Understanding Electronic Day Trading: Every Investor's Guide by Carol A. Troy

By Carol A. Troy

Info and interviews from the front-line marketers who're making this buying and selling revolution take place.  You get state of the art assets for real-time industry details, information and research -- together with the unfastened “ticker” you could software to maintain you on best of the shares you are watching. From how this kind of buying and selling got here into being, to the place it may well move -- from how one can get your ft rainy with a $1,000 funding, to a list of do's and don'ts -- this is often the consultant that works for you.

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The Justice Department began an investigation, and the SEC instituted reforms. The SOES soon ensured that the small investor's order was executed. And the order handling rules, which went into effect at the beginning of 1997, ensured that all limit orders that bettered the existing inside price (the bid and ask price that appears on the computer screen when an individual is placing an order with an online broker) had to be displayed-put right up there on the Nasdaq Level II screen and displayed worldwide.

It's what I call the biggest front-running operation in the history of the market. I've been calling this "front running" because that's what it is. There's a definition for it, and it's acting on material, nonpublic information about a pending block trade. Front running violates fair principles and the Fair Practice Rules of the NASD in working with customers. If you act on material nonpublic information-for your own account--of a pending or imminent block order, that's front running. Period. What they've done here, for example, is to assemble 2000 hundredshare or thousand-share orders.

Plus, at home I could put in a limit order, I could try to cancel if I had second thoughts, I could put in a stop-loss market order to cover my downside-all without buying into a dedicated communications network taking me directly to the Nasdaq cybermarket. My orders to my online broker-at that point the only online broker offering an ECN-were shooting straight through my home laptop screen directly to the ECN without going through the hands of a wholesaler, without a slice taken out for my order flow, without another brokerage firm's trading desk getting my order in exchange for my brokerage getting its (profitable) orders.

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