Two Guns Are Better Than One
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Say you bought 1,000 shares of stock and trend is beginning to slow
down and may quite possibly reverse. It is time to sell. If you are
trading the Nasdaq market electronically, you will need to use this
tactic to expedite selling the stock. If you want to sell into the active
market you will need to set up two different screens of the same
stock. Because you do not know whether a market maker or an ECN
is going to be on the bid or the ask, you must be ready to hit either
one. If you remember from Chapter 2, you cannot SOES an ECN, and
Island (ISLD) has no size or time restriction. Knowing this information,
you set up the selling screen shown in Figure 6.12.
Both order-routing boxes are preset to sell 500 shares. One is
set to route a limit order to Island, while the other is set to route to
SOES. The SOES order is set at market. This may have to be changed
to a limit order if conditions warrant. By setting up this selling configuration
you are ready to hit an ECN or a market maker. All you have to do is click on the market maker screen to fill in the price on
Island and hit the sell button or, alternatively, hit the sell button for
SOES. It will send a market order.
Say you bought 1,000 shares of stock and trend is beginning to slow
down and may quite possibly reverse. It is time to sell. If you are
trading the Nasdaq market electronically, you will need to use this
tactic to expedite selling the stock. If you want to sell into the active
market you will need to set up two different screens of the same
stock. Because you do not know whether a market maker or an ECN
is going to be on the bid or the ask, you must be ready to hit either
one. If you remember from Chapter 2, you cannot SOES an ECN, and
Island (ISLD) has no size or time restriction. Knowing this information,
you set up the selling screen shown in Figure 6.12.
Both order-routing boxes are preset to sell 500 shares. One is
set to route a limit order to Island, while the other is set to route to
SOES. The SOES order is set at market. This may have to be changed
to a limit order if conditions warrant. By setting up this selling configuration
you are ready to hit an ECN or a market maker. All you have to do is click on the market maker screen to fill in the price on
Island and hit the sell button or, alternatively, hit the sell button for
SOES. It will send a market order.