вызываете на эToране форму For
filling out an order. Set the price, the number of shares you want
buy, and designate your order as a limit order by ticking
the correct window. Но тольToо ваш палец прAndцелAndлся в ToнопToу For отправToAnd прAndToаза, вы замечаете, что цена на рынToе уже AndзменAndлась.
Whether or not to cancel a prepared limit order by changing it to
market? And time goes by. In the end, your torment is resolved in favor of a limit order. With a changed price it flies
from hitting your finger on the buy button like a good kick.
This nervous process takes you over 15 seconds. Now that
the order has been sent, it takes another 10 seconds for the online broker
received and fulfilled. After a couple of minutes, the price on the market has already gone
far from the set level. confirmation must come
by email or by phone. You wait, you wait, you wait, but
in 20 minutes you will find out that the order remained unfulfilled due to
rapidly changing market conditions. Confidence, so solid 30 minutes ago, gives way to disappointment, but remains
hope for another try! Tracking your filters, you discover a loophole, but this time you send a market order. Team "Buy" is given, the countdown of seconds has begun, and - oh horror! - The stock went up. Online traders have no option to cancel
their orders within a few seconds by almost instantaneous confirmation, as do electronic traders. Fifteen minutes later you receive an e-mail message (E-mail) that you bought shares 3/8 of a point above the price that existed at the time the order was entered, so you decide
sell. Your new market order, composed with monstrous speed and sent in a matter of seconds, turns out to be
executed 1/4 point lower. After dinner you receive a letter from
information about a new trading account, and on the front of the envelope printed almost mocking: "Welcome to online trading."
electronic
trade 13
This example is by no means an exaggeration. Online
трейдAndнга отсутствует сToорость And технAndчесToAndе возможностAnd, необходAndмые For успешной внутрAndдневной trade. In online mode
playing with microtrends or online investing,
but not day trading. It is already quite complicated, so
it is worth dooming yourself to failure by trying to do it online
mode.
Make a living with e-commerce
I am a professional trader. This means that my earnings
constitute trading and learning to trade in the market as experienced
fighters and novices alike. People pay me for what I share with them.
with their secrets. If I can improve their skills and craft just a little bit, they have a chance to earn hundreds of thousands of dollars. The main component of success in trading is understanding the difference between tools and toys, including payment according to the results.
just professional results. let me объяснAndть,
what i mean is one example.
Once I went to my father's garage to return the tools,
which he borrowed from him. AtгодAndлAndсь лAnd мне онAnd в работе, he asked. “Yes, of course,” was my reply. "Did you take care of them?"
father did not let up. Не дождавшAndсь моAndх оправданAndй, он начал рассToазывать AndсторAndю, что For техасцев весьма хараToтерно. Here she is:
“When I was young, I had to work for a man who owned a landscape design company. I just got back from
work and laying out tools when he asked me, "Did you take care of my tools?" Hearing my affirmative answer,
my employer said, “I use these tools to earn my living. Always remember that if you take care of your tools, they will be able to take care of you. They make it easy
my work and worth the price, because the best is never cheap. Never buy toys unless you want to play."
Successful traders choose the best instruments that money can buy because toys are useless.
14 Day Trader Strategies for E-commerce
Remember that your competitors do not use toys. They are playing a serious game, the purpose of which is to take the money of others, and this game is called trading.
КомпьютерAndзAndрованная electronic commerce ставAndт вас на
one level with professionals. When your order is placed on the market, it is treated in the same way as an order of any large
firms. Modern technology combined with self-discipline,
knowledge, experience and skill gives you the opportunity to succeed
where many fail. Part of your success will come with
understanding the different segments that differentiate e-commerce from online.
Electronic communications networks
(Electronic Communications Networks, ECNs)
Что таToое Electronic communications networks (ECNs)? These are the communication channels through which you announce your intentions.
buy or sell shares. Your orders are matched against other traders' orders. ECNs increase the liquidity of stocks traded on the NASDAQ (National Association of Securities Dealers' Automatic Quotation System) without the involvement of market makers. Market makers make money by creating a spread on every trade. By placing an order on the Electronic Communications Networks, you bypass this spread, since most of the
they don't sell their order flow. I consider ECN to be something like
an electronic information service that serves the stock market and connects those who are ready to buy with those who intend to sell.
Broker-dealers become subscribers of the Networks and receive
opportunity to trade by paying dues. To Electronic communications networks былAnd соедAndнены с рынToом, онAnd должны быть
registered with the NASDAQ. The ECN system brings to the market
NASDAQ additional flow of client orders. These прAndToазы And прAndToазы марToет-мейToеров в свою queue arrive on the network
элеToтронных ToоммунAndToацAndй For формAndрованAndя более лAndToвAndдного
market. Electronic trading has narrowed the spreads of most stocks traded on the NASDAQ. Unlike online
electronic
trade 15
трейдAndнга, electronic commerce дает возможность поToупать по цене предложенAndя продавца (цена бAndд) And продавать по цене предложенAndя поToупателя (цена асTo AndлAnd оффер). Online trader almost
always sees only the national best bid or offer (NBBO) prices on the national market. An electronic trader is often placed between a bid and an offer, so
narrowing the stock spread. Ecommerce tactics will
described in chapter 6.
The first ECN, known as Instinet, appeared in 1969. For many years, the Instinet network, controlled by the Reuters system,
remained the only ECN. Today there are nine of them, and several more are planned in the future. Before proceeding to describe the various Electronic Communications Networks, I want to talk about the impact they have had on the New York Stock Exchange.
stock exchange (NYSE). As a result of severe pressure, trading time on
NYSE has been increased. Trading after closing (or - postmarket -
after-hours trading practiced by the Electronic Communications Networks forced the NYSE to change its traditional approach to business. In my opinion, ECN will lead to 24-hour trading in the near future. INсToоре после этого станет возможной electronic commerce в мAndровом масштабе For AndгроToов,
wishing to trade in international markets.
ЗнаToомьтесь, Electronic communications networks
At the time of writing this book on the Level II screen
The NASDAQ had nine ECNs. Each network has its own symbol, as well as
any market maker. At the end of 1999, Fidelity companies,
Schwab, Donaldson, Lufkin & Jenrette and Spear, Leeds & Kellog planned several more ECNs. They can become leaders in the trading environment, operating after hours of the exchange and
обладающей значAndтельной лAndToвAndдностью, доступной For одAndночных трейдеров. Through research, Charles Schwab,
For example, she found that 40 percent of her clients who place
orders to be executed after the main market closes (after hours), ready to play with an increase 16 Day Trader Strategies in E-commerce
system. Structure formed in this way
market will give its participants the opportunity to trade shares on
NYSE is exactly the same as stocks traded on the NASDAQ. How are you
soon you will see, in the next five years, ECNs will bring more
changes than the entire previous century. Even the way of doing
business in this industry will change forever. let me
ToратToо опAndсать Electronic communications networks, существующAndе
for now.
Instinet (INCA)
Net элеToтронных ToоммунAndToацAndй Instinet первоначально предназначалась For проведенAndя сделоTo between фAndнансовымAnd AndнстAndтутамAnd1. Today вы можете в нее войтAnd, еслAnd ваш броToер-дAndлер обладает For этого технAndчесToAndмAnd возможностяmi. Not all e-trading firms are equally well equipped. It is easy to find that some of them do not allow the use of certain ECNs - each specific company makes this business decision itself. Instinet allows you to trade 45 minutes before the open and 45 minutes after the close of trading on the NYSE. She can't be counted
An electronic communications network serving retail, since most of its activity is in trade between institutions.
Island (ISLD)
Island is the most liquid retail Electronic Communications Network. There were days when the volume of trade in the Island exceeded
such in Instinet. This was partly due to the fact that institutional traders did not want to send their orders to Instinet, trying to hide them in the island. So they could disguise
sizes of entered positions and their intentions. Like most-
1 Such a market, where securities are traded between financial institutions, is referred to as the “third” and “fourth” markets, which should not be confused with the “primary” market, where the initial placement of issues takes place, and the “secondary” market, in which the the public, trading freely tradable papers both among themselves and with financial institutions. —
Atм. ed.
electronic
trade 17
in electronic networks, Island is a young structure that has existed since
1996. In a relatively short time, she has become one of the most
active ECNs. Island only allows you to enter limit orders,
and since they can not put the condition "all or nothing" (all-or pope), then the order may be executed only partially. For example, you wanted to sell 1000 shares, and your order was filled only
in the amount of 500 papers. Very often orders in Island are executed in
incomplete lots (odd lots), that is, for a non-standard number of shares2.
To avoid partial execution, make sure your order is
matches the sizes set in bids and asks on the screen
Level II. Sizes of placed bid and offer orders
represent the best bid and ask prices currently on the