" in a very timely manner. The market orders must be batched by the Specialist, and traded at a price denoted by him. This can make for a longer time frame for market orders than limit orders to be filled.

Don
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You can put a limit but if you miss the block because of your limit being to far away from the market then the Mkt order will get you on. Since you are having trouble getting the block Mkts will do the job. The thing with the limit is you don't know what the block price will be when the block prints so you have to guess with a limit. With a market no thinking involved, just get the print or one of the prints but make sure you think it is going to really move because it can be blocked up and come right back down with you printing the high.


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Anyone want to clarify this age old debate?


Here's the senario. You are in a position already or trying to get into a position and the stock is moving AWAY from you.


You want to get in or out. Lets use a long example. Your long the stock tanks you need to get out cause even if a big print is comming your on the wrong side of it. LET ME OUT!!!! (we've all been there).

Assume the specialist is 1X1, i.e. the book is locked, and you don't have access to regionals or ECN's.

What fills FASTER a nyse market order or a limit order sent out well below the bid?

If the book is closed quoted 45.01 X 45.02 but there are shares on the book at 44.98 can you take those out with a limit order even with the book closed.

*Don lost me with the 2 min rule? Someone help me out, what is he referring to again?
 
I've noticed time and again that a mkt order does NOT give you priority!

Here's why: The book locks up with limits, the clerk fills those limits, but then has to call over the spec for the markets. I've been filled hundreds of times with a market order (that SHOULD have priority over the limits....and the limits go first.) They may have had time priority, but I had price (by market order).

That's the only way I know how to explain it. Yet, it happens all the time.

The spec has a TWO MINUTE, or so, window to fill market orders! Insane.



Quote from Don Bright:

The 2 minute rule applies no matter what...and (not to be argumentative, just commenting), sometimes you don't want "in" at any price...and maybe prefer to have "missed that one" (since many times they fade back)....

Personal choice, I just wanted to remind everyone of the timing involved.

Don
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If there the book is closed quoted 45.01 X 45.02 but there are shares on the book at 44.98 can you take those out with a limit order even with the book closed.
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Those shares on the book don't really matter. In this situation I would usually limit down to .95, then probably put a buy at .91 or .86 just in case he decides to screw someone. You said we didn't have access to ECN's, but that would have been my first choice to exit.
 
One thing i have wondered about the spec which is somewhat related to this is how he decides what limits get filled if they are ALL crossed over the offer. For instance, suppose a stock is 10.01x10.02. Someone crosses up 50 lots at 10.03. THe book freezes, and no fills are taking place. Many times i can get nx'd at 10.02 before this 03 fills, but i have noticed that if i cross up .04 even after the .03 is entered, i can take priority because i force him to fill the .02's higher. THis is possibly the most annoying thing about the specialist because it screws me the other way as well. For instance at .01x.02 i cross for .02, but even though i can see nyse with shares, someone crosses .10 or something stupid like that, and he fills them at .03 or .04 and price improves the .02's and the .10's but leaves me out even though i crossed into shares that were sitting there.

Anyone else find this or have any advice as to how the spec decides who to fill in this regard?
 
On a side note, last week I had the priveledge of hanging out on the NYSE floor for about an hour. The thing that struck me the most was how fast the clerk works all day long. He is constantly typing, while the spec is watching the larger orders, and working orders for the floor brokers. I was also impressed with the memory of the spec because all day guys are coming up to him wondering how their orders are going, and somehow he always knew what was going on with all their orders (for 9 stocks and multiple brokers). It was quite an experience. The specialist was so cool, and very willing to answer any questions.
 
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