Stakddek:
Would one of the more experienced traders comment on these questions about our beloved NASDAQ.
Assuming same bid.
1. Whose order gets filled first. By date of entry? By size?
All orders are filled on a first in basis by EACH INDIVIDUAL MM. It is at their discretion whether or not they will go to another mm to fill the order.
2. Is my good 'til cancelled "better" than your day order?
Just if it was placed sooner.
3. By quantity. My 1000000 vs your 10000.
No difference.
4. By all or None.
They don't like aon orders because they interrupt order flow: they have to accumulate shares ahead of time to fill an aon, so it's both an inconvenience as well as limited liability for them (what if you cancel when they haven't finished accumulating, or the market makes a sudden turn in the wrong direction for them?)
5. Will my broker charge me for sep. transactions when I want 1000000 shares and he can only get them 1 by 1?
Mine doesn't, and never has. Usually the only time multiple fees are charged is if a gtc order is filled over a period of more than one day.. you'll pay the fee for each day a trade is executed.
6. I always assumed the NASDAQ was a first come first served operation, but of course there need to be shares at the mutually agreed level to conduct a transaction. How can I best phrase my order to insure completion, but at the least cost to me? Any ideas. (Yeah I did a market order, 1 time!)
Don't use an aon order unless unless it's to protect yourself from getting ripped off by the mm. Example: you have a limit order for 100k shares at the bid on a fairly thinly traded stock. It's not uncommon for the mm to give you 100 or 200, or maybe even a couple thousand shares if they're cheap enough to lock in the trading fee... the fee may be more than the shares cost. If this happens, you need to raise your offer until they'll fill it, or go away feeling ripped off. An aon order prevents this from happening.
Instead of using a market order, if you're after a large fill, use a limit, but set the price a little above the ask if you're buying, or a little below the bid if selling. This will limit the mm's in their ability to ripp you off buy raising the ask for a market buy or dropping the bid on a market sell. If you have an account with a broker that does their own buying, usually they try to give you good fills to keep your business. If you're trading through someone like waterhouse where they use the mm that cuts them the best deal, that mm usually will rip you off at every opportunity.
Hope this helped. BTW: the otc is different from the national nasdaq in that it is not fully automatic, so the mm's have time to sit on orders and juggle them around to maximize their profits. I suspect that yesterday they looked at stocky's order along with all the other traders who have been waiting for the .05's to buy and decided that they could just buy up a few million shares and sell them at a higher level. Happens all the time.
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