"sometimes you can see an mm on the bid or ask...seen it myself"
I'm not sure what that means. When you see a market maker on the bid or ask, how do you know whether it's the MM itself, making a market to maintain liquidity, or whether he's representing an individual's order?
Here's a hint. Watch Level II closely when someone wipes out the bid or ask. Let's say that NEIK has a posted offer of 50,000 shares at .03 by NITE, and someone hits it. The .03 offer disappears, and for a second NITE's offer goes to .05 for 5,000 shares. Then it becomes .032 for 18,000. That means that NITE's own offer, that it posted just to maintain liquidity, was .05, and the .032 offer reflected an order from an individual that was routed to NITE by the individual's brokerage firm. There is almost always a small lag when one individual's order is replaced by another's, and in between you can see what the MM was bidding or offering on its own behalf.
And if you've never heard of what I wrote in my prior post, it may mean that you've never spoken to a market maker or a professional trader. There's a lot of misinformation on IHub.
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