Friday, May 11, 2012 5:41:03 PM
I usually do NOT use "AON" (on Pinks) since I have noticed that they are often "ignored". I have used some "AON" trades in the past --- some have EX-ecuted, but as I noted, most of the time I felt that they were "ignored" (when many other trades all around them time-wise and price-wise got EX-cuted but they did not).
Usually, I have entered orders early enough in the trading session that if they are EX-ecuted piece-meal, they should have enough come through by the end of the session to absorb the 'commi-ssions'. (And, ALL EX-ecutions for THAT trade in THAT trading session should ONLY be charged ONE 'commi-ssion' amount in TOTAL! NOT a full 'commi-ssion' for each EX-ecution! IF some of the trade is carried over into the next trading session, then the 'commi-ssion' charge RE-starts.)
However, this has NOT all-ways occurred, and some times I have had ONLY a small number of shares EX-ecute (even early enough) with no more following --- hence a large 'commi-ssion' in RE-lation to the number of shares bought. When that has occurred, I have called the broker/manager for adjustment since the "Market Maker" should be making the market and they should "know" such things --- and, accordingly, LET THEM BUY FOR THEIR OWN ACCOUNT(S)/POCKETS and "make the market"! That's their "JOB"!!! (Even IF it's ALL "auto-mated"!!!) Most times, I have either had the trade RE-versed or the 'commi-ssion' given back (which helps). (I am in NOOOOO 'way' a BIG "trader"! I use an on-line broker.)
So, generally, I stay a-way from "AON" --- but the info which others have posted on this SUB-ject can/should be "factored in".
I do use "AON" when I notice or feel that, on a particular stock, the volume will not be there and that I would PRO-bably ONLY get a small, partial EX-ecution --- and I want to avoid any hassles later.
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